Company: OPGN
Filing Date: 2025-10-01
Form Type: 10-Q
Source: 0001829126-25-007819
Chunk: 12

Company: OPGEN INC
Filing Date: 2025-10-01
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 2025

    December 31, 2024

    March 31, 2024

    December 31, 2023

    Cash and cash equivalents
     
    $
    1,112,781

    $
    1,310,653

    $
    267,493

    $
    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
     
    $
    1,415,043

    $
    1,612,915

    $
    569,755

    $
    1,454,085

Accounts receivable

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 uncollectible, they are charged to operations when that determination is made. The Company concluded no allowance was necessary as of March 31, 2025 and December 31, 2024.

    9

At March 31, 2025, the Company had accounts
receivable from one customer that individually represented 94%
of total accounts receivable. At December 31, 2024, the Company had accounts receivable from one customer that individually
represented 93%
of total accounts receivable. The Company did not earn revenues during the three months ended March 31, 2025. For the three months
ended March 31, 2024, revenue earned from two customers represented 56%
and 11% of total revenues.

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 its listing sponsorship and consulting services and completed the first performance obligation within its agreement with a client, generating proceeds of $5.0 million in the client’s equity (see Note 5). The Company has elected to account for