Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 143

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 143
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 the US “Crypto Strategic Reserve.” The Company published its “Ethereum Strategy Whitepaper” on that same date, which is available https://www.bionexusgenelab.com/ethstrategy. As part of this strategy, Company will explore Ethereum-based financial applications and innovative treasury management practices which includes external custodian evaluations and independent review of our ETH-related treasury policies. The Company also is evaluating opportunities to further integrate blockchain technology into its core technology operations. Additionally, we are assessing the potential impact of Wyoming’s stablecoin issuance framework, which could further support Ethereum’s role in the evolving digital finance landscape. Further, on March 7, 2025, we announced our strategic partnership with ML Tech to optimize the BGLC’s Ethereum-based growth strategies. ML Tech is an AI-driven wealth management platform for digital assets regulated by the National Futures Association (NFA), and is headquartered in Miami, Florida. This collaboration follows the announced Ethereum treasury strategy by BGLC, marking its commitment to technological and financial innovation.

Known Trends, Uncertainties, and Events

Looking ahead, we anticipate the following key developments will shape our operations:

 ·Full remediation of internal control deficiencies and establishment of a uniform group-level risk and compliance framework;    ·Continued expansion into digital healthcare markets, including the deployment of capital into Malaysian government co-investment projects;    ·Potential revenue acceleration through strategic alliances, mergers, or acquisitions facilitated by the Company’s investment banking advisor;    ·Active evaluation of cryptocurrency and blockchain-based financial infrastructure as a treasury diversification tool, pending completion of internal legal and compliance reviews.

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Result of Operations

Exchange Rates

Translation of amounts from RM (MYR) into US$1.00 has been made at the following exchange rates for the respective years:

  December 31,  December 31,   2024  2023        Year-end US$1.00: MYR exchange rate  4.4755   4.5900 

  January 1,  January 1,   2024 to  2023 to   December 31,  December 31,   2024  2023        Yearly average US$1.00: MYR exchange rate  4.5710   4.5658 

Results of Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023