Bionexus Gene Lab (US:BGLC)2024-05-15 17:20Financial 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].