2023 Q2 Form 10-Q Financial Statement

#000107997323000695 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $736.1K $913.4K $469.8K
YoY Change -23.89% 94.45% -43.4%
Cost Of Revenue $714.4K $592.4K $322.6K
YoY Change 10.52% 83.65% -51.13%
Gross Profit $21.75K $321.1K $147.2K
YoY Change -93.22% 118.13% -13.42%
Gross Profit Margin 2.95% 35.15% 31.33%
Selling, General & Admin $3.585M $3.450M $3.676M
YoY Change 8.52% -6.16% 3.27%
% of Gross Profit 16487.5% 1074.56% 2497.79%
Research & Development $1.389M $1.813M $2.316M
YoY Change -38.92% -21.74% -17.56%
% of Gross Profit 6386.72% 564.63% 1573.78%
Depreciation & Amortization $371.4K $350.5K $514.3K
YoY Change -19.95% -31.85% -6.5%
% of Gross Profit 1708.16% 109.15% 349.39%
Operating Expenses $4.974M $5.263M $5.993M
YoY Change -10.82% -12.18% -5.92%
Operating Profit -$5.156M -$5.070M -$5.846M
YoY Change -2.2% -13.27% -5.71%
Interest Expense $684.5K $617.3K -$958.0K
YoY Change -12.23% -164.44% 15.42%
% of Operating Profit
Other Income/Expense, Net -$671.0K -$666.5K $0.00
YoY Change 18.08% -100.0%
Pretax Income -$5.827M -$5.737M -$6.804M
YoY Change -0.22% -15.68% -54.18%
Income Tax
% Of Pretax Income
Net Earnings -$5.827M -$5.737M -$6.804M
YoY Change -0.22% -15.68% -54.19%
Net Earnings / Revenue -791.61% -628.02% -1448.37%
Basic Earnings Per Share -$0.93 -$1.25 -$2.93
Diluted Earnings Per Share -$0.93 -$1.25 -$146.4K
COMMON SHARES
Basic Shares Outstanding 6.119M shares 5.496M shares 46.56M
Diluted Shares Outstanding 6.246M shares 4.577M shares 2.324M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.237M $7.039M $30.65M
YoY Change -80.48% -77.04% -22.2%
Cash & Equivalents $3.237M $7.039M $30.65M
Short-Term Investments
Other Short-Term Assets $1.638M $1.456M $1.212M
YoY Change -2.96% 20.1% -17.54%
Inventory $3.345M $3.645M $1.361M
Prepaid Expenses
Receivables $619.6K $666.8K $265.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.229M $10.74M $33.49M
YoY Change -64.23% -67.93% -21.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.850M $3.667M $5.479M
YoY Change 19.96% -33.07% -13.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $496.9K $497.1K $3.917M
YoY Change 12.59% -87.31% 47.25%
Total Long-Term Assets $15.21M $15.77M $30.77M
YoY Change -46.83% -48.74% -5.01%
TOTAL ASSETS
Total Short-Term Assets $7.229M $10.74M $33.49M
Total Long-Term Assets $15.21M $15.77M $30.77M
Total Assets $22.43M $26.51M $64.26M
YoY Change -54.03% -58.74% -14.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.3K $266.6K $865.4K
YoY Change -73.32% -69.19% -30.76%
Accrued Expenses $1.043M $1.436M $3.726M
YoY Change 32.35% -61.46% -23.17%
Deferred Revenue $27.28K $46.00K
YoY Change
Short-Term Debt $9.191M $4.959M $0.00
YoY Change -15.58%
Long-Term Debt Due $9.191M $4.959M $14.42M
YoY Change -15.58% -65.61% 2968.36%
Total Short-Term Liabilities $12.42M $8.636M $19.01M
YoY Change -13.74% -54.58% 189.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $5.358M $7.958M
YoY Change -100.0% -32.67% -59.1%
Other Long-Term Liabilities $126.7K $129.2K $3.117M
YoY Change -3.29% -95.85% 0.88%
Total Long-Term Liabilities $126.7K $129.2K $11.08M
YoY Change -3.29% -98.83% -50.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.42M $8.636M $19.01M
Total Long-Term Liabilities $126.7K $129.2K $11.08M
Total Liabilities $15.58M $17.33M $30.09M
YoY Change -27.38% -42.39% 3.33%
SHAREHOLDERS EQUITY
Retained Earnings -$284.4M -$278.6M
YoY Change 14.59%
Common Stock $69.68K $54.96K
YoY Change -85.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.860M $9.177M $34.17M
YoY Change
Total Liabilities & Shareholders Equity $22.43M $26.51M $64.26M
YoY Change -54.03% -58.74% -14.5%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.827M -$5.737M -$6.804M
YoY Change -0.22% -15.68% -54.19%
Depreciation, Depletion And Amortization $371.4K $350.5K $514.3K
YoY Change -19.95% -31.85% -6.5%
Cash From Operating Activities -$4.753M -$4.963M -$5.041M
YoY Change -28.63% -1.56% 1.44%
INVESTING ACTIVITIES
Capital Expenditures $367.3K $330.4K -$38.71K
YoY Change -918.97% -953.65% -95.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$367.3K -$330.4K -$38.71K
YoY Change 718.97% 753.65% -95.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.504M $4.744M -17.53K
YoY Change -122.03% -27160.18% -100.05%
NET CHANGE
Cash From Operating Activities -4.753M -$4.963M -5.041M
Cash From Investing Activities -367.3K -$330.4K -38.71K
Cash From Financing Activities 1.504M $4.744M -17.53K
Net Change In Cash -3.615M -$399.2K -5.098M
YoY Change -73.29% -92.17% -119.24%
FREE CASH FLOW
Cash From Operating Activities -$4.753M -$4.963M -$5.041M
Capital Expenditures $367.3K $330.4K -$38.71K
Free Cash Flow -$5.120M -$5.293M -$5.003M
YoY Change -22.6% 5.8% 21.42%

Facts In Submission

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FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
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FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
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CY2023Q1 opgn Finite Lived Intangible Assets Expected Amortization Expense
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CY2023Q1 opgn Reduction Of Research And Development Expense
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CY2023Q1 opgn Grants Earned But Not Yet Received
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CY2023Q1 us-gaap Deferred Revenue Revenue Recognized1
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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CY2023Q1 us-gaap Interest Expense Debt
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617298 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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85732 shares
CY2022 us-gaap Proceeds From Issuance Of Warrants
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1030000.00 usd
CY2022 opgn Net Proceeds From Issuance Of Common Stock
NetProceedsFromIssuanceOfCommonStock
990000 usd
CY2022Q4 us-gaap Common Stock Shares Issued
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268000 shares
CY2022Q4 opgn Prefunded Warrants In Shares
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215000 shares
CY2022Q4 opgn Net Proceeds From Issuance Of Common Stock
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3040000.00 usd
CY2023Q1 opgn Exercise Price Of Common Warrants
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CY2023Q1 opgn Allocated Share Based Compensation Expense Benefit
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211122 usd
CY2022Q1 opgn Allocated Share Based Compensation Expense Benefit
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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2139974 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1459413 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2671 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
3500 usd
CY2023Q1 opgn Lease Right Of Use Asset
LeaseRightOfUseAsset
2142645 usd
CY2022Q4 opgn Lease Right Of Use Asset
LeaseRightOfUseAsset
1462913 usd
CY2023Q1 us-gaap Operating Lease Liability Current
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500994 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
377626 usd
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
2803 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
3364 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3121433 usd
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
905 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2566138 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
280 usd
CY2023Q1 opgn Lease Liability
LeaseLiability
3625230 usd
CY2022Q4 opgn Lease Liability
LeaseLiability
2947408 usd
CY2023Q1 opgn Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
OperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
614034 usd
CY2023Q1 opgn Operating And Finance Lease Liability Payments Due Year Two
OperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 opgn Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
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CY2023Q1 opgn Operating And Finance Lease Liability Payments Due Year Four
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
582753 usd
CY2023Q1 opgn Operating And Finance Lease Liability Payments Due Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
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CY2023Q1 opgn Operating And Finance Lease Liability Payments Due After Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueAfterYearFive
1737689 usd
CY2023Q1 opgn Operating And Finance Lease Liability Payments Due
OperatingAndFinanceLeaseLiabilityPaymentsDue
5090704 usd
CY2023Q1 opgn Operating And Finance Lease Liabilities Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilitiesUndiscountedExcessAmount
1465474 usd
CY2023Q1 opgn Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
3625230 usd
CY2023Q1 us-gaap Lease Cost
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138626 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
215530 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y8M12D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P0Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.096 pure
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FinanceLeaseWeightedAverageDiscountRatePercent
0.01 pure
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
137797 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
174914 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
841 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
17529 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
801321 usd
CY2023Q2 opgn Exercise Price Per Prefunded Warrant
ExercisePricePerPrefundedWarrant
0.7785
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.25
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.93
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2324184 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4577269 shares
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2022Q1 us-gaap Inventory Lifo Reserve Period Charge
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CY2022Q1 opgn Noncash Or Part Noncash Acquisition Rou Assets Acquired Through Operating Leases
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CY2023Q1 us-gaap Finance Lease Liability Noncurrent
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CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001293818

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R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable