Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 69

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 69
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 an increase of 24.09%. This overall increase was driven by higher costs across all entities, with Chemrex, MRNA Scientific, and BGLC contributing as follows:

Chemrex incurred $125,133 (31.93%) of the total combined general and administrative expenses of $391,876, compared to $130,421 (41.3%) of the total combined general and administrative expenses of $315,794 for the quarter ended March 31, 2024, a decrease of 4.05%. The reduction was primarily due to reduced losses of realised and unrealised foreign exchange during the period.

MRNA Scientific incurred $56,006 (14.29%) of the total combined general and administrative of $391,876 for the current quarter ended March 31, 2025, compared to $38,275 (12.12%) for the quarter ended March 31, 2024, representing an increase of 46.3%. The increase was mainly due to higher amortization of the right-of-use asset, increased utility expenses, legal adviser fees, staff welfare, and an unrealized foreign exchange loss amounting to $18,630. 

BGLC, the parent company, incurred $210,737 (53.78%) of total general and administrative of $391,876 for the current quarter ended March 31, 2025, compared to $147,098 (46.58%) of total general and administrative for the quarter ended March 31, 2024. This represents an increase of approximately 43.3%, in general and administrative costs for the current quarter ended March 31, 2025. The rise in expenses was largely attributable to higher directors’ fees during the current quarter

Provision for Expected Credit Losses: For the current quarter ended March 31, 2025, Chemrex incurred $40,124 (100%), compared to $120,469 (100%) for the quarter ended March 31, 2024. a reduction of 66.69%, mainly due to improved credit risk profiles and more effective receivables collection processes

Loss from Operations. We had a loss from operations of $618,418 for the quarter ended March 31, 2025 as compared to a loss of $79,028 for the quarter ended March 31, 2024, an increase of approximately 682.5% from the prior period, for the reasons discussed above.

Income tax expense. For the quarter ended March 31, 202