Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 427

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 1C
Chunk 427
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 asset: impairment of right-of-use asset for the year ended December 31, 2023 represents the impairment of the Company’s right-of-use lease asset at its Rockville, MD office; and 

    ●
    Impairment of property and equipment: impairment of property and equipment for the year ended December 31, 2023 represents the impairment of the Company’s property and equipment at its Rockville, MD office. 

Other income (expense)

    Years Ended December 31,

    2024

    2023

    Interest and other income
     
    $
    371,444

    $
    142,488

    Interest expense

    (7,555
    )

    (1,838,933
    )
  
    Gain on extinguishment of debt

    9,738,487

    -

    Gain on impairment adjustment

    2,079,575

    -

    Gain on settlement of compensation expenses

    570,785

    -

    Change in fair value of EIB loan guaranty

    (908,586
    )

    -

    Foreign currency transaction gains (losses)

    575

    (289,306
    )
  
    Change in fair value of derivative financial instruments

    -

    65,876

    Total other income (expense)
     
    $
    11,844,725

    $
    (1,919,875
    )

The Company’s increase in total other income for the year ended December 31, 2024 compared to the same period of 2023 is primarily due to the recognition of a gain on extinguishment of debt of $9.7 million following the Company’s settlement of the EIB loan guaranty in August 2024, the 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, and the recognition of a gain on settlement of compensation expenses of $0.6 million following the Company’s settlement of deferred and accrued compensation and severance expenses with the Company’s former CEO, David E. Lazar. In addition, the Company did not recognize interest expense on the Company’s EIB liability during 2024 because, upon deconsolidation of the Company’s subsidiaries in the fourth quarter of 2023, the Company reclassified the EIB liability from a loan to a loan guaranty, which is recorded based on