$OPGN
OPGEN INC

2016 Q4 Form 10-Q Financial Statement

#000156459016029063 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.010M $759.7K $980.8K
YoY Change -24.06% -22.55% 17.48%
Cost Of Revenue $490.0K $51.80K $562.7K
YoY Change -23.44% -90.79% 454.79%
Gross Profit $520.0K $707.9K $371.5K
YoY Change -24.64% 90.56% -38.53%
Gross Profit Margin 51.49% 93.18% 37.87%
Selling, General & Admin $2.890M $2.935M $2.591M
YoY Change -20.6% 13.28% 155.35%
% of Gross Profit 555.77% 414.58% 697.39%
Research & Development $2.330M $2.179M $1.724M
YoY Change 3.1% 26.37% 67.45%
% of Gross Profit 448.08% 307.8% 464.15%
Depreciation & Amortization $170.0K $160.0K $185.2K
YoY Change -26.09% -13.6% 31.28%
% of Gross Profit 32.69% 22.6% 49.85%
Operating Expenses $5.230M $5.113M $5.025M
YoY Change -5.08% 1.75% 129.97%
Operating Profit -$4.710M -$4.806M -$4.654M
YoY Change -2.28% 3.26% 194.38%
Interest Expense -$50.00K $41.42K $17.48K
YoY Change 25.0% 136.95% -45.93%
% of Operating Profit
Other Income/Expense, Net -$42.07K -$14.97K
YoY Change 181.04% -46.34%
Pretax Income -$4.760M -$4.848M -$4.669M
YoY Change -2.06% 3.83% 190.0%
Income Tax $0.00 $0.00 $1.662K
% Of Pretax Income
Net Earnings -$4.760M -$4.848M -$4.671M
YoY Change 0.63% 3.79% 190.31%
Net Earnings / Revenue -471.29% -638.13% -476.21%
Basic Earnings Per Share
Diluted Earnings Per Share -$95.20M -$121.2M -$155.7M
COMMON SHARES
Basic Shares Outstanding 21.72M 21.67M shares 12.54M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.120M $4.260M $11.19M
YoY Change -47.25% -61.93% 1334.62%
Cash & Equivalents $4.117M $4.261M $11.19M
Short-Term Investments
Other Short-Term Assets $330.0K $480.0K $540.0K
YoY Change -42.11% -11.11% 500.0%
Inventory $692.4K $830.0K $1.155M
Prepaid Expenses
Receivables $542.4K $450.0K $553.9K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.682M $6.020M $13.43M
YoY Change -42.52% -55.19% 832.98%
LONG-TERM ASSETS
Property, Plant & Equipment $800.7K $860.0K $1.022M
YoY Change -25.49% -15.85% 46.0%
Goodwill $600.8K $291.7K
YoY Change -5.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $279.8K $270.5K $290.0K
YoY Change 3.49% -6.74% 383.33%
Total Long-Term Assets $3.302M $3.556M $3.565M
YoY Change -14.7% -0.27% 363.0%
TOTAL ASSETS
Total Short-Term Assets $5.682M $6.020M $13.43M
Total Long-Term Assets $3.302M $3.556M $3.565M
Total Assets $8.984M $9.576M $17.00M
YoY Change -34.69% -43.67% 669.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.233M $1.936M $1.270M
YoY Change -2.33% 52.44% 41.11%
Accrued Expenses $1.215M $1.155M $2.070M
YoY Change 32.05% -44.19% 27.78%
Deferred Revenue
YoY Change
Short-Term Debt $1.024M $1.100M $0.00
YoY Change
Long-Term Debt Due $180.0K $210.0K $230.0K
YoY Change -28.0% -8.7% 109.09%
Total Short-Term Liabilities $5.272M $5.694M $3.735M
YoY Change 14.86% 52.46% -9.57%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $180.0K $1.320M
YoY Change -88.64% -86.36% 725.0%
Other Long-Term Liabilities $400.0K $420.0K
YoY Change 14.29%
Total Long-Term Liabilities $550.0K $600.0K $1.320M
YoY Change -67.07% -54.55% 725.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.272M $5.694M $3.735M
Total Long-Term Liabilities $550.0K $600.0K $1.320M
Total Liabilities $5.817M $6.300M $5.050M
YoY Change -7.16% 24.76% 17.72%
SHAREHOLDERS EQUITY
Retained Earnings -$133.3M
YoY Change 16.79%
Common Stock $10.12K
YoY Change -91.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.167M $3.280M $11.94M
YoY Change
Total Liabilities & Shareholders Equity $8.984M $9.580M $17.00M
YoY Change -34.69% -43.64% 669.12%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$4.760M -$4.848M -$4.671M
YoY Change 0.63% 3.79% 190.31%
Depreciation, Depletion And Amortization $170.0K $160.0K $185.2K
YoY Change -26.09% -13.6% 31.28%
Cash From Operating Activities -$4.380M -$3.580M -$6.490M
YoY Change 36.45% -44.84% 395.42%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$40.00K -$60.00K
YoY Change -70.0% -33.33% 500.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.370M
YoY Change -100.0%
Cash From Investing Activities -$30.00K -$40.00K $1.310M
YoY Change -70.0% -103.05% -13200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.260M -140.0K 6.160M
YoY Change -7200.0% -102.27% 324.83%
NET CHANGE
Cash From Operating Activities -4.380M -3.580M -6.490M
Cash From Investing Activities -30.00K -40.00K 1.310M
Cash From Financing Activities 4.260M -140.0K 6.160M
Net Change In Cash -150.0K -3.760M 980.0K
YoY Change -95.55% -483.67% 653.85%
FREE CASH FLOW
Cash From Operating Activities -$4.380M -$3.580M -$6.490M
Capital Expenditures -$30.00K -$40.00K -$60.00K
Free Cash Flow -$4.350M -$3.540M -$6.430M
YoY Change 39.87% -44.95% 394.62%

Facts In Submission

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us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3553315
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
10437612
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
749517
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11187129
us-gaap Interest Paid
InterestPaid
46022
us-gaap Interest Paid
InterestPaid
201233
opgn Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
137178
opgn Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
0
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
429320
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
2584090
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
0
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
3000000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
8183661
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 condensed 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. Actual results could differ from those estimates.</p></div>
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
CY2016Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2015Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
362526
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
552822
CY2015Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
17100000
CY2015Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1126530
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3902337
CY2015Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4650817
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-15623109
CY2015Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.38
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-2.29
opgn Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2015Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1500000
CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
71421
CY2016Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
41423
us-gaap Interest Expense Debt
InterestExpenseDebt
109806
CY2015Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
17482
us-gaap Interest Expense Debt
InterestExpenseDebt
1746853
CY2016Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9500000
opgn Convertible Preferred Stock Beneficial Conversion Feature Recognized As Deemed Dividend
ConvertiblePreferredStockBeneficialConversionFeatureRecognizedAsDeemedDividend
332550
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
79939
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
150369
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
197444
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
313117
CY2016Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
700418
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
591051
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
325048
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
124186
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200862
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
57231
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
268000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
268000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
268000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
268000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
268000
CY2015Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
90300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5700000
us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2015-07-14
CY2015Q3 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
1.00
CY2015Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
4300000
CY2015Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
100000
CY2015Q4 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
345781
CY2016Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
-36714
CY2015Q2 opgn Proceeds From Issuance Of Units Under Initial Public Offering Gross
ProceedsFromIssuanceOfUnitsUnderInitialPublicOfferingGross
17100000
CY2015Q2 opgn Proceeds From Issuance Of Units Under Initial Public Offering Net
ProceedsFromIssuanceOfUnitsUnderInitialPublicOfferingNet
12100000
CY2015Q2 opgn Stock And Warrants Issued During Period Shares Initial Public Offering Purchase Price Per Unit
StockAndWarrantsIssuedDuringPeriodSharesInitialPublicOfferingPurchasePricePerUnit
6.00
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
178752
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
261540
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
706648
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1172231
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
52500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1426650
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.66
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.42
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
443986
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.49
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10506524
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
756608
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
447007
us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
During the second quarter of 2015, the Company extended the term of its Gaithersburg, Maryland office lease, effective May 7, 2015, through January 31, 2021, with one additional five-year renewal at the Company’s election. The Company is responsible for all utilities, repairs, insurance, and taxes under this operating lease. Effective July 1, 2015, the Company further modified its lease agreement to add additional leased space to its headquarters. Additionally, the Company leases office space in Denmark; this lease is currently on a month-to-month basis.
us-gaap Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
The Company leases computer equipment, office furniture, and equipment under various capital leases. The leases expire at various dates through 2020. The leases require monthly principal and interest payments.
opgn Capital Leases Expiration Date Description
CapitalLeasesExpirationDateDescription
The leases expire at various dates through 2020.
CY2016Q3 opgn Number Of License Agreements
NumberOfLicenseAgreements
3
opgn Royalty Income Expense
RoyaltyIncomeExpense
-216937
opgn Royalty Income Expense
RoyaltyIncomeExpense
13769
CY2016Q3 opgn Royalty Income Expense
RoyaltyIncomeExpense
-71135
CY2015Q3 opgn Royalty Income Expense
RoyaltyIncomeExpense
-7484
CY2016Q3 opgn Future Minimum Royalty Payments Due
FutureMinimumRoyaltyPaymentsDue
270000
CY2016Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2015Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
79032
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
160089
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
221967
CY2016Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
23624
CY2015Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
87127
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
91399
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
212925
CY2016Q3 us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
45106
CY2015Q3 us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
45106
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
135319
us-gaap Payments To Acquire Equipment On Lease
PaymentsToAcquireEquipmentOnLease
74812

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