Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 21

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 The Company has operating lease arrangements for office space, lab, and motor vehicles in Malaysia with a term between two and five years. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments are discounted with rates ranging from 6.40% to 6.65% per annum. These rates are reference from base rate of Malayan Banking Berhad, the largest bank in Malaysia. As of June 30, 2025 and December 31, 2024, operating lease right-of-use assets as follows:   As of   June 30,  December 31,   2025  2024 Balance as of beginning of the period/year $215,243  $141,544 Add: Addition of right of use assets (1)  -   145,736 Less: amortization (2)  (27,312)  (48,983)Less: lease termination (3)  -   (25,093)Foreign translation differences  12,353   2,039 Balance as of end of the period/year $200,284  $215,243  As of June 30, 2025 and December 31, 2024, operating lease liabilities as follows:   As of   June 30,  December 31,   2025  2024 Balance as of beginning of the period/year $210,557  $133,395 Add: addition of lease liabilities (1)  -   145,736 Less: gross repayment  (32,176)  (56,598)Add: imputed interest (4)  6,620   11,795 Less: lease termination (3)  -   (25,679)Foreign translation differences  12,155   1,908 Balance as of end of the year  197,156   210,557 Less: lease liability current portion  (55,809)  (50,816)Lease liability non-current portion $141,347  $159,