BioNexus Gene Lab Corp Files 10-Q/A for Period Ending September 30, 2023

TL;DR

<b>BioNexus Gene Lab Corp reported a significant decrease in revenue and a substantial increase in net income in its Q3 2023 amended filing.</b>

AI Summary

BioNexus Gene Lab Corp (BGLC) filed a Amended Quarterly Report (10-Q/A) with the SEC on March 26, 2024. The company filed an amended 10-Q for the period ending September 30, 2023. Total revenue for the nine months ended September 30, 2023, was $5,011,891. Total revenue for the nine months ended September 30, 2022, was $14,476,513. Net income for the nine months ended September 30, 2023, was $10,929,574. Net income for the nine months ended September 30, 2022, was $5,011,891.

Why It Matters

For investors and stakeholders tracking BioNexus Gene Lab Corp, this filing contains several important signals. The filing indicates a substantial drop in revenue from $14.48 million in Q3 2022 to $5.01 million in Q3 2023, suggesting a potential decline in business operations or sales. Despite the revenue decrease, net income surged from $5.01 million in Q3 2022 to $10.93 million in Q3 2023, which could be due to cost-cutting measures, one-time gains, or changes in accounting practices.

Risk Assessment

Risk Level: medium — BioNexus Gene Lab Corp shows moderate risk based on this filing. The significant year-over-year revenue decline from $14.48M to $5.01M, coupled with a sharp increase in net income, warrants further investigation into the underlying business performance and financial reporting.

Analyst Insight

Investigate the reasons behind the drastic revenue decrease and the concurrent surge in net income to understand the company's true financial health and operational performance.

Revenue Breakdown

Key Numbers

• 5011891 — Revenue (9M 2023) (Nine months ended September 30, 2023)
• 14476513 — Revenue (9M 2022) (Nine months ended September 30, 2022)
• 10929574 — Net Income (9M 2023) (Nine months ended September 30, 2023)
• 5011891 — Net Income (9M 2022) (Nine months ended September 30, 2022)

Key Players & Entities

• BioNexus Gene Lab Corp (company) — FILER
• 2023-09-30 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-26 (date) — FILED AS OF DATE
• WY (state) — STATE OF INCORPORATION
• KUALA LUMPUR (city) — BUSINESS ADDRESS CITY
• 1-307-241-6898 (phone) — BUSINESS PHONE
• 20180413 (date) — DATE OF NAME CHANGE
• BGLC (ticker) — ticker symbol

FAQ

Filing Documents

• bion_10q.htm (10-Q/A) — 1075KB
• bion_ex311.htm (EX-31.1) — 16KB
• bion_ex312.htm (EX-31.2) — 12KB
• bion_ex321.htm (EX-32.1) — 4KB
• bion_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-001468.txt (&nbsp;) — 4728KB
• bion-20230930.xsd (EX-101.SCH) — 42KB
• bion-20230930_lab.xml (EX-101.LAB) — 221KB
• bion-20230930_cal.xml (EX-101.CAL) — 48KB
• bion-20230930_pre.xml (EX-101.PRE) — 187KB
• bion-20230930_def.xml (EX-101.DEF) — 84KB
• bion_10q_htm.xml (XML) — 870KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 2 Table of Contents CAUTIONARY NOTE REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q/A contains statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations and or future financial performance. In some cases, you can identify forward-looking statements by their use of terminology such as "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "may," "ought to," "plan," "possible," "potentially," "predicts," "project," "should," "will," "would," negatives of such terms or other similar terms. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q/A include, without limitation, statements relating to: our goals and strategies; our future business development, results of operations and financial condition; our estimates regarding expenses, future revenues, capital requirements and our need for additional financing; our estimates regarding the market opportunity for our services; the impact of government laws and regulations; our ability to recruit and retain qualified personnel; our failure to comply with regulatory guidelines; uncertainty in industry demand; general economic conditions and market conditions in the financial services industry; future sales of large blocks or our securities, which may adversely impact our share price; and depth of the trading market in our securities. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and

Financial Statements

ITEM 1. Financial Statements BIONEXUS GENE LAB CORP. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022 (Currency expressed in United States Dollars ("US$")) As of September 30, December 31, Note 2023 2022 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash and bank balances 4,704,785 611,849 Fixed deposits placed with financial institutions 1,442,098 1,507,015 Trade receivables 3 900,396 2,868,364 Other receivables, deposits and prepayments 110,793 25,240 Tax recoverable 4 3,838 31,551 Inventories 1,107,917 977,807 Total current assets 8,269,827 6,021,826 NON-CURRENT ASSETS Operating lease right of use assets 5 147,916 55,730 Property, plant and equipment, net 6 1,496,562 1,511,708 Other investments 7 1,551,217 1,150,898 Total non-current assets 3,195,695 2,718,336 TOTAL ASSETS $ 11,465,522 $ 8,740,162 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Trade payables 8 1,569,992 1,861,015 Other payables and accrued liabilities 29,776 103,370 Current portion of operating lease liabilities 5 33,897 16,569 Advance payment from customer 8,218 23,123 Tax payables 2,177 - Total current liabilities 1,644,060 2,004,077 NON-CURRENT LIABILITIES Non-current portion of operating lease liabilities 5 104,867 40,206 Deferred tax liabilities 4 28,880 30,866 Total non-current liabilities 133,747 71,072 TOTAL LIABILITIES $ 1,777,807 $ 2,075,149 STOCKHOLDERS' EQUITY As at September 30, 2023, common stock, no par value; 300,000,000 shares authorized and 17,792,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2022, common stock, no par value; 300,000,000 shares authorized and 14,476,513 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding (on a post-revers

View Full Filing

View this 10-Q/A filing on SEC EDGAR