Company: OPGN
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001829126-25-009312
Chunk: 8

Company: OPGEN INC
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 been eliminated. The accompanying unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025 include the balance sheet and income statement activity for CapForce, the Company’s wholly-owned subsidiary.

Immaterial Out-of-Period Adjustments

During
the three months ended March 31, 2024, the Company identified an immaterial error related to the calculation of preferred stock
par value and additional paid-in capital for the Company’s Series D convertible preferred stock that impacted the
Company’s previously issued 2023 consolidated financial statements. Management evaluated the effect of the error on the 2023
and 2024 consolidated financial statements and concluded that the error was not material. As a result, in the three months ended
March 31, 2024, the Company recorded an out-of-period adjustment to decrease preferred stock par value and increase additional
paid-in capital, each by approximately $2.5
thousand.

During
the three months ended March 31, 2024, the Company identified an immaterial error related to the inclusion of balances of
accumulated other comprehensive loss representing historic translation adjustments of previously dissolved subsidiaries that
impacted the Company’s previously issued 2023 and 2022 consolidated financial statements. Management evaluated the effect of
the error on the 2022, 2023, and 2024 consolidated financial statements and concluded that the error was not material. As a result,
in the three months ended March 31, 2024, the Company recorded an out-of-period adjustment to increase the loss on
deconsolidation of subsidiaries and decrease accumulated other comprehensive loss, each by approximately $75.1 75,138
thousand.

Restatement of Previously Issued Financial Statements

Subsequent to the filing of the Company’s quarterly report on Form 10-Q for the three months ended March 31, 2024, the Company identified an error relating to the accounting treatment of an indemnification asset in the Company’s previously issued unaudited condensed consolidated financial statements included in the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2024 (the “Affected Period”). As a result, the Company filed an amended and restated quarterly report on Form 10-Q for the quarter ended March 31, 2024 to correct the error in the Affected Period by adjusting the following information for the three months ended March 31, 2024: (i) removing the previously recorded indemnification asset and