Bionexus Gene Lab (US:BGLC)2024-11-15 22:00Revenue Performance - Revenue for the three months ended September 30, 2024, was $2,630,376, an increase of 3.0% compared to $2,553,686 for the same period in 2023[124] - Total revenue for the quarter ended September 30, 2024, was $2,630,376, representing a 3% increase from $2,553,686 in the same quarter of 2023[126] - For the nine months ended September 30, 2024, total revenue was $6,986,791, a 6.8% decrease from $7,497,739 in the same period of 2023[146] - Chemrex's revenue for the nine-month period decreased by $493,704, representing a decline of 6.61% from the previous year[147] - MRNA Scientific's revenue decreased by 84.5% to $2,563, reflecting a decline from $16,536 in the same quarter of 2023 due to fewer client referrals[128] Profitability - Gross profit for the three months ended September 30, 2024, was $326,536, a decrease of 7.8% from $354,332 in the prior year[124] - Gross profit for the quarter was $326,536, down 7.8% from $354,332 in the same quarter of 2023[131] - Total gross profit for the nine months ended September 30, 2024, was $980,287, reflecting a decrease of approximately 7.8% from $1,062,943 in 2023[152] - Chemrex contributed $975,786 (99.5%) to the total gross profit, down from $1,049,324 (98.7%) in the prior year, marking a 7.01% decrease[153] - MRNA Scientific's gross profit decreased by 67% to $4,501, contributing 0.5% to the total gross profit, down from $13,619 (1.3%) in the previous year[154] Expenses and Losses - Cost of revenue for the quarter was $2,303,840, a 4.8% increase from $2,199,354 in the prior year[129] - Total operating expenses decreased by approximately 30.9% to $2,129,685 from $3,082,128 in the same quarter of 2023[137] - Loss from operations was $1,337,622, reflecting a reduction of approximately 47.1% from a loss of $2,528,512 in the same quarter of 2023[141] - Operating expenses totaled $3,535,248, a decrease of 20.1% from $4,426,077 in the same period last year[158] - The company reported a loss from operations of $1,157,482, a significant improvement from a loss of $2,851,342 in the prior year, representing a 59.4% decrease[162] Other Income and Gains - The company reported other income of $465,527 for the three months ended September 30, 2024, significantly higher than $199,284 in the prior year[124] - Other income increased by approximately 133.6% to $465,527 compared to $199,284 in the same quarter of 2023[134] - Other income increased to $1,397,479 for the nine months ended September 30, 2024, up 173.1% from $511,792 in 2023[155] - The company experienced a foreign currency gain of $839,344 for the nine months ended September 30, 2024, compared to a loss of $391,533 in the prior year[164] Corporate Governance and Compliance - The company entered into an advisory service agreement with Maxim Group LLC for M&A services, issuing 300,000 shares of common stock as compensation[109] - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share, with a compliance period extended to November 4, 2024[113] - The company has implemented additional protocols to enhance internal controls and governance procedures at its Chemrex subsidiary following recent transactions[120] - The company appointed Ms. Jook Yuen Low as an independent director, enhancing the board's expertise in corporate governance and compliance[116] Strategic Investments - A strategic investment was made into Ascension Innovation Sdn Bhd by MRNA Scientific Sdn. Bhd., aimed at expanding the company's capabilities[111] Working Capital - As of September 30, 2024, working capital was $5,635,310, down from $6,415,877 as of December 31, 2023, primarily due to investments and operational expansion[165] Cash Flow - Net cash used in operating activities was $2,164,489 for the nine months ended September 30, 2024, compared to $1,039,686 in the same period last year[167]