Company: BGLC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008343
Chunk: 20

Company: BioNexus Gene Lab Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 consolidated financial statements and related disclosures. The Company does not expect that any other recently issued accounting pronouncements will have a significant effect on its consolidated financial statements. 

NOTE 3 - TRADE RECEIVABLES The Company’s trade receivables represent amounts due from customers that are unrelated parties and related parties of $25,760 and $47,272 respectively for September 30, 2025, and December 31, 2024. Trade receivables are initially recognized at the invoiced amount and subsequently measured at amortized cost, net of an allowance for expected credit losses. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Trade receivables are written off when they are determined to be uncollectible, and all reasonable collection efforts have been exhausted. As of September 30, 2025, the Company performed an analysis of all outstanding trade receivables in accordance with the expected credit loss model under ASC 326. The Company considered historical collection trends, aging of balances, customer credit profiles, and current and forecasted economic conditions in estimating the allowance. The Company’s standard credit terms range from 30 to 90 days. Certain receivables are interest-bearing. Specifically, one customer was charged with interest at 6% per annum from May 2021 to June 2023. From July 2023 onwards, the Company increased its interest rate to 8.4%.    As of   September 30,  December 31,   2025  2024        Trade receivables  2,193,935   1,894,448 Allowances for expected credit losses   (671,777 )  (517,877 )Total trade receivables, net $1,522,158  $1,376,571  Movement for trade receivables allowance for impairment accounts:   As of   September 30,  December 31,   2025  2024        At January 1, 2025 and January 1, 2024  517,877   1,307,508 Charge for the period/year        Allowances for expected credit losses   215,942   883,533 Recovered for expected credit losses   (94,912 )  (1,689,412 )Foreign translation differences        32,870   16,248