Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 92

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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 value loss on investment in equity securities partially offset by a decrease in the provision for expected credit losses, The breakdown is as follows:

Sales and Marketing Expenses increased significantly to $1,149,122 for the current six month period ended June 30, 2025, compared to $290,365 in same period in the previous year.  This represents an increase of 295.8% primarily attributable to higher compensation expense at the Chemrex subsidiary (93%). The details by entity are as follows: 

Chemrex incurred $1,068,531 (93%) of total combined sales and marketing expenses of $1,149,122 for the current six month period ended June 30, 2025, compared to $223,699 (77%) of the total combined sales and marketing expenses of $290,365 for the same period in the previous year.  This represents an increase of 377.7%, primarily due to higher officer/directors’ remuneration, which includes associated statutory employment contributions, and to a lesser extent the appointment of a new service contract effective August 1, 2024. The new contract focuses on business development initiatives aimed at driving both local and international expansion.

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MRNA Scientific incurred $56,064 (4.9%) of the total combined sales and marketing expenses of $1,149,122 for the current six month period ended June 30, 2025, compared to $54,116 (18.6%) of the total combined sales and marketing expenses of $290,365 for the same period in the previous year. This represents an increase of 3.6% due to the increase in directors’ remuneration as a result of additional scope of work undertaken by such directors.

BGLC, the parent company, incurred $24,527 (2.1%) of the total combined sales and marketing expenses of $1,149,122 for the current six month period ended June 30, 2025, compared to $12,550 (4.3%) of the total combined sales and marketing expenses of $290,365 for the same period in the previous year. This represents an increase of 95.4% mainly due to overseas travel expenses and business development expenses incurred during the current six month period.

Research and Development Expenses: For the current six month period ended June 30, 2025, MRNA Scientific incurred $24,696 (100% of the total), compared to $19,673 (100%