Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 19

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 receivables are initially recognized at the invoiced amount and subsequently measured at amortized cost, net of an allowance for expected credit losses. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Trade receivables are written off when they are determined to be uncollectible, and all reasonable collection efforts have been exhausted. As of June 30, 2025, the Company performed an analysis of all outstanding trade receivables in accordance with the expected credit loss model under ASC 326. The Company considered historical collection trends, aging of balances, customer credit profiles, and current and forecasted economic conditions in estimating the allowance. The Company’s standard credit terms range from 30 to 90 days. Certain receivables are interest-bearing. Specifically, one customer was charged with interest at 6% per annum from May 2021 to June 2023. From July 2023 onwards, the Company increased its interest rate to 8.4%.    As of   June 30,  December 31,   2025  2024        Trade receivables  2,346,753   1,894,448 Allowances for expected credit losses   (494,668)  (517,877)Total trade receivables, net $1,852,085  $1,376,571  Movement for trade receivables allowance for impairment accounts:   As of   June 30,  December 31,   2025  2024        At January 1, 2025 and January 1, 2024  517,877   1,307,508 Charge for the period/year        Allowances for expected credit losses   40,124   883,533 Recovered for expected credit losses   (94,912)  (1,689,412)Foreign translation differences        31,579   16,248   $494,668  $517,877 

 15Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 

(Currency expressed in United States Dollars (“US$”)) 

(Unaudited)

NOTE 4 - IN