BioNexus Gene Lab (BGLC) 10-Q 18 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Entity Registrant Name	BioNexus Gene Lab Corp
Entity Central Index Key	0001737523
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		171,218,152
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and bank balances	$ 853,198	$ 699,585
Fixed deposits placed with financial institutions	1,621,461	2,088,107
Trade receivables	3,593,663	3,996,802
Other receivables, deposits and prepayments	22,933	22,640
Tax Recoverable	2,624	2,190
Inventories	1,469,192	1,176,170
Total current assets	7,563,071	7,985,494
NON-CURRENT ASSETS
Operating lease right of use asset, net	55,747	62,529
Property, plant and equipment, net	1,708,104	1,785,602
Other investments	571,609	281,668
Total non-current assets	2,335,460	2,129,799
TOTAL ASSETS	9,898,531	10,115,293
CURRENT LIABILITIES
Trade payables	2,928,650	3,170,653
Other payables and accrued liabilities	38,269	95,882
Current portion of obligation under finance lease	22,843	25,048
Current portion of operating lease liabilities	16,793	20,702
Tax payables	28,874	61,313
Total current liabilities	3,035,429	3,373,598
NON-CURRENT LIABILITIES
Non-current portion of operating lease liabilities	39,911	42,377
Non-current portion of obligation under finance lease	28,948	35,292
Deferred tax liabilities	1,813	1,872
Total non-current liabilities	70,672	79,541
TOTAL LIABILITIES	3,106,101	3,453,139
STOCKHOLDERS' EQUITY
As at March 31, 2021, common stock, no par value; 300,000,000 shares authorized and 171,218,152 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2020, common stock, no par value; 300,000,000 shares authorized and 171,218,152 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding.	10,779,574	10,779,574
Additional paid in capital	(5,011,891)	(5,011,891)
Accumulated surplus	1,099,531	760,787
Other comprehensive (losses) /income	(74,784)	133,684
TOTAL STOCKHOLDERS' EQUITY	6,792,430	6,662,154
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 9,898,531	$ 10,115,293

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2020
STOCKHOLDERS' EQUITY
Preferred stock, shares par value	$ 0	$ 0
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares outstanding	0	0
Common Stock, Par value	$ 0	$ 0
Common Stock, Shares authorized	300,000,000	300,000,000
Common Stock, Shares outstanding	171,218,152	171,218,152

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
REVENUE	$ 3,449,159	$ 3,070,026
COST OF REVENUE	(2,866,594)	(2,414,719)
GROSS PROFIT	582,565	655,307
OTHER INCOME	62,388	746,641
OPERATING EXPENSES
General and administrative	(302,851)	(328,418)
PROFIT FROM OPERATIONS	342,102	1,073,530
FINANCE COSTS	(3,358)	(3,026)
PROFIT BEFORE TAX	338,744	1,070,504
Tax expense	0	(860)
NET PROFIT	338,744	1,069,644
Other comprehensive income:
Foreign currency translation loss	(208,468)	(294,696)
COMPREHENSIVE INCOME	$ 130,276	$ 774,948
Earnings per share - Basic and diluted	$ 0	$ 0
Weighted average number of common shares outstanding - Basic and diluted	171,218,152	102,730,891

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional paid up capital	Accumulated Surplus/(loss)	Accumulated other comprehensive income/(Loss)
Balance, shares at Dec. 31, 2019		102,730,891
Balance, amount at Dec. 31, 2019	$ 1,122,364	$ 6,484,669	$ (5,011,891)	$ (333,311)	$ (17,103)
Issuance of shares, shares		68,487,261
Issuance of shares, amount	4,294,905	$ 4,294,905	0	0	0
Net profit for the period	1,069,644	0	0	1,069,644	0
Foreign currency translation gain	(294,696)	$ 0	0	0	(294,696)
Balance, shares at Mar. 31, 2020		171,218,152
Balance, amount at Mar. 31, 2020	6,192,217	$ 10,779,574	(5,011,891)	736,333	(311,799)
Balance, shares at Dec. 31, 2020		171,218,152
Balance, amount at Dec. 31, 2020	6,662,154	$ 10,779,574	(5,011,891)	760,787	133,684
Net profit for the period	338,744	0	0	338,744	0
Foreign currency translation loss	(208,468)	$ 0	0	0	(208,468)
Balance, shares at Mar. 31, 2021		171,218,152
Balance, amount at Mar. 31, 2021	$ 6,792,430	$ 10,779,574	$ (5,011,891)	$ 1,099,531	$ (74,784)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net profit	$ 338,744	$ 1,069,644
Adjustments to reconcile net profit to net cash generated from operating activities:
Amortization of right of use asset	4,434	2,865
Depreciation of property, plant and equipment	10,622	10,278
Dividend income	(1,006)	(179)
Fair value gain on other investments	(8,264)	0
Gain on disposal of property, plant and equipment	0	(710,172)
Operating profit before working capital changes	344,530	372,436
Changes in operating assets and liabilities:
Inventories	(293,022)	1,258
Trade and other receivables	402,845	163,791
Trade and other payables	(299,619)	(1,470,936)
Operating lease liabilities	(6,375)	(3,944)
Tax recoverable	(32,931)	(39,953)
Cash generated from/(used in) operating activities	115,428	(977,348)
Cash flows from investing activities:
Acquisition of other investment	(296,025)	(101,498)
Dividend income	1,006	179
Net cash from acquisition of business under common control	0	346,008
Purchase of plant and equipment	(807)	(307)
Proceeds from disposal of property, plant and equipment	0	1,467,865
Net cash (used in)/ generated from investing activities	(295,826)	1,712,247
Cash flows from financing activities:
Repayment of finance lease	(8,550)	(6,399)
Net cash used in from financing activities	(8,550)	(6,399)
Foreign currency translation adjustment	(124,085)	(190,829)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(313,033)	537,671
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR	2,787,692	859,076
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR	2,474,659	1,396,747
CASH AND CASH EQUIVALENTS INFORMATION:
Fixed deposits placed with financial institutions	1,621,461	503,188
Cash at bank	853,198	893,559
Cash and cash equivalents, end of financial year	2,474,659	1,396,747
Supplementary cash flow information:
Interest paid	(3,358)	(3,026)
Income taxes paid	$ (36,438)	$ (57,069)

BASIS OF PREPARATION

BASIS OF PREPARATION	3 Months Ended
	Mar. 31, 2021
BASIS OF PREPARATION
NOTE 1 - BASIS OF PREPARATION	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the consolidated balance sheet as of March 31, 2021 which has been derived from unaudited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2021 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	3 Months Ended
	Mar. 31, 2021
ORGANIZATION AND BUSINESS BACKGROUND
NOTE 2 - ORGANIZATION AND BUSINESS BACKGROUND	BioNexus Gene Lab Corp. was incorporated in the State of Wyoming on May 12, 2017. On August 23, 2017, the Company acquired all of the outstanding capital stock of Bionexus Gene Lab Sdn. Bhd., a Malaysian corporation (“Subsidiary”). The Subsidiary was incorporated in Malaysia on April 7, 2015 which it then subsequently changed its name to Bionexus Gene Lab Sdn. Bhd. On December 31, 2020, the Company consummated a Share Exchange Agreement with Chemrex Corporation Sdn. Bhd. (“Chemrex”) and the Chemrex shareholders pursuant to which we acquired all of the issued and outstanding shares of capital stock of Chemrex from the Chemrex shareholders in exchange for 68,487,261 shares of common stock of the Company issued to the Chemrex shareholders. The acquisition of Chemrex has been accounted for as a common control transaction as there is no change in the control over the assets acquired and liabilities assumed. The net assets are derecognized by the transferring entity (i.e. Chemrex) and recognized by the receiving entity (i.e. the Company). The difference between the consideration transferred and the carrying amounts of the net assets is recognized in equity. The principal office address is Unit 02 Level 10, Tower B, Vertical Business Suite, No. 8 Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia, our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. We also have a blood collection center located at 1st floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. Chemrex offices and supply hub is located at 4 Jalan CJ 1/6 Kawasan Perusahaan Cheras Jaya, Selangor, Malaysia. The financial statements of the receiving entity report the results of operations for the period in which the transfer occurs as though the transfer of net assets or exchange of equity interests had occurred at the beginning of the period. Results of operations for that period will thus comprise those of the previously separate entities combined from the beginning of the period to the date the transfer is completed and those of the combined operations from that date to the end of the period. The comparative financial statements were not adjusted retrospectively as Chemrex Corporation Sdn. Bhd. was not under common control during the comparative period. The corporate structure as at March 31, 2021 is depicted below: BioNexus Gene Lab Corp., a Wyoming company 100% owned 100% owned Bionexus Gene Lab Sdn. Bhd., a Malaysian company Chemrex Corporation Sdn. Bhd., a Malaysian Company

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. • Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). • Basis of consolidation The condensed consolidated financial statements include the accounts of Bionexus Gene Lab Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. • Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. • Cash and cash equivalents Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. • Trade receivables Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for expected credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. • Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statement of Operations and Comprehensive Income • Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which was subsequently amended in 2018 by ASU 2018-10, ASU 2018-11 and ASU 2018-20 (collectively, Topic 842). Topic 842 will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods. Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective January 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods. • Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates Air conditioner 20% Buildings 2% Computer and software 33% Equipment 20% Furniture and fittings 10% to 20% Lab Equipment 10% Motor vehicle 10% to 20% Office equipment 20% Renovation 10% to 20% Signboard 10% Leasehold lands are depreciated over the period of lease term. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Freehold land is not depreciated. Property, plant and equipment under construction are not depreciated until the assets are ready for their intended use Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. When properties are disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reported in the period the transaction takes place. Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use. • Impairment of long-lived assets Long-lived assets primarily include goodwill, intangible assets and property, plant and equipment. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented. • Revenue recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company records revenue at point in time which is recognized upon goods delivered or services rendered. • Cost of revenues Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues. • Comprehensive income ASC Topic 220, “ Comprehensive Income • Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. • Net earnings or loss per share The Company calculates net earning or loss per share in accordance with ASC Topic 260 “Earnings per share” • Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the subsidiaries maintain its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the subsidiaries operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective years: March 31, 2021 December 31, 2020 Year-end US$1 : MYR exchange rate 4.1460 4.0170 January 1, 2021 to March 31, 2021 January 1, 2020 to March 31, 2020 3 months average US$1 : MYR exchange rate 4.0678 4.1820 • Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. • Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures · Level 1 · Level 2 · Level 3 As of March 31, 2021, and December 31, 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. ● Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

TRADE RECEIVABLES

TRADE RECEIVABLES	3 Months Ended
	Mar. 31, 2021
TRADE RECEIVABLES
NOTE 4 - TRADE RECEIVABLES	The Company has performed an analysis on all its trade receivables and determined that all amounts are collectible by the Company. As such, trade receivables are reflected as a current asset and no allowance for expected credit loss has been recorded as of March 31, 2021 and December, 31, 2020. The Company’s trade receivables consist of receivable from customers which are unrelated to the Company. The account receivables are non-interest bearing and is generally on 30 days to 90 days term.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
NOTE 5 - INCOME TAXES	The Company provides for income taxes under ASC 740, “Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statements and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. It also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Provision for income taxes consisted of the following: United States of America The Company is registered in the State of Wyoming and is subject to the tax laws of the United States of America. Malaysia Bionexus Gens Lab Sdn. Bhd. and Chemrex Corporation Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range is 24% on its assessable income. Under the amendment of Income Tax Act 1967 by the Finance Act 2019 and with effect from year of assessment 2021, companies with paid-up capital of MYR2.5 million or less, and with annual business income of not more than RM50 million are subject to Small and Medium Enterprise Corporate Tax at 17% on chargeable income up to MYR600,000 except for companies with investment holding nature or companies does not have gross income from business sources are subject to corporate tax at 24% on chargeable income. As of March 31, December 31, 2021 2020 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (2,624 ) (2,190 ) Tax Recoverable (2,624 ) (2,190 ) Income tax liabilities: Local $ - $ - Foreign, representing Malaysia 28,874 61,313 Income tax liabilities 28,874 61,313 Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 1,813 1,872 Deferred tax liabilities 1,813 1,872 Total 28,063 60,995

LEASE RIGHT OF USE ASSET AND LE

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY	3 Months Ended
	Mar. 31, 2021
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY
NOTE 6 - LEASE RIGHT OF USE ASSET AND LEASE LIABILITY	Operating lease right of use as follow: As of March 31, December 31, 2021 2020 Balance as of beginning of the year $ 62,529 $ 23,542 Add: Addition of right of use assets - 61,128 Less: accumulated amortization (5,214 ) (22,587 ) Foreign translation differences (1,568 ) 446 Balance $ 55,747 $ 62,529 Operating lease liability as follow: As of March 31, December 31, 2021 2020 Balance as of beginning of the year $ 63,079 $ 24,148 Add: Addition of lease liabilities - 61,128 Less: gross repayment (4,705 ) (26,036 ) Add: imputed interest 795 3,380 Foreign translation differences (2,465 ) 459 Balance as of end of the year 56,704 63,079 Less: lease liability current portion (16,793 ) (20,702 ) Lease liability non-current portion $ 39,911 $ 42,377 The amortization of the operating lease right of use asset for the three months’ period ended March 31, 2021 and the year ended December 31, 2020 were $2,637 and $10,816 respectively. Other information: As of March 31, December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 6,375 $ 38,931 Right of use assets obtained in exchange for operating lease liabilities 55,747 65,529 Remaining lease term for operating lease (years) 3.75 4 Weighted average discount rate for operating lease 5.40 % 5.40 %

PLANT AND EQUIPMENT

PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2021
PLANT AND EQUIPMENT
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT	Property, plant and equipment consisted of the following: As of March 31, December 31, 2021 2020 Air conditioner $ 1,124 $ 1,124 Computer and software 1,371 1,371 Equipment 43,010 42,830 Furniture and fittings 86,961 86,961 Lab equipment 284,822 284,822 Land and buildings 1,506,969 1,506,969 Motor vehicle 137,914 137,914 Office equipment 35,787 35,160 Renovation 107,414 107,414 Signboard 704 704 2,206,074 2,205,269 (Less): Accumulated depreciation (473,961 ) (441,541 ) Add: Foreign translation differences (24,009 ) 21,874 Property, plant and equipment, net $ 1,708,104 $ 1,785,602 Depreciation expense for the three months’ period ended March 31, 2021 and 2020 were $10,622 and $10,278, respectively.

OTHER INVESTMENTS

OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2021
OTHER INVESTMENTS
NOTE 8 - OTHER INVESTMENTS	As of March 31, December 31, 2021 2020 As of beginning of the year $ 281,668 $ 12,215 Acquisition of business under common control - 147,882 Addition during the year 296,025 108,631 Disposal during the year - (34,923 ) Fair value gain 8,264 38,742 Foreign exchange translation (14,348 ) 9,121 As of end of the year $ 571,609 $ 281,668 The other investments consist of investment in quoted and unquoted shares in Malaysia of $569,725 and $1,884 as at March 31, 2021 and December 31, 2020 were $279,724 and $1,944, respectively.

TRADE PAYABLES

TRADE PAYABLES	3 Months Ended
	Mar. 31, 2021
TRADE PAYABLES
NOTE 9 - TRADE PAYABLES	Trade payables are amounts billed to the Company by suppliers for goods and services in the ordinary course of business. All amounts have short-term repayment terms and vary by supplier.

FINANCE LEASE

FINANCE LEASE	3 Months Ended
	Mar. 31, 2021
FINANCE LEASE
NOTE 10 - FINANCE LEASE	The Company purchased motor vehicles under finance lease agreements with the effective interest rate 5.70% of per annum, with principal and interest payable monthly. The obligations under the finance lease are as follows: As of March 31, December 31, 2021 2020 Finance lease $ 54,440 $ 63,703 Less: interest expense (2,649 ) (3,363 ) Net present value of finance lease 51,791 60,340 Current portion 22,843 25,048 Non-current portion 28,948 35,292 Total $ 51,791 $ 60,340

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 2021
STOCKHOLDERS EQUITY
NOTE 11 - STOCKHOLDERS' EQUITY	As at March 31, 2021, the Company issued and outstanding common stock is 171,218,152 shares.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	3 Months Ended
	Mar. 31, 2021
SEGMENTED INFORMATION
NOTE 12 - SEGMENTED INFORMATION	At March 31, 2021, the Company (“BGLC”) operates in biochemical industry segment through its two Malaysian subsidiaries, BioNexus Malaysia and Chemrex. The corporate structure as at March 31, 2021 is depicted below: BioNexus Gene Lab Corp., a Wyoming company 100% owned 100% owned Bionexus Gene Lab Sdn. Bhd., a Malaysian company Chemrex Corporation Sdn. Bhd., a Malaysian Company For the quarter ended March 31, 2021, segmented (unaudited) revenue and net profit/(loss) (Currency expressed in United States Dollars (“US$”) BioNexus Malaysia Chemrex Total Consolidated with BGLC Three months ended March 31, 2021 REVENUE $ 97,363 $ 3,351,796 $ 3,449,159 $ 3,449,159 COST OF REVENUE (67,707 ) (2,798,887 ) (2,866,594 ) (2,866,594 ) GROSS PROFIT 29,656 552,909 582,565 582,565 OTHER INCOME 763 61,625 62,388 62,388 OPERATING EXPENSES General and administrative (22,511 ) (233,152 ) (255,663 ) (302,851 ) FINANCE COSTS (1,207 ) (2,151 ) (3,358 ) (3,358 ) PROFIT BEFORE TAX 6,701 379,231 385,932 338,744 Tax expense: 0 0 0 0 NET PROFIT $ 6,701 $ 379,231 $ 385,932 $ 338,744 BioNexus Malaysia Chemrex Total Consolidated with BGLC Three months ended March 31, 2020 REVENUE $ 0 $ 3,070,026 $ 3,070,026 $ 3,070,026 COST OF REVENUE (12,992 ) (2,401,727 ) (2,414,719 ) (2,414,719 ) GROSS (LOSS)/PROFIT (12,992 ) 668,299 655,307 655,307 OTHER INCOME 4,745 741,896 746,641 746,641 OPERATING EXPENSES General and administrative (20,149 ) (290,635 ) (310,784 ) (328,418 ) FINANCE COSTS (1,063 ) (1,963 ) (3,026 ) (3,026 ) (LOSS)/PROFIT BEFORE TAX (29,459 ) 1,117,597 1,088,138 1,070,504 Tax expense: (860 ) 0 (860 ) (860 ) NET (LOSS)/PROFIT $ (30,319 ) $ 1,117,597 $ 1,087,278 $ 1,069,644 As Of March 31, 2021 and December 31, 2020 Total Assets Total Liabilities 2021 2020 2021 2020 Bionexus (M) $ 816,893 $ 902,552 $ 711,549 $ 800,610 Chemrex 8,894,730 9,008,245 2,976,336 3,283,814 TOTAL 9,711,623 9,910,797 3,687,885 4,084,424

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS
NOTE 13 - SUBSEQUENT EVENTS	In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2021 up through April 30, 2021 of these consolidated financial statements.

SIGNIFICANT EVENTS

SIGNIFICANT EVENTS	3 Months Ended
	Mar. 31, 2021
Supplementary cash flow information:
NOTE 14 - SIGNIFICANT EVENTS	On March 11, 2020, the World Health Organization declared the Coronavirus (“Covid-19”) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates or intends to operate. The Company is actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company as the outbreak continue to evolve as of the date of this report.

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	3 Months Ended
	Mar. 31, 2021
CONCENTRATION OF RISKS
NOTE 15 - CONCENTRATION OF RISKS	a) Major customers During the period, the Company did not have any material recognizable major customers accounted for 10% or more of the Company’s revenue for the financial year ended Dec 31, 2020 and quarterly financial period ended March 31, 2021 and 2020. b) Major suppliers There were 3 major suppliers who accounted for 10% or more of the Company’s cost of revenue and their balance at the end of 1 st Major Suppliers Purchases Percentage of cost of revenue Payable balance (1st quarter ended March 31, 2021) Singapore Highpolymer Chemical Products $ 776,469 27.09 % $ 1,324,528 Changzhou Pro-Tech Trade Co. Ltd $ 451,074 15.74 % $ 382,658 Luxchem Trading Sdn Bhd $ 404,056 14.09 % $ 404,056 $ 1,631,599 56.92 % $ 2,111,242 There were 3 major suppliers who accounted for 10% or more of the Company’s cost of revenue and their balance at the end of 1st quarter ended December 31, 2020 are presented as below: Major Suppliers Purchases Percentage of cost of revenue Payable balance (Financial year ended Dec 31, 2020) Singapore Highpolymer Chemical Products $ 2,090,090 21.62 % $ 1,031,417 Luxchem Trading Sdn Bhd $ 1,350,069 13.96 % $ 572,938 Changzhou Pro-Tech Trade Co. Ltd $ 1,319,232 13.64 % $ 335,215 $ 4,759,391 49.22 % $ 1,939,570

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).
Basis of consolidation	The condensed consolidated financial statements include the accounts of Bionexus Gene Lab Corp. and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Use of estimates	In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Cash and cash equivalents	Cash and cash equivalents represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
Trade receivables	Trade receivables are recorded at the invoiced amount and do not bear interest. Management reviews the adequacy of the allowance for expected credit losses on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customer’s financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Trade balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Inventories	Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership, risks and rewards of the products purchased. Write downs are recorded in cost of revenues in the Statement of Operations and Comprehensive Income.
Leases	In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases, which was subsequently amended in 2018 by ASU 2018-10, ASU 2018-11 and ASU 2018-20 (collectively, Topic 842). Topic 842 will require the recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments, for all leases with terms longer than 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods. Prior to January 1, 2019, the Company accounted for leases under ASC 840, Accounting for Leases. Effective January 1, 2019, the Company adopted the guidance of ASC 842, Leases, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. The Company adopted ASC 842 using a modified retrospective approach. As a result, the comparative financial information has not been updated and the required disclosures prior to the date of adoption have not been updated and continue to be reported under the accounting standards in effect for those periods.
Property, Plant and equipment	Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis to write off the cost over the following expected useful lives of the assets concerned. The principal annual rates used are as follows: Categories Principal Annual Rates Air conditioner 20% Buildings 2% Computer and software 33% Equipment 20% Furniture and fittings 10% to 20% Lab Equipment 10% Motor vehicle 10% to 20% Office equipment 20% Renovation 10% to 20% Signboard 10% Leasehold lands are depreciated over the period of lease term. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Freehold land is not depreciated. Property, plant and equipment under construction are not depreciated until the assets are ready for their intended use Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. When properties are disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reported in the period the transaction takes place. Fully depreciated plant and equipment are retained in the financial statements until they are no longer in use.
Impairment of long-lived assets	Long-lived assets primarily include goodwill, intangible assets and property, plant and equipment. In accordance with the provision of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each fiscal year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the lowest level group. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment charge for the years presented.
Revenue recognition	Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. The Company records revenue at point in time which is recognized upon goods delivered or services rendered.
Cost of revenues	Cost of revenue includes the purchase cost of retail goods for re-sale to customers and packing materials (such as boxes). It excludes purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other costs of distribution network in cost of revenues.
Comprehensive income	ASC Topic 220, “ Comprehensive Income
Income taxes	Income taxes are determined in accordance with the provisions of ASC Topic 740, “ Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.
Net earnings or loss per share	The Company calculates net earning or loss per share in accordance with ASC Topic 260 “Earnings per share”
Foreign currencies translation	Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the subsidiaries maintain its books and record in a local currency, Malaysian Ringgit (“MYR” or “RM”), which is functional currency as being the primary currency of the economic environment in which the subsidiaries operate. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement” Translation of amounts from MYR into US$1.00 has been made at the following exchange rates for the respective years: March 31, 2021 December 31, 2020 Year-end US$1 : MYR exchange rate 4.1460 4.0170 January 1, 2021 to March 31, 2021 January 1, 2020 to March 31, 2020 3 months average US$1 : MYR exchange rate 4.0678 4.1820
Related parties	Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
Fair value of financial instruments	The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures · Level 1 · Level 2 · Level 3 As of March 31, 2021, and December 31, 2020, the Company did not have any nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis.
Recent accounting pronouncements	The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of principal annual rates	Categories Principal Annual Rates Air conditioner 20% Buildings 2% Computer and software 33% Equipment 20% Furniture and fittings 10% to 20% Lab Equipment 10% Motor vehicle 10% to 20% Office equipment 20% Renovation 10% to 20% Signboard 10%
Schedule of exchange rates	March 31, 2021 December 31, 2020 Year-end US$1 : MYR exchange rate 4.1460 4.0170 January 1, 2021 to March 31, 2021 January 1, 2020 to March 31, 2020 3 months average US$1 : MYR exchange rate 4.0678 4.1820

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
Schedule of Deferred Tax Assets And Liabilities	As of March 31, December 31, 2021 2020 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (2,624 ) (2,190 ) Tax Recoverable (2,624 ) (2,190 ) Income tax liabilities: Local $ - $ - Foreign, representing Malaysia 28,874 61,313 Income tax liabilities 28,874 61,313 Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 1,813 1,872 Deferred tax liabilities 1,813 1,872 Total 28,063 60,995

LEASE RIGHT OF USE ASSET AND _2

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Tables)	3 Months Ended
	Mar. 31, 2021
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY
Schedule of the operating lease right	As of March 31, December 31, 2021 2020 Balance as of beginning of the year $ 62,529 $ 23,542 Add: Addition of right of use assets - 61,128 Less: accumulated amortization (5,214 ) (22,587 ) Foreign translation differences (1,568 ) 446 Balance $ 55,747 $ 62,529
Schedule of the operating lease liability	Operating lease liability as follow: As of March 31, December 31, 2021 2020 Balance as of beginning of the year $ 63,079 $ 24,148 Add: Addition of lease liabilities - 61,128 Less: gross repayment (4,705 ) (26,036 ) Add: imputed interest 795 3,380 Foreign translation differences (2,465 ) 459 Balance as of end of the year 56,704 63,079 Less: lease liability current portion (16,793 ) (20,702 ) Lease liability non-current portion $ 39,911 $ 42,377
Schedule of other information	Other information: As of March 31, December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 6,375 $ 38,931 Right of use assets obtained in exchange for operating lease liabilities 55,747 65,529 Remaining lease term for operating lease (years) 3.75 4 Weighted average discount rate for operating lease 5.40 % 5.40 %

PLANT AND EQUIPMENT (Tables)

PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2021
PLANT AND EQUIPMENT
Schedule of Plant and equipment	As of March 31, December 31, 2021 2020 Air conditioner $ 1,124 $ 1,124 Computer and software 1,371 1,371 Equipment 43,010 42,830 Furniture and fittings 86,961 86,961 Lab equipment 284,822 284,822 Land and buildings 1,506,969 1,506,969 Motor vehicle 137,914 137,914 Office equipment 35,787 35,160 Renovation 107,414 107,414 Signboard 704 704 2,206,074 2,205,269 (Less): Accumulated depreciation (473,961 ) (441,541 ) Add: Foreign translation differences (24,009 ) 21,874 Property, plant and equipment, net $ 1,708,104 $ 1,785,602

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
OTHER INVESTMENTS
Schedule of other investments	As of March 31, December 31, 2021 2020 As of beginning of the year $ 281,668 $ 12,215 Acquisition of business under common control - 147,882 Addition during the year 296,025 108,631 Disposal during the year - (34,923 ) Fair value gain 8,264 38,742 Foreign exchange translation (14,348 ) 9,121 As of end of the year $ 571,609 $ 281,668

FINANCE LEASE (Tables)

FINANCE LEASE (Tables)	3 Months Ended
	Mar. 31, 2021
FINANCE LEASE
Schedule of finance lease	As of March 31, December 31, 2021 2020 Finance lease $ 54,440 $ 63,703 Less: interest expense (2,649 ) (3,363 ) Net present value of finance lease 51,791 60,340 Current portion 22,843 25,048 Non-current portion 28,948 35,292 Total $ 51,791 $ 60,340

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
SEGMENTED INFORMATION
Schedule of segmented revenue and net profit/(loss)	BioNexus Malaysia Chemrex Total Consolidated with BGLC Three months ended March 31, 2021 REVENUE $ 97,363 $ 3,351,796 $ 3,449,159 $ 3,449,159 COST OF REVENUE (67,707 ) (2,798,887 ) (2,866,594 ) (2,866,594 ) GROSS PROFIT 29,656 552,909 582,565 582,565 OTHER INCOME 763 61,625 62,388 62,388 OPERATING EXPENSES General and administrative (22,511 ) (233,152 ) (255,663 ) (302,851 ) FINANCE COSTS (1,207 ) (2,151 ) (3,358 ) (3,358 ) PROFIT BEFORE TAX 6,701 379,231 385,932 338,744 Tax expense: 0 0 0 0 NET PROFIT $ 6,701 $ 379,231 $ 385,932 $ 338,744 BioNexus Malaysia Chemrex Total Consolidated with BGLC Three months ended March 31, 2020 REVENUE $ 0 $ 3,070,026 $ 3,070,026 $ 3,070,026 COST OF REVENUE (12,992 ) (2,401,727 ) (2,414,719 ) (2,414,719 ) GROSS (LOSS)/PROFIT (12,992 ) 668,299 655,307 655,307 OTHER INCOME 4,745 741,896 746,641 746,641 OPERATING EXPENSES General and administrative (20,149 ) (290,635 ) (310,784 ) (328,418 ) FINANCE COSTS (1,063 ) (1,963 ) (3,026 ) (3,026 ) (LOSS)/PROFIT BEFORE TAX (29,459 ) 1,117,597 1,088,138 1,070,504 Tax expense: (860 ) 0 (860 ) (860 ) NET (LOSS)/PROFIT $ (30,319 ) $ 1,117,597 $ 1,087,278 $ 1,069,644 As Of March 31, 2021 and December 31, 2020 Total Assets Total Liabilities 2021 2020 2021 2020 Bionexus (M) $ 816,893 $ 902,552 $ 711,549 $ 800,610 Chemrex 8,894,730 9,008,245 2,976,336 3,283,814 TOTAL 9,711,623 9,910,797 3,687,885 4,084,424

CONCENTRATION OF RISKS (Tables)

CONCENTRATION OF RISKS (Tables)	3 Months Ended
	Mar. 31, 2021
CONCENTRATION OF RISKS
Schedule of major suppliers	Major Suppliers Purchases Percentage of cost of revenue Payable balance (1st quarter ended March 31, 2021) Singapore Highpolymer Chemical Products $ 776,469 27.09 % $ 1,324,528 Changzhou Pro-Tech Trade Co. Ltd $ 451,074 15.74 % $ 382,658 Luxchem Trading Sdn Bhd $ 404,056 14.09 % $ 404,056 $ 1,631,599 56.92 % $ 2,111,242 Major Suppliers Purchases Percentage of cost of revenue Payable balance (Financial year ended Dec 31, 2020) Singapore Highpolymer Chemical Products $ 2,090,090 21.62 % $ 1,031,417 Luxchem Trading Sdn Bhd $ 1,350,069 13.96 % $ 572,938 Changzhou Pro-Tech Trade Co. Ltd $ 1,319,232 13.64 % $ 335,215 $ 4,759,391 49.22 % $ 1,939,570

ORGANIZATION AND BUSINESS BAC_2

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
BGS Lab Sdn. Bhd [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business acquisition, business operation description	The principal office address is Unit 02 Level 10, Tower B, Vertical Business Suite, No. 8 Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia, our lab is located at Lab 353, Chemical Science Centre, University Science Malaysia, George Town, Penang, Malaysia. We also have a blood collection center located at 1st floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. Chemrex offices and supply hub is located at 4 Jalan CJ 1/6 Kawasan Perusahaan Cheras Jaya, Selangor, Malaysia.
Business Acquisition, Effective Date of Acquisition	Aug. 23, 2017
Chemrex Corporation Sdn. Bhd. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business aquisition, shares converted		68,487,261

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2021
Equipment [Member]
Principal Annual Rates/Expected Useful Life	20.00%
Furniture and fittings [Member] | Minimum [Member]
Principal Annual Rates/Expected Useful Life	10.00%
Air conditioner [Member]
Principal Annual Rates/Expected Useful Life	20.00%
Buildings [Member]
Principal Annual Rates/Expected Useful Life	2.00%
Signboard [Member]
Principal Annual Rates/Expected Useful Life	10.00%
Furniture and fittings [Member] | Maximum [Member]
Principal Annual Rates/Expected Useful Life	20.00%
Motor vehicle [Member] | Minimum [Member]
Principal Annual Rates/Expected Useful Life	10.00%
Motor vehicle [Member] | Maximum [Member]
Principal Annual Rates/Expected Useful Life	20.00%
Renovation [Member] | Minimum [Member]
Principal Annual Rates/Expected Useful Life	10.00%
Renovation [Member] | Maximum [Member]
Principal Annual Rates/Expected Useful Life	20.00%
Computer and software [Member]
Principal Annual Rates/Expected Useful Life	33.00%
Lab Equipment [Member]
Principal Annual Rates/Expected Useful Life	10.00%
Office equipment [Member]
Principal Annual Rates/Expected Useful Life	20.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Year-end US$1.00: MYR exchange rate	4.1460		4.0170
Three months average US$1 : MYR exchange rate	4.0678	4.1820

TRADE RECEIVABLES (Details Narr

TRADE RECEIVABLES (Details Narrative)	3 Months Ended
	Mar. 31, 2021
TRADE RECEIVABLES
Non-interest bearing	The account receivables are non-interest bearing and is generally on 30 days to 90 days term.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Tax Recoverable	$ (2,624)	$ (2,190)
Income tax liabilities	28,874	61,313
Deferred tax liabilities	1,813	1,872
Total	28,063	60,995
Local [Member]
Tax Recoverable	0	0
Income tax liabilities	0	0
Deferred tax liabilities	0	0
Malaysia [Member]
Tax Recoverable	(2,624)	(2,190)
Income tax liabilities	28,874	61,313
Deferred tax liabilities	$ 1,813	$ 1,872

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	3 Months Ended
	Mar. 31, 2021
Malaysia [Member]
Statutory income tax rate, description	Bionexus Gens Lab Sdn. Bhd. and Chemrex Corporation Sdn. Bhd. are subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range is 24% on its assessable income. Under the amendment of Income Tax Act 1967 by the Finance Act 2019 and with effect from year of assessment 2021, companies with paid-up capital of MYR2.5 million or less, and with annual business income of not more than RM50 million are subject to Small and Medium Enterprise Corporate Tax at 17% on chargeable income up to MYR600,000 except for companies with investment holding nature or companies does not have gross income from business sources are subject to corporate tax at 24% on chargeable income.

LEASE RIGHT OF USE ASSET AND _3

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Balance	$ 55,747	$ 62,529
Operating Lease Right of Use [Member]
Initial recognition	65,529	23,542
Add: Addition of right of use assets	0	61,128
Less: accumulated amortization	(5,214)	(22,587)
Foreign translation differences	(1,568)	446
Balance	$ 55,747	$ 62,529

LEASE RIGHT OF USE ASSET AND _4

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Lease liability non-current portion	$ 39,911	$ 42,377
Operating lease liability [Member]
Initial recognition	63,079	24,148
Add: Addition of lease liabilities	0	61,128
Less: gross repayment	(4,705)	(26,036)
Add: imputed interest	795	3,380
Foreign translation differences	(2,465)	459
Balance	56,704	63,079
Less: lease liability current portion	(16,793)	(20,702)
Lease liability non-current portion	$ 39,911	$ 42,377

LEASE RIGHT OF USE ASSET AND _5

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 2) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$ 6,375	$ 38,931
Right of use assets obtained in exchange for operating lease liabilities	$ 55,747	$ 65,529
Remaining lease term for operating lease (years)	3 years 8 months 30 days	4 years
Weighted average discount rate for operating lease	5.40%	5.40%

LEASE RIGHT OF USE ASSET AND _6

LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
LEASE RIGHT OF USE ASSET AND LEASE LIABILITY
Amortization of right of use asset	$ 2,637	$ 10,816

PROPERTY PLANT AND EQUIPMENT (D

PROPERTY PLANT AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Plant and equipment, net	$ 1,708,104	$ 1,785,602
Equipment [Member]
Plant and equipment	43,010	42,830
Air conditioner [Member]
Plant and equipment	1,124	1,124
Signboard [Member]
Plant and equipment	704	704
Computer and software [Member]
Plant and equipment	1,371	1,371
Lab Equipment [Member]
Plant and equipment	284,822	284,822
Office equipment [Member]
Plant and equipment	35,787	35,160
Motor vehicle [Member]
Plant and equipment	137,914	137,914
Renovation [Member]
Plant and equipment	107,414	107,414
Furniture and fittings [Member]
Plant and equipment	86,961	86,961
Land and buildings [Member]
Plant and equipment	1,506,969	1,506,969
Property, Plant and Equipment [Member]
Less: accumulated amortization	(473,961)	(441,541)
Plant and equipment	2,206,074	2,205,269
Add: Foreign translation differences	(24,009)	21,874
Plant and equipment, net	$ 1,708,104	$ 1,785,602

PROPERTY PLANT AND EQUIPMENT _2

PROPERTY PLANT AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
PLANT AND EQUIPMENT
Depreciation expense	$ 10,622	$ 10,278

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
OTHER INVESTMENTS
As of beginning of the year	$ 281,668	$ 12,215
Acquisition of business under common control	0	147,882
Addition during the year	296,025	108,631
Disposal during the year	0	(34,923)
Fair value gain	8,264	38,742
Foreign exchange translation	(14,348)	9,121
As of end of the year	$ 571,609	$ 281,668

OTHER INVESTMENTS (Details Narr

OTHER INVESTMENTS (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Other investment	$ 571,609	$ 281,668
Local [Member]
Other investment	279,724	1,944
Malaysia [Member]
Other investment	$ 569,725	$ 1,844

FINANCE LEASE (Details)

FINANCE LEASE (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
FINANCE LEASE
Finance lease	$ 54,440	$ 63,703
Less: interest expense	(2,649)	(3,363)
Net present value of finance lease	51,791	60,340
Current portion	22,843	25,048
Non-current portion	28,948	35,292
Finance lease, Total	$ 51,791	$ 60,340

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - shares	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
STOCKHOLDERS EQUITY
Common stock, shares issued		171,218,152
Common stock, shares outstanding	171,218,152	171,218,152	171,218,152

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 3,449,159	$ 3,070,026
COST OF REVENUE	(2,866,594)	(2,414,719)
Gross profit	582,565	655,307
Other income	62,388	746,641
General and administrative	(302,851)	(328,418)
FINANCE COSTS	(3,358)	(3,026)
Profit/(Loss) before tax	338,744	1,070,504
Tax expense	0	(860)
Net profit	338,744	1,069,644
Chemrex Corporation Sdn. Bhd. [Member]
Revenue	3,351,796	3,070,026
COST OF REVENUE	(2,798,887)	(2,401,727)
Gross profit	552,909	668,299
Other income	61,625	741,896
General and administrative	(233,152)	(290,635)
FINANCE COSTS	(2,151)	(1,963)
Profit/(Loss) before tax	379,231	1,117,597
Tax expense	0	0
Net profit	379,231	1,117,597
BioNexus [Member]
Revenue	97,363	0
COST OF REVENUE	(67,707)	(12,992)
Gross profit	29,656	(12,992)
Other income	763	4,745
General and administrative	(22,511)	(20,149)
FINANCE COSTS	(1,207)	(1,063)
Profit/(Loss) before tax	6,701	(29,459)
Tax expense	0	860
Net profit	6,701	(30,319)
TOTAL [Member]
Revenue	3,449,159	3,070,026
COST OF REVENUE	(2,866,594)	(2,414,719)
Gross profit	582,565	655,307
Other income	62,388	746,641
General and administrative	(255,663)	(310,784)
FINANCE COSTS	(3,358)	(3,026)
Profit/(Loss) before tax	385,932	1,088,138
Tax expense	0	(860)
Net profit	$ 385,932	$ 1,087,278

SEGMENTED INFORMATION (Details

SEGMENTED INFORMATION (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Total assets	$ 9,898,531	$ 10,115,293
Total Liabilities	3,106,101	3,453,139
TOTAL [Member]
Total assets	9,711,623	9,910,797
Total Liabilities	3,687,885	4,084,424
BioNexus [Member]
Total assets	816,893	902,552
Total Liabilities	711,549	800,610
Chemrex [Member]
Total assets	8,894,730	9,008,245
Total Liabilities	$ 2,976,336	$ 3,283,814

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Purchases	$ 1,631,599	$ 4,759,391
Percentage of cost of revenue	56.92%	49.22%
Payable Balance	$ 2,111,242	$ 1,939,570
Luxchem Trading Sdn Bhd
Purchases	$ 404,056	$ 1,350,069
Percentage of cost of revenue	14.09%	13.96%
Payable Balance	$ 404,056	$ 572,938
Changzhou Pro-Tech Trade Co. Ltd
Purchases	$ 451,074	$ 1,319,232
Percentage of cost of revenue	15.74%	13.64%
Payable Balance	$ 382,658	$ 335,215
Singapore Highpolymer Chemical Products
Purchases	$ 776,469	$ 2,090,090
Percentage of cost of revenue	27.09%	21.62%
Payable Balance	$ 1,324,528	$ 1,031,417

CONCENTRATION OF RISKS (Detai_2

CONCENTRATION OF RISKS (Details Narrative)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Percentage of cost of revenue concentration	56.92%	49.22%
Three Major Supplier [Member]
Percentage of cost of revenue concentration	10.00%	10.00%