Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 2068

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 12
Chunk 2068
---
 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 product demand may not be accurate, and it may understate or overstate the provision required for excess and obsolete inventory. Accordingly, any significant unanticipated changes in demand could have a significant impact on the value of the Company’s inventory and results of operations. Based on the Company’s assumptions and estimates, inventory reserves for obsolescence, expirations, and slow-moving inventory were $1,225,975 and $1,280,805 at December 31, 2024 and December 31, 2023, respectively. Due to the insolvency proceedings and deconsolidation of the Company’s subsidiaries, the Company reserved for the full value of its inventory at December 31, 2024 and 2023 given the uncertainty surrounding the net realizable value and future demand for the Company’s products.

    F-14

Long-lived assets

Property and equipment

Property and equipment is stated at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets. The estimated service lives range from three to ten years. Depreciation expense for property and equipment was $151,057 and $584,230 for the years ended December 31, 2024 and 2023, respectively. Property and equipment consisted of the following at December 31, 2024 and 2023:

    Schedule of property and equipment

    December 31,

    2024

    2023

    Laboratory and manufacturing equipment
     
    $
    614,036

    $
    614,036

    Office furniture and equipment

    207,164

    207,164

    Computers and network equipment

    245,983

    245,983