Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 2152

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 13
Chunk 2152
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In December 2023, the FASB issued ASU No. 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The guidance is effective for the Company’s fiscal year ending December 31, 2025. The guidance does not affect recognition or measurement in the Company’s consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05: Financial Instruments-Credit Losses which amends topic 326. Specifically, the ASU provides a practical expedient whereby an entity can assume that current conditions as of the balance sheet date will not change for the remaining life of the asset (e.g., the account receivable). This guidance is effective for the Company’s fiscal year ending December 31, 2026 and can be adopted early. The Company is in the process of evaluating the effects of this guidance on its 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.

    F-19

Note 4 – Revenue from Contracts with Customers

Disaggregated Revenue

The Company provided listing sponsorship and consulting services to growth-stage private companies, diagnostic test products and laboratory services to hospitals, clinical laboratories and other healthcare providing customers, and entered into collaboration agreements with government agencies, non-governmental organizations, and healthcare providers. The revenues by type of service consist of the following:

    Schedule of revenues by type of service

    Years Ended December 31,

    2024

    2023

    Product sales
     
    $
    169,373

    $
    2,400,053

    Laboratory services

    26,776

    153,719

    Listing sponsorship services

    5,000,000

    -

    Collaboration revenue

    -

    864,548

    Total revenue
     
    $
    5,196,149

    $
    3,418,320

Revenues by geography are as follows:

    Schedule of revenues by geography

    Years Ended December 31,

    2024

    2023

    Domestic