$OPGN
OPGEN INC

2018 Q2 Form 10-Q Financial Statement

#000156459018020457 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $788.9K $703.2K
YoY Change 12.19% -40.55%
Cost Of Revenue $480.0K $470.0K
YoY Change 2.13% 191.52%
Gross Profit $310.0K $230.0K
YoY Change 34.78% -77.49%
Gross Profit Margin 39.3% 32.71%
Selling, General & Admin $2.257M $2.660M
YoY Change -15.14% -20.97%
% of Gross Profit 728.18% 1156.52%
Research & Development $1.304M $1.760M
YoY Change -25.89% -24.58%
% of Gross Profit 420.77% 765.22%
Depreciation & Amortization $160.0K $160.0K
YoY Change 0.0% 0.0%
% of Gross Profit 51.61% 69.57%
Operating Expenses $3.562M $4.420M
YoY Change -19.42% -28.68%
Operating Profit -$3.256M -$4.190M
YoY Change -22.29% -16.44%
Interest Expense $54.53K -$40.00K
YoY Change -236.33% -250.1%
% of Operating Profit
Other Income/Expense, Net -$76.30K
YoY Change
Pretax Income -$3.332M -$4.210M
YoY Change -20.85% -16.63%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.332M -$4.210M
YoY Change -20.85% -16.68%
Net Earnings / Revenue -422.39% -598.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$11.48M -$38.27M
COMMON SHARES
Basic Shares Outstanding 27.39M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.430M $210.0K
YoY Change 3438.1% -97.38%
Cash & Equivalents $7.429M $211.7K
Short-Term Investments
Other Short-Term Assets $530.0K $420.0K
YoY Change 26.19% -25.0%
Inventory $610.0K $580.0K
Prepaid Expenses
Receivables $520.0K $410.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.090M $1.630M
YoY Change 457.67% -84.18%
LONG-TERM ASSETS
Property, Plant & Equipment $930.0K $780.0K
YoY Change 19.23% -15.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $290.0K $313.8K
YoY Change -7.59% 16.06%
Total Long-Term Assets $3.040M $3.361M
YoY Change -9.55% -5.28%
TOTAL ASSETS
Total Short-Term Assets $9.090M $1.630M
Total Long-Term Assets $3.040M $3.361M
Total Assets $12.13M $4.991M
YoY Change 143.04% -63.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.280M $2.907M
YoY Change -55.97% 52.94%
Accrued Expenses $2.250M $972.6K
YoY Change 131.33% 22.03%
Deferred Revenue $14.12K
YoY Change
Short-Term Debt $0.00 $629.7K
YoY Change -100.0% 250.68%
Long-Term Debt Due $720.0K $170.0K
YoY Change 323.53% -26.09%
Total Short-Term Liabilities $4.270M $5.514M
YoY Change -22.56% 32.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.230M $1.180M
YoY Change 4.24% -3.28%
Other Long-Term Liabilities $230.0K $440.0K
YoY Change -47.73% -16.98%
Total Long-Term Liabilities $1.460M $1.620M
YoY Change -9.88% -7.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.270M $5.514M
Total Long-Term Liabilities $1.460M $1.620M
Total Liabilities $5.730M $7.130M
YoY Change -19.64% 20.64%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.399M -$2.140M
YoY Change
Total Liabilities & Shareholders Equity $12.13M $4.990M
YoY Change 143.09% -63.97%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.332M -$4.210M
YoY Change -20.85% -16.68%
Depreciation, Depletion And Amortization $160.0K $160.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$3.330M -$3.200M
YoY Change 4.06% -41.71%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$140.0K
YoY Change -100.0% 180.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$140.0K
YoY Change -100.0% 180.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 450.0K 1.900M
YoY Change -76.32% -80.19%
NET CHANGE
Cash From Operating Activities -3.330M -3.200M
Cash From Investing Activities 0.000 -140.0K
Cash From Financing Activities 450.0K 1.900M
Net Change In Cash -2.880M -1.440M
YoY Change 100.0% -135.56%
FREE CASH FLOW
Cash From Operating Activities -$3.330M -$3.200M
Capital Expenditures $0.00 -$140.0K
Free Cash Flow -$3.330M -$3.060M
YoY Change 8.82% -43.75%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.57
CY2018Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
825911
CY2018Q2 opgn Long Term Capital Lease Obligations And Other Noncurrent Liabilities
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CY2017Q4 opgn Long Term Capital Lease Obligations And Other Noncurrent Liabilities
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CY2017Q4 us-gaap Liabilities
Liabilities
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CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2018Q2 opgn Interest And Other Income Expense
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CY2017Q2 opgn Interest And Other Income Expense
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opgn Interest And Other Income Expense
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CY2018Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
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CY2017Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
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26744
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
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8155
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3332213
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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-4208047
us-gaap Net Income Loss Available To Common Stockholders Basic
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-6380297
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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18113
CY2017Q2 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
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0
opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
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CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2017Q4 us-gaap Inventory Valuation Reserves
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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133908
CY2018Q2 us-gaap Impairment Of Intangible Assets Finitelived
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax
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-3834
us-gaap Comprehensive Income Net Of Tax
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-6374763
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Profit Loss
ProfitLoss
-6380297
us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Accretion Expense
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us-gaap Accretion Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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opgn Gain On Sale Of Equipment
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opgn Gain On Sale Of Equipment
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Net Cash Provided By Used In Operating Activities
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-5558536
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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opgn Net Proceeds From Issuance Of Common Stock And Warrants
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opgn Net Proceeds From Issuance Of Common Stock And Warrants
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us-gaap Proceeds From Debt Net Of Issuance Costs
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us-gaap Proceeds From Debt Net Of Issuance Costs
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Repayments Of Debt
RepaymentsOfDebt
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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0
opgn Conversion Of Accounts Payable To Capital Lease
ConversionOfAccountsPayableToCapitalLease
174968
opgn Conversion Of Accounts Payable To Capital Lease
ConversionOfAccountsPayableToCapitalLease
0
opgn Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
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us-gaap Use Of Estimates
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<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, liquidity assumptions, revenue recognition, share-based compensation, allowances for doubtful accounts and inventory obsolescence, and valuation of derivative financial instruments 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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
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CashFDICInsuredAmount
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CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
181490
CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
243380
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
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opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Revenue
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0
CY2018Q2 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Accounts Receivable
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1
CY2017Q2 opgn Number Of Individual Customers Accounting For More Than Ten Percent Of Accounts Receivable
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0
CY2018Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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409961
CY2017Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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360134
CY2018Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
79098
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
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CY2018Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
125738
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
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CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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793726
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FiniteLivedIntangibleAssetsGross
2013000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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659818
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
66954
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2018Q2 us-gaap Goodwill Impairment Loss
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0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017 opgn Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense Benefit
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CY2018Q2 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
211683
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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RestrictedCash
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CY2017Q2 us-gaap Restricted Cash
RestrictedCash
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CY2016Q4 us-gaap Restricted Cash
RestrictedCash
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CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2090551
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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455063
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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4360704
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
24442
us-gaap Contract With Customer Liability Revenue Recognized
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opgn Contract With Customer Liability Additions
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CY2018Q2 us-gaap Contract With Customer Liability Current
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CY2018Q2 us-gaap Contract With Customer Asset Net
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51575
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
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157000
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P6M
opgn Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On January 17, 2018, we filed an amendment to our Amended and Restated Certificate of Incorporation to effect a? reverse stock split of the issued and outstanding shares of our common stock, at a ratio of one share for twenty-five shares, and to reduce the authorized shares of our common stock from 200,000,000 to 50,000,000 shares. All share amounts and per share prices in this Annual Report have been adjusted to reflect the reverse stock split.
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2018Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.04
CY2018Q2 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
213890
CY2017Q2 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
209307
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
452080
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
454712
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
95800
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.84
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.93
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1372
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6216
CY2018Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
50.14
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.85
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
226008
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
1495031
us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The Company 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. The Company also leases a facility in Woburn, Massachusetts under an operating lease that expires January 30, 2022. Additionally, the Company leases office space in Denmark; this lease is currently on a month-to-month basis.
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
252535
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
238703
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
502292
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
471539
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.
CY2017 opgn One Time Restructuring Benefits
OneTimeRestructuringBenefits
121000
CY2017 opgn Retention Expense Cost Incurred
RetentionExpenseCostIncurred
68000
opgn Designated Service Period Of Employees Description
DesignatedServicePeriodOfEmployeesDescription
The service periods ended in December 2017
CY2018Q2 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62500
CY2017Q2 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62941
opgn Royalty Income Expense
RoyaltyIncomeExpense
-125000
opgn Royalty Income Expense
RoyaltyIncomeExpense
-132186
CY2018Q2 opgn Future Minimum Royalty Payments Due
FutureMinimumRoyaltyPaymentsDue
250000

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