NNUP on OTC

NOCOPI TECHNOLOGIES INC/MD/

American games company that raised $3.5 million in 2022 (SEC Form D). Summary from the record

Price unavailable

Last updated Oct 19, 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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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. Jun 10, 2025New chief executive Matthew C. Winger becomes CEO12
  2. 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.

Money raised

Private offerings the company reported to the SEC on Form D.

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

Sources

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