Company: BGLC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001477932-25-002725
Chunk: 853

Company: BioNexus Gene Lab Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 853
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 for trade receivables involves subjective assessments regarding the collectability of outstanding balances, the creditworthiness of customers, and the appropriateness of forecasted economic conditions.

Given the complexity and judgment involved, we identified the impairment of trade receivables as a critical audit matter. The calculation of the loss allowance significantly impacts the financial statements and requires careful evaluation of assumptions, estimates, and the adequacy of data used in the assessment process.

Our audit procedure in this area included the following, among others:

a)Obtained an understanding of the management’s process in determining and calculating the expected credit loss;b)Assessed significant assumptions, including recovery rates and impairment ratios and those relating to future economic events that are used to calculate the expected credit losses;c)Tested the completeness and accuracy of data used in the ECL calculation including the customer's ageing reports;d)Tested the mathematical accuracy of the ECL model;e)Obtained an understanding of the latest development and the basis of measuring the impairment allowance for specific provisions and assessed management assumptions given the circumstances; andf)Assessed the adequacy of the relevant disclosures included in the consolidated financial statements.

/s/ JP CENTURION & PARTNERS PLT JP CENTURION & PARTNERS PLT (PCAOB: 6723)  We have served as the Company’s auditor since 2021. Kuala Lumpur, Malaysia   April 15, 2025 

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BIONEXUS GENE LAB CORP.CONSOLIDATED BALANCE SHEETSAS OF DECEMBER 31, 2024 AND 2023(Currency expressed in United States Dollars (“US$”))(Audited)

    As of     December 31,  December 31,   Note  2024  2023 ASSETS         CURRENT ASSETS         Cash and bank balances     1,583,479   2,623,965 Fixed deposits placed with financial institutions (including $1,490,461 and $1,411,626 of fixed deposits with original maturities more than 3 months as of December 31, 2024 and 2023)     2,793,948   3,305,371 Trade receivables, net of allowance for credit losses of $517,877 and $1,307,508 as of December 31, 2024 and 2023 respectively (including $