Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 252

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 10
Chunk 252
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 economic environment in which the subsidiaries operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from RM (MYR) into US$1.00 has been made at the following exchange rates for the respective years:   December 31,  December 31,   2024  2023        Year-end US$1.00: MYR exchange rate  4.4755   4.5900    January 1,  January 1,   2024 to  2023 to   December 31,  December 31,   2024  2023        Yearly average US$1.00: MYR exchange rate  4.5710   4.5658 

 F-14Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023 

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

(Audited)

☐Related parties Parties, which can be a corporation or individual, are related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ☐Fair value of financial instruments The Company follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: ·Level 1 : Observable inputs such as quoted prices in active markets;  ·Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and  ·Level 3 : Un