Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 94

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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 of the total), compared to $100,433 (100% of the total) for the same period in the previous year. The increase of 19.0%, was primarily due to unfavorable market conditions affecting the valuation of certain equity holdings during the period.

Provision for Expected Credit Losses: For the current six month period ended June 30, 2025, Chemrex incurred $40,124 (100% of the total), compared to $120,469 (100% of the total) for the same period in the previous year. This represents a reduction of 66.69%, mainly due to improved credit risk profiles and more effective receivables collection processes.

(Loss)/Profit from Operations. We had a loss from operations of $1,229,711 for the current six month period ended June 30, 2025 as compared to profit of $180,140 for the same period in the previous year. The losses incurred were mainly due to the reasons discussed above.

Income tax expense. For the current six month period ended June 30, 2025, we had no tax provision as compared to the same period in the previous year in which Chemrex has made a tax provision of $75,652.

Foreign currency translation gain/(loss). We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the current six-month period ended June 30, 2025, we experienced a foreign currency gain of $439,237 as compared to a foreign currency loss of $207,445 for the same period in the previous year.

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LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2025, we had working capital of $4,621,505 compared with working capital of $5,479,146 as of December 31,2024. The decrease in working capital was due principally to operational losses, undertaking strategic investments, and expansion of operations in line with the Company’s overall strategic plans.

Our primary uses of cash had been for operations and strategic investments. The main sources of cash were generated from operational revenues, the private placement of our common stock, and the proceeds of our public offering. The following trends could result in a material decrease in our liquidity over the near to long term:

 ·Addition of administrative and marketing personnel as the