Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 873

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 873
---
  Movement for trade receivables allowance for impairment accounts:    As of   December 31,  December 31,   2024  2023 At January 1, 2024 and January 1, 2023  1,307,508   - Impacts arising from application of Topic 326  -   371,627 At January 1, 2024 and January 1, 2023, (restated)  1,307,508   371,627 Provision for expected credit losses   883,533   942,800 Recoveries for expected credit losses   (1,689,412)  - Foreign translation differences        16,258   (6,919)At December 31, 2024 and 2023 $517,877  $1,307,508   

 F-17Table 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 4 – INCOME TAXES The Company provides for income taxes under ASC 740, “Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statements and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. It also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Provision for income taxes consisted of the following: United States of America The Company is registered in the State of Wyoming and is subject to the tax laws of the United States of America. Malaysia MRNA Scientific Malaysia and Chemrex are both subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income.    As of   December 31,  December 31,   2024  2023 Tax Recoverable      Local $-  $-