$OPGN
OPGEN INC

2019 Q1 Form 10-Q Financial Statement

#000156459019019398 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.020M $846.2K
YoY Change 20.54% 9.65%
Cost Of Revenue $370.0K $168.6K
YoY Change 119.52% 68.16%
Gross Profit $660.0K $677.7K
YoY Change -2.61% 0.91%
Gross Profit Margin 64.71% 80.08%
Selling, General & Admin $2.120M $2.120M
YoY Change -0.02% -31.04%
% of Gross Profit 321.18% 312.88%
Research & Development $1.780M $1.230M
YoY Change 44.66% -42.03%
% of Gross Profit 269.7% 181.57%
Depreciation & Amortization $223.1K $156.3K
YoY Change 42.72% -2.21%
% of Gross Profit 33.81% 23.07%
Operating Expenses $2.120M $3.351M
YoY Change -36.74% -35.53%
Operating Profit -$3.762M -$3.016M
YoY Change 24.74% -39.08%
Interest Expense $56.44K $57.85K
YoY Change -2.42% 93.83%
% of Operating Profit
Other Income/Expense, Net -$91.15K -$32.20K
YoY Change 183.07% 18.37%
Pretax Income -$3.853M -$3.048M
YoY Change 26.41% -38.77%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.853M -$3.048M
YoY Change 26.41% -38.77%
Net Earnings / Revenue -377.76% -360.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.191M -$15.25M
COMMON SHARES
Basic Shares Outstanding 8.646M 5.290M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.010M $10.29M
YoY Change -41.59% 516.17%
Cash & Equivalents $6.197M $10.29M
Short-Term Investments
Other Short-Term Assets $160.0K $240.0K
YoY Change -33.33% -11.11%
Inventory $500.0K $510.0K
Prepaid Expenses
Receivables $810.0K $590.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.490M $11.63M
YoY Change -35.6% 292.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.760M $830.0K
YoY Change 232.53% 11.63%
Goodwill $600.8K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $230.3K $270.0K
YoY Change -14.7% -9.42%
Total Long-Term Assets $4.601M $2.980M
YoY Change 54.4% -6.77%
TOTAL ASSETS
Total Short-Term Assets $7.490M $11.63M
Total Long-Term Assets $4.601M $2.980M
Total Assets $12.09M $14.61M
YoY Change -17.24% 137.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.529M $1.440M
YoY Change 6.17% -28.61%
Accrued Expenses $950.2K $2.100M
YoY Change -54.75% 137.8%
Deferred Revenue $9.993K
YoY Change
Short-Term Debt $347.8K $980.0K
YoY Change -64.51% -1.9%
Long-Term Debt Due $840.0K $190.0K
YoY Change 342.11% 11.76%
Total Short-Term Liabilities $5.480M $4.740M
YoY Change 15.61% -7.44%
LONG-TERM LIABILITIES
Long-Term Debt $950.0K $310.0K
YoY Change 206.45% 181.82%
Other Long-Term Liabilities $1.320M $260.0K
YoY Change 407.69% -29.73%
Total Long-Term Liabilities $2.270M $570.0K
YoY Change 298.25% 18.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.480M $4.740M
Total Long-Term Liabilities $2.270M $570.0K
Total Liabilities $7.752M $5.310M
YoY Change 45.99% -5.23%
SHAREHOLDERS EQUITY
Retained Earnings -$165.9M
YoY Change
Common Stock $176.5K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.339M $9.300M
YoY Change
Total Liabilities & Shareholders Equity $12.09M $14.61M
YoY Change -17.24% 137.29%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$3.853M -$3.048M
YoY Change 26.41% -38.77%
Depreciation, Depletion And Amortization $223.1K $156.3K
YoY Change 42.72% -2.21%
Cash From Operating Activities -$2.986M -$2.232M
YoY Change 33.77% -49.95%
INVESTING ACTIVITIES
Capital Expenditures $8.493K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K
YoY Change -100.0%
Cash From Investing Activities -$7.243K $10.44K
YoY Change -169.38% -134.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.450M 10.62M
YoY Change -58.11% 420.72%
NET CHANGE
Cash From Operating Activities -2.986M -2.232M
Cash From Investing Activities -7.243K 10.44K
Cash From Financing Activities 4.450M 10.62M
Net Change In Cash -2.993M 8.388M
YoY Change -135.68% -442.77%
FREE CASH FLOW
Cash From Operating Activities -$2.986M -$2.232M
Capital Expenditures $8.493K $0.00
Free Cash Flow -$2.994M -$2.232M
YoY Change 34.15% -50.26%

Facts In Submission

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<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, discount rates used to discount unpaid lease payments to present values, valuation of derivative financial instruments measured at fair value on a recurring basis, deferred tax assets and liabilities and related valuation allowance, the estimated useful lives of long-lived assets, and the recoverability of long-lived assets. Actual results could differ from those estimates.</p>
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1593161
CY2019Q1 opgn Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
675097
CY2019Q1 opgn Operating And Finance Lease Liability Payments Due Year Four
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
51320
CY2019Q1 opgn Operating And Finance Lease Liability Payments Due Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
3644
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2500000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2540565
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
286982
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2253583
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
415566
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
464866
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
138278
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
11240
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
3644
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1033594
CY2019Q1 opgn Operating And Finance Lease Liability Payments Due
OperatingAndFinanceLeaseLiabilityPaymentsDue
3574159
CY2019Q1 opgn Operating And Finance Lease Liabilities Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilitiesUndiscountedExcessAmount
376187
CY2019Q1 opgn Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
3197972
CY2019Q1 us-gaap Lease Cost
LeaseCost
340595
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.092
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
214622
CY2019Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
22480
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5831
CY2019Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1075000
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2019Q1 opgn Fair Value Assets Between Levels Transfers Amount
FairValueAssetsBetweenLevelsTransfersAmount
0
CY2019Q1 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
98033
CY2018Q1 opgn Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
238190
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
211554
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
5
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3525632
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3525797
CY2019Q1 opgn Lease Right Of Use Asset
LeaseRightOfUseAsset
2507573
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
224716
CY2018Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
1615679
CY2018Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
1534204
CY2018Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
639829
CY2018Q4 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
40080
CY2018Q4 us-gaap Contractual Obligation
ContractualObligation
3829792
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
984639
CY2019Q1 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62500
CY2018Q1 opgn Royalty Income Expense
RoyaltyIncomeExpense
-62500
CY2019Q1 opgn Future Minimum Royalty Payments Due
FutureMinimumRoyaltyPaymentsDue
250000

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