Nano Magic Inc.
nanomagic.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 19, 2024. Its latest SEC filing is a 15-12G from Feb 21, 2025.
10-Q for Q3 FY2024, filed Nov 19, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells cleaners and protective and anti-fog coatings to consumers, retailers, and business customers in optical, safety, and industrial markets.
10-K for FY2023, filed Apr 3, 2024Nano Magic Inc., a Delaware corporation (“we”, “us”, “our”, “Nano Magic” or the “Company”), formerly Nano Magic Holdings Inc., develops…View ↗
Our revenue is based on the retail and institutional sale of specialty products utilizing nanotechnology to deliver unique performance…View ↗
We sell our Nano Magic branded consumer products directly to consumers and retailers in the United States and through a distributor in…View ↗
Our industrial coating products are sold directly to institutional and industrial customers.View ↗
How Did They Make Money?
Nano Magic sells cleaners and coatings to retail, institutional, and industrial customers, primarily through purchase orders for delivery; it earns revenue as the products are transferred to customers.
10-K for FY2023, filed Apr 3, 2024Our revenue is based on the retail and institutional sale of specialty products utilizing nanotechnology to deliver unique performance…View ↗
Our industrial coating products are sold directly to institutional and industrial customers.View ↗
Sales are primarily made under purchase orders for delivery of products. We do not believe that a backlog as of any date is indicative of…View ↗
We adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), effective January 1, 2018 using the modified…View ↗
The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods…View ↗
$2.8M
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10-K for FY2023, filed Apr 3, 2024
$2.8M ↗
Who Were Their Customers?
Consumers buy through the company’s website and online marketplaces; retailers buy directly, while Canadian sales go through a distributor. Industrial coating products are sold directly to institutional and industrial customers.
10-K for FY2023, filed Apr 3, 2024
A limited number of key customers historically accounted for a majority of our revenue. In 2023, one account represented 41% of revenue. In…View ↗
Did Revenues Turn Into Profits?
No. It lost $2.9M in FY2023.
10-K for FY2023, filed Apr 3, 2024
−$2.8MView ↗
10-K for FY2023, filed Apr 3, 2024
−$2.9MView ↗
10-K for FY2023, filed Apr 3, 2024
−$1.5MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed Nov 19, 2024
−$1.4MView ↗
- ▲ +101% (Loss)
- vs −$699.7K in Q3 FY2023
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Oct 16, 2024
SEC vacated its trading suspension order
The order vacated the 10-day suspension retroactive to April 30, 2020.
Sources
8-K, filed Oct 16, 2024
On October 16, 2024, the Company issued a press release reporting on that, on October 10, 2024, the Securities and Exchange Commission…View ↗
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Jun 24, 2024
Changed its independent auditor
The board dismissed UHY LLP and engaged Fruci & Associates II, PLLC.
Sources
8-K, filed Jun 24, 2024
After our Audit Committee reviewed the terms of engagement for a new auditor, the Board authorized us to engage a new audit firm. On that…View ↗
Grew. Revenue grew 14% in 4 years, from $2.4M in FY2019 to $2.8M in FY2023, about 3% a year.
Business narrowed to surface products
The earlier business included metallic inks and pastes, graphene foil products, and contract research through Applied Nanotech; the latest report describes a single business selling surface cleaners and coatings after selling an interest in Applied Nanotech.
10-K for FY2020, filed May 28, 2021 10-K for FY2023, filed Apr 3, 2024Nano Magic Holdings Inc., a Delaware corporation (“we”, “us”, “our”, “Nano Magic” or the “Company”), formerly Nano Magic Inc., develops…View ↗
In addition to our surface treatment products, we sell metallic inks and pastes to a variety of customers around the world. The submicron…View ↗
In the medical field, our thin carbon foil made of layers of graphene is sold for use in cyclotron accelerators that produce nuclear…View ↗
Who Did They Compete With?
Competes with Hilco Accessories, OptiSource, Amcon Laboratories, and Carl Zeiss
10-K for FY2023, filed Apr 3, 2024Products sold into the optical segment, which has historically been our core sales channel, have a small number of significant competitors.…View ↗
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