Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 22

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 17Table of Contents

BIONEXUS GENE LAB CORP. 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 

(Currency expressed in United States Dollars (“US$”)) 

(Unaudited)

As of June 30, 2025 and December 31, 2024 the maturities of the operating lease obligation are as follows:   As of   June 30,  December 31,   2025  2024 Years ending June 30 and December 31:      2025  -   62,939 2026  66,869   62,311 2027  62,198   55,403 2028  58,862   45,166 2029  32,205   12,848 2030      - Total undiscounted cash flows  220,134   238,667 Less: Interest imputed on lease liabilities  (22,978)  (28,110)Present value of lease liabilities  $197,156  $210,557  (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 six month period ended June 30, 2025 and 2024 were $27,312 and $20,700, 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 landlord at $1,969,