Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 26

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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   3,578,091   3,432,698 Maldives  139,576   99,481   320,649   326,830 Nigeria  -   26,123   -   26,123 Singapore  97,623   30,726   131,846   100,959 Sri Lanka  109,371   70,320   255,470   186,484 Myanmar  -   19,465   -   19,465 Batam  54,268   14,205   82,420   27,913 Net revenue $2,260,253  $1,974,564  $4,397,328  $4,356,415                  Timing of recognition:                 At a point in time  $2,260,253  $1,974,564  $4,397,328  $4,356,415  Revenue is derived from the sale of industrial chemicals and the provision of genomic screening services. Revenue from the sale of goods is recognized at a point in time when control of the goods is transferred to the customer. Credit terms are generally from 30 to 90 days. The Company allows returns only for exchanges with new goods. No warranties are given on the sale of goods. Revenue from services is recognized at a point in time when the final report is delivered to the customer. Credit terms for these services are generally from 30 days to 60 days. No warranties are given on the services rendered. In applying ASC 606, the Company does not exercise significant judgment in determining whether revenue from the sale of goods and services should be recognized at a point in time. The criteria for recognizing revenue at a point in time, such as the transfer of control of goods or completion of services, are clear and are based on established contract terms. Therefore, no significant judgment is required in determining the timing of revenue recognition.

 21Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 

(Currency expressed in United States Dollars (“US$”)) 

(Unaudited)

NOTE 10 – RELATED