$OPGN
OPGEN INC

2017 Q2 Form 10-Q Financial Statement

#000156459017008435 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $703.2K $771.8K $1.077M
YoY Change -40.55% -28.32% 128.0%
Cost Of Revenue $470.0K $100.2K $315.7K
YoY Change 191.52% -68.25% 230.83%
Gross Profit $230.0K $671.5K $760.9K
YoY Change -77.49% -11.75% 101.96%
Gross Profit Margin 32.71% 87.01% 70.68%
Selling, General & Admin $2.660M $3.075M $2.937M
YoY Change -20.97% 4.67% 74.49%
% of Gross Profit 1156.52% 457.87% 386.04%
Research & Development $1.760M $2.123M $1.953M
YoY Change -24.58% 8.66% 76.21%
% of Gross Profit 765.22% 316.07% 256.72%
Depreciation & Amortization $160.0K $159.9K $168.4K
YoY Change 0.0% -5.09% 58.71%
% of Gross Profit 69.57% 23.81% 22.14%
Operating Expenses $4.420M $5.197M $5.553M
YoY Change -28.68% -6.4% 84.91%
Operating Profit -$4.190M -$4.951M -$4.476M
YoY Change -16.44% 10.61% 76.87%
Interest Expense -$40.00K $29.84K $41.73K
YoY Change -250.1% -28.49% -56.71%
% of Operating Profit
Other Income/Expense, Net -$27.20K -$30.23K
YoY Change -10.02% -53.15%
Pretax Income -$4.210M -$4.978M -$4.506M
YoY Change -16.63% 10.47% 73.31%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.210M -$4.978M -$4.506M
YoY Change -16.68% 10.47% 73.64%
Net Earnings / Revenue -598.68% -645.0% -418.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$38.27M -$99.60M -$150.3M
COMMON SHARES
Basic Shares Outstanding 27.39M 27.38M 12.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $210.0K $1.670M $3.970M
YoY Change -97.38% -57.93% 530.16%
Cash & Equivalents $211.7K $1.670M $3.968M
Short-Term Investments
Other Short-Term Assets $420.0K $270.0K $460.0K
YoY Change -25.0% -41.3% 119.05%
Inventory $580.0K $643.0K $920.0K
Prepaid Expenses
Receivables $410.0K $379.2K $640.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.630M $2.960M $5.990M
YoY Change -84.18% -50.58% 379.2%
LONG-TERM ASSETS
Property, Plant & Equipment $780.0K $743.5K $1.000M
YoY Change -15.42% -25.65% 75.44%
Goodwill $600.8K $600.8K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $313.8K $298.1K $270.5K
YoY Change 16.06% 10.2% -67.01%
Total Long-Term Assets $3.361M $3.196M $3.690M
YoY Change -5.28% -13.37% 163.54%
TOTAL ASSETS
Total Short-Term Assets $1.630M $2.960M $5.990M
Total Long-Term Assets $3.361M $3.196M $3.690M
Total Assets $4.991M $6.157M $9.680M
YoY Change -63.97% -36.39% 265.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.907M $2.017M $2.206M
YoY Change 52.94% -8.54% 108.07%
Accrued Expenses $972.6K $883.1K $2.190M
YoY Change 22.03% -59.68% 40.38%
Deferred Revenue
YoY Change
Short-Term Debt $629.7K $999.0K $0.00
YoY Change 250.68% -100.0%
Long-Term Debt Due $170.0K $170.0K $240.0K
YoY Change -26.09% -29.17% 100.0%
Total Short-Term Liabilities $5.514M $5.121M $4.692M
YoY Change 32.59% 9.15% -28.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.180M $110.0K $1.270M
YoY Change -3.28% -91.34% 693.75%
Other Long-Term Liabilities $440.0K $370.0K $460.0K
YoY Change -16.98% -19.57%
Total Long-Term Liabilities $1.620M $480.0K $1.730M
YoY Change -7.43% -72.25% 981.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.514M $5.121M $4.692M
Total Long-Term Liabilities $1.620M $480.0K $1.730M
Total Liabilities $7.130M $5.603M $6.425M
YoY Change 20.64% -12.8% -4.53%
SHAREHOLDERS EQUITY
Retained Earnings -$138.3M -$118.6M
YoY Change 16.55%
Common Stock $273.8K $125.8K
YoY Change 117.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.140M $554.1K $3.255M
YoY Change
Total Liabilities & Shareholders Equity $4.990M $6.157M $9.680M
YoY Change -63.97% -36.39% 265.27%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$4.210M -$4.978M -$4.506M
YoY Change -16.68% 10.47% 73.64%
Depreciation, Depletion And Amortization $160.0K $159.9K $168.4K
YoY Change 0.0% -5.09% 58.71%
Cash From Operating Activities -$3.200M -$4.460M -$3.800M
YoY Change -41.71% 17.37% 120.93%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K $27.02K $1.644K
YoY Change 180.0% 1543.67% -83.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$140.0K -$30.00K $0.00
YoY Change 180.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.123M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.900M 2.040M -50.00K
YoY Change -80.19% -4180.0% -103.11%
NET CHANGE
Cash From Operating Activities -3.200M -4.460M -3.800M
Cash From Investing Activities -140.0K -30.00K 0.000
Cash From Financing Activities 1.900M 2.040M -50.00K
Net Change In Cash -1.440M -2.447M -3.850M
YoY Change -135.56% -36.44% 3108.33%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$4.460M -$3.800M
Capital Expenditures -$140.0K $27.02K $1.644K
Free Cash Flow -$3.060M -$4.487M -$3.802M
YoY Change -43.75% 18.03% 119.74%

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CY2017Q1 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, depreciation and amortization and estimated useful lives of long-lived assets. Actual results could differ from those estimates.</p></div>
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2017Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
CY2017Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
31118
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
26716
CY2017Q1 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfRevenue
0
CY2016Q1 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfRevenue
0
CY2017Q1 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Accounts Receivable
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfAccountsReceivable
0
CY2017Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
410945
CY2016Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
479479
CY2017Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
68031
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
27422
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
163985
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
185467
CY2017Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
134679
CY2016Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
704516
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
458956
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
392002
CY2017Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
268000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
268000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
268000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
268000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
268000
CY2017Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
151000000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14000000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5900000
CY2017Q1 opgn Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2016Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9500000
CY2017Q1 opgn Convertible Preferred Stock Beneficial Conversion Feature Recognized As Deemed Dividend
ConvertiblePreferredStockBeneficialConversionFeatureRecognizedAsDeemedDividend
332550
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
245405
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
261497
CY2017Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
723600
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.03
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4863
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.82
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10506524
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10506524
CY2017Q1 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The Company leases a facility in Woburn, Massachusetts under an operating lease that expires January 30, 2022. The Company also leases a facility in Gaithersburg, Maryland under an operating lease that expires January 31, 2021, with one additional five-year renewal at the Company’s election. Additionally, the Company leases office space in Denmark; this lease is currently on a month-to-month basis.
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
232836
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
254044
CY2017Q1 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 2021. The leases require monthly principal and interest payments.
CY2017Q1 opgn Capital Leases Expiration Date Description
CapitalLeasesExpirationDateDescription
The leases expire at various dates through 2021.
CY2017Q1 opgn Number Of License Agreements
NumberOfLicenseAgreements
5
CY2017Q1 opgn Royalty Income Expense
RoyaltyIncomeExpense
-69245
CY2016Q1 opgn Royalty Income Expense
RoyaltyIncomeExpense
-69854
CY2017Q1 opgn Future Minimum Royalty Payments Due
FutureMinimumRoyaltyPaymentsDue
250000

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