Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 442

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 15
Chunk 442
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 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.

 F-23Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023 

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

(Audited)

NOTE 10 – RELATED PARTY TRANSACTIONS The following table provides details of the total revenue earned and expenses incurred from all related party transactions:    For the year ended    December 31,  December 31,   2024  2023 Entities in which certain directors of a subsidiary have substantial financial interests      Sales of goods $112,556  $106,919 Purchases $(297,736) $(184,433)Rental of factory $(1,969) $-  The balances related to the above transactions with related parties are as disclosed in the Consolidated Balance Sheets which are interest-free, unsecured and subject to normal credit terms. 

NOTE 11 – CONCENTRATION OF RISKS a) Major customers There are no major customers who accounted for 10% or more of the Company’s revenue for the financial year ended December 31, 2024 and December 2023. b) Major suppliers For year ended December 31, 2024 and 2023, the suppliers who accounted for 10% or more of the Company’s cost of sales and their balances at year ended are presented as follows:   2024  2023  2024  2023  2024  2023   Purchase  Percentage of purchases  Accounts payable trade Vendor A $1,635,124  $1,439,569   19.89%  17.05% $512,811  $354,170 Vendor B $1,321,889  $1,224,113   16.08%