$NANX
NANOPHASE TECHNOLOGIES Corp

2022 Q3 Form 10-Q Financial Statement

#000138713122008820 Filed on August 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $9.678M $11.22M $8.156M
YoY Change 22.14% 57.75% 15.33%
Cost Of Revenue $7.185M $8.486M $5.988M
YoY Change 45.27% 84.48% 18.76%
Gross Profit $2.493M $2.736M $2.168M
YoY Change -16.29% 8.83% 6.8%
Gross Profit Margin 25.76% 24.38% 26.58%
Selling, General & Admin $2.279M $1.816M $1.397M
YoY Change 141.93% 78.39% 35.11%
% of Gross Profit 91.42% 66.37% 64.44%
Research & Development $848.0K $797.0K $666.0K
YoY Change 33.54% 48.69% 33.47%
% of Gross Profit 34.02% 29.13% 30.72%
Depreciation & Amortization $142.0K $135.0K $136.0K
YoY Change 20.34% 23.85% 34.65%
% of Gross Profit 5.7% 4.93% 6.27%
Operating Expenses $3.127M $2.613M $2.063M
YoY Change 98.29% 68.15% 34.57%
Operating Profit -$634.0K $123.0K $105.0K
YoY Change -145.25% -87.19% -78.87%
Interest Expense $116.0K $73.00K -$43.00K
YoY Change -405.26% -92.06% -69.06%
% of Operating Profit 59.35% -40.95%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income -$750.0K $50.00K $62.00K
YoY Change -155.03% 21.95% -95.27%
Income Tax
% Of Pretax Income
Net Earnings -$750.0K $50.00K $62.00K
YoY Change -155.03% 21.95% -95.27%
Net Earnings / Revenue -7.75% 0.45% 0.76%
Basic Earnings Per Share -$0.02 $0.00 $0.00
Diluted Earnings Per Share -$0.02 $0.00 $1.214K
COMMON SHARES
Basic Shares Outstanding 49.14M shares 49.05M shares 48.98M shares
Diluted Shares Outstanding 49.17M shares 51.01M shares 51.06M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.0K $664.0K $897.0K
YoY Change -63.04% -38.35% -50.69%
Cash & Equivalents $510.0K $664.0K $897.0K
Short-Term Investments
Other Short-Term Assets $979.0K $1.201M $1.005M
YoY Change 40.26% 66.81% 53.91%
Inventory $9.596M $8.949M $8.559M
Prepaid Expenses
Receivables $5.368M $6.537M $5.274M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.45M $17.35M $15.74M
YoY Change 25.33% 60.45% 39.24%
LONG-TERM ASSETS
Property, Plant & Equipment $6.535M $5.715M $16.72M
YoY Change 14.79% 9.61% 241.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $7.000K $7.000K
YoY Change -33.33% -22.22% -30.0%
Total Long-Term Assets $17.60M $17.14M $16.72M
YoY Change 208.61% 228.16% 241.27%
TOTAL ASSETS
Total Short-Term Assets $16.45M $17.35M $15.74M
Total Long-Term Assets $17.60M $17.14M $16.72M
Total Assets $34.05M $34.49M $32.46M
YoY Change 80.83% 115.07% 100.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.396M $4.368M $4.953M
YoY Change 121.51% 66.53% 102.33%
Accrued Expenses $1.347M $1.426M $1.851M
YoY Change -23.98% -1.86% 20.82%
Deferred Revenue
YoY Change
Short-Term Debt $5.358M $5.835M $3.709M
YoY Change 43.26% 152.6% -4.04%
Long-Term Debt Due $11.00K $35.00K $70.00K
YoY Change -99.03% -96.98% -89.52%
Total Short-Term Liabilities $14.09M $13.53M $11.43M
YoY Change 48.78% 69.49% 26.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.001M $1.004M
YoY Change -18.84%
Other Long-Term Liabilities $11.54M $11.97M $12.27M
YoY Change 618.82% 587.48% 555.66%
Total Long-Term Liabilities $12.54M $12.97M $13.28M
YoY Change 327.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.09M $13.53M $11.43M
Total Long-Term Liabilities $12.54M $12.97M $13.28M
Total Liabilities $26.63M $26.50M $24.71M
YoY Change 140.16% 171.5% 103.92%
SHAREHOLDERS EQUITY
Retained Earnings -$98.09M -$97.34M
YoY Change
Common Stock $492.0K $491.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.419M $7.987M $7.748M
YoY Change
Total Liabilities & Shareholders Equity $34.05M $34.49M $32.46M
YoY Change 80.83% 115.07% 100.34%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$750.0K $50.00K $62.00K
YoY Change -155.03% 21.95% -95.27%
Depreciation, Depletion And Amortization $142.0K $135.0K $136.0K
YoY Change 20.34% 23.85% 34.65%
Cash From Operating Activities $984.0K -$1.606M -$1.775M
YoY Change -549.32% -356.96% 1195.62%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K -$750.0K -$378.0K
YoY Change -28.5% 119.3% 127.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$670.0K -$750.0K -$378.0K
YoY Change -28.5% 119.3% 127.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -468.0K 2.123M 2.393M
YoY Change -132.08% -307.12% 105.41%
NET CHANGE
Cash From Operating Activities 984.0K -1.606M -1.775M
Cash From Investing Activities -670.0K -750.0K -378.0K
Cash From Financing Activities -468.0K 2.123M 2.393M
Net Change In Cash -154.0K -233.0K 240.0K
YoY Change -150.83% -68.6% -72.16%
FREE CASH FLOW
Cash From Operating Activities $984.0K -$1.606M -$1.775M
Capital Expenditures -$670.0K -$750.0K -$378.0K
Free Cash Flow $1.654M -$856.0K -$1.397M
YoY Change 130.36% -188.52% -4917.24%

Facts In Submission

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<p id="xdx_808_eus-gaap--NatureOfOperations_z4lvu5UYLl8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2) <span id="xdx_82D_zKrrdxVp7qQb">Description of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanophase Technologies Corporation (“Nanophase,” “Company,” “we,” “our,” or “us”) is a science-driven company which, along with its wholly owned subsidiary, Solésence, LLC (our “Solésence beauty science subsidiary”), is focused in various beauty- and life-science markets.  Using consumer health as our end-goal and science and innovation to guide the path, skin health and medical diagnostics combined currently make up the great majority of our business and drive our forward growth strategy.  We offer engineered materials, formulation development and commercial manufacturing through an integrated family of technologies. Our expertise in materials engineering allows us to effectively coat and disperse particles on a nano and “non-nano” scale for use in a variety of skin health markets, including for use in sunscreens as active ingredients and as fully developed prestige skin care and cosmetics products, marketed and sold through our Solésence beauty science subsidiary.  In terms of our life sciences focus, we have seen demand significantly decrease for our medical diagnostics ingredients during 2022. Additionally, we continue to sell products in legacy markets, including architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, and surface finishing technologies (polishing) applications, all of which, along with medical diagnostics, fall into the advanced materials product category.  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> We target markets, primarily related to skin health products and ingredients, as well as diagnostic life sciences ingredients where we believe our materials and products offer practical and competitive minerals-based solutions. We traditionally work closely with current customers in these target markets to identify their material and performance requirements. We market our materials to various end-use applications manufacturers, and our Solésence® products to cosmetics and skin care brands.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently developed technologies have made certain new products possible and opened potential new markets. During 2015 we were granted a patent on a new type of particle surface treatment (coating) — now called Active Stress Defense ™ Technology — which became the cornerstone of our new product development in personal care, with first revenue recognized during 2016. Active Stress Defense™ now refers to a suite of three proprietary technologies — Original Active Stress Defense™, Kleair™, and Bloom™ — all three of which either utilize a unique and proprietary, mineral-based technology or work synergistically with one of our unique and proprietary, mineral-based technologies to improve performance and/or aesthetics. Our ongoing innovation efforts include new IP in areas that advance environmental protection, align with market needs, and complement our existing technologies Through the creation of our Solésence beauty science subsidiary, we utilize our technology suite to manufacture and sell fully developed solutions to targeted customers in the skin care industry, typically in prestige skin care and cosmetics markets, in addition to the ingredients we have traditionally sold in the personal care area. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although our primary strategic focus has been the North American market, we currently sell materials to customers overseas and have been working to expand our reach within foreign markets. Our common stock trades on the OTCQB marketplace under the symbol NANX.  </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 “other revenue” in our Consolidated Statements of Operations, as it does not represent revenue directly from the sale of our products. </span></p>
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
636000 usd
CY2021Q2 nanx Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
636000 usd
CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 usd
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
42000 usd
CY2021Q2 nanx Lease Liability Payments Due Year Five
LeaseLiabilityPaymentsDueYearFive
42000 usd
CY2021Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 usd
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2000 usd
CY2021Q2 nanx Lease Liability Payments Due Year Thereafter
LeaseLiabilityPaymentsDueYearThereafter
2000 usd
CY2021Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
210000 usd
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2562000 usd
CY2021Q2 nanx Lease Liability Payment Due
LeaseLiabilityPaymentDue
2772000 usd
CY2021Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
12000 usd
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
540000 usd
CY2021Q2 nanx Lease Imputed Interest
LeaseImputedInterest
552000 usd
CY2021Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
198000 usd
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2022000 usd
CY2021Q2 nanx Lease Liability
LeaseLiability
2220000 usd
CY2022Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
4013000 usd
CY2021Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
2379000 usd
CY2022Q2 nanx Equipment Sale Net Book Value Equipment
EquipmentSaleNetBookValueEquipment
1.15 pure
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11222000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7114000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19378000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14186000 usd

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0001387131-22-008820.txt Edgar Link pending
0001387131-22-008820-xbrl.zip Edgar Link pending
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nanx-10q_063022.htm Edgar Link pending
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