Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 259

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 10
Chunk 259
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31, 2024, the Company entered into a new operating lease of office space in Malaysia for 5 years. Additional right-of-use assets at $131,581 and lease liabilities at $131,581 were recognised upon the commencement of lease term. The Company also renewed the lease for the lab in Penang, Malaysia, for 2 years, with additional right-of-use assets of $14,155 and lease liabilities of $14,155 recognised upon the commencement of lease term. (2) The amortization of the operating lease right-of-use asset for the year ended December 31, 2024 and 2023 were $48,983 and $25,170, respectively. (3) The Company agreed to terminate its operating lease arrangement for office space in Malaysia, effective August 31, 2024. Accordingly, at the date of termination of the operating lease, the Company expensed a right-of-use-asset, net of accumulated depreciation, of $25,094 and recorded a write-off of lease liability of $25,679, offset with deposit forfeited by landlord at $1,969, with a loss on lease termination recorded for $1,384.   As of  December 31,  December 31,   2024  2023 Supplemental Cash Flow Disclosures:         Cash paid for amounts included in the measurement of lease liabilities:        Lease payment – operating leases $(56,598) $(39,798)Operating lease liabilities obtained in exchange for operating lease assets  145,736   113,279          Other information:         Weighted average remaining lease term for operating lease (years)  4.42   4.5 Weighted average discount rate for operating lease  6.65%  6.53%  (4)  Lease expenses for the year ended December 31, 2024 and 2023 were $60,778 and $30,783 respectively. 

 F-20Table 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)

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following