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

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 March 31,  to March 31,   2025  2024 3 months average US$1: MYR exchange rate  4.4495   4.7240  ·Related parties  Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 13Table 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)

☐Fair value of financial instruments The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a six-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ☐ Level 1 : Observable inputs such as quoted prices in active markets;  ☐ Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and  ☐ Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions  The carrying value of the Company’s financial instruments: cash and bank balances, fixed deposits placed with financial institutions, trade receivable, other receivables, deposits, trade payables, other payables and accrued liabilities, advance payment from customers and amount owing to directors approximate at their fair values because of the short-term nature of these financial instruments As of March 31, 2025 and December 31, 2024, respectively, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. ☐Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, considers the applicability and impact