Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 664

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 664
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 (96%) of total combined income of $486,036 for the year ended December 31, 2023. The increase of 317.99 % is due to dividends received from other investments, interest income, capital gains on equity investment and the reversal expected credit losses of $1,689,412.

MRNA Scientific had other income of $122,951 (4.5%) of total other combined income of $2,072,473 for the year ended December 31, 2024, as compared $19,629 (4%) of total combined income of $486.036 for the year ended December 31, 2023, an increase of 526.4% due to bank interest generated and additional of rental income.

Sales and Marketing. For the year ended December 31, 2024, Chemrex incurred $1,861,456 (91.7%) of the total combined sales and marketing expenses of $2,030,684, compared to $569,896 (95.5%) of the total combined sales and marketing expenses of $596,858 for the year ended December 31, 2023. This represents an increase of 226.6% for Chemrex in 2024, primarily due to increases in commission and directors' remuneration, including statutory employment contributions.

MRNA Scientific incurred $125,299 (6.2%) of the total combined sales and marketing expenses of $2,030,684 for the year ended December 31, 2024, compared to $18,884 (3.2%) of the total combined sales and marketing expenses of $596,858 for the year ended December 31, 2023. This represents an increase of 563.5%. The increase includes $106,415 in directors' remuneration, as well as increases in staff salaries, travel expenses for marketing, and business development.

BGLC, the parent company, incurred $43,929 (2.2%) of the total combined sales and marketing expenses of $2,030,684 for the year ended December 31, 2024, compared to $8,078 (1.4%) of the total combined sales and marketing expenses of $596,858 for the year ended December 31, 2023. This represents an increase of $35,851 or approximately 443.8% in sales and marketing expenses for the year ended December 31, 2024. The increase was due to press release costs