Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 24

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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1,807,110 Maldives  181,073   227,349 Singapore  34,223   70,233 Sri Lanka  146,099   116,164 Batam  28,152   13,708 Net revenue $2,137,075  $2,381,851          Timing of recognition:         At a point in time  $2,137,075  $2,381,851  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.

 21Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 

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

(Unaudited)

NOTE 10 – RELATED PARTY TRANSACTIONS The following table provides details of the total revenue earned and expenses incurred from all related party transactions:    Three months ended    March 31,  March 31,   2025  2024 Entities in which certain directors of a subsidiary have substantial financial interests      Sales of goods $16,070  $34,086 Purchases  -   (77,214)Rental of factory  (1,044)  -  The balances related to the above transactions with related parties are