Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 960

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 960
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. 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 significant judgment in determining whether revenue from the sale of goods and services should be recognized at a point in time. The criteria for recognizing revenue at a point in time, such as the transfer of control of goods or completion of services, are clear and are based on established contract terms. Therefore, no significant judgment is required in determining the timing of revenue recognition.

 F-23