Company: OPGN
Filing Date: 2025-10-01
Form Type: 10-Q
Source: 0001829126-25-007819
Chunk: 35

Company: OPGEN INC
Filing Date: 2025-10-01
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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    Interest and other income
     
    $
    117,845

    $
    10

    Interest expense

    (3,238
    )

    -

    Gain on impairment adjustment

    -

    2,079,575

    Change in fair value of EIB loan guaranty

    -

    (46,584
    )
  
    Foreign currency transaction gains

    106

    281

    Total other income
     
    $
    114,713

    $
    2,033,282

Our total other income for the three months ended March 31, 2025 decreased to $0.1 million from $2.0 million in the same period in 2024 primarily due to the Company’s recording of a gain on impairment adjustment of $2.1 million in March 2024 following the Company’s identification of a subtenant for its Rockville, Maryland office.

Liquidity and Capital Resources

As of March 31, 2025, we had cash and cash equivalents of $1.1 million compared to $1.3 million at December 31, 2024. Historically, we have funded our operations primarily through external investor financing arrangements and strategic actions taken by us.

The following financing transactions generating gross proceeds of $5.0 million took place during 2024:

    ●
    In March 2024, we entered into a securities purchase agreement with David E. Lazar, pursuant to which we agreed to sell 3,000,000 shares of Series E Convertible Preferred Stock to Mr. Lazar at a price of $1.00 per share for aggregate gross proceeds of $3.0 million. Pursuant to the agreement, Mr. Lazar paid a total of $550,000 in exchange for 550,000 shares of Series E Preferred Stock. In July 2024, Mr. Lazar consummated a transaction pursuant to which he sold the 550,000 shares of Series E Preferred Stock together with his rights to purchase the additional 2,450,000 shares of Series E Preferred Stock under the March 2024 Purchase Agreement to AEI Capital Ltd. Subsequently, AEI Capital Ltd. paid the Company $2.45 million in August 2024 in exchange for the remaining 2,450,000 shares of Series E Preferred Stock under the terms of the March 2024 Purchase Agreement. 

    ●
    In August 2024, we entered