$OPGN
OPGEN INC

2016 Q1 Form 10-Q Financial Statement

#000114420416102135 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.077M $472.2K
YoY Change 128.0% -57.07%
Cost Of Revenue $315.7K $95.43K
YoY Change 230.83% -58.51%
Gross Profit $760.9K $376.8K
YoY Change 101.96% -56.19%
Gross Profit Margin 70.68% 79.79%
Selling, General & Admin $2.937M $1.683M
YoY Change 74.49% 53.04%
% of Gross Profit 386.04% 446.8%
Research & Development $1.953M $1.109M
YoY Change 76.21% 16.69%
% of Gross Profit 256.72% 294.24%
Depreciation & Amortization $168.4K $106.1K
YoY Change 58.71% -33.67%
% of Gross Profit 22.14% 28.17%
Operating Expenses $5.553M $3.003M
YoY Change 84.91% 45.77%
Operating Profit -$4.476M -$2.531M
YoY Change 76.87% 110.89%
Interest Expense $41.73K $96.40K
YoY Change -56.71% -1063.97%
% of Operating Profit
Other Income/Expense, Net -$30.23K -$64.53K
YoY Change -53.15%
Pretax Income -$4.506M -$2.600M
YoY Change 73.31% 116.67%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.506M -$2.595M
YoY Change 73.64% 116.26%
Net Earnings / Revenue -418.54% -549.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$150.3M -$130.0M
COMMON SHARES
Basic Shares Outstanding 12.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.970M $630.0K
YoY Change 530.16%
Cash & Equivalents $3.968M $631.7K
Short-Term Investments
Other Short-Term Assets $460.0K $210.0K
YoY Change 119.05%
Inventory $920.0K $320.0K
Prepaid Expenses
Receivables $640.0K $90.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.990M $1.250M
YoY Change 379.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000M $570.0K
YoY Change 75.44%
Goodwill $600.8K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $270.5K $820.0K
YoY Change -67.01%
Total Long-Term Assets $3.690M $1.400M
YoY Change 163.54%
TOTAL ASSETS
Total Short-Term Assets $5.990M $1.250M
Total Long-Term Assets $3.690M $1.400M
Total Assets $9.680M $2.650M
YoY Change 265.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.206M $1.060M
YoY Change 108.07%
Accrued Expenses $2.190M $1.560M
YoY Change 40.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.500M
YoY Change -100.0%
Long-Term Debt Due $240.0K $120.0K
YoY Change 100.0%
Total Short-Term Liabilities $4.692M $6.560M
YoY Change -28.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.270M $160.0K
YoY Change 693.75%
Other Long-Term Liabilities $460.0K
YoY Change
Total Long-Term Liabilities $1.730M $160.0K
YoY Change 981.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.692M $6.560M
Total Long-Term Liabilities $1.730M $160.0K
Total Liabilities $6.425M $6.730M
YoY Change -4.53%
SHAREHOLDERS EQUITY
Retained Earnings -$118.6M
YoY Change
Common Stock $125.8K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.255M -$4.080M
YoY Change
Total Liabilities & Shareholders Equity $9.680M $2.650M
YoY Change 265.27%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$4.506M -$2.595M
YoY Change 73.64% 116.26%
Depreciation, Depletion And Amortization $168.4K $106.1K
YoY Change 58.71% -33.67%
Cash From Operating Activities -$3.800M -$1.720M
YoY Change 120.93% 31.3%
INVESTING ACTIVITIES
Capital Expenditures $1.644K $10.03K
YoY Change -83.62% -133.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 1.610M
YoY Change -103.11% 15.83%
NET CHANGE
Cash From Operating Activities -3.800M -1.720M
Cash From Investing Activities 0.000 -10.00K
Cash From Financing Activities -50.00K 1.610M
Net Change In Cash -3.850M -120.0K
YoY Change 3108.33% -340.0%
FREE CASH FLOW
Cash From Operating Activities -$3.800M -$1.720M
Capital Expenditures $1.644K $10.03K
Free Cash Flow -$3.802M -$1.730M
YoY Change 119.74% 35.16%

Facts In Submission

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CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Use of estimates</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, share-based compensation, allowances for doubtful accounts and inventory obsolescence, valuation of derivative financial instruments, beneficial conversion features of convertible debt, deferred tax assets and liabilities and related valuation allowance, and depreciation and amortization and estimated useful lives of long-lived assets, and the recoverability of long-lived assets. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 opgn Fdic Limit Of Insurable Cash
FdicLimitOfInsurableCash
250000 USD
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15596 USD
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5900000 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8900000 shares
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
261497 USD
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
590603 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3716355 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
30000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.53
CY2016Q1 us-gaap Licenses Revenue
LicensesRevenue
0 USD
CY2016Q1 opgn Number Of License Agreements
NumberOfLicenseAgreements
3 pure
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
11328 USD
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
0 USD
CY2016Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27767 USD
CY2015Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
599064 USD
CY2015 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
345781 USD
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1429686 USD
CY2015Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3797029 USD
CY2015Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-3.38
CY2016Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380 USD
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q1 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
461552 USD
CY2015Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
352985 USD
CY2016Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
67775 USD
CY2015Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
83516 USD

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