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BioNexus Gene Lab Corp (BGLC+2.72%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $2,630,376, a slight increase from $2,553,686 in the same quarter the previous year. Chemrex contributed $2,627,813 of the total revenue.
Cost of revenue for the quarter was $2,303,840, up from $2,199,354 in the same quarter of the previous year. This increase is attributed to higher sales and fluctuations in purchasing conditions.
The company reported a gross profit of $326,536 for the quarter, compared to $354,332 in the previous year, with the decrease attributed to increased costs.
Other income for the quarter was $465,527, up significantly from $199,284 the previous year, mainly due to dividends received and gains on equity investments.
Selling, general, and administrative expenses decreased to $2,129,685 from $3,082,128, primarily due to lower professional expenses related to the Nasdaq (NDAQ-1.24%) listing in 2023.
Net loss for the quarter was $1,345,370, down from $2,609,189 in the previous year. The reduction is due to lower operating expenses and increased other income.
Cash used in operating activities was $2,164,489, while cash used in investing activities was $75,956. Cash used in financing activities was $1,612.
BioNexus had a working capital of $5,635,310 as of September 30, 2024. The company continues to focus on its core operations and strategic investments.
The filing also details various financial activities, including a public offering and Nasdaq listing, and the issuance of shares for professional services.
The company is addressing internal control improvements following recent transactions at its Chemrex subsidiary and is enhancing governance procedures.
BioNexus is currently appealing a Nasdaq delisting notice and plans to present a compliance plan, including a potential reverse stock split, to regain compliance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioNexus Gene Lab Corp quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.