Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 70

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 70
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 FINANCIAL STATEMENTS 

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023 

(Currency expressed in United States Dollars (“US$”)) 

(Audited)

NOTE 8 – TRADE PAYABLES Trade payables are amounts billed to the Company by suppliers for goods and services in the ordinary course of business. All amounts have short-term repayment terms and vary by supplier.

NOTE 9 – REVENUE  The following table shows disaggregated net revenue from contracts with customers by product or service line and geographic area for the year ended December 31, 2024 and 2023:     For the year ended    December 31,  December 31,   2024  2023 Revenue by product or service line:      Trading of industrial chemicals  9,494,577   9,746,587 Screening services and related sales  16,069   24,219  Net revenue  $9,510,646  $9,770,806          Revenue by geographic area        Bangladesh   123,267    538,062 Indonesia   138,300    - Malaysia   7,455,906    8,222,055 Maldives   762,144    637,186 Nigeria   -    42,073 Singapore   572,027    244,404 Sri Lanka   459,002    87,026 Net revenue $  9,510,646 $  9,770,806          Timing of recognition:         At a point in time  $9,510,646  $9,770,806  Revenue is derived from the sale of industrial chemicals and the provision of genomic screening services. Revenue from the sale of goods is recognized at a point in time when control of the goods is transferred to the customer. Credit terms are generally from 30 to 90 days. The Company allows returns only for exchanges with new goods. No warranties are given on the sale of goods. Revenue from services is recognized at a point in time when the final report is delivered to the customer. Credit terms for these services are generally from 30 days to 60 days. No warranties are given on the services rendered. In applying ASC 606, the Company does not exercise