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OpGen, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports no revenue for the quarter, compared to $699,022 in the same quarter of the previous year. The decrease is due to the deconsolidation of subsidiaries following their insolvency filings.
Operating expenses for the quarter were $783,885, down from $4,264,647 in the previous year. The decrease is attributed to reduced operations and the exclusion of subsidiary expenses.
The company reported a net income of $8,931,078 for the quarter, compared to a net loss of $4,062,957 in the previous year. The income is primarily due to a gain on extinguishment of debt.
OpGen's cash and cash equivalents were $1,633,166 as of September 30, 2024. The company has access to additional funding through a securities purchase agreement with AEI Capital Ltd.
The filing notes a material weakness in internal controls over financial reporting, specifically in accounting for complex transactions.
OpGen plans to exit its legacy Unyvero business and reposition itself in the financial technology industry.
The company is appealing a Nasdaq delisting notice due to non-compliance with the minimum stockholders' equity requirement.
The report includes details of various financing activities, including a securities purchase agreement with AEI Capital Ltd. and a settlement of liabilities with the European Investment Bank.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OpGen Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.