$NANX
NANOPHASE TECHNOLOGIES Corp

2016 Q3 Form 10-Q Financial Statement

#000119312516680226 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q4
Revenue $2.520M $3.683M $2.280M
YoY Change -9.55% 25.4% 25.27%
Cost Of Revenue $1.840M $2.170M $1.610M
YoY Change -3.31% 11.57% 5.92%
Gross Profit $680.0K $1.513M $670.0K
YoY Change -22.99% 52.52% 123.33%
Gross Profit Margin 26.98% 41.08% 29.39%
Selling, General & Admin $720.0K $675.0K $700.0K
YoY Change 1.55% -8.66% -14.63%
% of Gross Profit 105.88% 44.61% 104.48%
Research & Development $390.0K $372.0K $300.0K
YoY Change 20.0% 8.45% -14.29%
% of Gross Profit 57.35% 24.59% 44.78%
Depreciation & Amortization $150.0K $180.0K $190.0K
YoY Change -16.67% -5.26% 5.56%
% of Gross Profit 22.06% 11.9% 28.36%
Operating Expenses $1.100M $1.047M $1.000M
YoY Change 6.38% -3.23% -15.25%
Operating Profit -$420.0K $466.0K -$330.0K
YoY Change 178.15% -617.78% -62.5%
Interest Expense $0.00 $3.000K -$10.00K
YoY Change -100.0% 0.0%
% of Operating Profit 0.64%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$430.0K $463.0K -$340.0K
YoY Change 177.42% -597.85% -61.36%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$430.0K $463.0K -$340.0K
YoY Change 177.42% -597.85% -61.36%
Net Earnings / Revenue -17.06% 12.57% -14.91%
Basic Earnings Per Share
Diluted Earnings Per Share -$13.78K $14.75K -$11.89K
COMMON SHARES
Basic Shares Outstanding 31.19M shares 31.19M shares 28.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.720M $1.420M $1.280M
YoY Change 37.6% 22.41% -31.18%
Cash & Equivalents $1.720M $1.424M $1.275M
Short-Term Investments
Other Short-Term Assets $350.0K $440.0K $250.0K
YoY Change 40.0% 51.72% -32.43%
Inventory $660.0K $597.0K $662.0K
Prepaid Expenses
Receivables $1.300M $1.704M $507.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.030M $4.168M $2.691M
YoY Change 11.3% 16.85% -24.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.470M $1.579M $1.861M
YoY Change -23.28% -22.02% -12.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $21.00K $22.00K
YoY Change -13.04% -12.5% -12.0%
Total Long-Term Assets $1.490M $1.600M $1.883M
YoY Change -23.16% -21.91% -12.94%
TOTAL ASSETS
Total Short-Term Assets $4.030M $4.168M $2.691M
Total Long-Term Assets $1.490M $1.600M $1.883M
Total Assets $5.520M $5.768M $4.574M
YoY Change -0.72% 2.71% -20.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $650.0K $638.0K $508.0K
YoY Change -20.25% -6.86% 3.04%
Accrued Expenses $630.0K $480.0K $276.0K
YoY Change 32.08% 4.58% -33.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $100.0K $100.0K $90.00K
YoY Change 25.0% 25.0% 28.57%
Total Short-Term Liabilities $1.370M $1.215M $878.0K
YoY Change -12.96% -17.63% -10.04%
LONG-TERM LIABILITIES
Long-Term Debt $70.00K $100.0K $140.0K
YoY Change -36.36% -23.08% 16.67%
Other Long-Term Liabilities $660.0K $670.0K $690.0K
YoY Change -8.33% -9.46% -12.66%
Total Long-Term Liabilities $730.0K $764.0K $835.0K
YoY Change -11.84% -12.49% -8.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.370M $1.215M $878.0K
Total Long-Term Liabilities $730.0K $764.0K $835.0K
Total Liabilities $2.100M $1.979M $1.713M
YoY Change -12.57% -15.72% -9.08%
SHAREHOLDERS EQUITY
Retained Earnings -$93.75M -$93.60M
YoY Change 0.69% 1.29%
Common Stock $312.0K $286.0K
YoY Change 9.09% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.420M $3.789M $2.861M
YoY Change
Total Liabilities & Shareholders Equity $5.520M $5.768M $4.574M
YoY Change -0.72% 2.71% -20.17%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income -$430.0K $463.0K -$340.0K
YoY Change 177.42% -597.85% -61.36%
Depreciation, Depletion And Amortization $150.0K $180.0K $190.0K
YoY Change -16.67% -5.26% 5.56%
Cash From Operating Activities $340.0K $10.00K $300.0K
YoY Change 61.9% -107.14% -203.45%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$30.00K -$50.00K
YoY Change -20.0% -78.57% -138.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$40.00K -$40.00K -$50.00K
YoY Change -20.0% -71.43% -135.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -30.00K -230.0K
YoY Change -100.0% -112.5%
NET CHANGE
Cash From Operating Activities 340.0K 10.00K 300.0K
Cash From Investing Activities -40.00K -40.00K -50.00K
Cash From Financing Activities 0.000 -30.00K -230.0K
Net Change In Cash 300.0K -60.00K 20.00K
YoY Change 233.33% 50.0% -113.33%
FREE CASH FLOW
Cash From Operating Activities $340.0K $10.00K $300.0K
Capital Expenditures -$40.00K -$30.00K -$50.00K
Free Cash Flow $380.0K $40.00K $350.0K
YoY Change 46.15% -183.33%

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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:4%; 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 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-top:12pt; margin-bottom:0pt; text-indent:4%; 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:4%; font-size:10pt; font-family:Times New Roman"> 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>
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5867000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1436000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
dei Trading Symbol
TradingSymbol
NANX
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
673000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
419390 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0143 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
88000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 BusinessSegments
nanx Interest Income
InterestIncome
0
nanx Major Customers Number Of Customers
MajorCustomersNumberOfCustomers
3 Customer
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
1945000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2937000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2015Q2 us-gaap Gross Profit
GrossProfit
992000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-93000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30599782 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
47000
CY2015Q2 us-gaap Interest Expense
InterestExpense
3000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-90000
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
16000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-93000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2921000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
739000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
343000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28585496 shares
CY2015Q2 nanx Interest Income
InterestIncome
0
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41000
CY2016Q2 us-gaap Cost Of Revenue
CostOfRevenue
2170000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
3683000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0
CY2016Q2 us-gaap Gross Profit
GrossProfit
1513000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
463000
CY2016Q2 us-gaap Interest Expense
InterestExpense
3000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
466000
CY2016Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
5000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
463000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3678000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
675000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
372000
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31185496 shares
CY2016Q2 nanx Interest Income
InterestIncome
0

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