$NANX
NANOPHASE TECHNOLOGIES Corp

2015 Q4 Form 10-Q Financial Statement

#000119312515374518 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $2.280M $2.786M $2.654M
YoY Change 25.27% 4.97% 22.64%
Cost Of Revenue $1.610M $1.903M $1.858M
YoY Change 5.92% 2.42% 12.74%
Gross Profit $670.0K $883.0K $796.0K
YoY Change 123.33% 10.93% 54.26%
Gross Profit Margin 29.39% 31.69% 29.99%
Selling, General & Admin $700.0K $709.0K $828.0K
YoY Change -14.63% -14.37% 7.12%
% of Gross Profit 104.48% 80.29% 104.02%
Research & Development $300.0K $325.0K $316.0K
YoY Change -14.29% 2.85% -15.73%
% of Gross Profit 44.78% 36.81% 39.7%
Depreciation & Amortization $190.0K $180.0K $190.0K
YoY Change 5.56% -5.26% -13.64%
% of Gross Profit 28.36% 20.39% 23.87%
Operating Expenses $1.000M $1.034M $1.144M
YoY Change -15.25% -9.62% -0.35%
Operating Profit -$330.0K -$151.0K -$348.0K
YoY Change -62.5% -56.61% -44.94%
Interest Expense -$10.00K $4.000K $1.000K
YoY Change 300.0% -50.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$340.0K -$155.0K -$349.0K
YoY Change -61.36% -55.59% -44.87%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$340.0K -$155.0K -$349.0K
YoY Change -61.36% -55.59% -44.87%
Net Earnings / Revenue -14.91% -5.56% -13.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$11.89K -$5.596K -$12.29K
COMMON SHARES
Basic Shares Outstanding 28.59M shares 28.59M shares 28.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.280M $1.250M $2.020M
YoY Change -31.18% -38.12% -39.52%
Cash & Equivalents $1.275M $1.249M $2.018M
Short-Term Investments $0.00
Other Short-Term Assets $250.0K $250.0K $240.0K
YoY Change -32.43% 4.17% 4.35%
Inventory $662.0K $643.0K $749.0K
Prepaid Expenses
Receivables $507.0K $1.478M $1.326M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.691M $3.621M $4.337M
YoY Change -24.56% -16.51% -21.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.861M $1.916M $2.267M
YoY Change -12.96% -15.48% -13.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.00K $23.00K $25.00K
YoY Change -12.0% -8.0% -10.62%
Total Long-Term Assets $1.883M $1.939M $2.292M
YoY Change -12.94% -15.4% -13.76%
TOTAL ASSETS
Total Short-Term Assets $2.691M $3.621M $4.337M
Total Long-Term Assets $1.883M $1.939M $2.292M
Total Assets $4.574M $5.560M $6.629M
YoY Change -20.17% -16.13% -19.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $508.0K $815.0K $589.0K
YoY Change 3.04% 38.37% 0.96%
Accrued Expenses $276.0K $477.0K $559.0K
YoY Change -33.17% -14.67% 0.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $200.0K $0.00
YoY Change
Long-Term Debt Due $90.00K $80.00K $20.00K
YoY Change 28.57% 300.0% -33.33%
Total Short-Term Liabilities $878.0K $1.574M $1.166M
YoY Change -10.04% 34.99% -0.1%
LONG-TERM LIABILITIES
Long-Term Debt $140.0K $110.0K $0.00
YoY Change 16.67% -100.0%
Other Long-Term Liabilities $690.0K $720.0K $790.0K
YoY Change -12.66% -8.86% 0.0%
Total Long-Term Liabilities $835.0K $828.0K $789.0K
YoY Change -8.04% 4.94% -2.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $878.0K $1.574M $1.166M
Total Long-Term Liabilities $835.0K $828.0K $789.0K
Total Liabilities $1.713M $2.402M $1.955M
YoY Change -9.08% 22.86% -1.14%
SHAREHOLDERS EQUITY
Retained Earnings -$93.60M -$93.26M -$91.53M
YoY Change 1.29% 1.89% 1.96%
Common Stock $286.0K $286.0K $285.0K
YoY Change 0.35% 0.35% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.861M $3.158M $4.674M
YoY Change
Total Liabilities & Shareholders Equity $4.574M $5.560M $6.629M
YoY Change -20.17% -16.13% -19.18%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$340.0K -$155.0K -$349.0K
YoY Change -61.36% -55.59% -44.87%
Depreciation, Depletion And Amortization $190.0K $180.0K $190.0K
YoY Change 5.56% -5.26% -13.64%
Cash From Operating Activities $300.0K $210.0K -$150.0K
YoY Change -203.45% -240.0% -155.56%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$50.00K -$250.0K
YoY Change -138.46% -80.0% 108.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0%
Cash From Investing Activities -$50.00K -$50.00K -$270.0K
YoY Change -135.71% -81.48% 125.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -230.0K -70.00K 30.00K
YoY Change -333.33% -400.0%
NET CHANGE
Cash From Operating Activities 300.0K 210.0K -150.0K
Cash From Investing Activities -50.00K -50.00K -270.0K
Cash From Financing Activities -230.0K -70.00K 30.00K
Net Change In Cash 20.00K 90.00K -390.0K
YoY Change -113.33% -123.08% -378.57%
FREE CASH FLOW
Cash From Operating Activities $300.0K $210.0K -$150.0K
Capital Expenditures -$50.00K -$50.00K -$250.0K
Free Cash Flow $350.0K $260.0K $100.0K
YoY Change -183.33% 160.0% -74.36%

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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(2) Description of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of nanomaterial and related technologies. We produce engineered nano and larger, sub-micron materials for use in a variety of diverse markets: personal care including sunscreens, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy, and a variety of surface finishing technologies (polishing) applications. We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers. Recently developed technologies have made certain new products possible and opened potential new markets. We recently developed new material solutions in surface finishing technologies (polishing) and energy-management areas that have been taken to potential customers, and for which we are experiencing early stage revenue growth. Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> The Company was incorporated in Illinois on November&#xA0;25, 1989, and became a Delaware corporation in November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason we classify such revenue as &#x201C;other revenue&#x201D; in our Statement of Operations, as it does not represent revenue directly from our nanocrystalline materials.</p> </div>
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us-gaap Other Sales Revenue Net
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33000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
65000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
250000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-854000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Share Based Compensation
ShareBasedCompensation
139000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
141000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
450000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2316000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
301000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
550000
us-gaap Cost Of Revenue
CostOfRevenue
5593000
nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020 pure
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.42
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.95 pure
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28481496 shares
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-349000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2654000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-348000
CY2014Q3 us-gaap Gross Profit
GrossProfit
796000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2647000
CY2014Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
7000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-349000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q3 us-gaap Interest Expense
InterestExpense
4000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
325000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
709000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
1903000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
828000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
1858000
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017 pure
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.44
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.95 pure
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28585496 shares
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-155000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
2786000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-151000
CY2015Q3 us-gaap Gross Profit
GrossProfit
883000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2779000
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
7000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-155000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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