Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 67

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 67
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 of approximately 82% from the prior period due to reduced cost of revenue for the current period.

Other Income. For the quarterly period ended March 31, 2025, we had of $91,420 as compared to of $201,847 for the quarterly period ended March 31, 2024, a decrease of approximately 54.7%.

Chemrex contributed $67,525 (73.9%) of total other income for the current quarter ended March 31, 2025 as compared to $163,153 (80.8%) of the total other income for the quarter ended March 31, 2024. This represents a decrease of approximately 58.61%. The decline in other income for the current period was primarily due to lower bank interest earnings, a decrease in fair value gains on investments in equity securities, a slight reduction in dividends received from investments, the absence of gains on disposal of equity securities of $6,181, and decrease in reversal of expected credit losses of $31,752 which occurred during same period in the prior year.

MRNA Scientific contributed $23,895 (26.1%) of total other income for the current quarter ended March 31, 2025 as compared to $38,694 (19.2%) of the other income for the quarter ended March 31, 2024. This represents a decline of approximately 38.2%. The decrease was mainly driven by a drop in USD interest rates, which led to lower interest income from fixed deposits. Furthermore, unlike the prior year, there were no foreign exchange gains recognized from foreign currency accounts held in Malaysia during the current quarter.

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Operating Expenses. For the quarter ended March 31, 2025, total operating expenses amounted to $1,053,331, representing an increase of approximately 63.3% compared to $645,906 for the quarter ended March 31, 2024. This increase was primarily attributed by higher sales and marketing, general and administrative, and research and development expenses, partially offset by a decrease in the provision for expected credit losses. The breakdown is as follows:

Sales and Marketing Expenses increased significantly to $540,695 for current quarter ended March 31, 2025, compared to $153,871 in quarter ended March 31, 2024, an increase of 251.4%. This increase was primarily attributable to higher spending at the Chemrex subsidiary. The details by entity are as follows: 

Chemrex incurred $508