Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 18

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 18
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,321 (34.4%) of the total combined general and administrative expenses of $1,973,968, compared to $134,678 (5.5%) of the total combined general and administrative expenses of $2,442,855 for the year ended December 31, 2023. The increase of 404.4% in Chemrex's general and administrative expenses for 2024 due to staff salaries, loss on realized forex, travelling fee, cost of impairment loss on investment property and contract of services cost.

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Provision for Expected Credit Losses: For the year ended December 31, 2024, Chemrex incurred $883,533 (100%), compared to $1,314,427 (100%) for the year ended December 31, 2023. The decrease of 32.8% was due to the reduction of provisions for doubtful debts, as well as a reduction in the provision for losses allowance, which amounted to $883,533 in 2024, compared to $253,817 for doubtful debts and $1,060,610 for losses allowance in 2023.

MRNA Scientific incurred $194,038 (9.8%) of the total combined general and administrative for the year ended December 31, 2024, compared to $171,881 (7%) for the year ended December 31, 2023, representing an increase of 12.89%. The increase includes $22,157 in amortization of the right-of-use asset, depreciation of fixed assets, office utilities, loss on lease terminations, and loss arising from settlement of supplier. 

BGLC, the parent company, incurred $1,100,609 (55.8%) of total general and administrative for the year ended December 31, 2024 compared to $2,136,296 (87.5%) of total general and administrative for the year ended December 31, 2023. This represents a decrease of $1,035,687 or approximately 48.48%, in general and administrative costs for the year ended December 31, 2024. The decrease was due to the reduction of professional expenses related to the Company's successful listing on Nasdaq, as well as costs incurred for advisory, legal, and underwriting services which occurred in the last year of 2023 which were not repeated in the same period of 2024. The reduction also includes discontinued expenses for consultant fees, medical advisers, investor relations services,