Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 306

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 12
Chunk 306
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ase liabilities non-current portion $159,741  $98,763   

 F-19Table 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)

As of December 31, 2024 and 2023, the maturities of the operating lease liabilities are as follows:   As of   December 31,  December 31,   2024  2023 Years ending December 31:      2024  -   43,213 2025  62,939   36,634 2026  62,311   36,634 2027  55,403   24,568 2028  45,166   14,332 2029  12,848   - Total undiscounted cash flows  238,667   155,381 Less: Interest imputed on lease liabilities  (28,110)  (21,986)Present value of lease liabilities  $210,557  $133,395  (1) During the year ended December 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