BioNexus Gene Lab Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>BioNexus Gene Lab Corp submitted its 2023 10-K filing, detailing its financial position and business operations for the year ending December 31, 2023.</b>

AI Summary

BioNexus Gene Lab Corp (BGLC) filed a Annual Report (10-K) with the SEC on April 16, 2024. BioNexus Gene Lab Corp filed its 2023 Form 10-K on April 16, 2024, reporting on the fiscal year ending December 31, 2023. The company's business address is located in Kuala Lumpur, Malaysia. BioNexus Gene Lab Corp was formerly known as BioNexus Gene Lab Coporation, with a name change date of April 13, 2018. Key events in 2023 included an Additional Underwriting Agreement and an Underwriting Agreement, both effective July 1, 2023. The filing details various assets including Land and Buildings, Lab Equipment, and Motor Vehicles as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking BioNexus Gene Lab Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BioNexus Gene Lab Corp's financial performance, operational activities, and strategic developments throughout fiscal year 2023, offering insights into its current standing and future outlook. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks and opportunities, and make informed investment decisions based on the disclosed information.

Risk Assessment

Risk Level: medium — BioNexus Gene Lab Corp shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard 10-K format, which typically requires detailed disclosures that can reveal both strengths and weaknesses, necessitating careful analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand BioNexus Gene Lab Corp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-16 — Filing Date (Date the 10-K was submitted)
• 2018-04-13 — Name Change Date (Date BioNexus Gene Lab Corp changed its name)
• July 1, 2023 — Underwriting Agreement Effective Date (Key event date)

Key Players & Entities

• BioNexus Gene Lab Corp (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• Kuala Lumpur (location) — Business and mailing address city
• BioNexus Gene Lab Coporation (company) — Former company name
• 2018-04-13 (date) — Date of former company name change
• July 1, 2023 (date) — Effective date for Underwriting Agreements
• December 31, 2023 (date) — Reporting period end date for assets

FAQ

Risk Factors

• Financial Condition [medium — financial]: The filing details the company's financial position, including assets, liabilities, and equity as of December 31, 2023.
• Business Operations [medium — operational]: The report outlines the company's business activities, including its laboratory services and any related ventures.
• SEC Filings Compliance [low — regulatory]: As a public company, BioNexus Gene Lab Corp must comply with SEC regulations for its filings, including this 10-K.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Key Financial Figures

• $2.6521 — sed on the last reported sales price of $2.6521 of the common stock on such date). As
• $ — e legal currency of Malaysia. "USD," "US$," or "$" refer to US dollars, the legal
• $4.00 — e, priced at a public offering price of $4.00 per share. In addition, pursuant to t
• $5.75 million — 0 per share for total gross proceeds of $5.75 million before deducting underwriting discounts
• $5,290,000 — eived net proceeds, before expenses, of $5,290,000 from the sale of the common stock. In a
• $4.40 — er's Warrants") at an exercise price of $4.40 per share. The Underwriter's Warrants a
• $40.2 billion — arket is expected to reach an estimated $40.2 billion by 2024 globally and is forecasted to g
• $114.7 billion — arket is expected to reach an estimated $114.7 billion by 2024 globally. The major drivers for

Filing Documents

• bion_10k.htm (10-K) — 1544KB
• bion_ex21.htm (EX-21) — 1KB
• bion_ex311.htm (EX-31.1) — 11KB
• bion_ex321.htm (EX-32.1) — 4KB
• bion_10kimg43.jpg (GRAPHIC) — 19KB
• bion_10kimg44.jpg (GRAPHIC) — 42KB
• bion_10kimg46.jpg (GRAPHIC) — 17KB
• bion_10kimg42.jpg (GRAPHIC) — 8KB
• bion_10kimg40.jpg (GRAPHIC) — 11KB
• bion_10kimg39.jpg (GRAPHIC) — 12KB
• bion_10kimg38.jpg (GRAPHIC) — 5KB
• bion_10kimg37.jpg (GRAPHIC) — 7KB
• bion_10kimg36.jpg (GRAPHIC) — 5KB
• bion_10kimg35.jpg (GRAPHIC) — 16KB
• bion_10kimg47.jpg (GRAPHIC) — 16KB
• bion_10kimg48.jpg (GRAPHIC) — 16KB
• bion_10kimg49.jpg (GRAPHIC) — 13KB
• bion_10kimg45.jpg (GRAPHIC) — 24KB
• 0001477932-24-002151.txt (&nbsp;) — 6183KB
• bglc-20231231.xsd (EX-101.SCH) — 50KB
• bglc-20231231_lab.xml (EX-101.LAB) — 253KB
• bglc-20231231_cal.xml (EX-101.CAL) — 54KB
• bglc-20231231_pre.xml (EX-101.PRE) — 217KB
• bglc-20231231_def.xml (EX-101.DEF) — 101KB
• bion_10k_htm.xml (XML) — 918KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6.

Selected Financial Data

Selected Financial Data 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements

Financial Statements 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 37 PART III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 43 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 Item 13. Certain Relationships and Related Transactions, and Director Independence 46 Item 14. Principal Accountant Fees and Services 46 PART IV Item 15. Exhibits, Financial Statement Schedules 47

SIGNATURES

SIGNATURES 48 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements made in this Annual Report on Form 10-K are "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Registrant to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Unless stated otherwise, the words "we," "us," "our," or "the Company" in this Annual Report collectively refers to BioNexus Gene Lab Corp., a Wyoming corporation and our wholly owned subsidiaries, MRNA Scientific Sdn. Bhd. (formerly BioNexus Gene Lab Sdn. Bhd.) ("MRNA Scientific"), and Chemrex Corporation Sdn. Bhd. ("Chemrex"), both Malaysi

Business

Item 1. Business. Overview The Company, through its wholly owned subsidiary Chemrex, focuses on the sale of chemical raw materials for the manufacture of industrial, medical, appliance, aero, automotive, mechanical, and electronic industries in the Southeast Asia region. These countries include Malaysia, Indonesia, Vietnam, and other countries in Southeast Asia. In addition, the Company, through its wholly owned subsidiary, MRNA Scientific, is in the business of developing and providing safe, effective, and non-invasive liquid biopsy tests for the early detection of biomarkers that we believe are linked to diseases to minimize treatment costs and improve patient management. Our non-invasive blood tests provide analysis of changes in RNA to detect the potential risk of 11 different diseases. Corporate History BioNexus was incorporated in the State of Wyoming on May 12, 2017. On August 23, 2017, the Company acquired all of the outstanding capital stock of MRNA Scientific Sdn. Bhd. (formerly BioNexus Gene Lab Sdn. Bhd), a Malaysian corporation incorporated in Malaysia on April 7, 2015, which it then subsequently changed its name to MRNA Scientific Sdn. Bhd. ("MRNA Scientific") on September 19, 2023. On December 31, 2020, BioNexus consummated a Share Exchange Agreement with Chemrex and the Chemrex shareholders, pursuant to which we acquired all of the issued and outstanding shares of capital stock of Chemrex, which was incorporated in Malaysia on September 29, 2004, from the Chemrex shareholders in exchange for 68,487,261 shares of common stock of BioNexus issued to the Chemrex shareholders. Initial Public Offering On July 20, 2023, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Network 1 Financial Securities, Inc., as underwriter (the "Underwriter") pursuant to which the Company agreed to issue and sell, in a firm commitment underwritten public offering by the Company (the "Offering") of 1,250,000 shares of common sto

View Full Filing

View this 10-K filing on SEC EDGAR