Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 1693

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 9B
Chunk 1693
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 certain outstanding indebtedness under the Finance Contract. Pursuant to the Guarantee and Indemnity Agreement, dated July 9, 2020, between the EIB and the Company, the EIB demanded that the Company, as guarantor, immediately repay the EIB all amounts owed to the EIB under the Finance Contract and reserved all its other rights and remedies in connection with the Finance Contract. The Company determined the fair value of the PPI using the Monte Carlo simulation model as of December 31, 2023, but as the EIB demanded that OpGen immediately repay the aggregate amount of principal, accrued interest and all other amounts owed, the Company included the PPI component along with the principal and interest in short-term notes payable as of December 31, 2023, and with the EIB indebtedness paid and settled in August 2024 (see Note 7), the PPI liability is $0 as of December 31, 2024.

The fair value of level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2023 was as follows:

    Schedule of financial assets and liabilities measured at fair value on a recurring basis

    Description

        Balance at December 31, 2022

    Change in Fair Value

    Effect of Foreign Exchange Rates

    Balance at December 31, 2023

    Participation percentage interest liability
     
    $
    99,498

    $
    (65,876
    )
     
    $
    (33,622
    )
     
    $
    -

    Total revenue
     
    $
    99,498

    $
    (65,876
    )
     
    $
    (33,622
    )
     
    $
    -

Financial assets and liabilities carried at fair value on a non-recurring basis

As mentioned in Note 5, as of December 31, 2024, the Company held an investment in the equity securities of the Client valued at $5.0 million, which is classified as a current asset on the accompanying consolidated balance sheets. The investment was received as consideration for services rendered and represents a non-controlling equity interest in a privately held entity. The Company accounts for this investment under ASC 321, Investments – Equity Securities. Since the equity securities do not have a readily determinable fair value, the Company has elected the measurement alternative and, accordingly, it is carried at its estimated fair value calculated as its cost