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NNUP on OTC

NOCOPI TECHNOLOGIES INC/MD/

NOCOPI TECHNOLOGIES INC/MD/ is an American games company that raised $3.5 million in 2022 (SEC Form D).1 It is headquartered in King Of Prussia, Pennsylvania.1 Its shares trade on OTC under the symbol NNUP.1

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Last updated Oct 21, 2026.

Overview

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  • TickerNNUP on OTC1
  • IndustryGames, Toys & Children's Vehicles (No Dolls & Bicycles)1
  • HeadquartersKing Of Prussia, Pennsylvania1
  • Incorporated inMD2
  • Business address480 Shoemaker Road, Suite 104, King Of Prussia, Pa 194062
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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At this location, we also have product development, sales, and administrative operations located adjacent to our production floor area.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.5%Gross margin4
-40.3%Operating margin4
-10.4%Net margin4
-29.5%Revenue growth, 20254
-1.1%Return on equity4
$713.9KFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Productand Other Sales brought in 59% of the revenue NOCOPI TECHNOLOGIES INC/MD/ broke down this way in fiscal 2025.

  1. Productand Other Sales$888.7K459%down 45% from 2024
  2. Licenses Royalties And Fees$605.1K441%up 18% from 2024
Products and services by year
Products and services20242025
Productand Other Sales$1.6M$888.7K
Licenses Royalties And Fees$511.5K$605.1K

Regions

Asia brought in 55% of the revenue NOCOPI TECHNOLOGIES INC/MD/ broke down this way in fiscal 2025.

  1. Asia$822.6K455%down 47% from 2024
  2. North America$590.0K439%up 22% from 2024
  3. AUMember$81.2K45%down 5% from 2024
Regions by year
Regions20242025
Asia$1.5M$822.6K
North America$484.8K$590.0K
AUMember$85.9K$81.2K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue46¢$680.4K
  • Research and development12¢$179.9K
  • Other costs41¢$609.4K
  • Interest2¢$24.1K

Out of $1.5M in revenue.45 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$713.9K

Out of $713.9K of cash from operations.4

Financial statements

Revenue6789104$1.5M in 2025−41% since 2019
0$2.0M$4.0M$6.0M2019: $2.5M$2.5M20192020: $2.7M$2.7M2020+5%2021: $2.0M$2.0M2021−27%2022: $4.6M$4.6M2022+137%2023: $2.1M$2.1M2023−55%2024: $2.1M$2.1M2024+2%2025: $1.5M$1.5M2025−29%
Gross profit6789104$813.4K in 2025−52% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $1.7M$1.7M20192020: $1.5M$1.5M2020−9%2021: $1.2M$1.2M2021−21%2022: $3.9M$3.9M2022+221%2023: $1.1M$1.1M2023−72%2024: $1.1M$1.1M2024−0%2025: $813.4K$813.4K2025−26%
Operating income6789104-$601.4K in 2025
-$4.0M-$2.0M0$2.0M$4.0M2019: $806.3K$806.3K20192020: $479.0K$479.0K2020−41%2021: $25.2K$25.2K2021−95%2022: $2.0M$2.0M2022+8017%2023: -$1.9M-$1.9M20232024: -$3.3M-$3.3M2024+76%2025: -$601.4K-$601.4K2025−82%
Net income6789104-$154.9K in 2025
-$4.0M-$2.0M0$2.0M2019: $754.9K$754.9K20192020: $508.4K$508.4K2020−33%2021: $49.4K$49.4K2021−90%2022: $1.8M$1.8M2022+3570%2023: -$1.4M-$1.4M20232024: -$2.7M-$2.7M2024+87%2025: -$154.9K-$154.9K2025−94%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Licenses, royalties and fees$605.1K$511.5K
Product and other sales$888.7K$1.6M
Total revenues$1.5M$2.1M
Licenses, royalties and fees$154.9K$218.8K
Product and other sales$525.5K$798.7K
Total cost of revenues$680.4K$1.0M
Gross profit$813.4K$1.1M
Research and development$179.9K$178.2K
Sales and marketing$282.6K$322.4K
General and administrative$952.3K$3.9M
Total operating expenses$1.4M$4.4M
Net loss from operations-$601.4K-$3.3M
Other income$0$84.0K
Interest income$470.6K$560.7K
Interest expense and bank charges-$24.1K-$23.3K
Total other income$446.5K$621.4K
Net loss before income taxes-$154.9K-$2.7M
Income taxes (benefit)$0$0
Net loss-$154.9K-$2.7M
Basic-$0.01-$0.25
Diluted-$0.01-$0.25
Basic10.8M shares10.5M shares
Diluted10.8M shares10.5M shares

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Corporate structure

NOCOPI TECHNOLOGIES INC/MD/ sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NOCOPI TECHNOLOGIES INC/MD/

  • NOCOPI TECHNOLOGIES INC/MD/ King Of Prussia, Pennsylvania

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NOCOPI TECHNOLOGIES INC/MD/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Furniture and fixtures$179.7K4 Dec 31, 2025$179.7K4 Dec 31, 20240%
Leasehold improvements$81.5K4 Dec 31, 2025$81.5K4 Dec 31, 20240%
Property and equipment, before depreciation$261.2K4 Dec 31, 2025$261.2K4 Dec 31, 20240%
Accumulated depreciation$251.2K4 Dec 31, 2025$244.5K4 Dec 31, 2024+2.7%
Property and equipment, net$10.0K4 Dec 31, 2025$16.7K4 Dec 31, 2024−40.1%
Operating-lease assets (leased space)$161.3K4 Dec 31, 2025$32.4K4 Dec 31, 2024+397.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.6M4 Dec 31, 2025$10.8M4 Dec 31, 2024+6.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$456.9K4 Dec 31, 2025$349.6K4 Dec 31, 2024+30.7%
Raw materials$571.1K4 Dec 31, 2025$428.0K4 Dec 31, 2024+33.4%
Finished goods$04 Dec 31, 2025$7.0K4 Dec 31, 2024−100.0%

Properties, in its own words

Our corporate headquarters, research and ink production facilities are located at 480 Shoemaker Road, Suite 104, King of Prussia, Pennsylvania 19406. These premises consist of approximately 6,100 square feet of leased space. Our lease commenced in January 2014 and expires in December 2027.

Current monthly rent under this lease is $7,397; this amount escalates annually by 3.5%. In addition to rent, we are also responsible for our pro-rata share of the operating costs of the building.

The rest of Item 2

We consider this space adequate for our current needs and additional space is available as needed.

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led NOCOPI TECHNOLOGIES INC/MD/, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Liebowitz2023–2024
  2. Matthew C. Winger2025–now

President

  1. Kevin Camerer Westenburg2025–now

Chief financial officer

  1. Rudolph A. Lutterschmidt2009–2014
  2. Debra Elyse Glickman2023–now

Chief operating officer

  1. Terry Stovold2018
2010201520202025
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorMichael A. Feinstein named Sep 19, 202229

Timeline

  1. Oct 2, 20268-K Executive or director change30
  2. Jul 31, 20268-K Financial statements and exhibits31
  3. Jun 23, 20268-K Shareholder vote32
  4. May 21, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares33
  5. Jan 5, 20268-K Entered a material agreement; Unregistered sale of shares34
  6. Dec 18, 20258-K Executive or director change35
  7. Jun 20, 20258-K Shareholder vote36
  8. Jun 13, 20258-K Executive or director change37
  9. Jun 11, 20258-K Executive or director change38
  10. Jun 10, 2025New chief executive Matthew C. Winger becomes CEO12
  11. Mar 4, 20258-K Executive or director change39
  12. Oct 4, 20248-K Change of auditor40
  13. Jun 18, 20248-K Shareholder vote41
  14. Aug 22, 2023New chief executive Michael Liebowitz becomes CEO13

Filings

144 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 33 major events, 56 insider forms, 14 large holders, 1 private raises, 18 other. The latest 20:

  1. Oct 2, 20268-K EDGAR
  2. Sep 14, 20264 EDGAR
  3. Sep 11, 20264 EDGAR
  4. Sep 9, 20264 EDGAR
  5. Aug 20, 20264 EDGAR
  6. Aug 13, 202610-Q QUARTERLY REPORT EDGAR
  7. Jul 31, 20268-K/A FORM 8K/A EDGAR
  8. Jun 23, 20268-K EDGAR
  9. May 21, 20268-K EDGAR
  10. May 15, 202610-Q EDGAR
  11. Apr 30, 2026DEFA14A EDGAR
  12. Apr 30, 2026ARS EDGAR
  13. Apr 30, 2026DEF 14A PROXY STATEMENT EDGAR
  14. Mar 31, 202610-K EDGAR
  15. Jan 6, 20263 EDGAR
  16. Jan 5, 20264 EDGAR
  17. Jan 5, 20264 EDGAR
  18. Jan 5, 20264 EDGAR
  19. Jan 5, 20268-K EDGAR
  20. Dec 30, 20254 EDGAR

The 144 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

53 open-market trades by officers, directors and large owners since October 2021: 52 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Sites EricDirectorBuy500$1.80$900Form 4
Sep 10, 2026Sites EricDirectorBuy1,000$1.85$1.9KForm 4
Sep 9, 2026Sites EricDirectorBuy1,000$1.90$1.9KForm 4
Aug 19, 2026Winger Matthew C.Chief Executive OfficerBuy200$1.80$360Form 4
Aug 18, 2026Winger Matthew C.Chief Executive OfficerBuy5,000$1.71$8.6KForm 4
Dec 29, 2025Westenburg Kevin CamererPresidentBuy33,333$1.50$50.0KForm 4
Aug 28, 2025Westenburg Kevin CamererPresidentBuy4,000$1.65$6.6KForm 4
Aug 27, 2025Westenburg Kevin CamererPresidentBuy1,500$1.63$2.4KForm 4
Aug 26, 2025Westenburg Kevin CamererPresidentBuy5,000$1.60$8.0KForm 4
Aug 20, 2025Westenburg Kevin CamererPresidentBuy2,500$1.60$4.0KForm 4
Aug 19, 2025Westenburg Kevin CamererPresidentBuy5,000$1.60$8.0KForm 4
Jun 6, 2025FROST PHILLIP MD ET AL10% ownerBuy195,852$1.10$215.4KForm 4
Jun 6, 2025STEINBERG JOSEPH S10% ownerBuy195,851$1.10$215.4KForm 4
Jun 6, 2025Winger Matthew C.Chief Executive OfficerBuy101,416$1.10$111.6KForm 4
Jun 28, 2024Liebowitz MichaelChief Executive OfficerBuy2,500$2.94$7.3KForm 4
May 23, 2024Winger Matthew C.Chief Executive OfficerBuy7,500$2.92$21.9KForm 4
Aug 28, 2023Winger Matthew C.Chief Executive OfficerBuy1,000$3.22$3.2KForm 4
Aug 25, 2023Winger Matthew C.Chief Executive OfficerBuy1,000$3.24$3.2KForm 4
Aug 24, 2023Winger Matthew C.Chief Executive OfficerBuy3,000$3.25$9.8KForm 4
Aug 23, 2023Goldman Jacqueline JoyDirectorBuy1,500$3.10$4.7KForm 4

All 53 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Terry W. StovoldChief Operating Officer64$73.5K$216.2K48
2025Debra E. GlickmanChief Financial Officer59$122.6K$153.2K48
2025Matthew C. WingerCurrent CEO and Chmn. of the Board.42$117.7K$125.2K48
2024Michael S. LiebowitzFormer CEO and Chmn. of the Board$150.0K$597.5K48
2024Terry W. StovoldChief Operating Officer64$75.0K$264.6K48
2024Matthew C. WingerCurrent CEO and Chmn. of the Board.42$120.0K$220.2K48
2024Debra E. GlickmanChief Financial Officer59$125.0K$149.0K48

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.5M 2022–2022
Money received by yearMoney received by year, 2022–2022: $3.5M in all. Private raises (Form D) $3.5M.$0$1M$2M$3M$4M2022 · Private raises (Form D): $3.5M2022
Figures by year
YearPrivate raises (Form D)Total
2022$3.5M$3.5M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 13, 2022Raised $3.5 million in a private offering of equity29 Form D: 2 investors so far Form D

SEC filer profile

How NOCOPI TECHNOLOGIES INC/MD/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNOCOPI TECHNOLOGIES INC/MD/1
  • CIK0000888981
  • Employer ID (EIN)87-04064963
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inMaryland3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles)1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address480 Shoemaker Road, Suite 104, King Of Prussia, PA 194061
  • Phone61083496001
  • Shares outstanding11,743,364 as of Aug 12, 20265
  • Public float$15.7M as of Jun 30, 20253
  • AuditorStephano Slack LLC, Wayne, Pennsylvania PCAOB ID 3523; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 14, 19961
  • Filings453 in all: 4 (107), 8-K (84), 10-Q (55), 10QSB (29), 5 (21), 3 (19), 10-K (18), SC 13D/A (17)1
    All 34 form types

    DEFA14A (12), SC 13D (11), 10KSB (9), NT 10-K (9), DEF 14A (8), NT 10-Q (7), UPLOAD (5), 10-K/A (4), 10KSB/A (4), 4/A (4), CORRESP (4), ARS (3), DFAN14A (3), PREC14A (3), SC 13G (3), 8-K/A (2), DEFR14A (2), PRE 14A (2), 10-Q/A (1), 10KSB40 (1), D (1), DEFC14A (1), PRRN14A (1), S-8 (1), SC 13G/A (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks NOCOPI TECHNOLOGIES INC/MD/ names in Item 1A of its 10-K filed Mar 31, 2026: 25 risks under these headings, as written.3

  • Our Company’s operating results, financial condition and stock price are subject to certain risks, some of which are beyond its control. These risks could cause our Company’s actual operating and financial results to differ materially from those expressed in its forward-looking statements, including the risks described below and the risks identified in other documents which are filed and furnished with the United States Securities and Exchange Commission.
  • We are dependent upon major customers.
  • We may be unable to develop new business.
  • Our inability to successfully acquire and integrate other businesses, assets, products or technologies could harm our operating results.
  • We may be unable to obtain raw materials and products for resale.
  • We may experience uneven patterns of quarterly and annual operating results.
  • Our intellectual property rights may not be fully protected.
  • Our Company’s revenue is susceptible to changes in general economic conditions.
  • We are subject to regulatory compliance related to our operations.
  • We currently, and may in the future, have assets held at financial institutions that may exceed the insurance coverage offered by the Federal Deposit Insurance Corporation, the loss of such assets would have a severe negative effect on our operations and liquidity.
  • We may incur liability arising from the use of hazardous materials.
  • We may be unable to protect our information systems from cybersecurity attacks or incidents, or if our information systems are otherwise disrupted.
The other 13 risks
  • We conduct significantly all of our business and manufacturing activities at our King of Prussia, PA facility, and circumstances beyond our control may result in considerable business interruptions.
  • Changes in accounting principles and guidance, or their interpretation, could result in unfavorable accounting charges or effects, including changes to our previously filed financial statements, which could cause our stock price to decline.
  • If we fail to maintain an effective internal control environment as well as adequate control procedures over our financial reporting, investor confidence may be adversely affected thereby affecting the value of our stock price.
  • We are a small public company and the requirements of being a public company are a strain on the systems and resources, are a diversion to management’s attention, and are costly.
  • As a smaller reporting company that is not an accelerated filer, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze our results of operations and financial prospects.
  • Our common stock is subject to volatility.
  • Future sales of our shares could depress the market price of our common stock.
  • We do not intend to pay any cash dividends on our securities, so you will not be able to receive a return on your investment unless you sell your shares.
  • There is a limited market for our common stock, which may make it more difficult for you to sell your stock.
  • Our common stock may be subject to the “penny stock” rules in the future. It may be more difficult to resell securities classified as “penny stock.”
  • FINRA sales practice requirements may limit a stockholder’s ability to buy and sell our stock.
  • Provisions in our Company’s charter and bylaws may delay or prevent an acquisition of our Company by a third party.
  • Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions, including derivative actions, which could limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company and its directors, officers, other employees, or the Company’s stockholders and may discourage lawsuits with respect to such claims.

Sources

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