Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 93

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 2
Chunk 93
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 of the total) for the same period in the previous year. This reflects an increase of 25.5% primarily attributed to the use of a different exchange rate for converting local currency to USD during the current period, rather than an actual increase in underlying R&D activity or spending.

General and Administrative Expenses: For the current six month period ended June 30, 2025, the total general and administrative expenses amounted to $908,666, compared to $874,623 for the same period in the previous year. This represents an increase of 3.9%. The details by entity are as follows: 

MRNA Scientific incurred $205,170 (22.6%) of the total combined general and administrative of $908,666 for the current six month period ended June 30, 2025, compared to $111,429 (12.7%) of the total combined general and administrative expenses of $874,623 for the same period in the previous year representing an increase of 84.1%. The increase was mainly due to repair cost of lab equipment, amortization of the right-of-use asset, increased utility expenses, legal adviser fees, realized foreign exchange loss and an unrealized foreign exchange loss. 

Chemrex incurred $286,724 (31.6%) of the total combined general and administrative expenses of $908,666, for the current six month period ended June 30, 2025, compared to $252,162 (28.8%) of the total combined general and administrative expenses of $874,623 for the same period in the previous year  The increase of 13.7%, was mainly attributed to realized and unrealized foreign exchange losses, higher staff salaries, increased transport charges, additional costs related to the disposal of chemical waste, and increased training expenses.

BGLC, the parent company, incurred $416,772 (45.9%) of total general and administrative of $908,666 for the current six month period ended June 30, 2025, compared to $511,032 (58.4%) of the total combined general and administrative expenses of $874,623 the same period in the previous year. This represents a decrease of 19.4% mainly due to the lower amount of directors’ fees and legal fees incurred during the current period.

Fair value loss on investments in equity securities: For the current six month period ended June 30, 2025, Chemrex incurred a loss on investment in equity securities of $119,499 (100%