Company: BGLC
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001477932-25-008343
Chunk: 97

Company: BioNexus Gene Lab Corp
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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 reflecting a decrease of 33.4%. The reduction was primarily attributable to the Company fully divesting its equity investments, resulting in no equity holdings during the current period.

Provision for Expected Credit Losses: For the current nine month period ended September 30, 2025, Chemrex has made an addition provision of $215,942 (100% of the total), compared to $122,843 (100% of the total) for the same period in the previous year, represents an increase of 75.80%.

The significant increase was primarily due to a higher provision recognized for trade receivables, reflecting increased credit risk exposure and updated assessments of customer payment behavior during the current quarter. 

Loss from Operations. We had a loss from operations of $1,932,220 for the current nine month period ended September 30, 2025 as compared to loss of $1,157,482 for the same period in the previous year. The losses incurred were mainly due to the reasons discussed above.

Income tax expense. For the current nine month period ended September 30, 2025, we had no tax provision as compared to the same period in the previous year in which Chemrex has made a tax provision of $77,207.

Foreign currency translation gain. We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the current nine-month period ended September 30, 2025, we experienced a foreign currency gain of $442,453 as compared of $839,344 for the same period in the previous year.

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LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, we had working capital of $4,948,779 compared with working capital of $5,479,146 as of December 31, 2024. The decrease in working capital was due principally to operational losses, undertaking strategic investments, and expansion of operations in line with the Company’s overall strategic plans.

Our primary uses of cash had been for operations and strategic investments. The main sources of cash were generated from operational revenues, the private placement of our common stock, and the proceeds of our public offering. The following trends could result in a material decrease in our liquidity over the near to long term:

 ·Addition of administrative and marketing personnel as