$OPGN
OPGEN INC

2018 Q4 Form 10-Q Financial Statement

#000156459018029496 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $760.0K $552.2K $745.1K
YoY Change -23.23% -25.89% -1.92%
Cost Of Revenue $460.0K $390.0K $49.12K
YoY Change -28.13% 693.99% -5.18%
Gross Profit $300.0K $160.0K $696.0K
YoY Change -14.29% -77.01% -1.68%
Gross Profit Margin 39.47% 28.97% 93.41%
Selling, General & Admin $2.120M $2.105M $1.931M
YoY Change 17.78% 9.01% -34.2%
% of Gross Profit 706.67% 1315.59% 277.43%
Research & Development $1.860M $1.286M $1.513M
YoY Change 24.83% -14.99% -30.55%
% of Gross Profit 620.0% 803.94% 217.41%
Depreciation & Amortization $220.0K $190.0K $180.0K
YoY Change 29.41% 5.56% 12.5%
% of Gross Profit 73.33% 118.75% 25.86%
Operating Expenses $3.980M $3.391M $3.444M
YoY Change 21.34% -1.53% -32.65%
Operating Profit -$3.680M -$3.230M -$3.196M
YoY Change 25.6% 1.06% -33.48%
Interest Expense -$50.00K $28.07K $90.32K
YoY Change 25.0% -68.92% 118.04%
% of Operating Profit
Other Income/Expense, Net -$25.23K -$72.20K
YoY Change -65.06% 71.61%
Pretax Income -$3.730M -$3.255M -$3.269M
YoY Change 26.01% -0.4% -32.57%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.730M -$3.255M -$3.269M
YoY Change 26.01% -0.4% -32.57%
Net Earnings / Revenue -490.79% -589.51% -438.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$9.325M -$10.52M -$36.33M
COMMON SHARES
Basic Shares Outstanding 8.645M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.570M $4.740M $4.850M
YoY Change 147.03% -2.27% 13.85%
Cash & Equivalents $4.572M $4.736M $4.854M
Short-Term Investments
Other Short-Term Assets $290.0K $460.0K $340.0K
YoY Change -6.45% 35.29% -29.17%
Inventory $543.7K $529.8K $460.0K
Prepaid Expenses
Receivables $373.9K $315.6K $470.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.783M $6.039M $6.130M
YoY Change 65.14% -1.49% 1.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.222M $1.150M $750.0K
YoY Change 46.23% 53.37% -12.79%
Goodwill $600.8K $600.8K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $259.3K $280.0K $320.0K
YoY Change -21.08% -12.5% 18.32%
Total Long-Term Assets $3.167M $3.181M $3.090M
YoY Change 1.58% 2.95% -13.09%
TOTAL ASSETS
Total Short-Term Assets $5.783M $6.039M $6.130M
Total Long-Term Assets $3.167M $3.181M $3.090M
Total Assets $8.950M $9.220M $9.220M
YoY Change 35.2% 0.0% -3.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.624M $1.040M $1.940M
YoY Change -4.02% -46.39% 0.21%
Accrued Expenses $902.0K $1.990M $1.760M
YoY Change -22.29% 13.07% 52.34%
Deferred Revenue $15.82K $10.32K
YoY Change -35.26%
Short-Term Debt $398.6K $0.00 $1.100M
YoY Change -60.57% -100.0% 0.0%
Long-Term Debt Due $800.0K $830.0K $160.0K
YoY Change 433.33% 418.75% -23.81%
Total Short-Term Liabilities $4.381M $3.860M $4.990M
YoY Change -8.53% -22.65% -12.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $1.130M $120.0K
YoY Change 746.15% 841.67% -33.33%
Other Long-Term Liabilities $160.0K $200.0K $350.0K
YoY Change -46.67% -42.86% -16.67%
Total Long-Term Liabilities $1.260M $1.330M $470.0K
YoY Change 193.02% 182.98% -21.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.381M $3.860M $4.990M
Total Long-Term Liabilities $1.260M $1.330M $470.0K
Total Liabilities $5.642M $5.190M $5.458M
YoY Change 8.1% -4.91% -13.37%
SHAREHOLDERS EQUITY
Retained Earnings -$162.1M -$145.7M
YoY Change 8.99%
Common Stock $4.323K $519.6K
YoY Change -80.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.309M $4.030M $3.760M
YoY Change
Total Liabilities & Shareholders Equity $8.950M $9.220M $9.219M
YoY Change 35.2% 0.01% -3.77%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$3.730M -$3.255M -$3.269M
YoY Change 26.01% -0.4% -32.57%
Depreciation, Depletion And Amortization $220.0K $190.0K $180.0K
YoY Change 29.41% 5.56% 12.5%
Cash From Operating Activities -$2.690M -$2.820M -$3.540M
YoY Change -13.23% -20.34% -1.12%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$40.00K $30.00K
YoY Change -21.43% -233.33% -175.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$110.0K -$40.00K $30.00K
YoY Change -21.43% -233.33% -175.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.620M 160.0K 8.150M
YoY Change 907.69% -98.04% -5921.43%
NET CHANGE
Cash From Operating Activities -2.690M -2.820M -3.540M
Cash From Investing Activities -110.0K -40.00K 30.00K
Cash From Financing Activities 2.620M 160.0K 8.150M
Net Change In Cash -180.0K -2.700M 4.640M
YoY Change -93.96% -158.19% -223.4%
FREE CASH FLOW
Cash From Operating Activities -$2.690M -$2.820M -$3.540M
Capital Expenditures -$110.0K -$40.00K $30.00K
Free Cash Flow -$2.580M -$2.780M -$3.570M
YoY Change -12.84% -22.13% 0.85%

Facts In Submission

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750872
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
710330
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
CY2018Q3 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62500
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On January 17, 2018, the Company filed an amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of common stock, at a ratio of one share for twenty-five shares, and to reduce the authorized shares of common stock from 200,000,000 to 50,000,000 shares. All share amounts and per share prices in this quarterly 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
CY2018Q3 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
206651
CY2017Q3 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
267592
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
658731
opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
722304
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
95800
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.84
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.93
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7120
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13336
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.61
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.36
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
218759
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3525797
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.
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
248580
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
238791

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