$NNUP

NOCOPI TECHNOLOGIES INC/MD/

CIK:0000888981|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 961,012	$ 360,000	$ 1,350,712	$ 839,000
Cost of revenues
Total cost of revenues	603,631	168,500	802,731	373,800
Gross profit	357,381	191,500	547,981	465,200
Operating Expenses:
Research and development	48,300	43,200	104,100	88,200
Sales and marketing expenses	89,092	57,300	163,592	148,300
Professional and consulting fees	417,300	118,300	485,300	222,600
Compensation and related taxes - general and administrative	236,695	65,300	331,095	136,300
Other general and administrative expenses	133,726	79,900	193,126	128,100
Total Operating Expenses	925,113	364,000	1,277,213	723,500
Net Loss from Operations	(567,732)	(172,500)	(729,232)	(258,300)
Other Income (Expense):
Interest income	102,005	120,000	207,205	237,200
Interest expense and bank charges	(6,200)	(6,100)	(12,200)	(12,000)
Total Other Income, net	95,805	113,900	195,005	225,200
Loss before provision for income taxes	(471,927)	(58,600)	(534,227)	(33,100)
Provision for income taxes	0	0	0	0
Net loss	$ (471,927)	$ (58,600)	$ (534,227)	$ (33,100)
Net loss per common share, basic	$ (0.04)	$ (0.01)	$ (0.05)	$ (0.00)
Net loss per common share, diluted	$ (0.04)	$ (0.01)	$ (0.05)	$ (0.00)
Weighted average common shares outstanding, basic	11,399,612	10,792,913	11,240,115	10,792,913
Weighted average common shares outstanding, diluted	11,399,612	10,792,913	11,240,115	10,792,913
License [Member]
Revenues
Total revenues	$ 66,000	$ 140,100	$ 166,700	$ 330,400
Cost of revenues
Total cost of revenues	47,000	39,100	93,400	82,600
Product And Other Sales [Member]
Revenues
Total revenues	895,012	219,900	1,184,012	508,600
Cost of revenues
Total cost of revenues	$ 556,631	$ 129,400	$ 709,331	$ 291,200

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net loss	$ (534,227)	$ (33,100)
Adjustments to reconcile net income (loss) to net cash provided by (used in ) operating activities
Depreciation	12,580	3,400
Amortization	3,677
Stock based compensation	69,700	47,600
Amortization of operating lease right of use asset	65,582	38,500
Inventory reserve	(27,667)	1,100
Changes in Assets and Liabilities:
Accounts receivable	93,751	100,500
Inventory	71,108	(23,700)
Prepaid and other	(732)	41,900
Long-term receivables	270,300	219,300
Accounts payable	238,700	86,700
Accrued expenses and other liabilities	18,922	7,200
Stock subscription payable	99,000	0
Operating lease liability	(64,425)	(34,100)
Accrued expenses, non-current	(19,000)	0
Net cash provided by operating activities	297,269	455,300
INVESTING ACTIVITIES
Purchase of fixed assets	(13,600)	0
Acquisition of business	(1,750,000)	0
Net cash used in investing activities	(1,763,600)	0
FINANCING ACTIVITIES
Issuance of common stock for cash	600,000	0
Net cash provided by financing activities	600,000	0
Net cash increase (decrease) for period	(866,331)	455,300
Cash and Cash Equivalents
Cash - beginning of period	11,553,600	10,839,700
Cash - end of period	10,687,269	11,295,000
Cash paid for:
Interest	0	0
Income Tax	0	0
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Operating lease right of use asset and operating lease liability pursuant to ASC 842	0	204,500
Operating lease right of use asset and operating lease liability due to modification pursuant to ASC 842	473,183	0
Derecognition of the carrying amounts of the operating right of use asset and operating lease liability associated with the terminated portion pursuant to ASC 842	117,458	0
Shares issued for acquisition of a company	750,000	0
Net assets acquired in acquisition of Polymeric:
Accounts receivable, net	424,932	0
Inventory	1,298,727	0
Prepaid expenses and other current assets	23,306	0
Property and equipment, net	305,267	0
Goodwill	490,000	0
Intangible assets, net	294,170	0
Operating lease right of use assets	117,458	0
Accounts payable	(160,923)	0
Accrued expenses and other liabilities	(25,479)	0
Operating lease liability – current and non-current	(117,458)	0
Net assets acquired	$ 2,650,000	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 10,687,269	$ 11,553,600
Accounts receivable less $12,000 allowance for credit losses	1,267,881	936,700
Inventory, net of allowance $373,000 and $114,200, respectively	1,712,186	456,900
Prepaid expenses and other current assets	168,138	144,100
Total Current Assets	13,835,474	13,091,300
OTHER ASSETS:
Property and equipment, net	316,287	10,000
Goodwill	490,000	0
Intangible assets, net	290,492	0
Long-term receivables	504,700	775,000
Operating lease right of use assets	568,901	161,300
Total Assets	16,005,854	14,037,600
CURRENT LIABILITIES:
Accounts payable	430,223	30,600
Accrued expenses and other liabilities	197,700	153,300
Stock compensation payable	70,200	26,700
Purchase consideration payable – holdback, current	100,000	0
Stock subscription payable	99,000	0
Operating lease liability – current	249,514	80,200
Total Current Liabilities	1,146,637	290,800
NON-CURRENT LIABILITIES:
Accrued expenses, non-current	35,300	54,300
Purchase consideration payable – holdback, long-term	50,000	0
Operating lease liability – non-current	328,144	88,700
TOTAL NON-CURRENT LIABILITIES	413,444	143,000
Total Liabilities	1,560,081	433,800
Commitments and Contingencies (Note 12)
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value, 3,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value,75,000,000 shares authorized, 11,743,364 and 10,835,123 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	117,434	108,300
Additional paid-in capital	27,065,966	25,698,900
Accumulated deficit	(12,737,627)	(12,203,400)
Total stockholders' equity	14,445,773	13,603,800
Total Liabilities and Stockholders' Equity	$ 16,005,854	$ 14,037,600