Company: OPGN
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001829126-25-009312
Chunk: 50

Company: OPGEN INC
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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 to be cash equivalents. The Company has cash and cash equivalents deposited in financial institutions in which the balances occasionally exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000. The Company also holds a portion of its cash and cash equivalents in accounts with foreign financial institutions that are not federally insured. While the Company has not experienced any losses related to its cash concentrations, the Company may be subject to risks relating to its cash held in U.S. financial institutions in excess of the FDIC limit or in financial institutions that are not FDIC-insured.

At September 30, 2025 and December 31, 2024, the Company had funds totaling $302,262 which are required as collateral for letters of credit benefiting its landlord and a technology vendor. These funds are reflected in restricted cash on the accompanying unaudited condensed consolidated balance sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:

    Schedule of reconciliation of cash, cash equivalents and restricted cash

    September 30, 2025

    December 31, 2024

    September 30, 2024

    December 31, 2023

    Cash and cash equivalents
     
    $
    414,211

    $
    1,310,653

    $
    1,633,166

    $
    1,151,823

    Restricted cash

    302,262

    302,262

    302,262

    302,262

    Total cash and cash equivalents and restricted cash in the condensed consolidated statements of cash flows
     
    $
    716,473

    $
    1,612,915

    $
    1,935,428

    $
    1,454,085

Accounts receivable and Credit concentration

The Company’s accounts receivable result from revenues earned but not yet collected from customers. Credit is extended based on an evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within 30 to 90 days and are stated at amounts due from customers. The Company evaluates if an allowance is necessary by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history and the customer’s current ability to pay its obligation. If amounts become uncollect