Core Insights - BioNexus Gene Lab Corp. has successfully closed a RM 1 million (approximately USD 228k) investment in Ascension Innovation Sdn Bhd, enhancing its commitment to AI-driven healthcare solutions [1][4] - The investment provides BioNexus with a significant equity stake in Ascension, facilitating deeper collaboration and integration of advanced AI technologies in healthcare [2][3] Company Overview - BioNexus Gene Lab Corp. is a global leader in RNA-based genomic diagnostics, focused on advancing personalized medicine and improving health outcomes [5] - Ascension Innovation Sdn Bhd specializes in innovative healthcare technologies, particularly through its aiCMS platform, which utilizes predictive analytics and AI tools for clinical management [2][5] Strategic Goals - The investment is part of BioNexus's broader strategy to capitalize on the expanding digital health and AI markets, which are expected to experience significant growth in the coming years [4] - The collaboration aims to create synergies between BioNexus's expertise in genomic screening and Ascension's AI-driven platforms, ultimately improving patient outcomes through more accurate diagnostics and tailored treatments [3][4]

Revenue Performance - For the quarter ended June 30, 2024, total revenue was $1,974,564, a decrease of 23.1% compared to $2,566,848 for the same quarter in 2023[72]. - Chemrex contributed $1,969,068 (99.7%) of total revenue for the current quarter, down 23.2% from $2,562,352 (99.8%) in the prior year[77]. - MRNA Scientific's revenue increased by 22.2% to $5,496, compared to $4,496 in the same quarter last year[77]. - Total revenue for the six months ended June 30, 2024, decreased by approximately 11.9% to $4,356,415 from $4,944,053 in the same period of 2023[86]. - Chemrex's revenue for the six months ended June 30, 2024, decreased by approximately 11.85% to $4,347,754 from $4,932,121 in the same period of 2023[86]. Profitability - Gross profit for the quarter was $288,720, down approximately 15% from $339,714 in the same quarter of 2023[79]. - Profit from operations for the quarter ended June 30, 2024, was $259,168, a 195.2% increase from a loss of $272,199 in the same quarter of 2023[82]. - The company reported a net profit of $199,104 for the quarter, compared to a net loss of $259,251 in the same quarter last year[73]. - The company incurred a net profit of $95,347 for the six months ended June 30, 2024, compared to a net loss of $328,317 for the same period in 2023[96][97]. Expenses - Cost of revenue for the quarter was $1,685,844, a decrease of 24.3% from $2,227,134 in the prior year[78]. - Total operating expenses decreased by approximately 5.9% to $759,657 for the quarter ended June 30, 2024, down from $807,077 in the same quarter of 2023[81]. - MRNA Scientific's operating expenses increased by approximately 87.6% to $185,218 for the six months ended June 30, 2024, compared to $98,720 in the same period of 2023[91]. Other Income - Other income increased significantly to $730,105, compared to $195,164 in the prior year, marking an increase of approximately 274.1%[79]. - Chemrex's other income increased by 256.9% to $692,741 for the quarter ended June 30, 2024, compared to $194,125 for the same quarter in 2023[80]. - Other income for the six months ended June 30, 2024, was $931,952, an increase of approximately 198.2% from $312,508 in the same period of 2023[89]. Cash Flow and Working Capital - Net cash used in operating activities for the six months ended June 30, 2024, was $704,982, compared to $140,341 used in the same period of 2023[95]. - The company generated net cash of $107,160 from investing activities during the six months ended June 30, 2024, compared to a cash outflow of $8,114 in the same period of 2023[98]. - Net cash generated from financing activities was $197,799 for the six months ended June 30, 2024, compared to a cash outflow of $4,212 in the same period of 2023[99]. - The company reported a net change in cash and cash equivalents of $(515,303) for the six months ended June 30, 2024, compared to $(360,184) for the same period in 2023[95]. - As of June 30, 2024, the company had working capital of $6,443,511, up from $6,415,877 as of December 31, 2023, primarily due to profits incurred during the quarter[93]. Compliance and Strategic Initiatives - The company received an additional 180 days from Nasdaq to regain compliance with the minimum bid price requirement, extending the deadline to November 4, 2024[71]. - A strategic investment was made in Ascension Innovation Sdn Bhd by MRNA Scientific Sdn. Bhd., details of which can be found in a Form 8-K filed on April 18, 2024[70]. - The company entered into an advisory service agreement with Maxim Group LLC for M&A services, issuing 300,000 shares for these services[69]. Foreign Currency Impact - Foreign currency translation gain for the quarter ended June 30, 2024, was $2,463, compared to a loss of $333,891 in the same quarter of 2023[83]. - For the six-month period ended June 30, 2024, the company experienced a foreign currency loss of $207,445, an improvement from a loss of $372,930 in the same period of 2023[93]. - The company had a foreign currency translation adjustment of $(115,280) for the six months ended June 30, 2024, compared to $(207,517) in the same period of 2023[95]. Internal Control - The management assessed that internal control over financial reporting had improved, although further improvements are required[103].

Financial Position - For the three months ended March 31, 2024, total assets amounted to $11,161,483, a decrease from $11,399,793 as of December 31, 2023[164]. - The company reported total current liabilities of $1,716,534 as of March 31, 2024, compared to $1,630,923 in the previous year[159]. - As of March 31, 2024, the company had cash and bank balances of $2,489,215, down from $2,623,965 at the end of 2023[164]. - The company’s total liabilities as of March 31, 2024, were $1,817,296, an increase from $1,741,941 in the previous year[159]. - The company’s inventories decreased to $1,076,953 as of March 31, 2024, from $1,137,770 at the end of 2023[164]. - As of March 31, 2024, working capital decreased to $6,188,903 from $6,415,877 as of December 31, 2023, primarily due to losses incurred during the quarter[206]. Revenue and Profitability - Revenue for the three months ended March 31, 2024, was $2,381,851, compared to $2,377,205 for the same period in 2023, representing a slight increase of 0.07%[181]. - Gross profit decreased to $365,031 in Q1 2024 from $368,897 in Q1 2023, a decline of approximately 0.77%[181]. - Comprehensive loss for Q1 2024 was $313,665, significantly higher than the comprehensive loss of $108,105 in Q1 2023, indicating a rise of 189.5%[181]. - Other income rose to $201,847 in Q1 2024, compared to $117,344 in Q1 2023, an increase of 71.8%[181]. - MRNA Scientific-Malaysia contributed $3,165 (0.1%) to total revenue, down 57.4% from $7,436 (0.3%) in the prior year due to RNA machine breakdowns[187]. - Chemrex's revenue increased to $2,378,686 (99.9%) for the current quarter, up 0.38% from $2,369,769 (99.7%) in the previous year[194]. Expenses and Losses - Net loss for the three months ended March 31, 2024, was $103,757, compared to a net loss of $69,066 in the same period of 2023, reflecting an increase in loss of 50.3%[181]. - Operating expenses increased to $645,906 in Q1 2024 from $536,872 in Q1 2023, marking an increase of 20.3%[181]. - The company reported a loss from operations of $79,028 for Q1 2024, compared to a loss of $50,631 in Q1 2023, an increase of 56.2%[181]. - Finance costs increased to $4,661 in Q1 2024 from $2,445 in Q1 2023, representing an increase of 90.5%[181]. - The company experienced a foreign currency loss of $209,908 for the quarter, compared to a loss of $39,039 in the same period last year[221]. Capital and Investments - The company raised gross proceeds of $5.75 million from the public offering of 1,437,500 shares at a price of $4.00 per share[139]. - The net proceeds from the offering, after deducting underwriting discounts and expenses, were $5,290,000[139]. - The company has made a strategic investment in Ascension Innovation Sdn Bhd through its subsidiary, MRNA Scientific Sdn. Bhd.[127]. Compliance and Legal Matters - The company has received an extension from NASDAQ until November 4, 2024, to regain compliance with listing requirements[176]. - There are currently no pending legal proceedings against the Company or its affiliates, ensuring no adverse material interests[232]. Operational Challenges - The RNA screening process of MRNA Scientific Malaysia has been adversely affected by the ongoing impact of Covid-19 variants, leading to a decline in business[137]. - The weighted average shares outstanding increased to 17,667,663 in Q1 2024 from 14,476,513 in Q1 2023 due to a 12-for-1 reverse stock split[181]. - The Company's management assessed the effectiveness of internal control over financial reporting as of March 31, 2024, identifying improvements in previously noted material weaknesses[231].

KUALA LUMPUR, Malaysia, April 19, 2024 (GLOBE NEWSWIRE) -- BioNexus Gene Lab Corporation (NASDAQ:BGLC), a global leader in genomic diagnostics and healthcare technology, announces a strategic investment by its wholly owned subsidiary, MRNA Scientific Sdn Bhd, in Ascension Innovation Sdn Bhd (AISB), a privately held Malaysian company. This investment underscores BGLC's commitment to advancing healthcare solutions through cutting-edge AI and predictive analytics. Background: MRNA Scientific Sdn Bhd: A wholly- ...

39 Table of Contents Terms of Directors and Officers Our officers are elected by and serve at the discretion of the board of directors and the stockholders voting by ordinary resolution. Compensation of Directors and Executive Officers For the year ended December 31, 2023, we paid an aggregate of approximately $30,000 including 25,000 shares valued at $25,000, respectively, in cash and benefits to our executive officers. We do not have a share incentive program to provide for grants of awards to our directo ...

BioNexus (NASDAQ:BGLC) stock is rocketing higher on Tuesday despite a lack of news concerning the chemical raw material products company.Instead, traders are seeing shares of BGLC stock rally this morning alongside heavy trading. That has more than 32 million shares of the stock changing hands as of this writing. To put that number in perspective, the daily average trading volume for BioNexus shares is closer to 2 million units.There are no new press releases or filings with the Securities and Exchange Comm ...

BIONEXUS GENE LAB CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (Currency expressed in United States Dollars ("US$")) (Unaudited) Common stock Additional paid in Accumulated Table of Contents Balance as of June 30, 2022 14,480,938 $10,929,574 $(5,011,891) $ 1,390,762 $ (486,798) $6,821,647 Net loss for the period - - - (77,401) - (77,401) Foreign currency translation loss - - - - (320,592) (320,592) Balance as of September 30, 2022 14,4 ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from _____________ See accompanying notes to the condensed consolidated financial statements. ● our failure to comply with regulatory guidelines; ● 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 The preceding list is not intended to be an exhaustive list o ...

As filed with the Securities and Exchange Commission on July 14, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BIONEXUS GENE LAB CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Registration No. 333-269753 (Primary Standard Industrial Classification Code Number) Wyoming 8071 35-2604830 (I.R.S. Employer Identification N ...

As filed with the Securities and Exchange Commission on July 3, 2023 Registration No. 333-269753 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.2 TO FORM S-1/A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BIONEXUS GENE LAB CORP. (Exact name of registrant as specified in its charter) Wyoming 8071 35-2604830 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Num ...