Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 12

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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urrency expressed in United States Dollars (“US$”)) 

(Unaudited)

·Investments in equity securities  The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASC 321, Investments—Equity Securities. Equity securities with readily determinable fair values are measured at fair value, with changes in fair value recognized in net income. These investments are classified within “Investments in equity securities” on the consolidated balance sheets, and unrealized gains and losses are included in “Other income (expense), net” in the consolidated statement of operations and comprehensive income/(loss). For equity securities without readily determinable fair values, the Company may elect the practicability exception to measure such investments at cost, less impairment, if any, plus or minus observable price changes in orderly transactions for the identical or a similar investment of the same issuer. These securities are evaluated at each reporting period for impairment or observable price changes. Realized gains and losses on sales of equity securities are determined based on the specific identification method and are also recorded in net income. ·Impairment of long-lived assets  Long-lived assets primarily include goodwill, intangible assets and property, plant and equipment. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets,” the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as a significant, sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented. ·Revenue recognition  Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils its obligations under each of its agreements: ·identify the contract with a customer;  ·identify the performance obligations in the contract;  ·determine the transaction price;  ·allocate the transaction price to performance obligations in