Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 49

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 49
---
 financial reporting and internal control structure. The Company is addressing these matters through comprehensive oversight, led by the audit committee, to ensure transparency, accuracy, and compliance in all reported information. These efforts aim to reinforce the integrity of our financial reporting and provide shareholders with reliable information on the Company’s operational and financial performance.

(g) Reverse Stock Split

On March 19, 2025, the "Company held a Special Meeting of Shareholders (the "Meeting") to approve a reverse stock split of the Company’s outstanding shares of common stock, with a ratio ranging from one-for-five (1:5) to one-for-ten (1:10), with the exact ratio to be set at the discretion of the Board of Directors. After a quorum was established, the shareholders approved the Reverse Stock Split. Thereafter, on that same date,  the Board of Directors set the reverse stock split ratio at 1 for 10. The Reverse Stock Split became effective on April 7, 2025.

 35Table of Contents

Results of Operations

Exchange Rates

Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective period and year:

  June 30,  December 31,   2025  2024 Period ended June 30, 2025 /Year-ended December 31, 2024 US$1: MYR exchange rate  4.2125   4.4755 

  January 1,  January 1,   2025  2024   to June 30,  to June 30,   2025  2024 6 months average US$1: MYR exchange rate  4.3772   4.7279 

Results of Operations for the three and six months ended June 30, 2025 compared to the three and six months  ended June 30, 2024 (unaudited).

The following table sets forth key selected financial data for the three months and six months ended June 30, 2025 and 2024. 

Consolidated 

  Three months ended  Six months ended   June 30,  June 30,   2025  2024  2025  2024              REVENUE $2,260,253  $1,974,564