Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 577

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 577
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54,982)General and administrative  (1,973,968)  (2,442,855)Provision for expected credit losses   (883,533)  (1,314,427)TOTAL OPERATING EXPENSES  (4,935,696)  (4,409,122)         LOSS FROM OPERATIONS  (1,573,702)  (2,593,588)         FINANCE COSTS  (21,146)  (13,929)         LOSS BEFORE TAX  (1,594,848)  (2,607,517)         Tax expense:        Deferred tax  12,305   17,359 Income tax  (15,799)  (38,885)Tax expense  (3,494)  (21,526)         NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS  $(1,598,342) $(2,629,043)         Other comprehensive income/(loss):        Foreign currency translation gain/(loss)  122,294   (268,232)         COMPREHENSIVE LOSS $(1,476,048) $(2,897,275)

 39Table of Contents

Revenues. For the year ended December 31, 2024, we had revenues of $9,510,646 as compared to revenues of $9,770,806 for the year ended December 31, 2023, a decrease of approximately 2.7%. The 2024 revenue decrease was due to increased competition in the market, reduced selling price for resin and fiberglass mats and the lack of new projects in the Malaysian market.

Cost of Revenues. For the year ended December 31, 2024, we had cost of revenues of $8,221,125 as compared to cost of revenues of $8,441,308 for the year ended December 31, 2023, a decrease of approximately 2.6% due to lower sales caused by the above reasons.

Other Income. For the year ended December 31, 2024, we had other income of $2,072,473 as compared to other income of $486,036 for the year ended December 31, 2023, an increase of 326.4% for current year. The increase in other income for the current annual