Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 17

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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(Currency expressed in United States Dollars (“US$”)) 

(Unaudited)

NOTE 3 - TRADE RECEIVABLES The Company’s trade receivables represent amounts due from customers that are unrelated parties and related parties of $16,134 and $47,272 respectively for March 31, 2025 and December 31, 2024. Trade 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 March 31, 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   March 31,  December 31,   2025  2024        Trade receivables  1,980,145   1,894,448 Allowances for expected credit losses   (523,513)  (508,542)Foreign translation differences        (14,478)  (9,335)Total trade receivables, net $1,442,154  $1,376,571  Movement for trade receivables allowance for impairment accounts:   As of   March 31,  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   (25,153)  (1,689,412)Foreign translation differences        5,143