$NANX
NANOPHASE TECHNOLOGIES Corp

2023 Q4 Form 10-Q Financial Statement

#000199937123000211 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $8.011M $7.958M
YoY Change -3.03% -17.77%
Cost Of Revenue $7.540M $6.428M
YoY Change 3.32% -10.54%
Gross Profit $471.0K $1.530M
YoY Change -51.09% -38.63%
Gross Profit Margin 5.88% 19.23%
Selling, General & Admin $1.583M $1.695M
YoY Change -24.19% -25.63%
% of Gross Profit 336.09% 110.78%
Research & Development $785.0K $1.057M
YoY Change 7.98% 24.65%
% of Gross Profit 166.67% 69.08%
Depreciation & Amortization $218.0K $174.0K
YoY Change 41.56% 22.54%
% of Gross Profit 46.28% 11.37%
Operating Expenses $2.368M $2.752M
YoY Change -15.88% -11.99%
Operating Profit -$1.897M -$1.222M
YoY Change 2.43% 92.74%
Interest Expense -$225.0K $214.0K
YoY Change 50.0% 84.48%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.122M -$1.436M
YoY Change 5.99% 91.47%
Income Tax $6.000K
% Of Pretax Income
Net Earnings -$2.128M -$1.436M
YoY Change 7.2% 91.47%
Net Earnings / Revenue -26.56% -18.04%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.04 -$0.03
COMMON SHARES
Basic Shares Outstanding 49.63M shares 49.59M shares
Diluted Shares Outstanding 49.60M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.722M $1.188M
YoY Change -21.23% 132.94%
Cash & Equivalents $1.722M $1.188M
Short-Term Investments
Other Short-Term Assets $1.082M $1.040M
YoY Change 24.94% 6.23%
Inventory $10.03M $10.12M
Prepaid Expenses
Receivables $3.467M $3.199M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.30M $15.55M
YoY Change -1.94% -5.49%
LONG-TERM ASSETS
Property, Plant & Equipment $8.668M $8.607M
YoY Change 9.05% 31.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.000K $3.000K
YoY Change -33.33% -50.0%
Total Long-Term Assets $16.58M $16.80M
YoY Change -2.09% -4.55%
TOTAL ASSETS
Total Short-Term Assets $16.30M $15.55M
Total Long-Term Assets $16.58M $16.80M
Total Assets $32.88M $32.35M
YoY Change -2.02% -5.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.260M $6.270M
YoY Change -1.62% 16.2%
Accrued Expenses $869.0K $1.130M
YoY Change -15.05% -16.11%
Deferred Revenue
YoY Change
Short-Term Debt $2.810M $6.338M
YoY Change -61.41% 18.29%
Long-Term Debt Due $2.000M
YoY Change
Total Short-Term Liabilities $15.59M $17.66M
YoY Change -7.4% 25.3%
LONG-TERM LIABILITIES
Long-Term Debt $6.000M $1.000M
YoY Change 500.0% 0.0%
Other Long-Term Liabilities $9.390M $9.756M
YoY Change -6.79% -15.44%
Total Long-Term Liabilities $15.39M $10.76M
YoY Change 38.97% -14.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.59M $17.66M
Total Long-Term Liabilities $15.39M $10.76M
Total Liabilities $30.98M $28.42M
YoY Change 11.0% 6.7%
SHAREHOLDERS EQUITY
Retained Earnings -$104.7M -$102.5M
YoY Change 4.59% 4.54%
Common Stock $496.0K $496.0K
YoY Change 0.61% 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.902M $3.931M
YoY Change
Total Liabilities & Shareholders Equity $32.88M $32.35M
YoY Change -2.02% -5.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.128M -$1.436M
YoY Change 7.2% 91.47%
Depreciation, Depletion And Amortization $218.0K $174.0K
YoY Change 41.56% 22.54%
Cash From Operating Activities -$2.650M $2.604M
YoY Change -454.75% 164.63%
INVESTING ACTIVITIES
Capital Expenditures $199.0K $42.00K
YoY Change -80.59% -106.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$199.0K -$42.00K
YoY Change -80.59% -93.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.383M -3.570M
YoY Change 73.13% 662.82%
NET CHANGE
Cash From Operating Activities -2.650M 2.604M
Cash From Investing Activities -199.0K -42.00K
Cash From Financing Activities 3.383M -3.570M
Net Change In Cash 534.0K -1.008M
YoY Change -68.14% 554.55%
FREE CASH FLOW
Cash From Operating Activities -$2.650M $2.604M
Capital Expenditures $199.0K $42.00K
Free Cash Flow -$2.849M $2.562M
YoY Change 924.82% 54.9%

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
113000 usd
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Related Party Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
657000 usd
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1188000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
510000 usd
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us-gaap Interest Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
329000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
432000 usd
nanx Early Termination Of Operating Lease
EarlyTerminationOfOperatingLease
73000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
36000 usd
us-gaap Nature Of Operations
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<p id="xdx_80E_eus-gaap--NatureOfOperations_zQZnbQ0j9LTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>(2) <span id="xdx_826_znDFRsGA3gf5">Description of Business</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. </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
CY2023Q3 us-gaap Contract With Customer Receivable After Allowance For Credit Loss
ContractWithCustomerReceivableAfterAllowanceForCreditLoss
3199000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2664000 usd
CY2023Q3 nanx Contract With Customer Liability Revenue Recognized Net
ContractWithCustomerLiabilityRevenueRecognizedNet
414000 usd
CY2022Q3 nanx Contract With Customer Liability Revenue Recognized Net
ContractWithCustomerLiabilityRevenueRecognizedNet
295000 usd
nanx Contract With Customer Liability Revenue Recognized Net
ContractWithCustomerLiabilityRevenueRecognizedNet
2438000 usd
nanx Contract With Customer Liability Revenue Recognized Net
ContractWithCustomerLiabilityRevenueRecognizedNet
507000 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
853000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
728000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1871000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1901000 shares
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1436000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-750000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2262000 usd
us-gaap Net Income Loss
NetIncomeLoss
-638000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49598581 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49598581 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49174673 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49532395 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49068709 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q3 us-gaap Interest Expense Other
InterestExpenseOther
199000 usd
CY2022Q3 us-gaap Interest Expense Other
InterestExpenseOther
111000 usd
us-gaap Interest Expense Other
InterestExpenseOther
560000 usd
us-gaap Interest Expense Other
InterestExpenseOther
218000 usd
CY2023Q3 nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
57000 usd
CY2022Q3 nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
39000 usd
nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
57000 usd
nanx Accrued Interest Expense Related Parties
AccruedInterestExpenseRelatedParties
39000 usd
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7013000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6797000 usd
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3110000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2041000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
10123000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
8839000 usd
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
670000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
500000 usd
CY2023Q3 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
1912000 usd
CY2022Q3 us-gaap Contract With Customer Receivable After Allowance For Credit Loss Current
ContractWithCustomerReceivableAfterAllowanceForCreditLossCurrent
3099000 usd
CY2023Q3 nanx Equipment Sale Net Book Value Equipment
EquipmentSaleNetBookValueEquipment
1.15 pure
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7958000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9678000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29286000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29056000 usd

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