Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 603

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 603
---
 of relationship: Entity controlled by a Chemrex director

Description 2024 (USD)  2023 (USD) Sales to RP Products $78,496  $77,205 Purchases from RP Products $8,969  $15,481 Trade Receivables (Dec 31) $47,272  $4,520 

These transactions were historically executed without centralized disclosure. They are now subject to updated oversight procedures.

 56Table of Contents

3. Amount owing to directors

Company 2024 (USD)  2023 (USD) Chemrex $-  $- MRNA Scientific $4,004  $4,196 Holding Co $13,170  $9,003 Total $17,174  $13,199 

4. Director Remuneration (Chemrex and Holding Company)

Compensation Type 2024 (USD)  2023 (USD) Bonus $25,202  $952 Director Fees (HoldCo) $551,600  $73,873 Salaries (HoldCo) $-  $22.000 Salaries (Subsidiaries) $1,512,206  $321,121 Contract of Services (Subsidiaries) $109,385  $- EPF Contributions $178,686  $42,329 Other Contributions (SOCSO, EIS) $1,389  $979 Total $2,378,468  $461,254 

Audit Committee Review: The increases in Director’s remuneration in 2024 were not previously submitted for Board approval. The Audit Committee has reviewed the approval process by the subsidiary in Q4 2024 and has resolved to submit the agenda to the upcoming Chemrex Annual Meeting for ratification or rejection. Should the approvals at the subsidiary level be rejected, the Company may demand that improperly approved amounts be returned.

Related Party Review Policy (Regulation S-K 404(b))

The Company has adopted a Related Party Transactions Policy, administered by the Audit Committee. This policy requires:

 ·Pre-approval of all related party transactions; ·Documentation of arm’s-length terms; ·Ongoing monitoring and retrospective review if prior approval was not obtained.

The Audit Committee has conducted a comprehensive review of all transactions listed above and