Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 374

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 1B
Chunk 374
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 accordance with accounting principles generally accepted in the United States of America
(“GAAP”). The consolidated financial statements consolidate the operations of all controlled subsidiaries; all
intercompany activity is eliminated. The consolidated financial statements for the year ended December 31, 2023 include the income
statement activity for Curetis and Ares Genetics, the Company’s former subsidiaries, prior to their deconsolidation. The
consolidated financial statements for the year ended December 31, 2024 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 current period consolidated financial statements and concluded 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.

    F-11

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 2023, 2022, and current
period consolidated financial statements and concluded 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 Prior Period Financial Statements

Subsequent to the filing of the Company’s Quarterly Report on Form 10-Q for the quarterly period 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