$NANX
NANOPHASE TECHNOLOGIES Corp

2023 Q3 Form 10-Q Financial Statement

#000138713123009614 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $7.958M $11.87M
YoY Change -17.77% 5.79%
Cost Of Revenue $6.428M $8.197M
YoY Change -10.54% -3.41%
Gross Profit $1.530M $3.675M
YoY Change -38.63% 34.32%
Gross Profit Margin 19.23% 30.96%
Selling, General & Admin $1.695M $2.105M
YoY Change -25.63% 15.91%
% of Gross Profit 110.78% 57.28%
Research & Development $1.057M $991.0K
YoY Change 24.65% 24.34%
% of Gross Profit 69.08% 26.97%
Depreciation & Amortization $174.0K $172.0K
YoY Change 22.54% 27.41%
% of Gross Profit 11.37% 4.68%
Operating Expenses $2.752M $3.096M
YoY Change -11.99% 18.48%
Operating Profit -$1.222M $579.0K
YoY Change 92.74% 370.73%
Interest Expense $214.0K $246.0K
YoY Change 84.48% 236.99%
% of Operating Profit 42.49%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.436M $333.0K
YoY Change 91.47% 566.0%
Income Tax
% Of Pretax Income
Net Earnings -$1.436M $333.0K
YoY Change 91.47% 566.0%
Net Earnings / Revenue -18.04% 2.8%
Basic Earnings Per Share -$0.03 $0.01
Diluted Earnings Per Share -$0.03 $0.01
COMMON SHARES
Basic Shares Outstanding 49.59M shares 49.58M shares
Diluted Shares Outstanding 49.60M shares 50.14M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.188M $2.197M
YoY Change 132.94% 230.87%
Cash & Equivalents $1.188M $2.197M
Short-Term Investments
Other Short-Term Assets $1.040M $1.043M
YoY Change 6.23% -13.16%
Inventory $10.12M $8.412M
Prepaid Expenses
Receivables $3.199M $5.718M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.55M $17.37M
YoY Change -5.49% 0.11%
LONG-TERM ASSETS
Property, Plant & Equipment $8.607M $8.459M
YoY Change 31.71% 48.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000K $5.000K
YoY Change -50.0% -28.57%
Total Long-Term Assets $16.80M $16.93M
YoY Change -4.55% -1.21%
TOTAL ASSETS
Total Short-Term Assets $15.55M $17.37M
Total Long-Term Assets $16.80M $16.93M
Total Assets $32.35M $34.30M
YoY Change -5.0% -0.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.270M $4.957M
YoY Change 16.2% 13.48%
Accrued Expenses $1.130M $1.442M
YoY Change -16.11% 1.12%
Deferred Revenue
YoY Change
Short-Term Debt $6.338M $8.592M
YoY Change 18.29% 47.25%
Long-Term Debt Due $2.338M
YoY Change 6580.0%
Total Short-Term Liabilities $17.66M $19.38M
YoY Change 25.3% 43.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M
YoY Change 0.0%
Other Long-Term Liabilities $9.756M $9.761M
YoY Change -15.44% -18.45%
Total Long-Term Liabilities $10.76M $9.761M
YoY Change -14.21% -24.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.66M $19.38M
Total Long-Term Liabilities $10.76M $9.761M
Total Liabilities $28.42M $29.14M
YoY Change 6.7% 9.96%
SHAREHOLDERS EQUITY
Retained Earnings -$102.5M -$101.1M
YoY Change 4.54% 3.87%
Common Stock $496.0K $496.0K
YoY Change 0.81% 1.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.931M $5.159M
YoY Change
Total Liabilities & Shareholders Equity $32.35M $34.30M
YoY Change -5.0% -0.55%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.436M $333.0K
YoY Change 91.47% 566.0%
Depreciation, Depletion And Amortization $174.0K $172.0K
YoY Change 22.54% 27.41%
Cash From Operating Activities $2.604M -$1.179M
YoY Change 164.63% -26.59%
INVESTING ACTIVITIES
Capital Expenditures $42.00K $790.0K
YoY Change -106.27% -205.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$42.00K -$790.0K
YoY Change -93.73% 5.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.570M 3.072M
YoY Change 662.82% 44.7%
NET CHANGE
Cash From Operating Activities 2.604M -1.179M
Cash From Investing Activities -42.00K -790.0K
Cash From Financing Activities -3.570M 3.072M
Net Change In Cash -1.008M 1.103M
YoY Change 554.55% -573.39%
FREE CASH FLOW
Cash From Operating Activities $2.604M -$1.179M
Capital Expenditures $42.00K $790.0K
Free Cash Flow $2.562M -$1.969M
YoY Change 54.9% 130.02%

Facts In Submission

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ProceedsFromRelatedPartyDebt
18675000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
16494000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
14191000 usd
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
1338000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
135000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
107000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2783000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4516000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2186000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
657000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2197000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
664000 usd
us-gaap Interest Paid Net
InterestPaidNet
318000 usd
us-gaap Interest Paid Net
InterestPaidNet
87000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
39000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
141000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80E_eus-gaap--NatureOfOperations_zgUCUBiszEq3" 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_824_ze95MXnMIDah">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. 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>
CY2021Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
3937000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
179000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1444000 usd
CY2022Q4 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
4734000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2188000 usd
CY2023Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
5718000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2098000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
726000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
89000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2024000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
212000 usd
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
569000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
726000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1963000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1976000 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
333000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
50000 usd
us-gaap Net Income Loss
NetIncomeLoss
-825000 usd
us-gaap Net Income Loss
NetIncomeLoss
112000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49567338 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49045047 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49498755 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49014847 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
569000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1963000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1976000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50136338 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51008047 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49498755 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50990847 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q2 us-gaap Interest Expense Other
InterestExpenseOther
211000 usd
CY2022Q2 us-gaap Interest Expense Other
InterestExpenseOther
68000 usd
us-gaap Interest Expense Other
InterestExpenseOther
361000 usd
us-gaap Interest Expense Other
InterestExpenseOther
107000 usd
CY2023Q2 nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
78000 usd
CY2022Q2 nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
29000 usd
nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
78000 usd
nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
29000 usd
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5689000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6797000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2723000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2041000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
8412000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
8839000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
525000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
500000 usd
CY2023Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
3968000 usd
CY2022Q2 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
4008000 usd
CY2023Q2 nanx Equipment Sale Net Book Value Equipment
EquipmentSaleNetBookValueEquipment
1.15 pure
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11872000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11222000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21329000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19378000 usd

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