Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 665

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 665
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, business entertainment, and overseas travel expenses.

Research and Development. For the year ended December 31, 2024, MRNA Scientific incurred $47,511 (100%), compared to $54,982 (100%) for the year ended December 31, 2023. This represents a decrease of $7,471, or 13.59% from the prior year. The decrease was primarily due to the absence of costs related to the BGS test, as the National Heart Institute, Malaysia (IJN) project remained on hold during the year. This was a result of ongoing repairs to the lab equipment required for the project. 

General and Administrative. For the year ended December 31, 2024, Chemrex incurred $679,321 (34.4%) of the total combined general and administrative expenses of $1,973,968, compared to $134,678 (5.5%) of the total combined general and administrative expenses of $2,442,855 for the year ended December 31, 2023. The increase of 404.4% in Chemrex's general and administrative expenses for 2024 due to staff salaries, loss on realized forex, travelling fee, cost of impairment loss on investment property and contract of services cost.

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Provision for Expected Credit Losses: For the year ended December 31, 2024, Chemrex incurred $883,533 (100%), compared to $1,314,427 (100%) for the year ended December 31, 2023. The decrease of 32.8% was due to the reduction of provisions for doubtful debts, as well as a reduction in the provision for losses allowance, which amounted to $883,533 in 2024, compared to $253,817 for doubtful debts and $1,060,610 for losses allowance in 2023.

MRNA Scientific incurred $194,038 (9.8%) of the total combined general and administrative for the year ended December 31, 2024, compared to $171,881 (7%) for the year ended December 31, 2023, representing an increase of 12.89%. The increase includes $22,157 in amortization of the right-of-use asset, depreciation of fixed assets, office utilities, loss on lease terminations, and loss arising from settlement of supplier. 

BGLC, the parent company, incurred $1,100,609 (55.8%) of total general