Nanophase Technologies Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Nanophase Technologies Corp. filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

NANOPHASE TECHNOLOGIES Corp (SLSN) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Nanophase Technologies Corp. reported its financial results for the quarter ended March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2024, to March 31, 2024. Nanophase Technologies Corp. is classified under SIC code 2844 for Perfumes, Cosmetics & Other Toilet Preparations.

Why It Matters

For investors and stakeholders tracking NANOPHASE TECHNOLOGIES Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for an assessment of the company's performance and trends. Understanding the company's financial health and operational status is crucial for investors making decisions about Nanophase Technologies Corp.

Risk Assessment

Risk Level: medium — NANOPHASE TECHNOLOGIES Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, cost management, and any forward-looking statements from Nanophase Technologies Corp.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2024-03-31 — Quarter End Date (2024-03-31)

Key Players & Entities

• NANOPHASE TECHNOLOGIES Corp (company) — FILER
• 0000883107 (company) — CENTRAL INDEX KEY
• 2844 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 1319 MARQUETTE DRIVE (company) — BUSINESS ADDRESS STREET 1
• ROMEOVILLE (company) — BUSINESS ADDRESS CITY
• IL (company) — BUSINESS ADDRESS STATE
• 60446 (company) — BUSINESS ADDRESS ZIP

FAQ

Industry Context

Nanophase Technologies Corp. operates within the chemical manufacturing sector, specifically focusing on advanced materials and nanotechnology applications.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 compared to prior periods.
2. Examine any disclosures regarding new products, partnerships, or operational changes.
3. Review the balance sheet for changes in assets, liabilities, and equity.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Filing Documents

• nanx-10q_033124.htm (10-Q) — 536KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32.htm (EX-32) — 7KB
• 0001999371-24-005984.txt (&nbsp;) — 3281KB
• nanx-20240331.xsd (EX-101.SCH) — 26KB
• nanx-20240331_cal.xml (EX-101.CAL) — 45KB
• nanx-20240331_def.xml (EX-101.DEF) — 102KB
• nanx-20240331_lab.xml (EX-101.LAB) — 212KB
• nanx-20240331_pre.xml (EX-101.PRE) — 173KB
• nanx-10q_033124_htm.xml (XML) — 417KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Unaudited Consolidated Condensed Financial Statements 3 Consolidated Balance Sheets (Unaudited Consolidated Condensed) as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations (Unaudited Consolidated Condensed) for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity (Unaudited Consolidated Condensed) for the three months ended March 31, 2024, and 2023 5 Consolidated Statements of Cash Flows (Unaudited Consolidated Condensed) for the three months ended March 31, 2024 and 2023 6 Notes to Unaudited Consolidated Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 18

- OTHER INFORMATION

PART II - OTHER INFORMATION 18 Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 19 Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 PART I - FINANCIAL INFORMATION Item 1. Financial Statements NANOPHASE TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited Consolidated Condensed) (in thousands except share and per share data) ASSETS March 31, 2024 December 31, 2023 Current assets: Cash $ 2,018 $ 1,722 Trade accounts receivable, less allowance for credit losses of $ 247 for March 31, 2024, and $ 225 for December 31, 2023 5,227 3,467 Other receivables 55 — Inventories, net 13,281 10,031 Prepaid expenses and other current assets 1,496 1,082 Total current assets 22,077 16,302 Equipment and leasehold improvements, net 8,806 8,668 Operating leases, right of use 7,619 7,907 Other assets, net 2 4 Total assets $ 38,504 $ 32,881 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Line of credit – accounts receivable, related party 850 2,810 Current portion of long-term debt, related party — 2,000 Current portion of operating lease obligations 1,171 1,297 Accounts payable 6,216 6,260 Current portion of deferred revenue 2,592 2,353 Accrued expenses 1,348 869 Total current liabilities 12,177 15,589 Long-term portion of operating lease obligations 8,936 9,152 Long-term line of credit – inventory, related party 5,200 5,000 Long-term debt, related party 1,000 1,000 Asset retirement obligations 240 238 Total long-term liabilities 15,376 15,390 Mezzanine equity: Series X convertible preferred stock: 15,000 and 0 shares, designated, issued and outstanding and liquidation preference of $ 6,000 from preferred stock in Shareholders' equity on March 31, 2024 and December 31, 2023, respectively 6,000 — Shareholders' equity: Preferred stock, $ .01 par value, 24,088 shares authorized, and 15,000 and 0 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively — — Common stock, $ .01 par value, 60,000,000 shares authorized; 54,860,984 and 49,

View Full Filing

View this 10-Q filing on SEC EDGAR