OpGen(US:OPGN)2025-10-01 20:10Information Regarding Forward-Looking Statements This section provides a cautionary statement regarding forward-looking statements, noting actual results may differ due to risks and the company undertakes no obligation to update - Forward-looking statements are identified by words such as 'believe', 'may', 'will', 'estimate', 'continue', 'anticipate', 'design', 'intend', 'expect' or their negatives 10 - Key areas include liquidity, strategic direction, potential strategic transactions, economic conditions, market development, capital financing proceeds, regulatory compliance, and future revenue and expenses 13 - The company does not guarantee future results and undertakes no obligation to update or revise any forward-looking statement 12 Note Regarding Trademarks This section clarifies the company's ownership of 'OpGen' and other trademarks, noting that third-party trademarks do not imply endorsement - OpGen, Inc. owns various U.S. federal trademark registrations and applications, including 'OpGen' 15 - References to other companies' trademarks do not imply a relationship with, or endorsement or sponsorship by, those companies 15 PART I. Financial Information This part presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures Item 1. Unaudited Condensed Consolidated Financial Statements This section presents the company's unaudited condensed consolidated financial statements for the period ended March 31, 2025, with comparative periods and explanatory notes Condensed Consolidated Balance Sheets Total assets and stockholders' equity decreased from December 31, 2024, to March 31, 2025, primarily due to reduced cash and prepaid expenses Balance Sheet Summary | Metric | March 31, 2025 ($) | December 31, 2024 ($) | Change ($) | % Change | | :-------------------------------- | :------------- | :---------------- | :----- | :------- | | Cash and cash equivalents | $1,112,781 | $1,310,653 | $(197,872) | -15.10% | | Total current assets | $2,238,516 | $2,649,227 | $(410,711) | -15.50% | | Total assets | $9,418,517 | $9,862,698 | $(444,181) | -4.50% | | Total current liabilities | $563,487 | $634,181 | $(70,694) | -11.15% | | Total liabilities | $2,364,314 | $2,482,070 | $(117,756) | -4.74% | | Total stockholders' equity | $7,054,203 | $7,380,628 | $(326,425) | -4.42% | Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income The company reported no revenue and a net loss for Q1 2025, a significant decline from Q1 2024 which included a large gain on impairment adjustment Statements of Operations Summary | Metric | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 (As Restated) ($) | Change ($) | % Change | | :-------------------------------------- | :-------------------------------- | :---------------------------------------------- | :----- | :------- | | Total revenue | $0 | $168,149 | $(168,149) | -100.00% | | Total operating expenses | $522,846 | $1,913,464 | $(1,390,618) | -72.67% | | Operating loss | $(522,846) | $(1,745,315) | $1,222,469 | -70.04% | | Total other income (expense) | $114,713 | $2,033,282 | $(1,918,569) | -94.36% | | Net (loss) income | $(408,133) | $287,967 | $(696,099) | -241.73% | | Basic (Loss) Earnings Per Share | $(0.04) | $0.16 | $(0.20) | -125.00% | | Diluted (Loss) Earnings Per Share | $(0.04) | $0.15 | $(0.19) | -126.67% | Condensed Consolidated Statements of Stockholders' Equity (Deficit) Stockholders' equity decreased from December 31, 2024, to March 31, 2025, primarily due to a net loss, partially offset by stock compensation expense Stockholders' Equity Summary | Metric | December 31, 2024 ($) | March 31, 2025 ($) | Change ($) | | :-------------------------- | :---------------- | :------------- | :----- | | Common Stock Amount | $100,708 | $100,713 | $5 | | Additional Paid-in Capital | $300,780,440 | $300,862,143 | $81,703 | | Accumulated Deficit | $(293,500,522) | $(293,908,655) | $(408,133) | | Total Stockholders' Equity | $7,380,628 | $7,054,203 | $(326,425) | - Stock compensation expense contributed $81,708 to additional paid-in capital during the three months ended March 31, 2025 20 Condensed Consolidated Statements of Cash Flows For Q1 2025, the company used $197,872 in operating activities due to its net loss, with no investing or financing cash flows, contrasting with Q1 2024 Cash Flow Summary | Cash Flow Activity | Three Months Ended March 31, 2025 ($) | Three Months Ended March 31, 2024 (As Restated) ($) | Change ($) | | :------------------------------------ | :-------------------------------- | :---------------------------------------------- | :----- | | Net cash used in operating activities | $(197,872) | $(1,084,050) | $886,178 | | Net cash used in investing activities | $0 | $0 | $0 | | Net cash provided by financing activities | $0 | $199,720 | $(199,720) | | Net decrease in cash, cash equivalents and restricted cash | $(197,872) | $(884,330) | $686,458 | - Cash, cash equivalents, and restricted cash decreased from $1,612,915 at the beginning of the period to $1,415,043 at the end 23 Notes to Unaudited Condensed Consolidated Financial Statements These notes provide detailed disclosures for the financial statements, covering organizational changes, going concern, accounting policies, and subsequent events Note 1 – Organization OpGen transitioned from precision medicine to financial services after subsidiary insolvencies, forming CapForce for new business lines - OpGen transitioned from a precision medicine company to a financial services and technology company after its subsidiaries, Curetis and Ares Genetics, filed for insolvency in November 2023 2629 - In March 2024, David E. Lazar was appointed Chairman and CEO, followed by AEI Capital Ltd. acquiring his Series E Preferred Stock and becoming the controlling stockholder in July/August 2024 2728 - The company formed CapForce International Holdings Ltd. to launch new business lines in listing sponsorship, consultancy services, and financial technology 29 Note 2 – Going Concern and Management's Plans Despite significant losses and going concern doubts, management plans to fund operations for over 12 months through existing cash and