BioNexus Gene Lab Corp Files Q3 2024 10-Q

TL;DR

BGLC filed Q3 2024 10-Q, check financials for lab biz.

AI Summary

BioNexus Gene Lab Corp filed its Q3 2024 10-Q report on November 15, 2024, covering the period ending September 30, 2024. The company, incorporated in Wyoming, operates in the medical laboratories sector. Its business address is in Kuala Lumpur, Malaysia. The filing details financial information and operational updates for the third quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational status of BioNexus Gene Lab Corp, crucial for understanding the company's trajectory in the medical laboratory sector.

Risk Assessment

Risk Level: medium — The company operates in the medical laboratory sector, which can be subject to regulatory changes and competitive pressures.

Key Numbers

• Q3 2024 — Reporting Period (The company is reporting on its performance for the third quarter of 2024.)

Key Players & Entities

• BioNexus Gene Lab Corp (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241115 (date) — Filing date
• Kuala Lumpur (location) — Business address city
• Wyoming (location) — State of incorporation
• Honkuk Material Sdn Bhd (company) — Subsidiary/Member
• Mr. Wong Kim Hai (person) — Member
• Chemrex (company) — Member
• BGLC And MRNA Scientific (company) — Member
• BGLC And MRNAScientific And Chemrex (company) — Member

FAQ

Filing Documents

• bglc_10q.htm (10-Q) — 1155KB
• bglc_ex311.htm (EX-31.1) — 12KB
• bglc_ex312.htm (EX-31.2) — 12KB
• bglc_ex321.htm (EX-32.1) — 3KB
• bglc_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-007332.txt ( ) — 5392KB
• bglc-20240930.xsd (EX-101.SCH) — 55KB
• bglc-20240930_lab.xml (EX-101.LAB) — 262KB
• bglc-20240930_cal.xml (EX-101.CAL) — 56KB
• bglc-20240930_pre.xml (EX-101.PRE) — 227KB
• bglc-20240930_def.xml (EX-101.DEF) — 113KB
• bglc_10q_htm.xml (XML) — 991KB

– 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 2 Table of Contents CAUTIONARY NOTE REGARDING

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 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 unc

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements BIONEXUS GENE LAB CORP. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (Currency expressed in United States Dollars ("US$")) As of September 30, December 31, Note 2024 2023 ASSETS (Unaudited) (Audited) CURRENT ASSETS Cash and bank balances 2,061,716 2,623,965 Fixed deposits placed with financial institutions 2,075,503 3,305,371 Trade receivables 3 1,425,343 799,674 Other receivables, deposits and prepayments 65,683 122,432 Tax recoverable 4 22,132 57,588 Inventories 1,389,076 1,137,770 Total current assets 7,039,453 8,046,800 NON-CURRENT ASSETS Operating lease right of use assets 5 232,747 141,544 Property, plant and equipment, net 6 1,728,680 1,511,618 Other investments 7 1,994,175 1,699,831 Total non-current assets 3,955,602 3,352,993 TOTAL ASSETS $ 10,995,055 11,399,793 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Trade payables 8 1,033,125 1,402,180 Other payables and accrued liabilities 292,135 180,912 Current portion of operating lease liabilities 5 48,214 34,632 Advance payment from customer 22,834 - Amount owing to directors 18,561 13,199 Total current liabilities 1,414,869 1,630,923 NON-CURRENT LIABILITIES Non-current portion of operating lease liabilities 5 178,367 98,763 Deferred tax liabilities 4 13,646 12,255 Total non-current liabilities 192,013 111,018 TOTAL LIABILITIES $ 1,606,882 1,741,941 STOCKHOLDERS' EQUITY As at September 30, 2024, common stock, no par value; 300,000,000 shares authorized and 17,967,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2023, common stock, no par value; 300,000,000 shares authorized and 17,667,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding

View Full Filing

View this 10-Q filing on SEC EDGAR