Company: BGLC
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001477932-25-003821
Chunk: 43

Company: BioNexus Gene Lab Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 Company is addressing these matters through comprehensive oversight, led by the audit committee, to ensure transparency, accuracy, and compliance in all reported information. These efforts aim to reinforce the integrity of our financial reporting and provide shareholders with reliable information on the Company’s operational and financial performance.

(f) 2025 Reverse Stock Split

On March 19, 2025, the "Company held a Special Meeting of Shareholders (the "Meeting") to approve a reverse stock split of the Company’s outstanding shares of common stock, with a ratio ranging from one-for-five (1:5) to one-for-ten (1:10), with the exact ratio to be set at the discretion of the Board of Directors. After a quorum was established, the shareholders approved the Reverse Stock Split. Thereafter, on that same date,  the Board of Directors set the reverse stock split ratio at 1 for 10. The Reverse Stock Split became effective on April 7, 2025.

 31Table of Contents

Result of Operations

Exchange Rates

Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective period and year:

  March 31,  December 31,   2025  2024 Period ended March 31, 2025 /Year-ended December 31, 2024 US$1: MYR exchange rate  4.4320   4.4755            January 1,  January 1,   2025  2024   to March 31,  to March 31,   2025  2024 3 months average US$1: MYR exchange rate  4.4495   4.7240 

Results of Operations for the Period Ended March 31, 2025 Compared to the Period Ended March 31, 2024 (unaudited).

The following table sets forth key selected financial data for the three months ended March 31, 2025 and 2024. 

Consolidated 

  Three months ended   March 31,   2025  2024        REVENUE (including $16,070 and $34,086 of revenue from related parties for the period ended March 31, 2025 and 2024 respectively) $2,137,075  $2,381,851          COST OF