Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 19

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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ible expenses. 

 16Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 

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

(Unaudited)

NOTE 5 – OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES The Company has operating lease arrangements for office space, lab, and motor vehicles in Malaysia with a term between two and five years. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments are discounted with rates ranging from 6.40% to 6.65% per annum. These rates are reference from base rate of Malayan Banking Berhad, the largest bank in Malaysia. As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets as follows:   As of    March 31,  December 31,   2025  2024 Balance as of beginning of the period/year $215,243  $141,544 Add: Addition of right of use assets (1)  -   145,736 Less: amortization (2)  (13,379)  (48,983)Less: lease termination (3)  -   (25,093)Foreign translation differences  2,059   2,039 Balance as of end of the period/year $203,923  $215,243  As of March 31, 2025 and December 31, 2024, operating lease liabilities as follows:   As of    March 31,  December 31,   2025  2024 Balance as of beginning of the period/year $210,557  $133,395 Add: addition of lease liabilities (1)  -   145,736 Less: gross repayment  (15,827)  (56,598)Add: imputed interest (4