Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 585

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 585
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 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.

 43Table of Contents

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 provided by (used in) / generated from operating, investing, and financing activities for the year ended December 31, 2024, and 2023:

  Year Ended   December 31,   2024  2023        Net cash used in operating activities $(2,234,260) $(1,822,212)Net cash generated from/(used in) investing activities  418,202   (1,794,202)Net cash generated from financing activities  144,975   6,274,939 Foreign currency translation adjustment  40,339   (259,679)Net Change in Cash and Cash Equivalents $(1,630,744) $2,398,846 

Operating Activities

During the year ended December 31, 2024, the Company incurred a net loss of $(1,598,342) which, after adjusting for amortization, depreciation, dividend income, allowances for expected credit losses of $883,533, recoveries for expected credit losses of $(1,689,412), fair value gain on investments in equity securities, gain on disposal of investments, loss arising from settlement of supplier contract dispute of $29,534, impairment loss on property, an increase in inventories,  advance payment from customer, a decrease in trade and other receivables, and a substantial increase in trade payables, resulted in net cash of $(2,234,260) being used in operating activities during the period. 

By comparison, during the year ended December 31, 2023, the Company incurred a net loss of $(2,629,043) which, after adjusting for amortization, depreciation, dividend income, fair value gain investments in equity securities, allowances for expected credit losses of $942,800, an increase in inventories, operating lease liabilities, a decrease in trade receivables and a substantial reduction in trade payables,  advance payment from customer, resulted in net cash of $(1,822,212) being used in operating activities during