BioNexus Gene Lab Corp
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
BGLC$0.83-3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001477932-24-002941
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001477932-24-004792
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 78 current paragraphs.
27 unchanged; 22 reworded; 25 added; 14 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 5 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
On July 1, 2024, we entered into an advisory service agreement with Maxim Group LLC (“Maxim”) to provide merger and acquisition (M&A) services, general financial advisory services, and investment banking services to the Company. We agreed and issued 300,000 shares of our common stock to Maxim for such service. Pursuant to the agreement, Maxim agrees to return a proportionate number of the shares to the company if Maxim is in material breach of the agreement.
Current report
If at any time during the term of the agreement or within twelve months from the effective date of the termination of the agreement, the Company proposes to effect a public offering of its securities on a US exchange, private placement of securities or other financing, the Company shall offer to retain Maxim as sole book running manager of such offering, or as its exclusive placement or sales agent in connection with such financing or other matter, upon such terms as the parties may mutually agree.
Current report
Other Income**.* For the quarterly period ended June 30, 2024, we had other income of $730,105, as compared to $195,164 for the quarterly period ended June 30, 2023, ***an increase of approximately 274.1%.
Current report
MRNA Scientific contributed $37,364 (5.1%) of other income for the current quarter ended June 30, 2024 as compared to $1,039 (0.5%) of the other income for the quarter ended June 30, 2023. The increase by $36,325, an approximately 3496.2% was due to increased fund in the fixed deposits resulted increased of bank interest earning and gain on unrealise forex.
Current report
***Operating Expenses.***For the quarter ended June 30, 2024, we had total operating expense of $759,657 as compared to total operating expenses of $807,077 for the quarter ended June 30, 2023, a decrease by approximately 5.9%. It was due to decrease in provision for losses allowance, provision for doubtful debt, director remuneration, loss of unrealised forex and commission.
Current report
Chemrex had incurred $281,134 (37%) of the total operating expenses for the current quarter ended June 30, 2024 as compared to $642,719 (79.6%) of the total operating expenses for the quarter ended June 30, 2023, a decrease by 56.3% due to reduction in provision for losses allowance and doubtful debts, commission, loss on unrealised forex and decrease of directors’ remuneration.
Current report
Consolidated
Current report
Segmented Information
Current report
Revenue*.** For the six months period ended June 30, 2024, we had total revenue of $4,356,415 as compared to total revenue of $4,944,053 for the same ***period in 2023, which had decreased by $587,638 from the prior period, approximately 11.9% decrease.
Current report
Chemrex contributed $4,347,754 (99.8%) of the total revenue for the current six months period as compared to $4,932,121 (99.8%) of the total revenue for the same period last year. Chemrex’s revenues had decreased by $584,367 from the prior period, approximately 11.85% decrease. The revenue decreased in 2024 was due lower selling price because of market competition.
Current report
MRNA Scientific contributed $8,661 (0.2%) of the total revenue for the current six months period as compared to revenue of $$11,932 (0.2%) of the total revenue from the same period last year. MRNA Scientific’s revenue had decreased by $3,271 from the prior quarter, an approximately 27.4% decrease. The revenue decrease in 2024 was due to RNA machine breakdowns which occurred during the current period.
Current report
Cost of Revenue. For the six months period ended June 30, 2024, we incurred $3,702,664 in cost of revenues, as compared to $4,235,442 for the same*** ***period in 2023. The decrease of $532,778 or approximately 12.6% was due to the same reason stated above.
Current report
Chemrex had incurred $3,698,059 (99.9%) of the total cost of revenue during the current period as compared to the same period last year wherein Chemrex had incurred $4,227,894 (99.8%) of the total in cost of revenue. The decrease of $529,835, or approximately 12.53% was due to the same reason stated above.
Current report
MRNA Scientific had incurred $4,605 (0.1%) of the total cost of revenues during the current period as compared to $7,548 (0.2%) for the same period in 2023, decreased by $2,943, approximately 39% from the prior period due to the same reason stated above.
Current report
Gross Profit*.** For the six months period ended June 30, 2024, we had total gross profit of $653,751 as compared to gross profit of $708,611 for the same ***period in 2023, a decreased by approximately 7.7% from the prior period.
Current report
Chemrex contributed $649,695 (99.4%) of the total gross profit for the current six months period as compared to $704,227 (99.38%) of the total gross profit for the same period last year. The gross profit decreased by $54,532, approximately 7.74% for the current period due to decreased revenues for the current period as according to reason stated above.
Current report
MRNA Scientific** had a gross profit of $4,056 (0.6%) of the total gross profit of $653,751 for the current six months period as compared to $4,384 (0.6%) **of the total gross profit of $708,611 from the same period last year. The gross profit decreased by 7.5% due to its decreased revenues for the current period as according to reason stated above.
Current report
Other Income. For the six months period ended June 30, 2024, we had $931,952 other income as compared to $312,508 for the same period in 2023, increased by*** ***$619,444 or approximately 198.2%.
Current report
Chemrex contributed $855,894 (91.8%) of other income for the current six months period as compared to $310,343 (99.3%) for the same period last year. Chemrex’s other income increased by $545,551, approximately 175.79% due to recovered of doubtful debts, provision losses allowances recovered and capital gain from share investment.
Current report
MRNA Scientific** **had $76,058 (8.2%) for the six months period ended June 30, 2024 as compared to $2,165 (0.7%) for the same period in 2023, increased by $73,893, approximately 3413.1% due to bank interest earning from US dollar and gain on unrealise forex.
Current report
Chemrex had incurred $696,763 (49.6%) of the total operating expenses for the current six months period as compared to $1,025,896 (76.3%) of the total operating expenses for the same period last year, decreased by $329,133, approximately 32.08% due to the deduction of commission, decrease of loss on unrealized/realized currency exchanges, provision for doubtful debt on account receivables and decrease in directors’ remuneration.
Current report
MRNA Scientific had incurred $185,218 (13.2%) of the total operating expenses for the current six months period as compared to $98,720 (7.3%) of the total operating expenses for the same period last year. The increase by approximately 87.6% in operating costs for the six months period was due to the hire of new staff for marketing & business development, increase in director’s remuneration, increase in amortisation of ROU asset and loss arising from settlement of supplier contract dispute.
Current report
BGLC, the holding company had incurred $523,582 (37.2%) of total operating expenses for the current six months period as compared to $219,333 (16.4%) of the total operating expenses for the same period last year. The increase of $304,249, approximately 138.72% in operating costs of the current period was due to increase of legal fees, audit fees, Nasdaq annual fee plus increase and back charge of directors’ fees.
Current report
Profit/(Loss) from Operations. We had a profit from operations of $180,140 for the six months period ended June 30, 2024 as compared to loss of $322,830 for*** ***the same period in 2023. The increase of $502,980, approximately 155.8% was due to the reasons discussed above.
Current report
Income tax expense. For the six-months period ended June 30, 2024, we had income tax expenses of $75,652 provided for Chemrex and no tax provision for MRNA Scientific as compared to the same* *period in 2023 whereby we had no income tax provided for both Chemrex and MRNA Scientific.
Removed paragraphs (14)
Previous report
(a) Public Offering and Nasdaq Listing
Previous report
On July 20, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Network 1 Financial Securities, Inc., as underwriter (the “Underwriter”) pursuant to which the Company agreed to issue and sell, in a firm commitment underwritten public offering by the Company (the “Offering”) of 1,250,000 shares of common stock, no par value, priced at a public offering price of $4.00 per share.
Previous report
In addition, pursuant to the Underwriting Agreement, the Underwriter was granted a 45-day option (the “Over-Allotment Option”) to purchase up to an additional 187,500 shares of common stock at the public offering price of $4.00 per share. The Underwriter fully exercised the Over-Allotment Option on July 24, 2023.
Previous report
The securities were offered by the Company pursuant to the registration statement on Form S-1 (File No. 333-269753), which was originally filed with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, on February 14, 2023, and declared effective by the Commission on July 19, 2023.
Previous report
On July 24, 2023, the Offering closed, and the Company issued and sold 1,437,500 shares of common stock, including 187,500 shares sold pursuant to the exercise of the Over-Allotment Option. The Offering was priced at $4.00 per share for total gross proceeds of $5.75 million before deducting underwriting discounts, commissions, and offering expenses. Pursuant to the Underwriting Agreement, the Underwriter received an 8% underwriting discount on the public offering price for the shares common stock. The Company will therefore receive net proceeds, before expenses, of $5,290,000 from the sale of the common stocks. In addition, the Company issued to the Underwriter warrants to purchase up to an aggregate of 115,000 shares of the Company’s common stock (the “Underwriter’s Warrants”) at an exercise price of $4.40 per share. The Underwriter’s Warrants are exercisable from July 24, 2023 until July 24, 2028.
Previous report
On August 2023, there was an issuance of shares of 759,299 and 75,000 respectively as part of Contractual Agreements relating to the uplisting of our Common Stock onto the NASDAQ stock exchange, subsequently followed by the cancellation of 125,000 shares. Please see Note 10.
Previous report
(b) Reverse stock split
Previous report
On June 5, 2023, the Company filed an Article of Amendment to the Articles of Incorporation with the Wyoming Secretary of State to modify the ratio of the Reverse Stock Split from one-for-ten (10) to one-for-twelve (12) (the “Revised Reverse Stock Split”). Upon effectiveness of the Revised Reverse Stock Split, every twelve (12) outstanding shares of common stock were combined into and automatically become one share of common stock. No fractional shares were issued in connection with the Revised Reverse Stock Split and all such fractional shares or odd lots (less than 100 shares to any record or beneficial holder) issuable in the Revised Reverse Stock Split were rounded up to 100 shares.
Previous report
The Revised Reverse Stock Split was approved and authorized by a majority of the Company’s stockholder in lieu of a shareholder vote on May 8, 2023 and by the Board of Directors of the Company on May 8, 2023.
Previous report
On July 19, 2023, the Financial Industry Regulatory Authority announced the Revised Reverse Stock Split in conjunction with the aforementioned Nasdaq listing.
Previous report
An total of 1,044,351 round-up shares issued after reversal of stock split exercised. Please refer Note 10.
Previous report
Other Income. For the quarterly period ended March 31, 2024, we had of $201,847 as compared to of $117,344 for the quarterly period ended March 31, 2023, an increase of approximately 72%.
Previous report
MRNA Scientific-Malaysia contributed $38,694 (19.2%) of other income for the current quarter ended March 31, 2024 as compared to $1,126 (1%) of the other income for the quarter ended March 31, 2023. The increase of 3336.4% due to increase funds in the fixed deposits earning interest and unrealized gain on foreign exchange rates from foreign currency accounts in Malaysia..
Previous report
Chemrex had incurred $415,629 (64.3%) of the total operating expenses for the current quarter ended March 31, 2024 as compared to $383,177 (71.4%) of the total operating expenses for the quarter ended March 31, 2023, an increase of 8.47.%. The increase in operating expenses was due to provision for losses on accounts receivable and loss on fair value of share investment.
Reworded paragraphs (22)
Previous wording
The corporate and principal office address of the Company and MRNA Scientific Malaysia is Unit 02, Level 10, Tower B, Avenue 3, The Vertical Business Suite II, Bangsar South, No. 8 Jalan Kerinchi, Kuala Lumpur, Malaysia., our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. Another lab focuses on Covid-19 and Colon cancer screening is located at 4th floor, Lifecare Diagnostic Centre, Kuala Lumpur, Malaysia. Our telephone number is (+60) 18-2218762 and our website is www.bionexusgenelab.com.
Current wording
The corporate and principal office address of the Company and MRNA Scientific Malaysia is Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1 , Kuala Lumpur, Malaysia., our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. Another lab focuses on Covid-19 and Colon cancer screening is located at 4th floor, Lifecare Diagnostic Centre, Kuala Lumpur, Malaysia. Our telephone number is (+60) 18-2218762 and our website is www.bionexusgenelab.com.
Previous wording
Revenue. For the quarter ended March 31, 2024, we had total revenue of $2,381,851 as compared to total revenue of $2,377,205 for the quarter ended March 31, 2023, increased by 0.2% from the prior quarter due to slight increase in purchases mainly from Chemrex customers.
Current wording
***Revenue.For the quarter ended June 30, 2024, we had total revenue of $1,974,564 as compared to total revenue of $2,566,848 for the quarter ended June ***30, 2023, a decreased by 23.1% from the prior quarter.
Previous wording
Chemrex contributed $2,378,686 (99.9%) of the total revenue for the current quarter ended March 31, 2024 as compared to $2,369,769 (99.7%) of the total revenue for the quarter ended March 31, 2023. Chemrex’s revenues had the increase of 0.38% from prior quarter. The revenue increased in first quarter of 2023 was due to increase in purchases from its customers.
Current wording
Chemrex contributed $1,969,068 (99.7%) of the total revenue for the current quarter ended June 30, 2024 as compared to $2,562,352 (99.8%) of the total revenue for the quarter ended June 30, 2023. Chemrex’s revenues had a decrease by $593,284 of 23.2% from prior quarter. The revenue decreased in second quarter of 2024 was due to lower selling price because of market competition.
Previous wording
MRNA Scientific-Malaysia contributed $3,165 (0.1%) of the total revenue for the quarter ended March 31, 2024 as compared to revenue of $7,436 (0.3%) of the total revenue from the quarter ended March 31, 2023. Revenues had decreased by 57.4% due to RNA machine breakdowns which occurred during the current period.
Current wording
MRNA Scientific contributed $5,496 (0.3%) of the total revenue for the quarter ended June 30, 2024 as compared to revenue of $4,496 (0.2%) of the total revenue from the quarter ended June 30, 2023. Revenues had increased of 22.2% from the prior quarter due to referrals from diagnostics centers & clinics.
Previous wording
Cost of Revenue. For the quarter ended March 31, 2024, we incurred $2,016,820 in cost of revenues, as compared to $2,008,308 for the quarter ended March 31, 2023, a slight increase of 0.4% was due to reason as stated below.
Current wording
Cost of Revenue**.* For the quarter ended June 30, 2024, we incurred $1,685,844 in cost of revenues, as compared to $2,227,134 for the quarter ended June ***30, 2023, a decrease of 24.3% which was compatible to its decreased revenues for the current period.
Previous wording
Chemrex had incurred $2,014,568 (99.9%) of the total cost of revenue during the current quarter period ended March 31, 2024 as compared to the quarter ended March 31, 2023 wherein Chemrex had incurred $2,002,961 (99.7%) of the total cost of revenue. The slightly increase in Chemrex’s cost of revenues of 0.58% for the current period was due to its increased revenues for the current period.
Current wording
Chemrex had incurred $1,683,491 (99.9%) of the total cost of revenue during the current quarter period ended June 30, 2024 as compared to the quarter ended June 30, 2023 wherein Chemrex had incurred $2,224,933 (99.9%) of the total cost of revenue. The decrease in Chemrex’s cost of revenues of 24.3% for the current period was due to its decreased revenues and reason as stated above.
Previous wording
MRNA Scientific-Malaysia had incurred $2,252 (0.1%) of the total cost of revenues during the current quarter period ended March 31, 2024 as compared to $5,347 (0.3%) for the quarterly period ended March 31, 2023. Cost of revenue had decreased by 57.9% from prior quarter due to decreased revenues for the current period.
Current wording
MRNA Scientific had incurred $2,353 (0.1%) of the total cost of revenues during the current quarter period ended June 30, 2024 as compared to $2,201 (0.1%) for the quarterly period ended June 30, 2023. Cost of revenue had increased 6.9% from the prior quarter due to its increased revenues and reason as stated above.
Previous wording
Gross Profit. For the quarterly period ended March 31, 2024, we had total gross profit of $365,031 as compared to gross profit of $368,897 for the quarterly period ended March 31, 2023, a decrease by approximately 1% from the prior period.
Current wording
***Gross Profit.For the quarterly period ended June 30, 2024, we had total gross profit of $288,720 as compared to gross profit of $339,714 for the quarterly ***period ended June 30, 2023, a decrease by approximately 15% from the prior period.
Previous wording
Chemrex contributed $364,118 (99.7%) of the total gross profit for the current quarter ended March 31, 2024 as compared to $366,808 (99.4%) of the total gross profit for the quarter ended March 31, 2023. Chemrex’s gross profit decreased slightly by $2,690 from the prior quarter, an approximately 0.73% decrease. The gross profit decrease for Chemrex in current quarter compared to the last quarter, was due to selling new stock purchased at higher prices, compared to previously selling old stock at lower prices.
Current wording
Chemrex contributed $285,577 (98.9%) of the total gross profit for the current quarter ended June 30, 2024 as compared to $337,419 (99.3%) of the total gross profit for the quarter ended June 30, 2023. Chemrex’s gross profit decreased by $51,842 from the prior quarter, an approximately 15.4% decrease. The gross profit decrease for Chemrex in current quarter compared to the last quarter, was due to lower selling prices.
Previous wording
MRNA Scientific-Malaysia contributed $913 (0.3%) of the total gross profit of $365,031 for the current quarter ended March 31, 2024 as compared to gross profit of $2,089 (0.6%) of the total gross profit from the quarter ended March 31, 2023. The decrease by approximately 56.3% from the prior period due to its decreased revenues for the current period.
Current wording
MRNA Scientific contributed $3,143 (1.1%) of the total gross profit of $288,720 for the current quarter ended June 30, 2024 as compared to gross profit of $2,295 (0.7%) of the total gross profit from the quarter ended June 30, 2023. The increase by approximately 36.9% from the prior period due to its increased revenues for the same reason stated above.
Previous wording
Chemrex contributed $163,153 (80.8%) of other income for the current quarter ended March 31, 2024 as compared to $116,218 (99%) of the other income for the quarter ended March 31, 2023. Chemrex’s other income increased by 40.39% due to dividends received from investments, gain on fair value of investment, recovery of expected credit losses and gains on foreign exchange rates.
Current wording
Chemrex contributed $692,741 (94.9%) of other income for the current quarter ended June 30, 2024 as compared to $194,125 (99.5%) of the other income for the quarter ended June 30, 2023. Chemrex’s other income increased by 256.9% due to recovery of provision losses allowances, recovery of doubtful debts, capital gain on stock investment and bank interest earning.
Previous wording
MRNA Scientific-Malaysia had incurred $ 80,855 (12.5%) of the total operating expenses for the current quarter ended March 31, 2024 as compared to $46,255 (8.6%) of the total operating expenses for the quarter ended March 31, 2023, an increase of 74.8%. The increase in operating costs of the current quarter was due to the hire of new staff for marketing & business development, director fees, increase of motor vehicle and business travel expenses.
Current wording
MRNA Scientific had incurred $104,363 (13.7%) of the total operating expenses for the current quarter ended June 30, 2024 as compared to $52,465 (6.5%) of the total operating expenses for the quarter ended June 30, 2023, an increase by 98.9%. The increase in operating costs of the current quarter was due to directors remuneration, staff salary for marketing & business development, increase of travelling cost, motor vehicle running cost and loss arising from settlement of supplier contract dispute.
Previous wording
BGLC, the holding company had incurred $149,422 (23.1%) of total operating expenses for the current quarter ended March 31, 2024 as compared to $107,440 (20%) of the total operating expenses for the quarter ended March 31, 2023. The increase approximately 39.07% in operating costs for the quarter ended March 31, 2024 was due to increase of legal fees, audit fees, directors fees and payement of the Nasdaq annual fee and directors bonuses.
Current wording
BGLC, the holding company had incurred $374,160 (49.3%) of total operating expenses for the current quarter ended June 30, 2024 as compared to $111,893 (13.9%) of the total operating expenses for the quarter ended June 30, 2023. The increase by approximately 234.4% in operating costs for the quarter ended June 30, 2024 was due to increase of directors fees and back charge of director fees.
Previous wording
Loss from Operations. We had a loss from operations of $79,028 for the quarter ended March 31, 2024 as compared to a loss of $50,631 for the quarter ended March 31, 2023, an increase of losses by approximately 56.1% from the prior period, for the reasons discussed above.
Current wording
Profit/(Loss) from Operations**.* We had a profit from operations of $259,168 for the quarter ended June 30, 2024 as compared to a loss of $272,199 for the ***quarter ended June 30, 2023, an increase by approximately 195.2% from the prior period, for the reasons discussed above.
Previous wording
Income tax expense. For the quarter ended March 31, 2024, we had a tax expense of $20,068 as compared to tax expenses of $15,990 for the quarter ended March 31, 2023 for Chemrex. There was no tax provision for MRNA Scientific-Malaysia for the quarters ended March 31, 2024 and 2023.
Current wording
Income tax expense**.* For the quarter ended June 30, 2024, we had tax expenses of $55,584 as compared to tax credit of $15,990 for the ***quarter ended June 30, 2023 for Chemrex. There was no tax provision for MRNA Scientific for the quarters ended June 30, 2024 and 2023.
Previous wording
Foreign currency exchange loss. We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the three-month period ended March 31, 2024, we experienced a foreign currency loss of $209,908 as compared with a foreign currency loss of $39,039 for the three-month period ended March 31, 2023.
Current wording
Foreign currencytranslation***gain/(loss).We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities ***denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the three-month period ended June 30, 2024, we experienced a foreign currency gain of $2,463 as compared with a foreign currency loss of $333,891 for the three-month period ended June 30, 2023.
Previous wording
Operating Expenses. For the quarter ended March 31, 2024, we had total operating expense of $645,906 as compared to total operating expenses of $536,872 for the quarter ended March 31, 2023, the increase by approximately 20.3%. It was due to general and administrative expenses which includes depreciation of fixed assets, employee compensation, professional fees and provision for losses on accounts receivable.
Current wording
Operating Expenses. For the six months period ended June 30, 2024, we had a total operating expense of $1,405,563 as compared to total operating*** ***expenses of $1,343,949 for the same period in 2023. The increase of $61,614, approximately 4.4% was due to increase of general and administrative expenses which include depreciation of fixed assets, employee compensation and benefits, marketing/travel expenses, Nasdaq annual fees and professional fees.
Previous wording
As of March 31, 2024, we had working capital of $6,188,903 compared with working capital of $6,415,877 as of December 31, 2023. The decrease in working capital as of March 31, 2024 from December 31, 2023 was due principally to losses incurred during the quarter ended March 31, 2024.
Current wording
As of June 30, 2024, we had working capital of $6,443,511 compared with working capital of $6,415,877 as of December 31, 2023. The increase in working capital as of June 30, 2024 from December 31, 2023 was due principally to profit incurred during the quarter ended June 30, 2024.
Previous wording
The following is a summary of the Company’s cash flows (used in) / generated from operating, investing, and financing activities for the three months ended March 31, 2024 and 2023:
Current wording
The following is a summary of the Company’s cash flows (used in) / generated from operating, investing, and financing activities for the six months ended June 30, 2024 and 2023:
Previous wording
During the three months ended March 31, 2024, the Company incurred a net loss of $103,757 which, after adjusting for amortization, depreciation, dividend income, fair value loss on share investment, allowances for expected credit losses, recovery for expected credit losses, gain on disposal on share investment, an increase in inventories and advance payment from customer, a decrease in trade receivables and a substantial reduction in trade payables, operating lease liabilities, resulted in net cash of $34,442 being used in operating activities during the three months ended March 31, 2024. By comparison, during the three months ended March 31, 2023, the Company had a net loss of $69,066 which, after adjusting for amortization, depreciation, dividend income, fair value gain on share investment, a decrease in inventories, trade receivables and a substantial reduction in trade payables, operating lease liabilities, advance payment from customer, resulted in net cash of $116,518 being used in activities during the quarter ended 2023.
Current wording
During the six months ended June 30, 2024, the Company incurred a net profit of $95,347 which, after adjusting for amortization, depreciation, dividend income, allowances for expected credit losses, recovery for expected credit losses, fair value gain on share investment, gain on disposal on share investment, loss arising from settlement of supplier contract dispute, a decrease inventories and operating lease liabilities, increase in trade and other receivables, advance payment from customer and a substantial reduction in trade payables, resulted in net cash of $704,982 being used in operating activities during the six months ended June 30, 2024.
Previous wording
During the three months ended March 31, 2024, the Company had net cash of $24,098 generated from investment activities from acquisition of share investment of $174,247, purchase of plant & equipment of $21,945, proceeds from disposal of share investments of $211,344 and receiving dividend income of $8,946. By comparison during the three months ended March 31, 2023, the Company had net cash from acquisition of share investment of $13,646, purchase of plant and equipment of $102 and receiving dividend income of $8,692, resulting in net cash used in investing activities of $5,056.
Current wording
During the six months ended June 30, 2024, the Company had net cash of $107,160 generated from investment activities from acquisition of share investment of $264,768, purchase of plant & equipment of $23,778, proceeds from disposal of share investments of $297,678, refund from settlement of supplier contract dispute at $77,201 and receiving dividend income of $20,827. By comparison during the six months ended June 30, 2023, the Company had net cash of $8,114 used in investment activities from acquisition of share investment of $13,444, purchase of plant & equipment of $14,458 and receiving dividend income of $19,788.
Previous wording
During the three-month ended March 31, 2024, the Company had net cash of $24,219 generated from financing activities for advances from directors of $26,930 and used for interest of $2,711. By comparison during the three months ended March 31, 2023, we had net cash of $1,779 used in financing activities for interest.
Current wording
During the six months ended June 30, 2024, the Company had net cash of $197,799 generated from financing activities for advances from directors of $202,344 and used for interest of $4,545. By comparison during the six months ended June 30, 2023, we had net cash of $4,212 used in financing activities for interest used of $4,212.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Six Months Ended June 30, 2024 Compared with the Six Months Ended June 30, 2023.
Current report — wording carried from elsewhere
The following table sets forth key selected financial data for the six months ended June 30, 2024 and 2023.
Current report — wording carried from elsewhere
***Foreign currency translation loss.We are exposed to fluctuations in foreign exchange rates on the revaluation of monetary assets and liabilities ***denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate would require us to recognize a transaction gain or loss on revaluation. For the six-months period ended June 30, 2024, we experienced a foreign currency loss of $207,445 as compared with a foreign currency loss of $372,930 for the same period in 2023.
Current report — wording carried from elsewhere
By comparison, during the six months ended June 30, 2023, the Company had a net loss of $328,317 which, after adjusting for amortization, depreciation, dividend income, fair value gain on share investment, provision for losses on accounts receivable, an increase in inventories, a decrease in trade receivables and a substantial reduction in trade payables, operating lease liabilities, advance payment from customer, resulted in net cash of $140,341 being used in operating activities during the six months ended June 30, 2023.