Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 659

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 659
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          COST OF REVENUE (including $297,736 and $184,433 of cost of revenue from related parties for the years ended December 31, 2024 and 2023, respectively)  (8,221,125)  (8,441,308)         GROSS PROFIT  1,289,521   1,329,498          OTHER INCOME  2,072,473   486,036          OPERATING EXPENSES        Sales and marketing  (2,030,684)  (596,858)Research and development  (47,511)  (54,982)General and administrative  (1,973,968)  (2,442,855)Provision for expected credit losses   (883,533)  (1,314,427)TOTAL OPERATING EXPENSES  (4,935,696)  (4,409,122)         LOSS FROM OPERATIONS  (1,573,702)  (2,593,588)         FINANCE COSTS  (21,146)  (13,929)         LOSS BEFORE TAX  (1,594,848)  (2,607,517)         Tax expense:        Deferred tax  12,305   17,359 Income tax  (15,799)  (38,885)Tax expense  (3,494)  (21,526)         NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS  $(1,598,342) $(2,629,043)         Other comprehensive income/(loss):        Foreign currency translation gain/(loss)  122,294   (268,232)         COMPREHENSIVE LOSS $(1,476,048) $(2,897,275)

 39Table of Contents

Revenues. For the year ended December 31, 2024, we had revenues of $9,510,646 as compared to revenues of $9,770,806 for the year ended December 31, 2023, a decrease of approximately 2.7%. The 2024 revenue decrease was due to increased competition in the market, reduced selling price for resin and fiberglass mats and the lack of new projects in the Malaysian market