NANO MAGIC INC.
0.5900+0.00 (+0%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · NMGX · USD
Key Stats
Market Cap
8.61MP/E (TTM)
-Basic EPS (TTM)
-0.31Dividend Yield
0%Recent Filings
8-K
Director resigns for personal reasons
Nano Magic Inc. announced the resignation of director Raymond Gunn on December 10, 2024, citing personal reasons and lack of time to serve effectively. As chair of the audit committee, his departure leaves a gap in oversight. The company has not disclosed plans for a replacement. This shift tests board stability amid routine operations.
10-Q
Q3 FY2024 results
Nano Magic's Q3 revenues dipped 3% y/y to $640K, while YTD sales fell 11% to $1.8M, mainly from softer Amazon channels, yet gross profit margins shrank to 3.8% from 12.5% amid higher labor costs. Operating losses widened 119% y/y to $1.5M in the quarter and 48% to $3.0M YTD, driven by elevated salaries and professional fees tied to stock options. Net loss hit $1.4M quarterly ($0.10/share) and $3.0M YTD ($0.20/share), with the gap to operating loss under 20% from minor other items like a $56K gain on partial ANI stake sale. Cash dwindled to $39K with $1.6M operating burn, offset by $763K financing inflows; total debt stands at $565K in convertibles, no revolver noted. Sold 25% ANI stake for $100K cash in Q3, recognizing $217K remaining investment. Competition in nano-coatings squeezes pricing power.
8-K
SEC vacates Nano Magic suspension
Nano Magic Inc. scored a rare win when the SEC on October 10, 2024, vacated its 2020 10-day trading suspension retroactively to April 30, 2020, after a grueling four-year legal fight. This clears a major overhang, restoring the company's trading eligibility on OTC Markets and vindicating management against what CEO Tom Berman calls an improper halt. The victory lifts reputational clouds. Yet, forward-looking statements warn of risks outside company control.
10-Q
Q2 FY2024 results
Nano Magic's Q2 revenues fell 13% year-over-year to $616,623, while costs climbed 31% to $662,583 amid higher inventory reserves, flipping gross profit to a $45,960 loss from $202,138 last year. Operating loss widened 18% to $788,032, driven by elevated professional fees and R&D, though stock compensation plunged 97%. Net loss hit $824,665, or $(0.06) per diluted share on 13.6 million shares, consistent with operations but pressured by a $41,782 note sale loss and interest. Cash dwindled to $71,869 after $992,505 in operating outflows, offset by $252,470 from stock sales; total debt stood at $575,000 in convertibles at 8%. Inventory reduction efforts are underway. Yet competition from larger players squeezes margins.
8-K
Execs receive performance options
Nano Magic Inc. granted stock options to CEO Tom J. Berman and CFO Leandro Vera on July 29, 2024, under Item 5.02. Berman received 500,000 options vesting immediately or by year-end, plus up to 1 million tied to an EBITDA-based profit bonus, all at $0.31 exercise price expiring five years post-vest. Vera got 60,000 options, half vested upfront and the rest ratably through 2024, expiring December 31, 2029. This aligns executive incentives with performance. Options link pay to results.
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