10-Q

United States

Securities and Exchange Commission

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒  QUARTERLYREPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March

31, 2022

or

☐  TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _________________ to ______________

Commission File Number: 000-20333

NOCOPI TECHNOLOGIES, INC.

(Exact name of registrant as specified in itscharter)

Maryland	87-0406496
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

480 Shoemaker Road, Suite 104, King of Prussia,PA 19406

(Address of principal executive offices) (ZipCode)

(610) 834-9600

(Registrant’s telephone number, includingarea code)

Securities registered pursuant to Section 12(b) of the Act: None.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ☐	Accelerated filer   ☐
Non-accelerated filer     ☒	Smaller reporting company  ☒
	Emerging growth company  ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

Indicate the number of shares

outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 67,495,055 shares of common stock, par value $0.01, as of May 3,2022.

NOCOPI TECHNOLOGIES,

INC.

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INDEX

	PAGE
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements	1
Statements of Comprehensive Income for Three Months<br> Ended March 31, 2022 and March 31, 2021	1
Balance Sheets at March 31, 2022 and December 31, 2021	2
Statements of Cash Flows for  Three Months Ended March 31, 2022<br> and March 31, 2021	3
Statements of Stockholders’ Equity for the<br> Three Months ended March 31, 2022 and March 31, 2021	4
Notes to Financial Statements	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3. Quantitative and Qualitative Disclosures About Market Risk	15
Item 4. Controls and Procedures	15
Part II. OTHER INFORMATION
Item 1. Legal Proceedings	16
Item 1A. Risk Factors	16
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	16
Item 3. Defaults Upon Senior Securities	16
Item 4. Mine Safety Disclosures	16
Item 5. Other Information	16
Item 6. Exhibits	17
SIGNATURES	18
EXHIBIT INDEX	19

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PART I – FINANCIALINFORMATION

Item 1. Financial Statements

Nocopi Technologies, Inc.

Statements of ComprehensiveIncome*

(unaudited)

	Three Months ended<br> <br>March 31
	2022			2021
Revenues
Licenses, royalties and fees	$	137,300		$	185,500
Product and other sales		202,100			425,900
Total revenues		339,400			611,400
Cost of revenues
Licenses, royalties and fees		39,500			47,100
Product and other sales		126,700			173,200
Total cost of revenues		166,200			220,300
Gross profit		173,200			391,100
Operating expenses
Research and development		39,500			44,500
Sales and marketing		64,800			83,200
General and administrative		277,700			145,500
Total operating expenses		382,000			273,200
Net income (loss) from operations		(208,800	)		117,900
Other income (expenses)
Interest income		5,800			4,800
Interest expense and bank charges		(400	)		(600	)
Total other income (expenses)		5,400			4,200
Net income (loss) before income taxes		(203,400	)		122,100
Income taxes		—			7,300
Net income (loss)	$	(203,400	)	$	114,800
Basic net income (loss) per common share	$	(.00	)	$	.00
Diluted net income (loss) per common share	$	(.00	)	$	.00
Weighted average common shares outstanding
Basic		67,495,055			67,353,690
Diluted		67,495,055			67,477,603

*See accompanying notes to these financial statements.

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Nocopi Technologies,Inc.

Balance Sheets*

(unaudited)

			December 31
			2021
Assets
Current assets
Cash	2,016,900		$	1,846,700
Accounts receivable less 12,000 allowance for doubtful accounts	799,100			970,800
Inventory	511,100			422,700
Prepaid and other	80,900			160,000
Total current assets	3,408,000			3,400,200
Fixed assets
Leasehold improvements	58,400			58,400
Furniture, fixtures and equipment	164,100			164,100
Fixed assets gross	222,500			222,500
Less: accumulated depreciation and amortization	142,700			134,200
Total fixed assets	79,800			88,300
Other assets
Long-term receivables	92,300			185,000
Operating lease right of use – building	104,200			115,800
Other assets	196,500			300,800
Total assets	3,684,300		$	3,789,300
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	99,300		$	3,700
Accrued expenses	172,400			151,500
Operating lease liability – current	48,300			47,500
Total current liabilities	320,000			202,700
Other liabilities
Accrued expenses, non-current	6,500			13,000
Operating lease liability – non-current	55,900			68,300
Total other liabilities	62,400			81,300
Stockholders' equity
Common stock, 0.01 par value<br>Authorized – 75,000,000 shares<br>Issued and outstanding – 67,495,055 shares	675,000			675,000
Paid-in capital	12,577,100			12,577,100
Accumulated deficit	(9,950,200	)		(9,746,800	)
Total stockholders' equity	3,301,900			3,505,300
Total liabilities and stockholders' equity	3,684,300		$	3,789,300

All values are in US Dollars.

*See accompanying notes to these financial statements.

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Nocopi Technologies,Inc.

Statements of Cash Flows*

(unaudited)

	Three Months ended<br> <br>March 31
	2022			2021
Operating Activities
Net income (loss)	$	(203,400	)	$	114,800
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization		8,500			6,100
Other assets		104,300			105,100
Other liabilities		(18,100	)		(17,500	)
Adjustments To Reconcile Net Income Loss To Cash		(108,700	)		208,500
(Increase) decrease in assets
Accounts receivable		171,700			113,200
Inventory		(88,400	)		(59,900	)
Prepaid and other		79,100			34,200
Increase in liabilities
Accounts payable and accrued expenses		116,500			62,100
Income taxes		—			7,300
Total (increase) decrease in assets and liabilities		278,900			156,900
Net cash provided by operating activities		170,200			365,400
Increase in cash		170,200			365,400
Cash at beginning of year		1,846,700			1,362,800
Cash at end of period	$	2,016,900		$	1,728,200

*See accompanying notes to these financial statements.

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Nocopi Technologies,Inc.

Statements of Stockholders’ Equity*

For the Periods December 31, 2021 through March31, 2022

and December 31, 2020 through March 31, 2021

(unaudited)

	Common stock				Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance at December 31, 2021		67,495,055	$	675,000	$	12,577,100	$	(9,746,800	)	$	3,505,300
Net loss		-		-		-		(203,400	)		(203,400	)
Balance at March 31, 2022		67,495,055	$	675,000	$	12,577,100	$	(9,950,200	)	$	3,301,900
	Common stock				Paid-in		Accumulated
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	Shares		Amount		Capital		Deficit			Total
Balance at December 31, 2020		67,353,690	$	673,500	$	12,575,800	$	(9,796,200	)	$	3,453,100
Net income		-		-		-		114,800			114,800
Balance at March 31, 2021		67,353,690	$	673,500	$	12,575,800	$	(9,681,400	)	$	3,567,900

* See accompanying notes to these financial statements.

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NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Financial Statements

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The accompanying unaudited condensed financial statements have been prepared by Nocopi Technologies, Inc. (our “Company”). These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 30, 2022, as amended on April 29, 2022 (the “2021 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although our Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2021 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the three months ended March 31, 2022 may not be necessarily indicative of the operating results expected for the full year.

A novel strain of coronavirus, COVID-19, that was first identified in Wuhan, China in December 2019 has surfaced in many countries around the world including the United States. Many countries continue to experience reoccurrences of COVID-19 to the current date. The World Health Organization has declared COVID-19 to constitute a global pandemic. Certain state and local governments reacted by placing significant restrictions on businesses including a closure in Pennsylvania of non-essential businesses that was announced on March 20, 2020. While most Pennsylvania businesses have been allowed to reopen, often at limited capacity and with certain restrictions, as of the current date, there can be no assurances that future closures will be avoided. A requirement to close our Company for a considerable period of time could result in a negative impact on our Company’s financial condition and results of operations. Additionally, as our Company imports certain raw materials from China, if an extended disruption of the supply of these raw materials were to occur, such as the vessel delays resulting from the congestion experienced in certain Chinese ports due to a COVID-19 outbreak in the second quarter of 2021 and continuing to the present time, our ability to produce products for sale to our customers could be negatively impacted. Additionally, certain of the Company’s licensees in the entertainment and toy products market who utilize printers in China to produce their products have been affected by the COVID-19 related cargo surge beginning in the third quarter of 2021 and continuing to the present time at major Chinese and United States ports as well as the world-wide container shortage resulting in significantly higher shipping costs, and have responded by deferring or scaling back production of their orders and, in some cases, rescheduling the shipping of completed orders. Such deferrals may affect the number and value of orders placed by the Company’s licensed printers in the entertainment and toy products market. Further, restrictions on our customers and licensees in areas affected by the COVID-19 could adversely affect our results of operations and financial condition. Our Company’s operating results for the first quarter of 2022 are reflective of the effects of the ongoing cargo surge as well as lockdowns in certain Chinese cities, including Shanghai, during the first quarter of 2022 that affected businesses and production in those areas. As the COVID-19 pandemic continues to spread with the Omicron variant, the BA.2 variant and other newly identified variants and sub-variants, any future financial impact cannot be reasonably estimated at this time. We cannot predict the scope or magnitude of the negative effect that may result from the impact of the COVID-19 pandemic on the Company’s financial condition and results of operations. Our Company’s results of operations were negatively affected in earlier periods in part as a result of a significant increase in the cost of raw materials utilized by our Company in the manufacture of certain of its products as a result of price increases related to the impact of the ongoing COVID-19 pandemic on the availability and supply of these raw materials. While prices of these raw materials have declined at the present time, there can be no assurances that raw material prices will remain at current levels or decrease to pre-COVID-19 pandemic levels in future periods. As the COVID-19 pandemic continues to spread both in its original form and in the recently identified variants of COVID-19 along with the potential re-imposition of certain COVID-19 restrictions currently being considered by federal, state and local governments, any future financial impact cannot be reasonably estimated at this time.

Our Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income (loss).  Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income.  Since our Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).

Note 2. Stock Based Compensation

Our Company follows FASB ASC 718, Compensation– Stock Compensation, and uses the Black-Scholes option pricing model to calculate the grant-date fair value of an award. At March 31, 2022, our Company did not have an active stock option plan. There was no unrecognized portion of expense related to stock option grants at March 31, 2022.

Note 3. Line of Credit

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In November 2018, our Company negotiated a $150,000 revolving line of credit with a bank to provide a source of working capital, if required. The line of credit is secured by all the assets of our Company and bears interest at the bank’s prime rate for a period of one year and its prime rate plus 1.5% thereafter. The line of credit is subject to an annual review and quiet period. There have been no borrowings under the line of credit since its inception.

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NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Note 4. Stock Warrants

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At March 31, 2021, our Company had warrants outstanding

to purchase 141,365 of our Company’s common stock at $0.02 per share. The warrants were granted in 2014 to two individuals who acquired convertible debentures from the Company in 2014. The warrants were exercisable two years after issuance and expire seven years after issuance. The fair value of the warrants was determined using the Black-Scholes pricing model. The relative fair value of the warrants was recorded as a discount to the notes payable with an offsetting credit to additional paid-in capital since our Company determined that the warrants were an equity instrument in accordance with FASB ASC 815. The debt discount related to the warrant issuances was accreted through interest expense over the term of the notes payable. During the second quarter of 2021, holders of these 141,365 warrants that had been outstanding exercised their options to purchase a total of 141,365 shares of our Company’s common stock at $0.02 per share.

Note 5. Income Taxes

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There is no income tax benefit for the losses for the three months ended March 31, 2022 because our Company has determined that the realization of the net deferred tax asset is not assured. Our Company has created a valuation allowance for the entire amount of such benefits. There is no provision for federal income taxes for the three months ended March 31, 2021 due to the availability of net operating loss carryforwards.

The components for state income tax expense resulting from the limitation on the use of net operating losses are:

Components for State Income Tax Expense
	Three Months ended<br> <br>March 31,
	2022		2021
Current state taxes	$	—	$	7,300
Deferred state taxes		—		—
Income tax expense (benefit)	$	—	$	7,300

There was no change in unrecognized tax benefits during the period ended March 31, 2022 and there was no accrual for uncertain tax positions as of March 31, 2022.

Tax years from 2018 through 2021 remain subject to examination by U.S. federal and state jurisdictions.

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NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Note 6. Earnings per Share

In accordance with FASB ASC 260, Earnings

per Share, basic earnings per common share is computed using net earnings divided by the weighted average number of common shares outstanding for the periods presented. The computation of diluted earnings per common share involves the assumption that outstanding common shares are increased by shares issuable upon exercise of those warrants for which the market price exceeds the exercise price. The number of shares issuable upon the exercise of such warrants is decreased by shares that could have been purchased by our Company with related proceeds. For the three months ended March 31, 2021, the number of incremental common shares resulting from the assumed conversion of warrants was 123,913. Since our Company did not have any outstanding warrants or other common stock equivalents as of March 31, 2022, basic and diluted loss per share were the same.

Note 7. Major Customer and Geographic Information

Our Company’s revenues, expressed as a percentage of total revenues, from non-affiliated customers that equaled 10% or more of the Company’s total revenues were:

Company's Revenues As Percentage Of Revenue
	Nine Months ended<br> <br>September 30
	2021			2020
Customer A		43	%		67	%
Customer B		26	%		19	%
Customer C		15	%		—	%

Our Company’s non-affiliate customers whose individual balances amounted to more than 10% of our Company’s net accounts receivable, expressed as a percentage of net accounts receivable, were:

Schedule of Non-affiliated Customers with Accounts Receivable More Than 10%
	March 31			December 31
	2022			2021
Customer A		16	%		30	%
Customer B		73	%		65	%

Our Company performs ongoing credit evaluations of its customers and generally does not require collateral. Our Company also maintains allowances for potential credit losses. The loss of a major customer could have a material adverse effect on our Company’s business operations and financial condition.

Our Company’s revenues by geographic region are as follows:

Company's Revenue by Geographic Region
	Three Months ended<br> <br>March 31
	2021		2020
North America	$	123,900	$	169,700
South America		1,600		1,500
Asia		197,900		413,500
Australia		16,000		26,700
	$	339,400	$	611,400

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NOCOPI TECHNOLOGIES, INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Note 8. Leases

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Our Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2024.

Due to the adoption of the new lease standard

under the optional transition method which allows the entity to apply the new lease standard at the adoption date, our Company has capitalized the present value of the minimum lease payments commencing January 1, 2019, using an estimated incremental borrowing rate of 6.5%. The minimum lease payments do not include common area annual expenses which are considered to be non-lease components.

As of January 1, 2019 the operating lease right-of-use

asset and operating lease liability amounted to $241,100 with no cumulative-effect adjustment to the opening balance of accumulated deficit.

There are no other material operating leases. Our Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases.

Total lease expense under operating leases for

each of the three month periods ended March 31, 2022 and March 31, 2021 was $13,300.

Maturities of lease liabilities were as follows:

Maturities of Lease Liabilities
	Operating Leases
Year ending December 31
2022	$	41,200
2023		56,200
2024		18,900
Total lease payments		116,300
Less imputed interest		(12,100	)
Total	$	104,200

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Item 2. Management’sDiscussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Information

This Report on Form 10-Q contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding:

·	The ongoing impact of the COVID-19 coronavirus pandemic on our business operations, revenues, employees, suppliers and customers
·	Expected operating results, such as revenue growth and earnings
·	Anticipated levels of capital expenditures for fiscal year 2022 and beyond
·	Current or future volatility in market conditions
·	Our belief that we have sufficient liquidity to fund our business operations during the next twelve months
·	Strategy for customer retention, growth, product development, market position, financial results and reserves
·	Strategy for risk management

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

·	The extent to which the COVID-19 pandemic may impact our future<br>financial and operational performance will be dependent on many factors that we may not be able to predict because they continue to change<br>and evolve depending on both national and local circumstances. These factors include, among others, the following: government restrictions<br>affecting our employees, customers and suppliers, changes in our revenues due to lower customer demand as a result of the pandemic, and<br>a potential inability to obtain raw materials due to lower availability. We continue to monitor the impact of COVID-19 on our business<br>but we cannot accurately predict the extent to which it will adversely affect our future results of operations, financial condition or<br>cash flows.
·	The extent to which we are successful in gaining new long-term relationships with customers or retaining significant existing customers and the level of service failures that could lead customers to use competitors' services.
·	Our ability to improve our current credit rating with our vendors and the impact on our raw materials and other costs and competitive position of doing so.
·	The impact of losing our intellectual property protections or the loss in value of our intellectual property.
·	Changes in customer demand.
·	The adequacy of our cash flow and earnings and other conditions which may affect our ability to timely service our debt obligations.
·	The occurrence of hostilities, political instability or<br>catastrophic events.
·	Such other factors as discussed throughout Part I, Item 2. Management's<br>Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report on Form 10-Q, and throughout Part II,<br>Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and in Item 1A. Risk Factors of our Annual<br>Report on Form 10-K for the year ended December 31, 2021.

Any forward-looking statement made by us in this Report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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The following discussion and analysis should be read in conjunction with our condensed financial statements, included herewith. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of our management. This information should also be read in conjunction with our audited historical financial statements which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 30, 2022, as amended on April 29, 2022.

Background Overview

Nocopi Technologies, Inc. develops and markets specialty reactive inks for applications in the large educational and toy products market. We also develop and market technologies for document and product authentication, which we believe can reduce losses caused by fraudulent document reproduction or by product counterfeiting and/or diversion. We derive our revenues primarily from licensing our technologies on an exclusive or non-exclusive basis to licensees who incorporate our technologies into their product offering and from selling products incorporating our technologies to the licensees or to their licensed printers.

Unless the context otherwise requires, all references to the “Company,” “we,” “our” or “us” and other similar terms means Nocopi Technologies, Inc., a Maryland corporation.

Effects of COVID-19

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To serve our customers while also providing for the safety of our employees and service providers, we have adapted various steps to protect our employees. Any employee who is uncomfortable coming into our facilities may choose not to come in. We have a large enough facility to enable all of our employees to social distance and we follow Centers for Disease Control and Prevention (CDC) guidelines. Our production employees work with chemicals and they have always used masks, respirators, etc., even before COVID-19. As a result, we continue to maintain the same level of productivity and effectiveness as prior to the COVID-19 pandemic.

The impact of COVID-19 on our Company had little effect on the financial results through the first six months of 2021; however, beginning in the third quarter of 2021, certain of the Company’s licensees in the entertainment and toy products market who utilize printers in China to produce their products have been adversely affected by the cargo surge related to congestion experienced in certain Chinese ports due to a COVID-19 outbreak that began in the second quarter of 2021. The cargo surge continues to the present time, now adversely affecting major United States ports. The world-wide cargo surge along with a container shortage resulted in significantly higher shipping costs since the third quarter of 2021. Certain of our Company’s licensees in the entertainment and toy products market have responded by deferring or scaling back production and size of future orders and, in some cases, rescheduling the shipping of completed orders. Ink orders from our Company’s licensed printers in China have fallen significantly beginning in the third quarter of 2021 compared to earlier periods. These supply chain disruptions are being experienced by many businesses including our Company’s licensees. A continuance of these supply chain disruptions may negatively impact the number and value of orders placed by our Company’s licensed printers in the entertainment and toy products market with a resultant negative impact on our Company’s results of operations and cash flow in future periods.

We did not suffer a drop off in total earned royalties in the entertainment and toy products market as a result of COVID-19 through the third quarter of 2021 as retail demand continued to be strong for the products marketed by our licensees in the entertainment and toy products market. Beginning in the fourth quarter of 2021 and continuing through the first quarter of 2022, reflecting the significantly higher shipping costs caused by the COVID-19 related cargo surge at major China and United States ports and the world-wide container shortage, ink orders from the printers of our licensees in the entertainment and toy products market were significantly below historical levels. We continue to experience a negative impact on revenues in our smaller anti-counterfeiting and anti-diversion products market due to reduced production activity at certain printing facilities that utilize these technologies and anticipate that these conditions may continue for a period of time. However, unlike earlier periods, licensing revenues in the entertainment and toy products market declined in both the fourth quarter of 2021 and the first quarter of 2022. While the products of our licensees in the larger entertainment and toy products market are sold by both large and smaller retailers, most of whom are now open, and are also available for purchase online, we believe that revenues may not continue to be achieved at levels experienced in earlier periods due to the negative economic conditions that are expected to continue over the balance of the year and beyond as a result of COVID-19, increasing inflation and other factors affecting consumer spending. A slowdown and/or a reallocation in overall consumer spending may affect the sales of products marketed by our licensees. Our major licensees in the entertainment and toy products market are large, well-known businesses in this market with whom we believe our long-term relationship will not be adversely affected by the COVID-19 pandemic, supply chain disruptions and the current inflationary conditions.

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Results of Operations

Our Company’s revenues are derived from (a) royalties paid by licensees of our technologies, (b) fees for the provision of technical services to licensees and (c) from the direct sale of (i) products incorporating our technologies, such as inks, security paper and pressure sensitive labels, and (ii) equipment used to support the application of our technologies, such as ink-jet printing systems. Royalties consist of guaranteed minimum royalties payable by our licensees in certain cases and additional royalties which typically vary with the licensee’s sales or production of products incorporating the licensed technology. Service fees and sales revenues vary directly with the number of units of service or product provided.

Our Company recognizes revenue on its lines of business as follows:

a.	License fees for the use of our technology and royalties with guaranteed minimum amounts are recognized at a point in time when the term begins;
b.	Product sales are recognized at the time of the transfer of goods to customers at an amount that our Company expects to be entitled to in exchange for these goods, which is at the time of shipment; and
c.	Fees for technical services are recognized at the time of the transfer of services to customers at an amount that our Company expects to be entitled to in exchange for the services, which is when the service has been rendered.

We believe that, as fixed cost reductions beyond those we have achieved in recent years may not be achievable, our operating results are substantially dependent on revenue levels. Because revenues derived from licenses and royalties carry a much higher gross profit margin than other revenues, operating results are also substantially affected by changes in revenue mix.

Both the absolute amount of our Company’s revenues and the mix among the various sources of revenue are subject to substantial fluctuation. We have a relatively small number of substantial customers rather than a large number of small customers. Accordingly, changes in the revenue received from a significant customer can have a substantial effect on our Company’s total revenue, revenue mix and overall financial performance. Such changes may result from a substantial customer’s product development delays, engineering changes, changes in product marketing strategies, production requirements and the like. In addition, certain customers have, from time to time, sought to renegotiate certain provisions of their license agreements and, when our Company agrees to revise such terms, revenues from the customer may be adversely affected.

Revenues for the first quarter of 2022 were $339,400 compared to $611,400 in the first quarter of 2021, a decrease of $272,000, or approximately 44%. Licenses, royalties and fees decreased by $48,200, or approximately 26%, in the first quarter of 2022 to $137,300 from $185,500 in the first quarter of 2021. The decrease in licenses, royalties and fees in the first quarter of 2022 compared to the first quarter of 2021 is due primarily to lower royalties from our Company’s licensees in the entertainment and toy products market and the security markets, both of which continue to be negatively affected by the COVID-19 pandemic. We cannot assure you that the marketing and product development activities of our Company’s licensees or other businesses in the entertainment and toy products market will produce a significant increase in revenues for our Company, nor can the timing of any potential revenue increases be predicted, particularly given the uncertain economic conditions being experienced worldwide as a result of the COVID-19 pandemic that is continuing to negatively impact all worldwide economies.

Product and other sales decreased by $223,800, or approximately 53%, to $202,100 in the first quarter of 2022 from $425,900 in the first quarter of 2021. Sales of ink decreased in the first quarter of 2022 compared to the first quarter of 2021 due primarily to lower ink shipments to the third party authorized printer used by two of our Company’s major licensees in the entertainment and toy products market primarily due to the negative effects of COVID-19 on this market and lower ink shipments to our Company’s licensees in the retail receipt and document fraud market. In the first quarter of 2022, our Company derived revenues of approximately $306,500 from our Company’s licensees and their authorized printers in the entertainment and toy products market compared to revenues of approximately $561,600 in the first quarter of 2021.

Our Company’s gross profit decreased to $173,200, or approximately 51% of gross revenues, in the first quarter of 2022 from $391,100, or approximately 64% of gross revenues, in the first quarter of 2021. Licenses, royalties and fees have historically carried a higher gross profit than product and other sales, which generally consist of either supplies or other manufactured products which incorporate our Company’s technologies or equipment used to support the application of its technologies. These items (except for inks which are manufactured by our Company) are generally purchased from third-party vendors and resold to the end-user or licensee and carry a lower gross profit than licenses, royalties and fees.

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As the variable component of cost of revenues related to licenses, royalties and fees is a low percentage of these revenues and the fixed component is not substantial, period to period changes in revenues from licenses, royalties and fees can significantly affect both the gross profit from these sources as well as our Company’s overall gross profit. The gross profit from licenses, royalties and fees decreased to approximately 71% in the first quarter of 2022 from approximately 75% in the first quarter of 2021.

The gross profit of product and other sales, expressed as a percentage of revenues, is dependent on both the overall sales volumes of product and other sales and on the mix of the specific goods produced and/or sold. Primarily due to lower sales of inks and other products in the first quarter of 2022 compared to the first quarter of 2021, there was a lower gross profit from product and other sales of approximately 37% of revenues in the first quarter of 2022 compared to a gross profit of approximately 59% of revenues in the first quarter of 2021.

Research and development expenses decreased in the first quarter of 2022 to $39,500 compared to $44,500 in the first quarter of 2021 due primarily to lower employee related expenses in the first quarter of 2022 compared to the first quarter of 2021.

Sales and marketing expenses decreased to $64,800 in the first quarter of 2022 from $83,200 in the first quarter of 2021 due primarily to lower commission expense on the lower level of revenues in the first quarter of 2022 compared to the first quarter of 2021.

General and administrative expenses increased in the first quarter of 2022 to $277,700 compared to $145,500 in the first quarter of 2021 due primarily to significantly higher professional fees in the first quarter of 2022 compared to the first quarter of 2021.

Income taxes in the first quarter of 2021 result from limitations placed on income tax net operating loss deductions by the Commonwealth of Pennsylvania.

The net loss of $203,400 in the first quarter of 2022 compared to net income of $114,800 in the first quarter of 2021 resulted primarily from a lower gross profit on a lower level of licenses, royalties and fees and lower product sales and higher operating expenses in the first quarter of 2022 compared to the first quarter of 2021.

Plan of Operation, Liquidity and Capital Resources

---

During the first quarter of 2022, our Company’s cash increased to $2,016,900 at March 31, 2022 from $1,846,700 at December 31, 2021. During the first quarter of 2022, our Company generated $170,200 from its operating activities.

During the first quarter of 2022, our Company’s revenues decreased approximately 44% primarily as a result of lower royalty revenues from our Company’s licensees in the entertainment and toy products market and lower sales of ink to the authorized printers of our Company’s licensees in the entertainment and toy products market. Our total overhead expenses increased in the first quarter of 2022 to $382,000 compared to $273,200 in the first quarter of 2021 and our Company’s income tax expense decreased in the first quarter of 2022 compared to the first quarter of 2021. As a result of these factors, our Company sustained a net loss of $203,400 in the first quarter of 2022 compared to net income of $114,800 in the first quarter of 2021. Our Company had positive operating cash flow of $170,200 during the first quarter of 2022. At March 31, 2022, our Company had working capital of $3,088,000 and stockholders’ equity of $3,301,900. For the full year of 2021, our Company had net income of $49,400 and had positive operating cash flow of $512,700. At December 31, 2021, our Company had working capital of $3,197,500 and stockholders’ equity of $3,505,300.

In November 2018, our Company negotiated a $150,000 revolving line of credit (“Line of Credit”) with a bank to provide a source of working capital, if required. The Line of Credit is secured by all the assets of our Company and bears interest at the bank’s prime rate for a period of one year and its prime rate plus 1.5% thereafter. The Line of Credit is subject to an annual review and quiet period. There have been no borrowings under the Line of Credit since its inception. We may need to obtain additional capital in the future to further support the working capital requirements associated with our existing revenue base and to develop new revenue sources. We cannot assure you that we will be successful in obtaining such additional capital, if needed. We continue to maintain a cost containment program including curtailment, where possible, of discretionary research and development and sales and marketing expenses.

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Our plan of operation for the twelve months beginning with the date of this Quarterly Report consists of concentrating available human and financial resources to continue to capitalize on the specific business relationships our Company has developed in the entertainment and toy products market. This includes two licensees that have been marketing products incorporating the Company’s technologies since 2012. These two licensees maintain a significant presence in the entertainment and toy products market and are well known and highly regarded participants in this market. We anticipate that these two licensees will expand their current offerings that incorporate our technologies and will introduce and market new products that will incorporate our technologies available to them under their license agreements with our Company. We will continue to develop various applications for these licensees. We also plan to expand our licensee base in the entertainment and toy market. We currently have additional licensees marketing or developing products incorporating our technologies in certain geographic and niche markets of the overall entertainment and toy products market.

Our Company maintains its presence in the retail loss prevention market and believes that revenue growth in this market can be achieved through increased security ink sales to its licensees in this market. We will continue to adjust our production and technical staff as necessary and, subject to available financial resources, invest in capital equipment needed to support potential growth in ink production requirements beyond our current capacity. Additionally, we will pursue opportunities to market our current technologies in specific security and non-security markets. There can be no assurances that these efforts will enable our Company to generate additional revenues and positive cash flow.

Our Company has received, and may in the future seek, additional capital in the form of debt, equity or both, to support our working capital requirements and to provide funding for other business opportunities. Beyond the Line of Credit, we cannot assure you that if we require additional capital, that we will be successful in obtaining such additional capital, or that such additional capital, if obtained, will enable our Company to generate additional revenues and positive cash flow.

As previously stated, we generate a significant portion of our total revenues from licensees in the entertainment and toy products market. These licensees generally sell their products through retail outlets. In the future, such sales may be adversely affected by changes in consumer spending that may occur as a result of an uncertain economic environment throughout the balance of 2022 and beyond due to the ongoing COVID-19 pandemic and its effect on the global economy, geopolitical instability including the Russia-Ukraine war and the supply chain disruptions related to both as well as the record inflation currently being experienced in the United States. As a result, our revenues, results of operations and liquidity may be further negatively impacted.

Contractual Obligations

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As of March 31, 2022, there were no material changes in our contractual obligations from those disclosed in our Annual Report on Form 10-K filed with the SEC on March 30, 2022, as amended on April 29, 2022, other than those appearing in the notes to the financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.

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Recently Adopted Accounting Pronouncements

As of March 31, 2022, there were no recently adopted accounting standards that had a material effect on our Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. For public entities, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. ASU No.

2019-10

extends the effective dates for two years for smaller reporting companies and nonpublic companies.

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In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contractsin Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this Update affect entities that issue convertible instruments and/or contracts in an entity’s own equity. For convertible instruments, the instruments primarily affected are those issued with beneficial conversion features or cash conversion features because the accounting models for those specific features are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements in this Update. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives scope exception related to certain requirements of the settlement assessment. The Board simplified the settlement assessment by removing the requirements (1) to consider whether the contract would be settled in registered shares, (2) to consider whether collateral is required to be posted, and (3) to assess shareholder rights. Those amendments also affect the assessment of whether an embedded conversion feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this Update affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition.

Off-Balance Sheet Arrangements

Our Company does not have any off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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Not Applicable

Item 4. Controls and Procedures

Evaluation of Disclosure Controlsand Procedures. Our Company’s management, with the participation of our Company’s Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of March 31, 2022. Based on this evaluation, our Company’s Principal Executive Officer and Principal Financial Officer concluded that, as of March 31, 2022, our Company’s disclosure controls and procedures were effective, in that they provide reasonable assurance that information required to be disclosed by our Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to our Company’s management, including our Company’s Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control OverFinancial Reporting. There were no changes in our internal control over financial reporting during the quarter ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

Not applicable

Item 2. Unregistered Sales of Equity Securitiesand Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities.

Not applicable

Item 4. Mine Safety Disclosures.

Not applicable

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Item 5. Other Information

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(b) Changes to Director Nomination Procedures

---

On January 28, 2022, our Board of Directors amended and restated our Company’s bylaws in their entirety. Our bylaws contain procedures by which security holders may recommend nominees to our Board of Directors. These new procedures are contained in Article II, Section 11 of our bylaws. The foregoing discussion does not purport to be complete and is qualified in its entirety by reference to the attached bylaws.

Item 6. Exhibits

The following exhibits are included herein:

Exhibit Number	Description of Exhibit	Location
3.2	Second Amended and Restated Bylaws, Dated January 28, 2022	Incorporated by reference to the Company’s Current Report on Form 8-K filed on<br>02/02/2022
31.1	Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
31.2	Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Filed herewith
99.1	Nomination and Standstill Agreement, Dated March 29, 2022	Incorporated by reference to the Company’s Current Report on Form<br>8-K filed on 03/29/2022
101.INS	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

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SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, our Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NOCOPI TECHNOLOGIES, INC.
DATE: May 6, 2022	/s/ Michael A. Feinstein, M.D.
	Michael A. Feinstein, M.D.
	Chairman of the Board, President & Chief Executive Officer
DATE: May 6, 2022	/s/ Rudolph A. Lutterschmidt
	Rudolph A. Lutterschmidt
	Vice President & Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Exhibit	Location
3.2	Second Amended and Restated Bylaws, Dated January 28, 2022	Incorporated by reference to the Company’s Current Report on Form 8-K filed on<br>02/02/2022
31.1	Certification of Chief Executive Officer required by Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
31.2	Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
32.1	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Filed herewith
99.1	Nomination and Standstill Agreement, Dated March 29, 2022	Incorporated by reference to the Company’s Current Report on Form<br>8-K filed on 03/29/2022
101.INS	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

17

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Michael A. Feinstein, M.D., Chief Executive Officer of Nocopi Technologies, Inc., certify that:

1.	I have reviewed this quarterly report on<br> Form 10-Q of Nocopi Technologies, Inc.;
2.	Based on my knowledge, this report does not<br> contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were<br> made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements,<br> and other financial information included in this report, fairly present in all material respects<br> the financial condition, results of operations and cash flows of the registrant as of, and<br> for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer<br> and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial<br> reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and<br> have:
---	---
(a)	Designed such disclosure controls and<br> procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated<br> subsidiaries, is made known to us by others within those entities, particularly during the<br> period in which this report is being prepared;
---	---
(b)	Designed such internal control over<br> financial reporting, or caused such internal control over financial reporting to be designed<br> under our supervision, to provide reasonable assurance regarding the reliability of financial<br> reporting and the preparation of financial statements for external purposes in accordance<br> with generally accepted accounting principles;
---	---
(c)	Evaluated the effectiveness of the registrant’s<br> disclosure controls and procedures and presented in this report our conclusions about the<br> effectiveness of the disclosure controls and procedures, as of the end of the period covered<br> by this report based on such evaluation; and
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(d)	Disclosed in this report any change<br> in the registrant’s internal control over financial reporting that occurred during<br> the registrant’s most recent fiscal quarter (registrant’s fourth fiscal quarter<br> in the case of an annual report) that has materially affected, or is reasonably likely to<br> materially affect, the registrant’s internal control over financial reporting; and
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5.	The registrant’s other certifying officer<br> and I have disclosed, based on our most recent evaluation of internal control over financial<br> reporting, to the registrant’s auditors and the audit committee of registrant’s<br> board of directors (or persons performing the equivalent functions):
---	---
(a)	All significant deficiencies and material<br> weaknesses in the design or operation of internal control over financial reporting which<br> are reasonably likely to adversely affect the registrant’s ability to record, process,<br> summarize and report financial information; and
---	---
(b)	Any fraud, whether or not material,<br> that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
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Date: May 6, 2022

/s/ Michael A. Feinstein, M.D.

Michael A. Feinstein, M.D.

Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Rudolph A. Lutterschmidt, Vice President and Chief Financial Officer of Nocopi Technologies, Inc., certify that:

1.	I have reviewed this quarterly report on<br> Form 10-Q of Nocopi Technologies, Inc.;
2.	Based on my knowledge, this report does not<br> contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were<br> made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements,<br> and other financial information included in this report, fairly present in all material respects<br> the financial condition, results of operations and cash flows of the registrant as of, and<br> for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer<br> and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial<br> reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and<br> have:
---	---
(a)	Designed such disclosure controls and<br> procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated<br> subsidiaries, is made known to us by others within those entities, particularly during the<br> period in which this report is being prepared;
---	---
(b)	Designed such internal control over<br> financial reporting, or caused such internal control over financial reporting to be designed<br> under our supervision, to provide reasonable assurance regarding the reliability of financial<br> reporting and the preparation of financial statements for external purposes in accordance<br> with generally accepted accounting principles;
---	---
(c)	Evaluated the effectiveness of the registrant’s<br> disclosure controls and procedures and presented in this report our conclusions about the<br> effectiveness of the disclosure controls and procedures, as of the end of the period covered<br> by this report based on such evaluation; and
---	---
(d)	Disclosed in this report any change<br> in the registrant’s internal control over financial reporting that occurred during<br> the registrant’s most recent fiscal quarter (registrant’s fourth fiscal quarter<br> in the case of annual report) that has materially affected, or is reasonably likely to materially<br> affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer<br> and I have disclosed, based on our most recent evaluation of internal control over financial<br> reporting, to the registrant’s auditors and the audit committee of registrant’s<br> board of directors (or persons performing the equivalent functions):
---	---
(a)	All significant deficiencies and material<br> weaknesses in the design or operation of internal control over financial reporting which<br> are reasonably likely to adversely affect the registrant’s ability to record, process,<br> summarize and report financial information; and
---	---
(b)	Any fraud, whether or not material,<br> that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting.
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Date: May 6, 2022

/s/ Rudolph A. Lutterschmidt

Rudolph A. Lutterschmidt

Vice President and Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Nocopi Technologies, Inc. (the "Company") on Form 10-Q for the Quarter ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Michael A. Feinstein, M.D., Chief Executive Officer, and Rudolph A. Lutterschmidt, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that;

(1) The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

May 6 2022

/s/ Michael A. Feinstein, M.D.

Michael A. Feinstein, M.D.

Principal Executive Officer

/s/ Rudolph A. Lutterschmidt

Rudolph A. Lutterschmidt

Principal Financial Officer