Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 910

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 910
---
 flows provided by (used in) / generated from operating, investing, and financing activities for the year ended December 31, 2024, and 2023:

  Year Ended   December 31,   2024  2023        Net cash used in operating activities $(2,234,260) $(1,822,212)Net cash generated from/(used in) investing activities  418,202   (1,794,202)Net cash generated from financing activities  144,975   6,274,939 Foreign currency translation adjustment  40,339   (259,679)Net Change in Cash and Cash Equivalents $(1,630,744) $2,398,846 

Operating Activities

During the year ended December 31, 2024, the Company incurred a net loss of $(1,598,342) which, after adjusting for amortization, depreciation, dividend income, allowances for expected credit losses of $883,533, recoveries for expected credit losses of $(1,689,412), fair value gain on investments in equity securities, gain on disposal of investments, loss arising from settlement of supplier contract dispute of $29,534, impairment loss on property, an increase in inventories,  advance payment from customer, a decrease in trade and other receivables, and a substantial increase in trade payables, resulted in net cash of $(2,234,260) being used in operating activities during the period. 

By comparison, during the year ended December 31, 2023, the Company incurred a net loss of $(2,629,043) which, after adjusting for amortization, depreciation, dividend income, fair value gain investments in equity securities, allowances for expected credit losses of $942,800, an increase in inventories, operating lease liabilities, a decrease in trade receivables and a substantial reduction in trade payables,  advance payment from customer, resulted in net cash of $(1,822,212) being used in operating activities during the period. 

Investing Activities

During the year ended December 31, 2024, the Company had net cash of $418,202 generated from investment activities from acquisition of investments in equity securities of $(492,732), purchase of plant and equipment of $(226,989), fixed deposits placed of $(78,835) cash generated from dividend income of $68,130, proceeds from disposal of investments in equity