Company: OPGN
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008771
Chunk: 60

Company: OPGEN INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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 the FASB issued ASU 2025-06,
which amends the guidance on ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software. Specifically, the ASU modernized the
recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and
introducing a more judgment-based approach. The guidance is effective for the Company’s fiscal year ending December 31, 2028 and
can be adopted early. The Company is in the process of evaluating the effects of this guidance on its condensed consolidated financial
statements.

In September 2025, the FASB issued ASU 2025-07,
which, among other things, provides scope clarification for share-based noncash consideration from a customer in a revenue contract. Specifically,
the ASU clarifies that share-based payments from customers in exchange for the transfer of goods or services should be accounted for as
noncash consideration within the scope of ASC 606 as opposed to as a derivative pursuant to ASC 815 or as an equity security pursuant
to ASC 321. This guidance is effective for the Company’s fiscal year ending December 31, 2027 and can be adopted early. The Company
is in the process of evaluating the effects of this guidance on its condensed consolidated financial statements.

The Company has evaluated all other issued and unadopted ASUs and believes the adoption of these standards will not have a material impact on its results of operations, financial position or cash flows.

Note 4 – Revenue from contracts with customers

Disaggregated revenue

The Company provides listing sponsorship and consulting services to growth-stage private companies and, prior to its repositioning, the Company provided diagnostic test products and laboratory services to hospitals, clinical laboratories and other healthcare providing customers. The revenues by type of service consist of the following:

    Schedule of revenues by type of service

    Three Months Ended 
June 30,

    Six Months
    Ended June 30,

    2025

    2024

    2025

    2024

    Product sales
     
    $
    -

    $
    28,000

    $
    -

    $
    169,373

    Laboratory services

    -

    -

    -

    26,776

    Listing sponsorship services

    4,000,000

    -

    4,000,000

    -

    Total revenue
     
    $
    4,000,000