Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 198

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 198
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 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 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, generally with option to renew the lease after that date. 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 December 31, 2024 and 2023 operating lease right-of-use assets as follows:      As of   December 31,  December 31,  2024  2023 Balance as of December 31, 2023 $141,544  $55,730 Add: Addition of right-of-use assets (1)  145,736   113,279 Less: amortization (2)  (48,983)  (25,038)Less: lease termination (3)  (25,093)  - Foreign translation differences  2,039   (2,427)Balance as of December 31, 2024 $215,243  $141,544                    As of December 31, 2024 and 2023 operating lease liabilities as follows:    As of   December 31,  December 31,   2024  2023 Balance as of beginning of the year $133,395  $56,775 Add: addition of lease liabilities (1)  145,736   113,279 Less: gross repayment  (56,598)  (39,798)Add: imputed interest (4)  11,795