$OPGN
OPGEN INC

2017 Q3 Form 10-Q Financial Statement

#000156459017023341 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $745.1K $759.7K
YoY Change -1.92% -22.55%
Cost Of Revenue $49.12K $51.80K
YoY Change -5.18% -90.79%
Gross Profit $696.0K $707.9K
YoY Change -1.68% 90.56%
Gross Profit Margin 93.41% 93.18%
Selling, General & Admin $1.931M $2.935M
YoY Change -34.2% 13.28%
% of Gross Profit 277.43% 414.58%
Research & Development $1.513M $2.179M
YoY Change -30.55% 26.37%
% of Gross Profit 217.41% 307.8%
Depreciation & Amortization $180.0K $160.0K
YoY Change 12.5% -13.6%
% of Gross Profit 25.86% 22.6%
Operating Expenses $3.444M $5.113M
YoY Change -32.65% 1.75%
Operating Profit -$3.196M -$4.806M
YoY Change -33.48% 3.26%
Interest Expense $90.32K $41.42K
YoY Change 118.04% 136.95%
% of Operating Profit
Other Income/Expense, Net -$72.20K -$42.07K
YoY Change 71.61% 181.04%
Pretax Income -$3.269M -$4.848M
YoY Change -32.57% 3.83%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.269M -$4.848M
YoY Change -32.57% 3.79%
Net Earnings / Revenue -438.68% -638.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$36.33M -$121.2M
COMMON SHARES
Basic Shares Outstanding 21.67M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.850M $4.260M
YoY Change 13.85% -61.93%
Cash & Equivalents $4.854M $4.261M
Short-Term Investments
Other Short-Term Assets $340.0K $480.0K
YoY Change -29.17% -11.11%
Inventory $460.0K $830.0K
Prepaid Expenses
Receivables $470.0K $450.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.130M $6.020M
YoY Change 1.83% -55.19%
LONG-TERM ASSETS
Property, Plant & Equipment $750.0K $860.0K
YoY Change -12.79% -15.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $320.0K $270.5K
YoY Change 18.32% -6.74%
Total Long-Term Assets $3.090M $3.556M
YoY Change -13.09% -0.27%
TOTAL ASSETS
Total Short-Term Assets $6.130M $6.020M
Total Long-Term Assets $3.090M $3.556M
Total Assets $9.220M $9.576M
YoY Change -3.71% -43.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.940M $1.936M
YoY Change 0.21% 52.44%
Accrued Expenses $1.760M $1.155M
YoY Change 52.34% -44.19%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M
YoY Change 0.0%
Long-Term Debt Due $160.0K $210.0K
YoY Change -23.81% -8.7%
Total Short-Term Liabilities $4.990M $5.694M
YoY Change -12.36% 52.46%
LONG-TERM LIABILITIES
Long-Term Debt $120.0K $180.0K
YoY Change -33.33% -86.36%
Other Long-Term Liabilities $350.0K $420.0K
YoY Change -16.67%
Total Long-Term Liabilities $470.0K $600.0K
YoY Change -21.67% -54.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.990M $5.694M
Total Long-Term Liabilities $470.0K $600.0K
Total Liabilities $5.458M $6.300M
YoY Change -13.37% 24.76%
SHAREHOLDERS EQUITY
Retained Earnings -$145.7M
YoY Change
Common Stock $519.6K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.760M $3.280M
YoY Change
Total Liabilities & Shareholders Equity $9.219M $9.580M
YoY Change -3.77% -43.64%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$3.269M -$4.848M
YoY Change -32.57% 3.79%
Depreciation, Depletion And Amortization $180.0K $160.0K
YoY Change 12.5% -13.6%
Cash From Operating Activities -$3.540M -$3.580M
YoY Change -1.12% -44.84%
INVESTING ACTIVITIES
Capital Expenditures $30.00K -$40.00K
YoY Change -175.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $30.00K -$40.00K
YoY Change -175.0% -103.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.150M -140.0K
YoY Change -5921.43% -102.27%
NET CHANGE
Cash From Operating Activities -3.540M -3.580M
Cash From Investing Activities 30.00K -40.00K
Cash From Financing Activities 8.150M -140.0K
Net Change In Cash 4.640M -3.760M
YoY Change -223.4% -483.67%
FREE CASH FLOW
Cash From Operating Activities -$3.540M -$3.580M
Capital Expenditures $30.00K -$40.00K
Free Cash Flow -$3.570M -$3.540M
YoY Change 0.85% -44.95%

Facts In Submission

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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 unaudited 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 and other liabilities measured at fair value on a recurring basis, 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>
CY2017Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
24783
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
26716
opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfRevenue
0
opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfRevenue
0
CY2017Q3 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfRevenue
0
CY2017Q3 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Accounts Receivable
NumberOfIndividualCustomersAccountingForMoreThanTenPercentOfAccountsReceivable
0
CY2017Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
279562
CY2016Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
479479
CY2017Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
185467
CY2017Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
157529
CY2017Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
40814
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
27422
CY2017Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
140753
CY2016Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
704516
CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
592864
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2013000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
392002
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200862
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200862
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
268000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
268000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
268000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
268000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
268000
CY2017Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
151000000
opgn Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2016Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9500000
opgn Convertible Preferred Stock Beneficial Conversion Feature Recognized As Deemed Dividend
ConvertiblePreferredStockBeneficialConversionFeatureRecognizedAsDeemedDividend
332550
CY2017Q3 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
267592
CY2016Q3 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
178752
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
722304
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
706648
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
409500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1279100
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.76
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
196288
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
504197
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.33
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
40210978
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
10506524
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.
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
238791
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
254219
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
710330
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
756608
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.
opgn Capital Leases Expiration Date Description
CapitalLeasesExpirationDateDescription
The leases expire at various dates through 2021.
CY2017Q3 opgn One Time Restructuring Benefits
OneTimeRestructuringBenefits
0
opgn One Time Restructuring Benefits
OneTimeRestructuringBenefits
121000
opgn Retention Expense Expected Cost
RetentionExpenseExpectedCost
68000
CY2017Q3 opgn Retention Expense Cost Incurred
RetentionExpenseCostIncurred
34000
opgn Retention Expense Cost Incurred
RetentionExpenseCostIncurred
47000
opgn Designated Service Period Of Employees Description
DesignatedServicePeriodOfEmployeesDescription
The service periods end in December 2017
CY2017Q3 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62500
CY2016Q3 opgn Royalty Income Expense
RoyaltyIncomeExpense
-71135
opgn Royalty Income Expense
RoyaltyIncomeExpense
-194686
opgn Royalty Income Expense
RoyaltyIncomeExpense
-216937
CY2017Q3 opgn Future Minimum Royalty Payments Due
FutureMinimumRoyaltyPaymentsDue
250000

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