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CFOR on OTC

OpGen (United States)

Logo: opgen.com3

OpGen (United States) is an American medical laboratories services company based in Gaithersburg.1 It was founded in 2002.1 Its shares trade on OTC under the symbol CFOR.1

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Last updated Oct 21, 2026.

Overview

2002Founded1

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  • TickerCFOR on OTC1
  • IndustryServices-Medical Laboratories1
  • HeadquartersGaithersburg1
  • Websiteopgen.com
  • Incorporated inDE4
  • Business addressUnit L33A-7, Tower A, Menara Uoa Bangsar, No. 5, Jalan Bangsar Utama 1, Kuala Lumpur, 590004
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation

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OpGen (United States) image from its website
Image: opgen.com6

Please refer to the Glossary at the end of this Business section for definitions or descriptions of industry, regulatory, and CapForce-specific terms used in this Annual Report.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

79.6%Operating margin8
78.2%Net margin8
481.2%Revenue growth, 20258
74.1%Return on equity8
-$1.2MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development0¢$6.6K
  • Other costs19¢$5.7M
  • Interest0¢$11.2K
  • Income tax3¢$813.8K
  • Profit78¢$23.6M

Out of $30.2M in revenue.8

Financial statements

Revenue91011128$30.2M in 2025+763% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $3.5M$3.5M20192020: $4.2M$4.2M2020+20%2021: $4.3M$4.3M2021+2%2022: $2.6M$2.6M2022−39%2023: $3.4M$3.4M2023+31%2024: $5.2M$5.2M2024+52%2025: $30.2M$30.2M2025+481%
Operating income9101311128$24.0M in 2025
-$40.0M-$20.0M0$20.0M$40.0M2019: -$12.3M-$12.3M20192020: -$22.7M-$22.7M2020+85%2021: -$23.3M-$23.3M2021+2%2022: -$34.6M-$34.6M2022+49%2023: -$30.7M-$30.7M2023−11%2024: $324.7K$324.7K20242025: $24.0M$24.0M2025+7300%
Net income9101311128$23.6M in 2025
-$40.0M-$20.0M0$20.0M$40.0M2019: -$12.4M-$12.4M20192020: -$26.2M-$26.2M2020+111%2021: -$34.8M-$34.8M2021+33%2022: -$37.3M-$37.3M2022+7%2023: -$32.7M-$32.7M2023−12%2024: $12.0M$12.0M20242025: $23.6M$23.6M2025+97%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Total revenue$30.2M$5.2M
Cost of products sold$31.6K
Cost of services$3.0M$1.6K
Research and development, net$6.6K$48.8K
General and administrative$3.1M$4.5M
Sales and marketing$12.4K$172.2K
Loss on deconsolidation of subsidiaries$75.1K
Total operating expenses$6.2M$4.9M
Operating income$24.0M$324.7K
Interest and other income, net$416.9K$371.4K
Interest expense-$11.2K-$7.6K
Gain on extinguishment of debt$9.7M
Gain on impairment adjustment$2.1M
Gain on settlement of compensation expenses$570.8K
Change in fair value of EIB loan guaranty-$908.6K
Foreign currency transaction gains$103$575
Total other income$405.8K$11.8M
Income before income taxes$24.4M$12.2M
Provision for income taxes-$813.8K-$176.7K
Net income$23.6M$12.0M
Net income allocated to preferred stockholders - basic-$141.3K-$636.7K
Net income available to common stockholders - basic$23.5M$11.4M
Net income allocated to preferred stockholders - diluted-$140.6K
Net income available to common stockholders - diluted$23.5M$12.0M
Basic$2.33$2.44
Diluted$2.32$2.30
Basic10.1M shares4.7M shares
Diluted10.1M shares5.2M shares
Other comprehensive income - foreign currency translation$2.3K
Comprehensive income$23.6M$12.0M

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Corporate structure

OpGen (United States) sits at the top of its group. 5 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of OpGen (United States)

  • Honjian Tan Filed SCHEDULE 13D on OpGen (United States), latest Oct 24, 2024
  • TG Investment Ltd. Filed SCHEDULE 13G/A on OpGen (United States), latest Sep 24, 2024 (2 filings since Sep 20, 2024)
  • David E. Lazar Filed SC 13D/A on OpGen (United States), latest Aug 1, 2024 (4 filings since Apr 1, 2024)
  • OpGen (United States) Gaithersburg
    • CapForce International Holdings Ltd. (“CapForce International”) Subsidiary · Malaysia
    • CapForce International Singapore Pte Ltd. (“CapForce Singapore”) Subsidiary · Singapore
    • iCapX Sdn. Bhd. (“iCapX”) Subsidiary · Malaysia
    • Sun Investment Enterprises Limited (“SIE” or the “Holding Company”) Subsidiary · British Virgin Islands

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What OpGen (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.7M8 Dec 31, 2025$2.7M8 Dec 31, 20240%
Property and equipment, net$928.5K8 Dec 31, 2025$1.1M8 Dec 31, 2024−14.0%
Operating-lease assets (leased space)$786.1K8 Dec 31, 2025$825.7K8 Dec 31, 2024−4.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$531.3K8 Dec 31, 2025$1.3M8 Dec 31, 2024−59.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$50.0K8 Dec 31, 2025$7.4M11 Dec 31, 2022−99.3%

Inventory

ItemLatestA year beforeChange
Finished goods$1.2M12 Dec 31, 2024$1.3M12 Dec 31, 2023−4.3%

Properties, in its own words

As of December 31, 2025, upon assignment of the Company’s lease at 9717 Key West Avenue, Suite 100, in Rockville, Maryland in April 2024, CapForce operates virtually in the United States. The Company’s subsidiaries, CapForce International and iCapX, are located at Unit 26-3A, Tower A, Menara UOA Bangsar, No. 5, Jalan Bangsar Utama 1, 59000 Kuala Lumpur, Malaysia; while CapForce International Singapore Pte Ltd. (“CapForce Singapore”), a personnel entity of the Company, operates virtually.

Item 2 of the 10-K filed May 26, 2026.7

Leadership

Who has led OpGen (United States), and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Oliver Schacht2020–2023
  2. David E. Lazar2024
  3. Christian-Laurent Bonte2025–now

President

  1. Kevin Krenitsky2015–2016

Chief financial officer

  1. Timothy C. Dec2015–2021

Chief operating officer

  1. Johannes Bacher2020–2023
  2. Mohd Azham Azudin2024–now
20052010201520202025
Board members and other officers (24)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerAlbert Donald Weber named Oct 12, 202245
  • DirectorWilliam E. Rhodes III named Oct 12, 202245

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CapForce International Holdings Ltd. (“CapForce International”) Malaysia5
  • CapForce International Singapore Pte Ltd. (“CapForce Singapore”) Singapore5
  • Sun Investment Enterprises Limited (“SIE” or the “Holding Company”) British Virgin Islands5
  • iCapX Sdn. Bhd. (“iCapX”) Malaysia5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • OPGEN INCJun 14, 2004 to Feb 6, 20264

Timeline

  1. Feb 27, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote46
  2. Jan 16, 20268-K Entered a material agreement; Completed an acquisition or sale47
  3. Dec 23, 20258-K Entered a material agreement; Unregistered sale of shares; Executive or director change48
  4. Dec 10, 2025New chief executive Christian-Laurent Bonte becomes CEO16
  5. Dec 5, 20258-K Executive or director change49
  6. Jul 22, 20258-K Executive or director change50
  7. May 29, 20258-K Entered a material agreement51
  8. Dec 27, 20248-K Listing notice or transfer52
  9. Dec 6, 20248-K Executive or director change53
  10. Oct 9, 20248-K Entered a material agreement; Unregistered sale of shares54
  11. Aug 22, 20248-K Entered a material agreement; Ended a material agreement; Listing notice or transfer55
  12. Aug 19, 20248-K Earlier financial statements no longer reliable56
  13. Aug 15, 20248-K Executive or director change57
  14. Apr 3, 2024New chief executive David E. Lazar becomes CEO17
  15. Apr 10, 2020New chief executive Oliver Schacht becomes CEO18
  16. 2002Founded Founded1

Calendar

When it reported results

  1. Nov 14, 2023Reported quarterly or annual results58
  2. Aug 10, 2023Reported quarterly or annual results59
  3. May 15, 2023Reported quarterly or annual results60
  4. Mar 30, 2023Reported quarterly or annual results61
  5. Jan 18, 2023Reported quarterly or annual results62
  6. Nov 10, 2022Reported quarterly or annual results63
  7. Aug 11, 2022Reported quarterly or annual results64
  8. Jul 8, 2022Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

255 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 79 major events, 65 insider forms, 7 large holders, 1 private raises, 82 other. The latest 20:

  1. Aug 19, 202610-Q EDGAR
  2. Aug 14, 2026NT 10-Q EDGAR
  3. Jul 6, 20264 EDGAR
  4. Jul 6, 20264 EDGAR
  5. Jul 6, 20264 EDGAR
  6. Jul 6, 20264 EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jun 12, 202610-Q EDGAR
  10. May 26, 202610-K EDGAR
  11. May 15, 2026NT 10-Q EDGAR
  12. Mar 31, 2026NT 10-K EDGAR
  13. Feb 27, 20268-K EDGAR
  14. Feb 6, 2026DEF 14A EDGAR
  15. Jan 26, 2026PRE 14A EDGAR
  16. Jan 16, 20268-K EDGAR
  17. Dec 23, 20258-K EDGAR
  18. Dec 10, 20253 EDGAR
  19. Dec 5, 20258-K EDGAR
  20. Nov 19, 202510-Q EDGAR

The 255 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 10 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 30, 2025AEI Capital Ltd10% ownerBuy1,000$4.79$4.8KForm 4
Aug 29, 2024AEI Capital Ltd10% ownerBuy514,138$999,998.00$514.1BForm 4
Aug 27, 2024AEI Capital Ltd10% ownerBuy564,971$999,999.00$565.0BForm 4
Aug 16, 2024AEI Capital Ltd10% ownerBuy3,600,000$2,724,490.00$9.8TForm 4
Aug 13, 2024AEI Capital Ltd10% ownerBuy566,494$428,724.00$242.9BForm 4
Aug 8, 2024AEI Capital Ltd10% ownerBuy600,000$454,082.00$272.4BForm 4
Aug 8, 2024AEI Capital Ltd10% ownerSale600,000$454,082.00$272.4BForm 4
Aug 5, 2024AEI Capital Ltd10% ownerBuy1,800,000$913,265.00$1.6TForm 4
Aug 5, 2024AEI Capital Ltd10% ownerSale1,800,000$913,265.00$1.6TForm 4
Jan 26, 2022Bacher JohannesChief Operating OfficerBuy25,000$0.85$21.2KForm 4
Nov 19, 2021Bacher JohannesChief Operating OfficerBuy10,000$1.53$15.3KForm 4
Nov 18, 2021Schacht OliverChief Executive OfficerBuy10,000$1.50$15.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Syed Johan Bin Syed Mohd37$40.0K69
2025John Tan Honjian34$25.0K$25.0K69
2025Christian-Laurent Benoit Bonte47$13.0K69
2025Mohd Azham Azudin52$12.5K$12.5K69
2024Chief Operating Officer$50.0K69
2024Chief Executive Officer$50.0K$50.0K69

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$3.4M 2022–2022
Money received by yearMoney received by year, 2022–2022: $3.4M in all. Private raises (Form D) $3.4M.$0$1M$2M$3M$4M2022 · Private raises (Form D): $3.4M2022
Figures by year
YearPrivate raises (Form D)Total
2022$3.4M$3.4M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Oct 3, 2022Raised $3.4 million in a private offering of equity45 Form D: 1 investor so far Form D

SEC filer profile

How OpGen (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCapForce Inc.2
  • CIK0001293818
  • Employer ID (EIN)06-16140157
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 312
  • Industry code (SIC)8071 Services-Medical Laboratories2
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
  • Business addressUnit L33A-7, Tower A, Menara Uoa Bangsar, No. 5, Jalan Bangsar Utama 1, Kuala Lumpur, 59000, Malaysia2
  • Mailing address23219 Stringtown Road, Suite 300, Clarksburg, MD 208712
  • Phone301-869-96832
  • Shares outstanding12,398,054 as of Aug 18, 202615
  • Public float$11.6M as of Jun 30, 20257
  • AuditorBeckles & Co., Inc, West Palm Beach, Florida PCAOB ID 7116; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceJun 14, 20042
  • Filings778 in all: 8-K (193), 4 (143), 3 (39), 10-Q (35), CORRESP (30), 424B3 (26), DEFA14A (26), UPLOAD (25)2
    All 55 form types

    424B5 (20), EFFECT (20), S-1/A (17), D (16), SC 13D/A (16), DEF 14A (15), 10-K (11), 425 (11), S-8 (11), PRE 14A (10), SC 13G (9), 8-K/A (8), NT 10-Q (8), S-1 (8), S-3 (8), SC 13G/A (7), SC 13D (6), 4/A (5), D/A (5), POS AM (5), 424B4 (4), CT ORDER (3), FWP (3), NT 10-K (3), S-4/A (3), 25-NSE (2), 5 (2), DRS/A (2), DRSLTR (2), REGDEX (2), S-3/A (2), SEC STAFF LETTER (2), 10-Q/A (1), 8-A12B (1), AW (1), CERTNAS (1), DEF 14C (1), DRS (1), POS EX (1), PRE 14C (1), RW (1), S-1MEF (1), S-4 (1), SC 14F1 (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) May 26, 2026
    Quarterly report (10-Q) Aug 19, 2026
    Proxy statement (DEF 14A) Feb 6, 2026
    Latest 8-K (8-K) Feb 27, 2026

Securities registered for trading

ClassSymbolExchange
Common StockCFOR

From the cover page of the 10-K filed May 26, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks OpGen (United States) names in Item 1A of its 10-K filed May 26, 2026: 26 risks under these headings, as written.7

  • Risks Related to Our Business
  • We are a new entrant in our industry and have limited operating experience, which may limit our ability to execute effectively.
  • If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected.
  • Our operations within the securities and capital markets ecosystem subject us to complex and evolving regulatory requirements that could materially adversely affect our business.
  • Our operations in Malaysia and our personnel in Singapore subject us to economic, political, and regulatory risks that could adversely affect our business.
  • Global economic and geopolitical conditions could adversely affect our business and the capital markets environment in which we operate.
  • We may not realize the anticipated benefits of our acquisition of iCapX, and integration and development of the platform may present challenges.
  • Our reliance on data and advanced computational model-enabled analytics presents risks related to data quality, regulatory oversight, and performance.
  • We may pursue joint ventures or strategic partnerships in the future, which could involve risks that adversely affect our business.
  • We have a history of losses and uncertain future profitability due to business repositioning.
  • We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain, motivate or integrate our personnel, our business, financial condition and results of operations could be adversely affected.
  • We rely, in part, on consultants and personnel affiliated with our controlling stockholder, which may present operational and other risks.
The other 15 risks
  • Our concentration of revenues from one client contract may have a material adverse effect on our financial condition and results of operations.
  • There is a concentration of ownership of our common stock by AEI Capital Ltd., or AEI, and AEI may exert substantial influence over the Company’s business, and the interest of AEI may conflict with those interests of other stockholders.
  • Security breaches, loss of data and other disruptions could compromise sensitive information related to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
  • Systems failures and resulting interruptions in the availability of our platform or offerings could adversely affect our business, financial condition and results of operations.
  • The successful operation of our business depends upon the performance and reliability of the Internet, mobile, and other infrastructures that are not under our control.
  • We are subject to risks with respect to counterparties, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.
  • Risks Related to Our Securities and Public Company Status
  • If we are unable to maintain effective internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our reported financial information and the market price of our common stock may be negatively affected.
  • The market price of our common stock and the trading volume of our common stock has been, and may continue to be, highly volatile, and such volatility could cause the market price of our common stock to decrease.
  • There is presently no active market for our common stock, which is currently on the OTC Expert Market, which may make it difficult for investors to buy or sell our stock.
  • The market price of our Common Stock is likely to be highly volatile and you could lose all or part of your investment in our securities.
  • Financial Industry Regulatory Authority (“FINRA”) sales practice requirements may also limit a stockholder’s ability to buy and sell our shares of common stock, which could depress the price of our shares of common stock.
  • The exercise of outstanding common stock purchase warrants and stock options will have a dilutive effect on the percentage ownership of our capital stock by existing stockholders.
  • We have never paid dividends on our capital stock. While we may consider the payment of dividends in the future, we do not currently have any declared dividend policy and any such determination will be made at the discretion of our Board of Directors.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
  • We may be subject to litigation or government investigations for a variety of claims, which could adversely affect our operating results, harm our reputation, or otherwise negatively impact our business.

Legal proceedings

From time to time, we may be a party to litigation or subject to claims incident to the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we do not believe we are party to any claim or litigation; the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.7

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