Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 251

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 1A
Chunk 251
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 one customer which individually represented 93% of total accounts receivable. At December 31, 2023, the Company had accounts receivable from three customers which individually represented 39%, 26%, and 10% of total accounts receivable, respectively. For the year ended December 31, 2024, revenue earned from the one customer represented 96% of total revenues. For the year ended December 31, 2023, revenue earned from three customers represented 24%, 19%, and 13% of total revenues, respectively.

At December 31, 2022, the Company had accounts receivable totaling $514,372.

Investments in equity securities

The Company currently has a single investment in equity securities issued by a privately held entity. In the fourth quarter of 2024, CapForce performed part of the listing sponsorship and consulting services and completed the first performance obligation within the Engagement Agreement with the Client, generating proceeds of $5.0 million in the Client’s equity (see Note 5). The Company has elected to account for this investment using the measurement alternative as the investment does not have a readily determinable fair value. Pursuant to this alternative, the investment will be carried at its estimated fair value calculated as its cost minus any impairment. The Company will adjust the investment to fair value only when it identifies observable price changes in orderly transactions for identical or similar investments of the same issuer. The Company will evaluate the investment at each reporting period to determine whether the investment is impaired.

Inventory

Inventories are valued using the first-in, first-out method and stated at the lower of cost or net realizable value and consist of the following:

    Schedule of inventories

    December 31,

    2024

    2023

    Finished goods
     
    $
    1,225,975

    $
    1,280,805

    Total, gross

    1,225,975

    1,280,805

    Less inventory reserve

    (1,225,975
    )

    (1,280,805
    )
  
    Total, net of inventory reserve
     
    $
    -

    $
    -

Inventory is entirely made up of Unyvero system instruments and components.

The Company periodically reviews inventory quantities on hand and analyzes the provision for excess and obsolete inventory based primarily on product expiration dating and its estimated sales forecast, which is based on sales history and anticipated future demand. The Company’s estimates of future