Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 65

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 of $(31,227), partially offset by dividend income of $17,560.

By comparison, during the same period last year, the Company had net cash of $66,960 generated from investment activities from proceeds from disposal of share investments of $297,678, refund from settlement of supplier contract dispute at $77,201 and dividend income of $20,827, partially offset by acquisition of share investment of $(264,768), a change in fixed deposits placed for more than three months of $(40,200) and purchase of plant and equipment of $(23,778).  

Financing Activities

During the six months ended June 30, 2025, the Company had net cash of $(1,890) used in financing activities. This was primarily due to a loan repayment of $(1,385) to a director and payment of $(505) related to the rounding down of 169.30 fractional shares resulting from a 10-to-1 reverse stock split at a price of $2.98 per share. 

By comparison, during the same period in the previous year, the Company had net cash of $202,344 generated from financing activities for advances from directors  

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this item.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of June 30, 2025, the Company carried out an evaluation under the supervision and with the participation of its Chief Executive Officer and Chief Financial Officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended.

Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective as of the end of the period covered by this report due to the reasons  noted below with respect to our wholly owned subsidiary, Chemrex Corporation Sdn. Bhd.

Management’s Report on Internal Control over Financial Reporting

The Company is not required to provide an attestation report from its registered public accounting firm pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 as it qualifies as a smaller reporting company.

Management is responsible for establishing