BioNexus Gene Lab Corp
For the period ended Dec 31, 2023. Filed Apr 16, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 16, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Audit Report
The Board of Directors and Stockholders of
Bionexus Gene Lab Corp.
Unit 02 Level 10, Tower B, Avenue 3,
Vertical Business Suite,
No. 8, Jalan Kerinchi, Bangsar South,
59200 Kuala Lumpur, Malaysia.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Bionexus Gene Lab Corp. (the ‘Company’) as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income/(loss), stockholders’ equity, and cash flows for the year ended of December 31, 2023 and 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the year ended of December 31, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to those charged with governance that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.
Allowance for Current Expected Credit Losses (“CECL”)
The identification and measurement of credit impairment under ASC326 Financial Instruments - Credit Losses require management to exercise judgment in determining whether a financial asset is credit-impaired and, if so, to measure the loss allowance. We considered impairment of trade receivables as critical audit matter as the determination of the CECL involves significant judgement and this has a material impact on the consolidated financial statements of the Group.
Our audit procedures included, among others, the following:
| (a) | Obtained an understanding of the management’s process in determining and calculating the expected credit loss; |
| (b) | Assessed significant assumptions, including recovery rates and impairment ratios and those relating to future economic events that are used to calculate the expected credit losses; |
| (c) | Tested the completeness and accuracy of data used in the ECL calculation including the customer's ageing reports; |
| (d) | Tested the mathematical accuracy of the ECL model; |
| (e) | Obtained an understanding of the latest development and the basis of measuring the impairment allowance for specific provisions and assessed management assumptions given the circumstances; |
| (f) | Assessed the adequacy of the relevant disclosures included in the consolidated financial statements. |
/s/ JP CENTURION & PARTNERS PLT
JP CENTURION & PARTNERS PLT (ID: 6723)
We have served as the Company’s auditor since 2020.
Kuala Lumpur, Malaysia
APRIL 16, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.