BioNexus Gene Lab (BGLC) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
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	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		173,718,152
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-229399
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	35-2604830
Entity Interactive Data Current	Yes
Entity Address Address Line 1	Unit 02, Level 10 Tower B, Avenue 3, The Vertical
Entity Address Address Line 2	Business Suite II Bangsar South
Entity Address Address Line 3	No. 8 Jalan Kerinchi
Entity Address City Or Town	Kuala Lumpur
Entity Address Postal Zip Code	59200
City Area Code	60
Local Phone Number	1221-26512
Entity Address Country	MY

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and bank balances	$ 490,587	$ 578,511
Fixed deposits placed with financial institutions	849,744	1,545,408
Trade receivables	2,828,663	3,356,898
Other receivables, deposits and prepayments	81,587	79,517
Deferred cost of revenue	0	67,606
Tax recoverable	3,388	0
Inventories	1,512,198	1,521,915
Total current assets	5,766,167	7,149,855
NON-CURRENT ASSETS
Lease right of use asset, net	30,505	41,090
Property, plant and equipment, net	1,533,331	1,634,418
Other investments	1,038,710	749,027
Total non-current assets	2,602,546	2,424,535
TOTAL ASSETS	8,368,713	9,574,390
CURRENT LIABILITIES
Trade payables	1,416,198	2,012,266
Other payables and accrued liabilities	32,188	71,814
Current portion of obligation under finance lease	0	21,235
Current portion of operating lease liabilities	14,034	18,272
Advance payment from customer	0	30,307
Deferred revenue	0	77,276
Tax payables	40,104	97,585
Total current liabilities	1,502,524	2,328,755
NON-CURRENT LIABILITIES
Non-current portion of obligation under finance lease	0	12,803
Non-current portion of operating lease liabilities	17,692	24,637
Deferred tax liabilities	26,850	28,416
Total non-current liabilities	44,542	65,856
TOTAL LIABILITIES	1,547,066	2,394,611
STOCKHOLDERS' EQUITY
As at June 30, 2022, common stock, no par value; 300,000,000 shares authorized and 173,718,152 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 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.	10,929,574	10,779,574
Additional paid in capital	(5,011,891)	(5,011,891)
Accumulated surplus	1,390,762	1,512,358
Other comprehensive losses	(486,798)	(100,262)
TOTAL STOCKHOLDERS' EQUITY	6,821,647	7,179,779
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 8,368,713	$ 9,574,390

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value per share	$ 0	$ 0
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	173,718,152	171,218,152
Preferred stock, par value per share	$ 0	$ 0
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
REVENUE	$ 2,485,101	$ 3,092,171	$ 5,514,046	$ 6,541,330
COST OF REVENUE	(2,241,779)	(2,624,564)	(4,937,185)	(5,491,158)
GROSS PROFIT	243,322	467,607	576,861	1,050,172
OTHER INCOME	52,836	50,429	99,230	112,916
OPERATING EXPENSES
General and administrative	(434,122)	(378,046)	(779,364)	(680,965)
(LOSS)/PROFIT FROM OPERATIONS	(137,964)	139,990	(103,273)	482,123
FINANCE COSTS	(2,319)	(3,448)	(5,645)	(6,837)
(LOSS)/PROFIT BEFORE TAX	(140,283)	136,542	(108,918)	475,286
Tax expense	1,621	(108,280)	(12,678)	(108,280)
NET (LOSS)/PROFIT	(138,662)	28,262	(121,596)	367,006
Other comprehensive income:
Foreign currency translation loss	(317,760)	(7,468)	(386,536)	(215,936)
COMPREHENSIVE (LOSS)/INCOME	$ (456,422)	$ 20,794	$ (508,132)	$ 151,070
Earnings per share - Basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - Basic and diluted	172,102,130	171,218,152	172,102,130	171,218,152

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($)	Total	Common Stock	Additional Paid In Capital	Accumulated Surplus/(Loss)	Accumulated Other Comprehensive Income/(Loss)
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)
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
Balance, shares at Jun. 30, 2021		171,218,152
Balance, amount at Jun. 30, 2021	6,813,224	$ 10,779,574	(5,011,891)	1,127,793	(82,252)
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)
Net profit for the period	28,262	0	0	28,262	0
Foreign currency translation loss	(7,468)	$ 0	0	0	(7,468)
Balance, shares at Jun. 30, 2021		171,218,152
Balance, amount at Jun. 30, 2021	6,813,224	$ 10,779,574	(5,011,891)	1,127,793	(82,252)
Balance, shares at Dec. 31, 2021		171,218,152
Balance, amount at Dec. 31, 2021	7,179,779	$ 10,779,574	(5,011,891)	1,512,358	(100,262)
Net profit for the period	17,066	0	0	17,066	0
Foreign currency translation loss	(68,776)	$ 0	0	0	(68,776)
Balance, shares at Mar. 31, 2022		171,218,152
Balance, amount at Mar. 31, 2022	7,128,069	$ 10,779,574	(5,011,891)	1,529,424	(169,038)
Balance, shares at Dec. 31, 2021		171,218,152
Balance, amount at Dec. 31, 2021	7,179,779	$ 10,779,574	(5,011,891)	1,512,358	(100,262)
Balance, shares at Jun. 30, 2022		173,718,152
Balance, amount at Jun. 30, 2022	6,821,647	$ 10,929,574	(5,011,891)	1,390,762	(486,798)
Balance, shares at Mar. 31, 2022		171,218,152
Balance, amount at Mar. 31, 2022	7,128,069	$ 10,779,574	(5,011,891)	1,529,424	(169,038)
Net profit for the period	(138,662)	0	0	(138,662)	0
Foreign currency translation loss	(317,760)	$ 0	0	0	(317,760)
Issuance of shares, shares		2,500,000
Issuance of shares, amount	150,000	$ 150,000	0	0	0
Balance, shares at Jun. 30, 2022		173,718,152
Balance, amount at Jun. 30, 2022	$ 6,821,647	$ 10,929,574	$ (5,011,891)	$ 1,390,762	$ (486,798)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss)/profit	$ (121,596)	$ 367,006
Adjustments to reconcile net (loss)/profit to net cash used in operating activities:
Amortization of right of use asset	8,586	8,861
Depreciation of property, plant and equipment	44,943	46,022
Dividend income	(19,322)	(11,061)
Fair value loss on other investments	63,202	18,581
Operating (loss)/profit before working capital changes	(24,187)	429,409
Changes in operating assets and liabilities:
Inventories	9,717	(526,966)
Trade and other receivables	526,165	109,439
Deferred cost of revenue	67,606	0
Trade and other payables	(635,694)	(834,925)
Advance payment from customer	(30,307)	0
Deferred revenue	(77,276)	0
Operating lease liabilities	(11,182)	(10,921)
Tax recoverable	(62,435)	44,249
Cash used in operating activities	(237,593)	(789,715)
Cash flows from investing activities:
Acquisition of other investment	(404,793)	(371,759)
Dividend income	19,322	11,061
Purchase of plant and equipment	(33,484)	(1,473)
Proceeds from disposal of other investments	0	6,466
Net cash used in investing activities	(418,955)	(355,705)
Cash flows from financing activities:
Repayment of finance lease	(34,038)	(15,346)
Repayments from Directors	0	(1,836)
Shares subscriptions	150,000	0
Net cash generated from/(used in) financing activities	115,962	(17,182)
Foreign currency translation adjustment	(243,002)	(142,385)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(783,588)	(1,304,987)
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL YEAR	2,123,919	2,787,692
CASH AND CASH EQUIVALENTS, END OF FINANCIAL YEAR	1,340,331	1,482,705
CASH AND CASH EQUIVALENTS INFORMATION:
Fixed deposits placed with financial institutions	849,744	1,059,812
Cash at bank	490,587	422,893
Cash and cash equivalents, end of financial year	1,340,331	1,482,705
Supplementary cash flow information:
Interest paid	(5,645)	(6,837)
Income taxes paid	$ (73,547)	$ (44,249)

BASIS OF PREPARATION

BASIS OF PREPARATION	6 Months Ended
	Jun. 30, 2022
BASIS OF PREPARATION
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 June 30, 2022 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 six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2022 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, 2021.

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	6 Months Ended
	Jun. 30, 2022
ORGANIZATION AND BUSINESS BACKGROUND
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 another lab providing Covid-19 and Colon Cancer screening located at 4th floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. Chemrex office and supply hub is located at 4 Jalan CJ 1/6 Kawasan Perusahaan Cheras Jaya, Selangor, Malaysia. The corporate structure as at June 30, 2022 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	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 six 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 doubtful debts 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 a lower 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%to20 % Lab Equipment 10 % Motor vehicle 10%to20 % Office equipment 20 % Renovation 10%to20 % 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 off, 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 earnings 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 period and year: June 30, December 31, 2022 2021 Period ended June 30, 2022 /Year-ended December 31, 2021 US$1: MYR exchange rate 4.4080 4.1650 January 1, 2022 to June 30, 2022 January 1, 2021 to June 30, 2021 6 months average US$1: MYR exchange rate 4.2710 4.0981 · 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 June 30, 2022, and December 31, 2021, 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	6 Months Ended
	Jun. 30, 2022
TRADE RECEIVABLES
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 doubtful debts has been recorded as of June 30, 2022 and December, 31, 2021. 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	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
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. Bionexus Gene 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 June 30, December 31, 2022 2021 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (3,388 ) - Tax Recoverable (3,388 ) - Income tax liabilities: Local $ - $ - Foreign, representing Malaysia 40,104 97,585 Income tax payables 40,104 97,585 Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 26,850 28,416 Deferred tax liabilities 26,850 28,416 Total 63,566 126,001

LEASE RIGHT OF USE ASSET AND LE

LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2022
LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES	NOTE 6 - LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES Operating lease right of use as follow: As of June 30, December 31, 2022 2021 Balance as of beginning of the year $ 41,090 $ 62,529 Reduction due to discount on rental - (913 ) Less: Amortization (8,320 ) (18,305 ) Foreign translation differences (2,265 ) (2,221 ) Balance $ 30,505 $ 41,090 Operating lease liability as follow: June 30, December 31, 2022 2021 Balance as of beginning of the year $ 42,909 $ 63,079 Add: Addition of lease liabilities - (972 ) Less: gross repayment (9,769 ) (16,856 ) Add: imputed interest 952 2,704 Foreign translation differences (2,366 ) (5,046 ) Balance as of end of the year 31,726 42,909 Less: lease liability current portion (14,034 ) (18,272 ) Lease liability non-current portion $ 17,692 $ 24,637 The amortization of the right of use asset for the six months’ period ended June 30, 2022 and the year ended June 30, 2021 were $8,586 and $8,861 respectively. Other information: As of June 30, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 11,182 $ 20,169 Right of use assets obtained in exchange for operating lease liabilities 30,505 41,090 Remaining lease term for operating lease (years) 1.5 2 Weighted average discount rate for operating lease $ 5.40 % $ 5.40 % Lease expenses for the six months’ period ended June 30, 2022 and the year ended December 31, 2021 were $952 and $2,704, respectively.

PROPERTY PLANT AND EQUIPMENT

PROPERTY PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
PROPERTY PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 7 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: As of June 30, December 31, 2022 2021 Air conditioner $ 1,124 $ 1,124 Computer and software 2,516 1,814 Equipment 43,869 43,010 Furniture and fittings 86,961 86,961 Lab equipment 317,013 284,822 Land and buildings 1,506,969 1,506,969 Motor vehicle 137,914 137,914 Office equipment 38,134 37,700 Renovation 107,414 107,414 Signboard 704 704 2,242,618 2,208,432 (Less): Accumulated depreciation (570,574 ) (525,631 ) Add: Foreign translation differences (138,713 ) (48,383 ) Property, plant and equipment, net $ 1,533,331 $ 1,634,418 Depreciation expense for the six months’ period ended June 30, 2022 and 2021 were $44,943 and $46,022 respectively.

OTHER INVESTMENTS

OTHER INVESTMENTS	6 Months Ended
	Jun. 30, 2022
OTHER INVESTMENTS
OTHER INVESTMENTS	NOTE 8 - OTHER INVESTMENTS As of June 30, December 31, 2022 2021 As of beginning of the year $ 749,027 $ 281,668 Addition during the year 404,793 515,840 Disposal during the year - (6,392 ) Fair value loss (63,202 ) (29,850 ) Foreign exchange translation (51,908 ) (12,239 ) As of end of the year $ 1,038,710 $ 749,027 The other investments consist of the following shares: As of June 30, December 31, 2022 2020 Investment in quoted shares: Malaysia 660,329 590,788 Singapore 92,763 97,780 Hong Kong 283,846 58,584 $ 1,036,938 $ 747,152 Investment in unquoted shares: Malaysia 1,772 1,875 $ 1,038,710 $ 749,027

TRADE PAYABLES

TRADE PAYABLES	6 Months Ended
	Jun. 30, 2022
TRADE PAYABLES
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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 10 - STOCK HOLDERS’ EQUITY As at June 30, 2022, the Company issued and outstanding common stock is 173,718,152 shares.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	6 Months Ended
	Jun. 30, 2022
SEGMENTED INFORMATION
SEGMENTED INFORMATION	NOTE 11 - SEGMENTED INFORMATION At June 30, 2022, the Company (“BGLC”) operates in the biochemical industry segment through its two Malaysian subsidiaries, BioNexus Malaysia and Chemrex. 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 At June 30, 2022, the Company (“BGLC”) operates in the biochemical industry segment through its two Malaysian subsidiaries, BioNexus Malaysia and Chemrex. For the quarter ended June 30, 2022, segmented (unaudited) revenue and net profit/(loss) (Currency expressed in United States Dollars (“US$”) are as follows: BioNexus Malaysia Chemrex BGLC Total Six months ended June 30, 2022 REVENUE $ 33,467 $ 5,480,579 $ - $ 5,514,046 COST OF REVENUE (58,372 ) (4,878,813 ) - (4,937,185 ) GROSS (LOSS)/PROFIT (24,905 ) 601,766 - 576,861 OTHER INCOME 4,285 94,945 - 99,230 OPERATING EXPENSES General and administrative (51,238 ) (618,348 ) (109,778 ) (779,364 ) FINANCE COSTS (1,860 ) (3,785 ) - (5,645 ) (LOSS)/PROFIT BEFORE TAX (73,718 ) 74,578 (109,778 ) (108,918 ) Tax expense - (12,678 ) - (12,678 ) NET (LOSS)/PROFIT $ (73,718 ) $ 61,900 $ (109,778 ) $ (121,596 ) BioNexus Malaysia Chemrex BGLC Total Six months ended June 30, 2021 REVENUE $ 465,470 $ 6,075,860 $ - $ 6,541,330 COST OF REVENUE (358,528 ) (5,132,630 ) - (5,491,158 ) GROSS PROFIT 106,942 943,230 - 1,050,172 OTHER INCOME 3,848 109,068 - 112,916 OPERATING EXPENSES General and administrative (44,128 ) (556,619 ) (80,218 ) (680,265 ) FINANCE COSTS (2,303 ) (4,534 ) - (6,837 ) PROFIT/(LOSS) BEFORE TAX 64,359 491,145 (80,218 ) 475,286 Tax expense (654 ) (107,626 ) - (108,280 ) NET PROFIT/(LOSS) $ 63,705 $ 383,519 $ (80,218 ) $ 367,006 As of June 30, 2022 and December 31, 2021 Total Assets Total Liabilities 2022 2021 2022 2021 BGLC & Bionexus $ 1,032,013 $ 1,167,214 $ 66,334 $ 121,586 Chemrex 7,336,700 8,407,176 1,480,732 2,273,025 TOTAL 8,368,713 9,574,390 1,547,066 2,394,611

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12 - 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 June 30, 2022 up through July 31, 2022 of these consolidated financial statements.

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	6 Months Ended
	Jun. 30, 2022
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS	NOTE 13 - 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 period ended June 30, 2022 and 2021. b) Major suppliers During the period, the Company did not have any material recognizable major suppliers accounted for 10% or more of the Company’s revenue for the financial period ended June 30, 2022 and 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
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 six 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 doubtful debts 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 a lower 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%to20 % Lab Equipment 10 % Motor vehicle 10%to20 % Office equipment 20 % Renovation 10%to20 % 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 off, 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 earnings 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 period and year: June 30, December 31, 2022 2021 Period ended June 30, 2022 /Year-ended December 31, 2021 US$1: MYR exchange rate 4.4080 4.1650 January 1, 2022 to June 30, 2022 January 1, 2021 to June 30, 2021 6 months average US$1: MYR exchange rate 4.2710 4.0981
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 June 30, 2022, and December 31, 2021, 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)	6 Months Ended
	Jun. 30, 2022
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%to20 % Lab Equipment 10 % Motor vehicle 10%to20 % Office equipment 20 % Renovation 10%to20 % Signboard 10 %
Schedule of Exchange Rates	June 30, December 31, 2022 2021 Period ended June 30, 2022 /Year-ended December 31, 2021 US$1: MYR exchange rate 4.4080 4.1650 January 1, 2022 to June 30, 2022 January 1, 2021 to June 30, 2021 6 months average US$1: MYR exchange rate 4.2710 4.0981

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
Schedule of Deferred Tax Assets and Liabilities	As of June 30, December 31, 2022 2021 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (3,388 ) - Tax Recoverable (3,388 ) - Income tax liabilities: Local $ - $ - Foreign, representing Malaysia 40,104 97,585 Income tax payables 40,104 97,585 Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 26,850 28,416 Deferred tax liabilities 26,850 28,416 Total 63,566 126,001

LEASE RIGHT OF USE ASSET AND _2

LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
Schedule of the Operating Lease Right	Operating lease right of use as follow: As of June 30, December 31, 2022 2021 Balance as of beginning of the year $ 41,090 $ 62,529 Reduction due to discount on rental - (913 ) Less: Amortization (8,320 ) (18,305 ) Foreign translation differences (2,265 ) (2,221 ) Balance $ 30,505 $ 41,090 Operating lease liability as follow: June 30, December 31, 2022 2021 Balance as of beginning of the year $ 42,909 $ 63,079 Add: Addition of lease liabilities - (972 ) Less: gross repayment (9,769 ) (16,856 ) Add: imputed interest 952 2,704 Foreign translation differences (2,366 ) (5,046 ) Balance as of end of the year 31,726 42,909 Less: lease liability current portion (14,034 ) (18,272 ) Lease liability non-current portion $ 17,692 $ 24,637
Schedule of Amortization of Right of Use	Other information: As of June 30, 2022 December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 11,182 $ 20,169 Right of use assets obtained in exchange for operating lease liabilities 30,505 41,090 Remaining lease term for operating lease (years) 1.5 2 Weighted average discount rate for operating lease $ 5.40 % $ 5.40 %

PROPERTY PLANT AND EQUIPMENT (T

PROPERTY PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
PROPERTY PLANT AND EQUIPMENT
Schedule of Plant and Equipment	As of June 30, December 31, 2022 2021 Air conditioner $ 1,124 $ 1,124 Computer and software 2,516 1,814 Equipment 43,869 43,010 Furniture and fittings 86,961 86,961 Lab equipment 317,013 284,822 Land and buildings 1,506,969 1,506,969 Motor vehicle 137,914 137,914 Office equipment 38,134 37,700 Renovation 107,414 107,414 Signboard 704 704 2,242,618 2,208,432 (Less): Accumulated depreciation (570,574 ) (525,631 ) Add: Foreign translation differences (138,713 ) (48,383 ) Property, plant and equipment, net $ 1,533,331 $ 1,634,418

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
OTHER INVESTMENTS
Schedule of Other Investments	As of June 30, December 31, 2022 2021 As of beginning of the year $ 749,027 $ 281,668 Addition during the year 404,793 515,840 Disposal during the year - (6,392 ) Fair value loss (63,202 ) (29,850 ) Foreign exchange translation (51,908 ) (12,239 ) As of end of the year $ 1,038,710 $ 749,027 The other investments consist of the following shares: As of June 30, December 31, 2022 2020 Investment in quoted shares: Malaysia 660,329 590,788 Singapore 92,763 97,780 Hong Kong 283,846 58,584 $ 1,036,938 $ 747,152 Investment in unquoted shares: Malaysia 1,772 1,875 $ 1,038,710 $ 749,027

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
SEGMENTED INFORMATION
Schedule of Segmented Revenue and Net Profit/(Loss)	BioNexus Malaysia Chemrex BGLC Total Six months ended June 30, 2022 REVENUE $ 33,467 $ 5,480,579 $ - $ 5,514,046 COST OF REVENUE (58,372 ) (4,878,813 ) - (4,937,185 ) GROSS (LOSS)/PROFIT (24,905 ) 601,766 - 576,861 OTHER INCOME 4,285 94,945 - 99,230 OPERATING EXPENSES General and administrative (51,238 ) (618,348 ) (109,778 ) (779,364 ) FINANCE COSTS (1,860 ) (3,785 ) - (5,645 ) (LOSS)/PROFIT BEFORE TAX (73,718 ) 74,578 (109,778 ) (108,918 ) Tax expense - (12,678 ) - (12,678 ) NET (LOSS)/PROFIT $ (73,718 ) $ 61,900 $ (109,778 ) $ (121,596 ) BioNexus Malaysia Chemrex BGLC Total Six months ended June 30, 2021 REVENUE $ 465,470 $ 6,075,860 $ - $ 6,541,330 COST OF REVENUE (358,528 ) (5,132,630 ) - (5,491,158 ) GROSS PROFIT 106,942 943,230 - 1,050,172 OTHER INCOME 3,848 109,068 - 112,916 OPERATING EXPENSES General and administrative (44,128 ) (556,619 ) (80,218 ) (680,265 ) FINANCE COSTS (2,303 ) (4,534 ) - (6,837 ) PROFIT/(LOSS) BEFORE TAX 64,359 491,145 (80,218 ) 475,286 Tax expense (654 ) (107,626 ) - (108,280 ) NET PROFIT/(LOSS) $ 63,705 $ 383,519 $ (80,218 ) $ 367,006 As of June 30, 2022 and December 31, 2021 Total Assets Total Liabilities 2022 2021 2022 2021 BGLC & Bionexus $ 1,032,013 $ 1,167,214 $ 66,334 $ 121,586 Chemrex 7,336,700 8,407,176 1,480,732 2,273,025 TOTAL 8,368,713 9,574,390 1,547,066 2,394,611

ORGANIZATION AND BUSINESS BAC_2

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)	6 Months Ended
	Jun. 30, 2022 shares
Chemrex Corporation Sdn. Bhd. [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100%
Business aquisition, shares converted	68,487,261
BGS Lab Sdn. Bhd [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100%
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 another lab providing Covid-19 and Colon Cancer screening located at 4th floor, Lifecare Medical Centre, Kuala Lumpur, Malaysia. Chemrex office 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

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2022
Equipment [Member]
Principal Annual Rates	20%
Renovation [Member] | Maximum [Member]
Principal Annual Rates	20%
Renovation [Member] | Minimum [Member]
Principal Annual Rates	10%
Buildings [Member]
Principal Annual Rates	2%
Computer and Software [Member]
Principal Annual Rates	33%
Lab Equipment [Member]
Principal Annual Rates	10%
Office Equipment [Member]
Principal Annual Rates	20%
Signboard [Member]
Principal Annual Rates	10%
Air Conditioner [Member]
Principal Annual Rates	20%
Furniture and Fittings [Member] | Minimum [Member]
Principal Annual Rates	10%
Furniture and Fittings [Member] | Maximum [Member]
Principal Annual Rates	20%
Motor Vehicle [Member] | Maximum [Member]
Principal Annual Rates	20%
Motor Vehicle [Member] | Minimum [Member]
Principal Annual Rates	10%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Period ended June 30, 2022 /Year-ended December 31, 2021 US$1: MYR exchange rate	$ 4.4080		$ 4.1650
6 months average US$1: MYR exchange rate	$ 4.2710	$ 4.0981

TRADE RECEIVABLES (Details Narr

TRADE RECEIVABLES (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
TRADE RECEIVABLES
Non-interest bearing	The account receivables are non-interest bearing and is generally on 30 days to 90 days term
Bad debts written off	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Tax Recoverable	$ (3,388)	$ 0
Income tax liabilities	40,104	97,585
Deferred tax liabilities	26,850	28,416
Total	63,566	126,001
Local [Member]
Tax Recoverable	0	0
Income tax liabilities	0	0
Deferred tax liabilities	0	0
Malaysia [Member]
Tax Recoverable	(3,388)	0
Income tax liabilities	40,104	97,585
Deferred tax liabilities	$ 26,850	$ 28,416

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	6 Months Ended
	Jun. 30, 2022
Malaysia [Member]
Statutory income tax rate, description	Bionexus Gene 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 LIABILITIES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Beginning Balance	$ 41,090
Ending Balance	30,505	$ 41,090
Operating Lease Right of Use [Member]
Beginning Balance	41,090	62,529
Reduction due to discount on rental	0	(913)
Less: Amortization	(8,320)	(18,305)
Foreign translation differences	(2,265)	(2,221)
Ending Balance	$ 30,505	$ 41,090

LEASE RIGHT OF USE ASSET AND _4

LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Lease liability non-current portion	$ 17,692	$ 24,637
Operating lease liability [Member]
Beginning Balance	42,909	63,079
Add: Addition of lease liabilities	0	(972)
Less: gross repayment	(9,769)	(16,856)
Add: imputed interest	952	2,704
Foreign translation differences	(2,366)	(5,046)
Ending Balance	31,726	42,909
Less: lease liability current portion	(14,034)	(18,272)
Lease liability non-current portion	$ 17,692	$ 24,637

LEASE RIGHT OF USE ASSET AND _5

LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details 2) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$ 11,182	$ 20,169
Right of use assets obtained in exchange for operating lease liabilities	$ 30,505	$ 41,090
Remaining lease term for operating lease (years)	1 year 6 months	2 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 LIABILITIES (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
Amortization of right of use asset	$ 8,586	$ 8,861
Lease expenses	$ 952		$ 2,704

PROPERTY PLANT AND EQUIPMENT (D

PROPERTY PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Plant and equipment, gross	$ 2,242,618	$ 2,208,432
Less: accumulated amortization	(570,574)	(525,631)
Add: Foreign translation differences	(138,713)	(48,383)
Plant and equipment, net	1,533,331	1,634,418
Equipment [Member]
Plant and equipment, gross	43,869	43,010
Computer and Software [Member]
Plant and equipment, gross	2,516	1,814
Lab Equipment [Member]
Plant and equipment, gross	317,013	284,822
Office Equipment [Member]
Plant and equipment, gross	38,134	37,700
Signboard [Member]
Plant and equipment, gross	704	704
Furniture and fittings [Member]
Plant and equipment, gross	86,961	86,961
Land and buildings [Member]
Plant and equipment, gross	1,506,969	1,506,969
Motor vehicle [Member]
Plant and equipment, gross	137,914	137,914
Renovation [Member]
Plant and equipment, gross	107,414	107,414
Common Stock
Plant and equipment, gross	$ 1,124	$ 1,124

PROPERTY PLANT AND EQUIPMENT _2

PROPERTY PLANT AND EQUIPMENT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
PROPERTY PLANT AND EQUIPMENT
Depreciation expense	$ 44,943	$ 46,022

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
OTHER INVESTMENTS
As of beginning of the year	$ 749,027	$ 281,668
Addition during the year	404,793	515,840
Disposal during the year	0	(6,392)
Fair value gain	(63,202)	(29,850)
Foreign exchange translation	(51,908)	(12,239)
As of end of the year	$ 1,038,710	$ 749,027

OTHER INVESTMENTS (Details 1)

OTHER INVESTMENTS (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total investments	$ 1,036,938	$ 747,152
Other investment	1,038,710	749,027
Malaysia [Member]
Other investment	660,329	590,788
Singapore [Member]
Other investment	92,763	97,780
Hong Kong [Member]
Other investment	283,846	58,584
Malaysia 1 [Member]
Other investment	$ 1,772	$ 1,875

STOCK HOLDERS' EQUITY (Details

STOCK HOLDERS' EQUITY (Details Narrative) - shares	Jun. 30, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Common stock, shares issued	173,718,152
Common stock, shares outstanding	173,718,152	171,218,152

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE	$ 2,485,101		$ 3,092,171		$ 5,514,046	$ 6,541,330
COST OF REVENUE	(2,241,779)		(2,624,564)		(4,937,185)	(5,491,158)
GROSS (LOSS)/PROFIT	243,322		467,607		576,861	1,050,172
OTHER INCOME	52,836		50,429		99,230	112,916
FINANCE COSTS	(2,319)		(3,448)		(5,645)	(6,837)
Tax expense	1,621		(108,280)		(12,678)	(108,280)
NET PROFIT/(LOSS)	$ (138,662)	$ 17,066	$ 28,262	$ 338,744
TOTAL [Member]
REVENUE					5,514,046	6,541,330
COST OF REVENUE					(4,937,185)	(5,491,158)
GROSS (LOSS)/PROFIT					576,861	1,050,172
OTHER INCOME					99,230	112,916
General and administrative					(779,364)	(680,265)
FINANCE COSTS					(5,645)	(6,837)
PROFIT/(LOSS) BEFORE TAX					(108,918)	475,286
Tax expense					(12,678)	(108,280)
NET PROFIT/(LOSS)					(121,596)	367,006
BioNexus Malaysia [Member]
REVENUE					33,467	465,470
COST OF REVENUE					(58,372)	(358,528)
GROSS (LOSS)/PROFIT					(24,905)	106,942
OTHER INCOME					4,285	3,848
General and administrative					(51,238)	(44,128)
FINANCE COSTS					(1,860)	(2,303)
PROFIT/(LOSS) BEFORE TAX					73,718	64,359
Tax expense					0	(654)
NET PROFIT/(LOSS)					(73,718)	63,705
Chemrex [Member]
REVENUE					5,480,579	6,075,860
COST OF REVENUE					(4,878,813)	(5,132,630)
GROSS (LOSS)/PROFIT					601,766	943,230
OTHER INCOME					94,945	109,068
General and administrative					(618,348)	(556,619)
FINANCE COSTS					(3,785)	(4,534)
PROFIT/(LOSS) BEFORE TAX					74,578	491,145
Tax expense					(12,678)	107,626
NET PROFIT/(LOSS)					61,900	383,519
BGLC [Member]
REVENUE					0	0
COST OF REVENUE					0	0
GROSS (LOSS)/PROFIT					0	0
OTHER INCOME					0	0
General and administrative					(109,778)	(80,218)
FINANCE COSTS					0	0
PROFIT/(LOSS) BEFORE TAX					(109,778)	(80,218)
Tax expense					0	0
NET PROFIT/(LOSS)					$ (109,778)	$ (80,218)

SEGMENTED INFORMATION (Details

SEGMENTED INFORMATION (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total assets	$ 8,368,713	$ 9,574,390
Total Liabilities	1,547,066	2,394,611
Chemrex [Member]
Total assets	7,336,700	8,407,176
Total Liabilities	1,480,732	2,273,025
BGLC & Bionexus [Member]
Total assets	1,032,013	1,167,214
Total Liabilities	$ 66,334	$ 121,586

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details Narrative)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Major Customer [Member]
Concentration of risk	10%	10%
Major Suppliers [Member]
Concentration of risk	10%	10%