Company: BGLC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008343
Chunk: 17

Company: BioNexus Gene Lab Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollar (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the subsidiaries maintain their books and records in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the subsidiaries operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement,” using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective period and year:   September 30,  December 31,   2025  2024 Period ended September 30, 2025 /Year-ended December 31, 2024 US$1: MYR exchange rate  4.2080   4.4755     January 1,  January 1,   2025  2024   to September 30,  to September 30,   2025  2024 9 months average US$1: MYR exchange rate  4.3249   4.6327   ·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.

 14Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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