Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 51

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 as compared to tax expenses of $20,068 for the quarter ended March 31, 2024 for Chemrex. 

Foreign currency exchange gain/(loss). We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the three-month period ended March 31, 2025, we experienced a foreign currency gain of $72,159 as compared with a foreign currency loss of $209,908 for the three-month period ended March 31, 2024.

 35Table of Contents

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2025, we had working capital of $4,982,026 compared with working capital of $6,415,877 as of December 31, 2024. The decrease in working capital as of March 31,2025, from December 31,2024, was due principally to operational losses, undertaking strategic investments, and expansion of operations in line with the Company’s overall strategic plans.

Our primary uses of cash had been for operations and strategic investments. The main sources of cash were generated from operational revenues, the private placement of our common stock, and the proceeds of our public offering. The following trends could result in a material decrease in our liquidity over the near to long term:

 ·Addition of administrative and marketing personnel as the business grows, ·Increases in advertising and marketing in order to attempt to generate more revenues, and ·The cost of being a public company.

The Company believes that cash flow from operations together will be sufficient to sustain its current level of operations for at least the next 12 months of operations.

The following is a summary of the Company’s cash flows (used in) / generated from operating, investing, and financing activities for the three months ended March 31, 2025, and 2024

  Three months ended   March 31,   2025  2024        Net cash used in operating activities $(824,072) $(37,153)Net cash (used in)/generated from investing activities  (15,646)  3,650 Net cash (used in)/generated from financing activity  (860)  26,930 Foreign currency translation adjustment  43,050   (72,443)Net