Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 667

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 667
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 had working capital of $5,479,146 compared with working capital of $6,415,877 as of December 31, 2023. The decrease in working capital as of December 31, 2024, from December 31, 2023, was due principally to operational losses, undertaking strategic investments, and expansion of operations in line with the Company’s overall strategic plans. 

Our primary uses of cash had been for operations and strategic investments. The main sources of cash were generated from operational revenues, the private placement of our common stock, and the proceeds of our public offering. The following trends could result in a material decrease in our liquidity over the near to long term:

•Addition of administrative and marketing personnel as the business grows,  •Increases in advertising and marketing in order to attempt to generate more revenues, and  •The cost of being a public company.

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The Company believes that cash flow from operations together will be sufficient to sustain its current level of operations for at least the next 12 months of operations.

The following is a summary of the Company’s cash flows provided by (used in) / generated from operating, investing, and financing activities for the year ended December 31, 2024, and 2023:

  Year Ended   December 31,   2024  2023        Net cash used in operating activities $(2,234,260) $(1,822,212)Net cash generated from/(used in) investing activities  418,202   (1,794,202)Net cash generated from financing activities  144,975   6,274,939 Foreign currency translation adjustment  40,339   (259,679)Net Change in Cash and Cash Equivalents $(1,630,744) $2,398,846 

Operating Activities

During the year ended December 31, 2024, the Company incurred a net loss of $(1,598,342) which, after adjusting for amortization, depreciation, dividend income, allowances for expected credit losses of $883,533, recoveries for expected credit losses of $(1,689,412), fair value gain on investments in equity securities, gain on disposal of investments, loss arising from settlement of supplier contract dispute of $29,534, impairment loss on property, an increase in inventories,  advance payment from customer, a decrease in trade and other receivables