Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 65

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 65
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    As of   December 31,  December 31,   2024  2023 Tax Recoverable      Local $-  $- Foreign, representing Malaysia  (84,167)  (57,588)Tax Recoverable  (84,167)  (57,588)         Income tax liabilities:        Local $-  $- Foreign, representing Malaysia  -   - Income tax payables  -   -          Deferred tax liabilities:        Local $-  $- Foreign, representing Malaysia  -   12,255 Deferred tax liabilities  -   12,255 Total  (84,167)  (45,333) Although the Company is domiciled in the United States, a substantial portion of its pre-tax income/(loss) is generated by its foreign subsidiaries. Accordingly, the consolidated effective tax rate is significantly influenced by foreign tax jurisdictions and certain non-deductible expenses. 

 F-18Table 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 5 – OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES The Company has operating lease arrangements for office space, lab, and motor vehicles in Malaysia with a term between two and five years, generally with option to renew the lease after that date. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments are discounted with rates ranging from 6.40% to 6.65% per annum. These rates are reference from base rate of Malayan Banking Berhad, the largest bank in Malaysia. As of December 31, 2024 and 2023 operating lease right-of-use assets as follows:      As of   December 31,  December 31,  2024  2023 Balance as