Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 685

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 685
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Description 2024 (USD)  2023 (USD) Sales to Honkuk $34,060  $29,714 Purchases from Honkuk $288,767  $168,952 Factory Rental $1,969   — Trade Payables (Dec 31) $0  $21,953 

Audit Committee Review: The transactions were not previously submitted for Board approval. The Audit Committee reviewed them in 2024 and accepted them provisionally based on management representations. These transactions are under continuing observation for compliance with the Company’s updated related party policy.

2. Transactions with RP Products Sdn. Bhd.

Nature of relationship: Entity controlled by a Chemrex director

Description 2024 (USD)  2023 (USD) Sales to RP Products $78,496  $77,205 Purchases from RP Products $8,969  $15,481 Trade Receivables (Dec 31) $47,272  $4,520 

These transactions were historically executed without centralized disclosure. They are now subject to updated oversight procedures.

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3. Amount owing to directors

Company 2024 (USD)  2023 (USD) Chemrex $-  $- MRNA Scientific $4,004  $4,196 Holding Co $13,170  $9,003 Total $17,174  $13,199 

4. Director Remuneration (Chemrex and Holding Company)

Compensation Type 2024 (USD)  2023 (USD) Bonus $25,202  $952 Director Fees (HoldCo) $551,600  $73,873 Salaries (HoldCo) $-  $22.000 Salaries (Subsidiaries) $1,512,206  $321,121 Contract of Services (Subsidiaries) $109,385  $- EPF Contributions $178,686  $42,329 Other Contributions (SOCSO, EIS) $1,389  $979 Total $2,378,468  $461,254 

Audit Committee Review: The increases in Director’s remuneration in 2024 were not previously submitted for