Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

15. Quarterly Financial Information (Unaudited)

Nocopi Technologies, Inc.

Balance Sheets

(Unaudited)

	September 30,			June 30,			March 31,
	2014			2014			2014
Assets
Current assets
Cash	$	72,700		$	9,300		$	36,800
Accounts receivable less $5,000 allowance		185,300			265,500			198,200
Inventory		47,500			29,900			36,800
Prepaid and other		10,100			12,000			21,200
Total current assets		315,600			316,700			293,000
Fixed assets
Leasehold improvements		19,100			19,100			19,100
Furniture, fixture and equipment		176,800			176,800			176,800
		195,900			195,900			195,900
Less: accumulated depreciation and amortization		177,300			176,100			174,800
		18,600			19,800			21,100
Total assets	$	334,200		$	336,500		$	314,100
Liabilities and Stockholders' Deficiency
Current liabilities
Promissory note	$	–		$	6,300		$	12,500
Demand loans		63,000			92,500			92,500
Convertible debentures		101,900			–			–
Accounts payable		135,200			130,400			147,200
Accrued expenses		362,800			348,600			329,500
Deferred revenue		123,100			120,800			105,700
Total current liabilities		786,000			698,600			687,400
Convertible debentures		31,600			100,800			99,700
Stockholders' deficiency
Common stock, $0.01 par value, Authorized - 75,000,000 shares, Issued and outstanding - 58,599,016 shares		586,000			586,000			586,000
Paid-in capital		12,408,500			12,406,600			12,406,600
Accumulated deficit		(13,477,900	)		(13,455,500	)		(13,465,600	)
		(483,400	)		(462,900	)		(473,000	)
Total liabilities and stockholders deficiency	$	334,200		$	336,500		$	314,100

Nocopi Technologies, Inc.

Balance Sheets

(Unaudited)

	September 30,			June 30,			March 31,			September 30,			June 30,
	2013			2013			2013			2012			2012
Assets
Current assets
Cash	$	117,600		$	23,400		$	1,100		$	5,700		$	8,400
Accounts receivable less $5,000 allowance		159,400			153,600			157,700			77,900			67,100
Inventory		29,000			52,200			10,300			21,800			15,100
Prepaid and other		11,400			13,800			17,100			12,500			17,500
Total current assets		317,400			243,000			186,200			117,900			108,100
Fixed assets
Leasehold improvements		72,500			72,500			72,500			72,500			72,500
Furniture, fixture and equipment		184,500			184,500			184,500			184,500			184,500
		257,000			257,000			257,000			257,000			257,000
Less: accumulated depreciation and amortization		257,000			257,000			256,700			256,000			255,100
		–			–			300			1,000			1,900
Total assets	$	317,400		$	243,000		$	186,500		$	118,900		$	110,000
Liabilities and Stockholders’ Deficiency
Current liabilities
Promissory note	$	25,000		$	31,300		$	37,500		$	50,000		$	56,300
Demand loans		92,500			92,500			92,500			74,800			42,500
Accounts payable		195,200			235,500			253,000			215,400			192,600
Accrued expenses		291,500			277,600			236,500			158,000			104,200
Deferred revenue		113,600			114,500			69,000			53,000			107,100
Total current liabilities		717,800			751,400			688,500			551,200			502,700
Convertible debentures		97,700			–			–			–			–
Stockholders’ deficiency
Common stock, $0.01 par value, Authorized - 75,000,000 shares, Issued and outstanding - 58,599,016 shares		586,000			586,000			586,000			586,000			586,000
Paid-in capital		12,406,600			12,398,200			12,398,200			12,397,900			12,396,900
Accumulated deficit		(13,490,700	)		(13,492,600	)		(13,486,200	)		(13,416,200	)		(13,375,600	)
		(498,100	)		(508,400	)		(502,000	)		(432,300	)		(392,700	)
Total liabilities and stockholders’ deficiency	$	317,400		$	243,000		$	186,500		$	118,900		$	110,000

Nocopi Technologies, Inc.

Statements of Operations

(Unaudited)

	Three Months			Nine Months			Three Months			Six Months			Three Months
	ended			ended			ended			ended			ended
	September 30,			September 30,			June 30,			June 30,			March 31,
	2014			2014			2014			2014			2014
Revenues
Licenses, royalties and fees	$	83,000		$	240,500		$	77,500		$	157,500		$	80,000
Product and other sales		125,800			389,300			158,600			263,500			104,900
		208,800			629,800			236,100			421,000			184,900
Cost of revenues
Licenses, royalties and fees		17,700			54,200			19,300			36,500			17,200
Product and other sales		56,000			176,500			65,200			120,500			55,300
		73,700			230,700			84,500			157,000			72,500
Gross profit		135,100			399,100			151,600			264,000			112,400
Operating expenses
Research and development		29,200			90,200			30,400			61,000			30,600
Sales and marketing		46,800			141,000			46,600			94,200			47,600
General and administrative		75,900			189,500			59,200			113,600			54,400
		151,900			420,700			136,200			268,800			132,600
Net income (loss) from operations		(16,800	)		(21,600	)		15,400			(4,800	)		(20,200	)
Other income (expenses)
Reversal of accounts payable
Interest income		–			300			–			300			300
Interest expense, bank charges and accretion of interest		(5,600	)		(16,200	)		(5,300	)		(10,600	)		(5,300	)
		(5,600	)		(15,900	)		(5,300	)		(10,300	)		(5,000	)
Net loss	$	(22,400	)	$	(37,500	)	$	10,100		$	(15,100	)	$	(25,200	)
Basic and diluted loss per common share	$	(.00	)	$	(.00	)	$	.00		$	(.00	)	$	(.00	)
Weighted average common shares outstanding
Basic		58,599,016			58,599,016			58,599,016			58,599,016			58,599,016
Diluted		58,599,016			58,599,016			58,600,830			58,599,016			58,599,016

Nocopi Technologies, Inc.

Statements of Operations

(Unaudited)

	Three Months			Nine Months			Three Months			Six Months			Three Months			Three Months			Nine Months			Three Months			Six Months
	ended			ended			ended			ended			ended			ended			ended			ended			ended
	September 30,			September 30,			June 30,			June 30,			March 31,			September 30,			September 30,			June 30,			June 30,
	2013			2013			2013			2013			2013			2012			2012			2012			2012
Revenues
Licenses, royalties and fees	$	82,800		$	209,800		$	69,900		$	127,000		$	57,100		$	107,700		$	324,600		$	112,800		$	216,900
Product and other sales		106,900			307,200			116,400			200,300			83,900			23,800			172,400			85,200			148,600
		189,700			517,000			186,300			327,300			141,000			131,500			497,000			198,000			365,500
Cost of revenues
Licenses, royalties and fees		15,100			46,600			17,400			31,500			14,100			10,400			40,200			14,400			29,800
Product and other sales		50,400			148,500			56,200			98,100			41,900			27,000			117,600			43,200			90,600
		65,500			195,100			73,600			129,600			56,000			37,400			157,800			57,600			120,400
Gross profit		124,200			321,900			112,700			197,700			85,000			94,100			339,200			140,400			245,100
Operating expenses
Research and development		27,800			82,900			26,600			55,100			28,500			26,200			82,000			27,700			55,800
Sales and marketing		43,400			123,800			41,100			80,400			39,300			38,100			129,800			45,500			91,700
General and administrative		46,300			144,500			48,400			98,200			49,800			67,100			240,000			71,300			172,900
		117,500			351,200			116,100			233,700			117,600			131,400			451,800			144,500			320,400
Net income (loss) from operations		6,700			(29,300	)		(3,400	)		(36,000	)		(32,600	)		(37,300	)		(112,600	)		(4,100	)		(75,300	)
Other income (expenses)
Reversal of accounts payable		–			–			–			–			–			–			7,800			2,200			7,800
Interest expense, bank charges, financing cost and accretion of interest		(4,800	)		(10,700	)		(3,000	)		(5,900	)		(2,900	)		(3,300	)		(6,800	)		(1,800	)		(3,500	)
		(4,800	)		(10,700	)		(3,000	)		(5,900	)		(2,900	)		(3,300	)		1,000			400			4,300
Net income (loss)	$	1,900		$	(40,000	)	$	(6,400	)	$	(41,900	)	$	(35,500	)	$	(40,600	)	$	(111,600	)	$	(3,700	)	$	(71,000	)
Net income (loss) per common share
Basic	$	.00		$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)
Diluted	$	.00		$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)	$	(.00	)
Weighted average common shares outstanding
Basic		58,599,016			58,599,016			58,599,016			58,599,016			58,599,016			58,599,016			58,554,194			58,599,016			58,532,194
Diluted		58,745,139			58,599,016			58,599,016			58,599,016			58,599,016			58,599,016			58,554,194			58,599,016			58,532,194

Nocopi Technologies, Inc.

Statements of Cash Flows

(Unaudited)

	Nine Months			Six Months			Three Months
	ended			ended			ended
	September 30,			June 30,			March 31,
	2014			2014			2014
Operating Activities
Net loss	$	(37,500	)	$	(15,100	)	$	(25,200	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization		2,900			1,700			400
Accretion of interest - convertible debentures		3,400			2,100			1,000
		(31,200	)		(11,300	)		(23,800	)
(Increase) decrease in assets
Accounts receivable		51,800			(28,400	)		38,900
Inventory		(19,000	)		(1,400	)		(8,300	)
Prepaid and other		21,400			19,500			10,300
Increase (decrease) in liabilities
Accounts payable and accrued expenses		26,300			3,500			1,200
Deferred revenue		9,300			7,000			(8,100	)
		89,800			200			34,000
Net cash provided by (used in) operating activities		58,600			(11,100	)		10,200
Investment Activities
Additions to fixed assets		(20,000	)		(20,000	)		(20,000	)
Net cash used in investment activities		(20,000	)		(20,000	)		(20,000	)
Financing Activities
Repayment of borrowings under promissory note		(18,800	)		(12,500	)		(6,300	)
Repayment of demand loans		(5,000	)		–			–
Proceeds from convertible debenture		5,000			–			–
Net cash used in financing activities		(18,800	)		(12,500	)		(6,300	)
		19,800			(43,600	)		(16,100	)
Cash at beginning of year		52,900			52,900			52,900
Cash at end of period		72,700			9,300			36,800
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	300		$	300		$	200
Supplemental Disclosure of Non Cash Investing Activities
Write-off of fully depreciated leasehold improvements and furniture, fixtures and equipment
Accumulated depreciation and amortization	$	(82,900	)	$	(82,900	)	$	(82,900	)
Leasehold improvements	$	72,500		$	72,500		$	72,500
Furniture, fixtures and equipment	$	10,400		$	10,400		$	10,400
Supplemental Disclosure of Non Cash Financing Activities
Conversion of demand loans and interest to convertible debentures
Demand loans	$	24,500			–			–
Accrued expenses	$	3,800			–			–
Convertible debentures	$	26,400			–			–
Paid-in capital	$	1,900			–			–

Nocopi Technologies, Inc.

Statements of Cash Flows

(Unaudited)

	Nine Months			Six Months			Three Months			Nine Months			Six Months
	ended			ended			ended			ended			ended
	September 30,			June 30,			March 31,			September 30,			June 30,
	2013			2013			2013			2012			2012
Operating Activities
Net loss	$	(40,000	)	$	(41,900	)	$	(35,500	)	$	(111,600	)	$	(71,000	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization		600			600			300			2,700			1,800
Reversal of accounts payable		–			–			–			(7,800	)		(7,800	)
Financing cost – warrant grants		100			100			100			1,000			–
Accretion of interest – convertible debentures		1,100			–			–			–			–
		(38,200	)		(41,200	)		(35,100	)		(115,700	)		(77,000	)
(Increase) decrease in assets
Accounts receivable		(90,900	)		(85,100	)		(89,200	)		(46,100	)		(35,300	)
Inventory		(3,000	)		(26,200	)		15,700			(1,000	)		5,700
Prepaid and other		12,400			10,000			6,700			10,800			5,800
Increase in liabilities
Accounts payable and accrued expenses		39,900			66,300			42,700			101,100			24,500
Deferred revenue		87,600			88,500			43,000			10,200			64,300
		46,000			53,500			18,900			75,000			65,000
Net cash provided by (used in) operating activities		7,800			12,300			(16,200	)		(40,700	)		(12,000	)
Financing Activities
Repayment of borrowings under promissory note		(18,800	)		(12,500	)		(6,300	)		(18,800	)		(12,500	)
Proceeds from demand loan		3,000			3,000			3,000			34,800			2,500
Repayment of demand loan		–			–			–			(2,500	)		(2,500	)
Proceeds from convertible debentures		105,000			–			–			–			–
Issuance of common stock		–			–			–			10,000			10,000
Net cash provided by (used in) financing activities		89,200			(9,500	)		(3,300	)		23,500			(2,500	)
Increase (decrease) in cash		97,000			2,800			(19,500	)		(17,200	)		(14,500	)
Cash at beginning of year		20,600			20,600			20,600			22,900			22,900
Cash at end of period	$	117,600		$	23,400		$	1,100		$	5,700		$	8,400
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	1,000		$	700		$	400		$	1,700		$	1,200
Supplemental disclosure of Non Cash Financing Activities
Conversion of demand loan and interest to common stock
Demand loans		–			–			–		$	1,500		$	1,500
Accrued expenses		–			–			–		$	1,200		$	1,200
Common stock		–			–			–		$	400		$	400
Paid-in capital		–			–			–		$	2,300		$	2,300