$NANX
NANOPHASE TECHNOLOGIES Corp

2016 Q2 Form 10-Q Financial Statement

#000119312516589503 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $3.683M $2.211M $2.310M
YoY Change 25.4% -4.29% -10.64%
Cost Of Revenue $2.170M $1.755M $1.745M
YoY Change 11.57% 0.57% -7.03%
Gross Profit $1.513M $456.0K $565.0K
YoY Change 52.52% -19.29% -20.2%
Gross Profit Margin 41.08% 20.62% 24.46%
Selling, General & Admin $675.0K $761.0K $866.0K
YoY Change -8.66% -12.12% 8.52%
% of Gross Profit 44.61% 166.89% 153.27%
Research & Development $372.0K $301.0K $302.0K
YoY Change 8.45% -0.33% -10.39%
% of Gross Profit 24.59% 66.01% 53.45%
Depreciation & Amortization $180.0K $182.0K $184.0K
YoY Change -5.26% -1.09% -1.6%
% of Gross Profit 11.9% 39.91% 32.57%
Operating Expenses $1.047M $1.062M $1.168M
YoY Change -3.23% -9.08% 2.91%
Operating Profit $466.0K -$606.0K -$603.0K
YoY Change -617.78% 0.5% 41.22%
Interest Expense $3.000K $4.000K $3.000K
YoY Change 0.0% 33.33% 50.0%
% of Operating Profit 0.64%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income $463.0K -$610.0K -$606.0K
YoY Change -597.85% 0.66% 41.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $463.0K -$610.0K -$606.0K
YoY Change -597.85% 0.66% 41.26%
Net Earnings / Revenue 12.57% -27.59% -26.23%
Basic Earnings Per Share
Diluted Earnings Per Share $14.75K -$20.33K -$21.37K
COMMON SHARES
Basic Shares Outstanding 31.19M shares 31.19M shares 28.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.420M $1.480M $1.210M
YoY Change 22.41% 22.31% -44.5%
Cash & Equivalents $1.424M $1.478M $1.207M
Short-Term Investments
Other Short-Term Assets $440.0K $300.0K $350.0K
YoY Change 51.72% -14.29% 40.0%
Inventory $597.0K $758.0K $826.0K
Prepaid Expenses
Receivables $1.704M $929.0K $1.259M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.168M $3.462M $3.645M
YoY Change 16.85% -5.02% -18.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.579M $1.742M $1.993M
YoY Change -22.02% -12.59% -14.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $22.00K $24.00K
YoY Change -12.5% -8.33% -11.11%
Total Long-Term Assets $1.600M $1.764M $2.017M
YoY Change -21.91% -12.54% -14.02%
TOTAL ASSETS
Total Short-Term Assets $4.168M $3.462M $3.645M
Total Long-Term Assets $1.600M $1.764M $2.017M
Total Assets $5.768M $5.226M $5.662M
YoY Change 2.71% -7.7% -17.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $638.0K $715.0K $1.009M
YoY Change -6.86% -29.14% 33.82%
Accrued Expenses $480.0K $331.0K $408.0K
YoY Change 4.58% -18.87% 57.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $100.0K $100.0K $60.00K
YoY Change 25.0% 66.67% 100.0%
Total Short-Term Liabilities $1.215M $1.142M $1.479M
YoY Change -17.63% -22.79% 41.67%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $120.0K $110.0K
YoY Change -23.08% 9.09%
Other Long-Term Liabilities $670.0K $680.0K $760.0K
YoY Change -9.46% -10.53% -3.8%
Total Long-Term Liabilities $764.0K $799.0K $870.0K
YoY Change -12.49% -8.16% 9.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.215M $1.142M $1.479M
Total Long-Term Liabilities $764.0K $799.0K $870.0K
Total Liabilities $1.979M $1.941M $2.349M
YoY Change -15.72% -17.37% 27.8%
SHAREHOLDERS EQUITY
Retained Earnings -$93.75M -$94.21M -$93.01M
YoY Change 0.69% 1.29% 2.09%
Common Stock $312.0K $312.0K $286.0K
YoY Change 9.09% 9.09% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.789M $3.285M $3.313M
YoY Change
Total Liabilities & Shareholders Equity $5.768M $5.226M $5.662M
YoY Change 2.71% -7.7% -17.16%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $463.0K -$610.0K -$606.0K
YoY Change -597.85% 0.66% 41.26%
Depreciation, Depletion And Amortization $180.0K $182.0K $184.0K
YoY Change -5.26% -1.09% -1.6%
Cash From Operating Activities $10.00K -$700.0K -$610.0K
YoY Change -107.14% 14.75% -42.99%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $27.00K $38.00K
YoY Change -78.57% -28.95% 26.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$40.00K -$10.00K
YoY Change 300.0% -50.0%
Cash From Investing Activities -$40.00K -$60.00K -$50.00K
YoY Change -71.43% 20.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $988.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00K 970.0K 0.000
YoY Change -112.5% -100.0%
NET CHANGE
Cash From Operating Activities 10.00K -700.0K -610.0K
Cash From Investing Activities -40.00K -60.00K -50.00K
Cash From Financing Activities -30.00K 970.0K 0.000
Net Change In Cash -60.00K 210.0K -660.0K
YoY Change 50.0% -131.82% -41.59%
FREE CASH FLOW
Cash From Operating Activities $10.00K -$700.0K -$610.0K
Capital Expenditures -$30.00K $27.00K $38.00K
Free Cash Flow $40.00K -$727.0K -$648.0K
YoY Change 12.19% -41.09%

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CY2016Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>(2) Description of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 the personal care, surface finishing technologies (polishing) and energy-management areas that have been taken to potential customers, and for which we are experiencing early stage revenue. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> While product sales comprise the overwhelming 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 Statements of Operations, as it does not represent revenue directly from our nanocrystalline materials.</p> </div>
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-698000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.95 pure
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27000
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
988000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q1 dei Trading Symbol
TradingSymbol
NANX
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
301000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
419390 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.34
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0143 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10001 shares
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
47000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30014067 shares
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
23000
CY2016Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 BusinessSegments
CY2016Q1 nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer

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