BioNexus Gene Lab (BGLC) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 14, 2024
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, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		17,967,663
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41750
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	35-2604830
Entity Address Address Line 1	Unit:A-28-7
Entity Address Address Line 2	Tower A, Menara UOA Bangsar
Entity Address Address Line 3	No.5 Jln Bangsar Utama 1
Entity Address City Or Town	Kuala Lumpur
Entity Address Postal Zip Code	59200
City Area Code	307
Local Phone Number	241 6898
Security 12b Title	Common stock, no par value
Trading Symbol	BGLC
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and bank balances	$ 2,199,847	$ 2,623,965
Fixed deposits placed with financial institutions	3,214,186	3,305,371
Trade receivables	987,962	799,674
Other receivables, deposits and prepayments	400,830	122,432
Tax Recoverable	7,041	57,588
Inventories	1,033,003	1,137,770
Total current assets	7,842,869	8,046,800
NON-CURRENT ASSETS
Operating lease right of use assets	241,700	141,544
Property, plant and equipment, net	1,347,600	1,511,618
Other investments	1,707,558	1,699,831
Total non-current assets	3,296,858	3,352,993
TOTAL ASSETS	11,139,727	11,399,793
CURRENT LIABILITIES
Trade payables	954,785	1,402,180
Other payables and accrued liabilities	169,883	180,912
Current portion of operating lease liabilities	53,210	34,632
Advance payment from customer	5,937	0
Amount owing to directors	215,543	13,199
Total current liabilities	1,399,358	1,630,923
NON-CURRENT LIABILITIES
Non-current portion of operating lease liabilities	182,697	98,763
Deferred tax liabilities	11,918	12,255
Total non-current liabilities	194,615	111,018
TOTAL LIABILITIES	1,593,973	1,741,941
STOCKHOLDERS' EQUITY
As at June 30, 2024, common stock, no par value; 300,000,000 shares authorized and 17,667,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding. As at December 31, 2023, common stock, no par value; 300,000,000 shares authorized and 17,667,663 shares outstanding, and preferred stock, no par value; 30,000,000 shares authorized and no shares outstanding (on a post-reverse stock split basis)*.	17,191,315	17,191,315
Additional paid in capital	(5,011,891)	(5,011,891)
Accumulated deficit	(1,748,931)	(1,844,278)
Other comprehensive losses	(884,739)	(677,294)
TOTAL STOCKHOLDERS' EQUITY	9,545,754	9,657,852
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 11,139,727	$ 11,399,793

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	17,667,663	17,667,663
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 (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
REVENUE	$ 1,974,564	$ 2,566,848	$ 4,356,415	$ 4,944,053
COST OF REVENUE	(1,685,844)	(2,227,134)	(3,702,664)	(4,235,442)
GROSS PROFIT	288,720	339,714	653,751	708,611
OTHER INCOME	730,105	195,164	931,952	312,508
OPERATING EXPENSES
General and administrative	(759,657)	(807,077)	(1,405,563)	(1,343,949)
PROFIT/(LOSS) FROM OPERATIONS	259,168	(272,199)	180,140	(322,830)
FINANCE COSTS	(4,480)	(3,042)	(9,141)	(5,487)
PROFIT/(LOSS) BEFORE TAX	254,688	(275,241)	170,999	(328,317)
Tax (expense)/credit	(55,584)	15,990	(75,652)	0
NET PROFIT/(LOSS)	199,104	(259,251)	95,347	(328,317)
Other comprehensive income:
Foreign currency translation gain/(loss)	2,463	(333,891)	(207,445)	(372,930)
COMPREHENSIVE INCOME/(LOSS)	$ 201,567	$ (593,142)	$ (112,098)	$ (701,247)
Earnings per share - Basic and diluted	$ 0.011	$ (0.041)	$ (0.006)	$ (0.048)
Weighted average shares outstanding and per share amount have been adjusted for the periods shown to reflect the 12-for-1 reverse stock split effected on July 20, 2023, on a retroactive basis as described in Note 10.	17,667,663	14,476,513	17,667,663	14,476,513

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated surplus	Accumulated other comprehensive loss
Balance, shares at Dec. 31, 2022		14,476,513
Balance, amount at Dec. 31, 2022	$ 6,665,013	$ 10,929,574	$ (5,011,891)	$ 1,156,392	$ (409,062)
Impacts arising from application of Topic 326	(371,627)	0	0	(371,627)	0
Balance as of January 1, 2023, (restated) shares		14,476,513
Balance as of January 1, 2023, (restated) amount	6,293,386	10,929,574	(5,011,891)	784,765	(409,062)
Net loss for the period	(69,066)	0	0	(69,066)	0
Foreign currency translation loss	(39,039)	$ 0	0	0	(39,039)
Balance, shares at Mar. 31, 2023		14,476,513
Balance, amount at Mar. 31, 2023	6,185,281	$ 10,929,574	(5,011,891)	715,699	(448,101)
Balance, shares at Dec. 31, 2022		14,476,513
Balance, amount at Dec. 31, 2022	6,665,013	$ 10,929,574	(5,011,891)	1,156,392	(409,062)
Net loss for the period	(328,317)
Foreign currency translation gain	(372,930)
Balance, shares at Jun. 30, 2023		14,476,513
Balance, amount at Jun. 30, 2023	5,592,139	$ 10,929,574	(5,011,891)	456,448	(781,992)
Balance, shares at Mar. 31, 2023		14,476,513
Balance, amount at Mar. 31, 2023	6,185,281	$ 10,929,574	(5,011,891)	715,699	(448,101)
Net loss for the period	(259,251)		0	(259,251)	0
Foreign currency translation loss	(333,891)	$ 0	0	0	(333,891)
Foreign currency translation gain	(333,891)
Balance, shares at Jun. 30, 2023		14,476,513
Balance, amount at Jun. 30, 2023	5,592,139	$ 10,929,574	(5,011,891)	456,448	(781,992)
Balance, shares at Dec. 31, 2023		17,667,663
Balance, amount at Dec. 31, 2023	9,657,852	$ 17,191,315	(5,011,891)	(1,844,278)	(677,294)
Net loss for the period	(103,757)		0	(103,757)	0
Foreign currency translation loss	(209,908)	$ 0	0	0	(209,908)
Balance, shares at Mar. 31, 2024		17,667,663
Balance, amount at Mar. 31, 2024	9,344,187	$ 17,191,315	(5,011,891)	(1,948,035)	(887,202)
Balance, shares at Dec. 31, 2023		17,667,663
Balance, amount at Dec. 31, 2023	9,657,852	$ 17,191,315	(5,011,891)	(1,844,278)	(677,294)
Net loss for the period	95,347
Foreign currency translation gain	(207,445)
Balance, shares at Jun. 30, 2024		17,667,663
Balance, amount at Jun. 30, 2024	9,545,754	$ 17,191,315	(5,011,891)	(1,748,931)	(884,739)
Balance, shares at Mar. 31, 2024		17,667,663
Balance, amount at Mar. 31, 2024	9,344,187	$ 17,191,315	(5,011,891)	(1,948,035)	(887,202)
Net loss for the period	199,104	0	0	199,104	0
Foreign currency translation gain	2,463	$ 0	0	0	2,463
Balance, shares at Jun. 30, 2024		17,667,663
Balance, amount at Jun. 30, 2024	$ 9,545,754	$ 17,191,315	$ (5,011,891)	$ (1,748,931)	$ (884,739)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net profit/(loss)	$ 95,347	$ (328,317)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right of use asset	20,700	7,891
Allowances for expected credit losses	120,370	291,940
Recovered for expected credit losses	(584,415)	0
Bad debts	0	4,078
Property, plant and equipment written off	0	18
Depreciation of property, plant and equipment	40,343	41,587
Dividend income	(20,827)	(19,788)
Fair value gain on other investments	(72,884)	(140,862)
Loss arising from settlement of supplier contract dispute	28,554	0
Gain on disposal of other investments	(14,298)	0
Interest	4,545	4,212
Operating loss before working capital changes	(382,565)	(139,241)
Changes in operating assets and liabilities:
Inventories	104,767	(187,966)
Trade and other receivables	(2,641)	354,290
Trade and other payables	(458,424)	(111,108)
Advance payment from customer	5,937	(16,029)
Operating lease liabilities	(22,266)	(11,019)
Tax recoverable	50,210	(29,268)
Net cash used in operating activities	(704,982)	(140,341)
Cash flows from investing activities:
Acquisition of other investment	(264,768)	(13,444)
Dividend income	20,827	19,788
Purchase of plant and equipment	(23,778)	(14,458)
Proceeds from disposal of other investments	297,678	0
Proceeds from settlement of supplier contract dispute	77,201	0
Net cash generated from/(used in) investing activities	107,160	(8,114)
Cash flows from financing activities:
Interest	(4,545)	(4,212)
Advances from Directors	202,344	0
Net cash generated from/(used in) financing activities	197,799	(4,212)
Foreign currency translation adjustment	(115,280)	(207,517)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(515,303)	(360,184)
CASH AND CASH EQUIVALENTS, BEGINNING OF FINANCIAL PERIOD	5,929,336	2,118,864
CASH AND CASH EQUIVALENTS, END OF FINANCIAL PERIOD	5,414,033	1,758,680
CASH AND CASH EQUIVALENTS INFORMATION:
Fixed deposits placed with financial institutions	3,214,186	1,461,596
Cash at bank	2,199,847	297,084
Supplementary cash flow information:
Interest paid	(9,141)	(5,487)
Income tax paid	$ (26,772)	$ (30,635)

ORGANIZATION AND BUSINESS BACKG

ORGANIZATION AND BUSINESS BACKGROUND	6 Months Ended
	Jun. 30, 2024
ORGANIZATION AND BUSINESS BACKGROUND
ORGANIZATION AND BUSINESS BACKGROUND	NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND BioNexus Gene Lab Corp. (the “Company”) was incorporated in the State of Wyoming on May 12, 2017. On August 23, 2017, the Company acquired all the outstanding capital stock of Bionexus Gene Lab Sdn. Bhd., a Malaysian corporation (“BioNexus Malaysia”). BioNexus Malaysia was incorporated in Malaysia on April 7, 2015 and subsequently changed its name to MRNA Scientific Sdn. Bhd. (“MRNA Scientific”) on September 19, 2023. The principal office address is Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1, 59000 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. On December 31, 2020, the Company consummated its acquisition of Chemrex Corporation Sdn. Bhd. (“Chemrex”), pursuant to a Share Exchange Agreement by and among the Company, Chemrex and the Chemrex shareholders wherein the Company acquired all 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. 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 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 was not under common control during the comparative period. The corporate structure as at June 30, 2024 is depicted below: BioNexus Gene Lab Corp. a Wyoming company 100% owned 100% owned MRNA Scientific Sdn. Bhd. (formerly “Bionexus Gene Lab Sdn. Bhd.”), Chemrex Corporation Sdn. Bhd., a Malaysian company a Malaysian Company

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - 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 as of and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 16, 2024. These financial statements should be read in conjunction with that report. · 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 primarily consist of invoiced amounts from Chemrex’s revenue. Chemrex applies interest charges to outstanding balances for certain receivables that exceed certain periods Expected credit losses The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by business component, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables. Further, the Company considers macroeconomic factors and the status of the industry the business component is in to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default. · Inventories Inventories consisting of products available for sell are stated at the lower of cost or net realizable 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 net realizable 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 Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is based on reference of a borrowing rate from the country where the operating subsidiary is located. The operating lease ROU asset includes any lease payments made and excludes lease incentives. · 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 a 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: Principal Categories 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 % Solar PV System 20 % Leasehold lands are depreciated over the period of the 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, 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: · 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. · Shipping and handling fees Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses. · 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 their books and records 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, 2024 2023 Period ended June 30, 2024 /Year-ended December 31, 2023 US$1: MYR exchange rate 4.7195 4.5900 January 1, January 1, 2024 2023 to June 30, to June 30, 2024 2023 6 months average US$1: MYR exchange rate 4.7279 4.4629 · 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, 2024, and December 31, 2023, the Company did not have any non-financial 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 do 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, 2024
TRADE RECEIVABLES
TRADE RECEIVABLES	NOTE 3 - TRADE RECEIVABLES The Company has performed an analysis on all its trade receivables. As such, trade receivables are recognized and carried at the original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts and expected credit losses is made when collection of the full amount is no longer probable. Bad debts are written off as identified for the quarter ended June 30, 2024. The Company’s trade receivables consist of receivable from customers which are unrelated to the Company. The account receivables are interest bearing at a rate of 6% per annum on Interlink Techno started in May 2021 till June 2023. From July 2023 onwards, Chemrex had increased the interest to 8.4%. Chemrex imposed 6% per annum interest on Mawintech Sdn Bhd since May 2021 till to date. The normal trade credit term is generally on 30 days to 90 days term. As of June 30, December 31, 2024 2023 Trade receivables 1,794,719 2,107,182 Allowances for expected credit losses (851,002 ) (1,314,427 ) Foreign translation differences 44,245 (6,919 ) $ 987,962 $ 799,674 Movement for trade receivables allowance for impairment accounts: As of June 30, December 31, 2024 2023 At January 1, 2024 and January 1, 2023 1,307,508 - Impacts arising from application of Topic 326 - 371,627 At January 1, 2024 and January 1, 2023, (restated) 1,307,508 371,627 Charge for the period/year Allowances for expected credit losses 804,714 942,800 Recovered for expected credit losses (1,268,139 ) - Foreign translation differences (37,326 ) (6,919 ) $ 806,757 $ 1,307,508

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 4 - 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 MRNA Scientific Malaysia and Chemrex are both subject to Malaysia Corporate Tax, which is charged at the statutory income tax rate range from 15% to 24% on its assessable income. As of June 30, December 31, 2024 2023 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (7,041 ) (57,588 ) Tax Recoverable (7,041 ) (57,588 ) Income tax liabilities: Local $ - $ - Foreign, representing Malaysia - - Income tax payables - - Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 11,918 12,255 Deferred tax liabilities 11,918 12,255 Total 4,877 (45,333 )

OPERATING LEASE RIGHT OF USE AS

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2024
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES	NOTE 5 – OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES The Company has operating lease arrangements for office space, lab, and motor vehicles in Malaysia with a term between two and five years. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of the lease payments are discounted with rates ranging from 6.40% to 6.65% per annum. These rates are reference from base rate of Malayan Banking Berhad, the largest bank in Malaysia. The lease payments of operating lease are classified within operating activities in the statement of cash flows. Operating lease right of use assets as follows: As of June 30, December 31, 2024 2023 Balance as of beginning of the period/year $ 141,544 $ 55,730 Add: Addition of lease liabilities (1) 124,778 113,279 Less: Amortization (2) (20,700 ) (25,038 ) Foreign translation differences (3,922 ) (2,427 ) Balance as of end of the period/year $ 241,700 $ 141,544 Operating lease liabilities as follows: June 30, December 31, 2024 2023 Balance as of beginning of the period/year $ 133,395 $ 56,775 Add: Addition of lease liabilities (1) 124,778 113,279 Less: gross repayment (23,169 ) (39,798 ) Add: imputed interest (3) 4,595 5,613 Foreign translation differences (3,692 ) (2,474 ) Balance as of end of the year 235,907 133,395 Less: lease liability current portion (53,210 ) (34,632 ) Lease liability non-current portion $ 182,697 $ 98,763 (1) During the six months period ended June 30, 2024, the Company had entered into a new operating lease of rented office for 5 years. An additional right-of-use assets at $124,778 and lease liabilities at $124,778 are recognised upon the commencement of lease term. (2) The amortization of the right of use asset for the six months’ period ended June 30, 2024 and six months’ period ended June 30, 2023 were $20,700 and $7,891 respectively. Other information: As of June 30, December 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 22,266 76,620 Right of use assets obtained in exchange for operating lease liabilities 241,700 141,544 Remaining lease term for operating lease (years) 4.92 4.50 6.65 % Weighted average discount rate for operating lease $ 6.65 % 6.53 % 3) Lease expenses for the six months’ period ended June 30, 2024 and six months’ period ended June 30, 2023 were $4,595 and $1,275, respectively.

PROPERTY PLANT AND EQUIPMENT

PROPERTY PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
PROPERTY PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 6 - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: As of June 30, December 31, 2024 2023 Air conditioner $ 1,124 $ 1,124 Computer and software 5,880 3,923 Equipment 63,037 60,412 Furniture and fittings 98,883 100,118 Lab equipment 320,102 320,102 Land and buildings 1,506,969 1,506,969 Motor vehicle 161,148 161,148 Office equipment 35,547 33,914 Renovation 96,000 98,597 Signboard 806 806 Solar PV System 16,935 - Capital Work In Progress - 109,509 2,306,431 2,396,622 Less: Accumulated depreciation (694,979 ) (659,115 ) Add: Foreign translation differences (263,852 ) (225,889 ) Property, plant and equipment, net $ 1,347,600 $ 1,511,618 Depreciation expense for the six months’ period ended June 30, 2024 and 2023 were $40,343 and $41,587 respectively.

OTHER INVESTMENTS

OTHER INVESTMENTS	6 Months Ended
	Jun. 30, 2024
OTHER INVESTMENTS
OTHER INVESTMENTS	NOTE 7 - OTHER INVESTMENTS As of June 30, December 31, 2024 2023 As of beginning of the period/year $ 1,699,831 $ 1,150,898 Addition during the year 264,768 320,733 Disposal during the year (283,380 ) (26,146 ) Fair value gain 72,884 313,859 Impairment on other investment - (6,194 ) Foreign exchange translation (46,545 ) (53,319 ) As of end of the period/year $ 1,707,558 1,699,831 The other investments consist of the following shares: As of June 30, 2024 December 31, 2023 Investment in quoted shares: Malaysia 1,018,140 1,138,863 Singapore 151,409 79,577 Hong Kong 538,009 481,391 $ 1,707,558 $ 1,699,831

TRADE PAYABLES

TRADE PAYABLES	6 Months Ended
	Jun. 30, 2024
TRADE PAYABLES
TRADE PAYABLES	NOTE 8 - 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.

CONCENTRATION OF RISKS

CONCENTRATION OF RISKS	6 Months Ended
	Jun. 30, 2024
CONCENTRATION OF RISKS
CONCENTRATION OF RISKS	NOTE 9 - CONCENTRATION OF RISKS a) Major customers During the three months and six months ended June 30, 2024 and 2023, the Company did not have any material recognizable major customers accounted for 10% or more of the Company’s revenue. b) Major suppliers For three months ended June 30, 2024 and 2023, the suppliers who accounted for 10% or more of the Company’s cost of sales and their balances at year ended are presented as follows: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable trade Vendor A $ 279,263 $ 471,363 16.57 % 21.16 % $ 304,561 $ 547,406 Vendor B $ 274,081 $ 440,135 16.26 % 19.76 % $ 274,842 $ 426,509 Vendor C $ 181,885 $ 244,265 10.79 % 10.97 % $ 117,148 $ 256,315 Vendor D $ 177,985 $ 254,165 10.56 % 11.41 % $ 112,482 $ 195,856 Vendor E $ - $ 275,175 - 12.36 % $ - $ - $ 913,214 $ 1,685,103 54.18 % 75.66 % $ 809,033 $ 1,426,086 For six months ended June 30, 2024 and 2023, the suppliers who accounted for 10% or more of the Company’s cost of sales and their balances at year ended are presented as follows: 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable trade Vendor A $ 671,441 $ 669,389 18.13 % 15.80 % $ 304,561 $ 547,406 Vendor B $ 620,397 $ 850,293 16.76 % 20.08 % $ 274,842 $ 426,509 Vendor C $ 492,944 $ 567,721 13.31 % 13.40 % $ 112,482 $ 195,856 Vendor D $ - $ 458,405 - 10.82 % $ - $ 256,315 $ 1,784,782 $ 2,545,808 48.20 % 60.10 % $ 691,885 $ 1,426,086

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS EQUITY
STOCKHOLDERS' EQUITY	NOTE 10 - STOCK HOLDERS’ EQUITY Reverse Stock Split On June 5, 2023, the Company filed an Article of Amendment to the Articles of Incorporation with the Wyoming Secretary of State to modify the ratio of the Reverse Stock Split from one-for-ten (10) to one-for-twelve (12) (the “Revised Reverse Stock Split”). Upon effectiveness of the Revised Reverse Stock Split, every twelve (12) outstanding shares of common stock were combined into and automatically became one share of common stock. No fractional shares was issued in connection with the Revised Reverse Stock Split and all such fractional shares or odd lots (less than 100 shares to any record or beneficial holder) issuable in the Revised Reverse Stock Split were rounded up to 100 shares. An aggregate of 1,044,351 shares were issued to applicable shareholders as a result of the round-up. The Revised Reverse Stock Split was approved and authorized by a majority of the Company’s stockholder on August 8, 2023 and by the Board of Directors of the Company on August 8, 2023. Public Offering & Nasdaq Listing On July 20, 2023, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Network 1 Financial Securities, Inc., as underwriter (the "Underwriter") pursuant to which the Company agreed to issue and sell, in a firm commitment underwritten public offering by the Company (the "Offering") of 1,250,000 shares of common stock, no par value, priced at a public offering price of $4.00 per share. In addition, pursuant to the Underwriting Agreement, the Underwriter was granted a 45-day option (the "Over-Allotment Option") to purchase up to an additional 187,500 shares of common stock at the public offering price of $4.00 per share. The Underwriter fully exercised the Over-Allotment Option on July 24, 2023. The securities were offered by the Company pursuant to the registration statement on Form S-1 (File No. 333-269753), which was originally filed with the U.S. Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended, on February 14, 2023, and declared effective by the Commission on July 19, 2023. On July 24, 2023, the Offering closed, and the Company issued and sold 1,437,500 shares of common stock, including 187,500 shares sold pursuant to the full exercise of the Over-Allotment Option. The Offering was priced at $4.00 per share for total gross proceeds of $5.75 million before deducting underwriting discounts, commissions, and offering expenses. Pursuant to the Underwriting Agreement, the Underwriter received an 8% underwriting discount on the public offering price for the shares common stock. The Company will therefore receive net proceeds, before expenses, of $5,290,000 from the sale of the common stocks. In addition, the Company issued to the Underwriter warrants to purchase up to an aggregate of 115,000 shares of the Company's common stock (the "Underwriter's Warrants") at an exercise price of $4.40 per share. The Underwriter's Warrants are exercisable from July 24, 2023 until July 24, 2028. In August, 2023, an aggregate of 759,299 shares of common stock were issued to professional parties or service providers in lieu of cash for services rendered, 125,000 were subsequently cancelled in November, 2023. In August, 2023, an aggregate of 75,000 shares of common stock were issued to three directors in lieu of cash for services rendered in connection with their employment as directors of the Company. From July 20, 2023 to August 4, 2023, an aggregate total of 1,044,351 shares of common stock were issued as part of the round-up exercise to the reverse stock split.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	6 Months Ended
	Jun. 30, 2024
SEGMENTED INFORMATION
SEGMENTED INFORMATION	NOTE 11 – SEGMENTED INFORMATION At June 30, 2024, the Company (“BGLC”) operates in the biochemical industry segment through its two Malaysian subsidiaries, MRNA Scientific Malaysia (formerly known as Bionexus Gene Lab Sdn. Bhd.) and Chemrex. BioNexus Gene Lab Corp. a Wyoming company 100% owned 100% owned MRNA Scientific Sdn. Bhd. (formerly “Bionexus Gene Lab Sdn. Bhd.”), Chemrex Corporation Sdn. Bhd., a Malaysian company a Malaysian Company At June 30, 2024, the Company (“BGLC”) operates in the biochemical industry segment through its two Malaysian subsidiaries, MRNA Scientific Malaysia and Chemrex. For the six months ended June 30, 2024, segmented (unaudited) revenue and net (loss)/profit (Currency expressed in United States Dollars (“US$”) are as follows: MRNA Scientific Chemrex Corporation BGLC Total Six months ended June 2024 REVENUE $ 8,661 $ 4,347,754 $ - $ 4,356,415 COST OF REVENUE (4,605 ) (3,698,059 ) - (3,702,664 ) GROSS PROFIT 4,056 649,695 - 653,751 OTHER INCOME 76,058 855,894 - 931,952 OPERATING EXPENSES General and administrative (185,218 ) (696,763 ) (523,582 ) (1,405,563 ) (LOSS)/PROFIT FROM OPERATIONS (105,104 ) 808,826 (523,582 ) 180,140 FINANCE COSTS (4,595 ) (4,433 ) (113 ) (9,141 ) (LOSS)/PROFIT BEFORE TAX (109,699 ) 804,393 (523,695 ) 170,999 Tax expense - (75,652 ) - (75,652 ) NET (LOSS)/PROFIT $ (109,699 ) $ 728,741 $ (523,695 ) $ 95,347 MRNA Scientific Chemrex Corporation BGLC Total Six months ended June 30, 2023 REVENUE $ 11,932 $ 4,932,121 $ - $ 4,944,053 COST OF REVENUE (7,548 ) (4,227,894 ) - (4,235,442 ) GROSS PROFIT 4,384 704,227 - 708,611 OTHER INCOME 2,165 310,343 - 312,508 OPERATING EXPENSES General and administrative (98,720 ) (1,025,896 ) (219,333 ) (1,343,949 ) LOSS FROM OPERATIONS (92,171 ) (11,326 ) (219,333 ) (322,830 ) FINANCE COSTS (1,275 ) (4,212 ) - (5,487 ) LOSS BEFORE TAX (93,446 ) (15,538 ) (219,333 ) (328,317 ) Tax expense - - - - NET LOSS $ (93,446 ) $ (15,538 ) $ (219,333 ) $ (328,317 ) As of June 30, 2024 and December 31, 2023 Total Assets Total Liabilities 2024 2023 2024 2023 BGLC & MRNA Scientific $ 4,380,021 4,723,449 $ 616,300 $ 260,119 Chemrex Corporation 6,759,706 6,676,344 977,673 1,481,822 TOTAL 11,139,727 11,399,793 1,593,973 1,741,941

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
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, 2024 up through August 14, 2024 of these consolidated financial statements. Strategic Investment into Ascension Innovation Sdn Bhd. by our subsidiary, MRNA Scientific Sdn. Bhd. Pursuant to a Form 8-K filed on April 18, 2024, the Company announced a strategic investment in Ascension Innovation Sdn Bhd (AISB), a privately held Malaysian company. Please refer to that filing for more information on the investment. The investment campaign facilitated by Pitchin was recently successfully concluded. As of the date of this form, the investment has yet to be closed.

CONTINGENT ASSETS

CONTINGENT ASSETS	6 Months Ended
	Jun. 30, 2024
CONTINGENT ASSETS
CONTINGENT ASSETS	NOTE 13 - CONTINGENT ASSETS On January 12, 2024 our subsidiary, MRNA Scientific issued a termination notice to one of our suppliers for failing to deliver hardware of merchantable quality, for a contract with the value of RM500,000 (approximately $109,000 USD). Through subsequent negotiations, MRNA Scientific has been offered a without prejudice settlement of RM350,000 (approximately $76,000 USD) via a letter from the suppliers’ legal counsel, dated March 21, 2024. On 30 May 2024, the supplier had proposed to collect the hardware from MRNA Scientific premises and upon the hardware being returned intact in same condition per deliver, the supplier would refund the sum of 350,000 to MRNA Scientific. The supplier then duly refunded the sum on 14 June 2024 whereby MRNA Scientific had confirmed the receipt on 19 June 2024. MRNA Scientific then net off the receipt with fixed asset decapitalization in Balance Sheet while the remaining balance was recorded in the book as loss arising from settlement of supplier dispute in Income Statement.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	The accompanying condensed consolidated financial statements as of and for the six months ended June 30, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 16, 2024. These financial statements should be read in conjunction with that report.
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 primarily consist of invoiced amounts from Chemrex’s revenue. Chemrex applies interest charges to outstanding balances for certain receivables that exceed certain periods Expected credit losses The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by business component, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables. Further, the Company considers macroeconomic factors and the status of the industry the business component is in to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default.
Inventories	Inventories consisting of products available for sell are stated at the lower of cost or net realizable 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 net realizable 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	Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is based on reference of a borrowing rate from the country where the operating subsidiary is located. The operating lease ROU asset includes any lease payments made and excludes lease incentives.
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 a 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: Principal Categories 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 % Solar PV System 20 % Leasehold lands are depreciated over the period of the 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, 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: · 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.
Shipping and handling fees	Shipping and handling fees, if billed to customers, are included in revenue. Shipping and handling fees associated with inbound and outbound freight are expensed as incurred and included in selling and distribution expenses.
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 their books and records 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, 2024 2023 Period ended June 30, 2024 /Year-ended December 31, 2023 US$1: MYR exchange rate 4.7195 4.5900 January 1, January 1, 2024 2023 to June 30, to June 30, 2024 2023 6 months average US$1: MYR exchange rate 4.7279 4.4629
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, 2024, and December 31, 2023, the Company did not have any non-financial 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 do 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, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Principal Annual Rates	The principal annual rates used are as follows: Principal Categories 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 % Solar PV System 20 %
Schedule of Exchange Rates	June 30, December 31, 2024 2023 Period ended June 30, 2024 /Year-ended December 31, 2023 US$1: MYR exchange rate 4.7195 4.5900 January 1, January 1, 2024 2023 to June 30, to June 30, 2024 2023 6 months average US$1: MYR exchange rate 4.7279 4.4629

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	6 Months Ended
	Jun. 30, 2024
TRADE RECEIVABLES
Schedule of Trade Receivables	As of June 30, December 31, 2024 2023 Trade receivables 1,794,719 2,107,182 Allowances for expected credit losses (851,002 ) (1,314,427 ) Foreign translation differences 44,245 (6,919 ) $ 987,962 $ 799,674
Schedule of trade receivables allowance	As of June 30, December 31, 2024 2023 At January 1, 2024 and January 1, 2023 1,307,508 - Impacts arising from application of Topic 326 - 371,627 At January 1, 2024 and January 1, 2023, (restated) 1,307,508 371,627 Charge for the period/year Allowances for expected credit losses 804,714 942,800 Recovered for expected credit losses (1,268,139 ) - Foreign translation differences (37,326 ) (6,919 ) $ 806,757 $ 1,307,508

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2024
INCOME TAXES
Schedule of Deferred Tax Assets and Liabilities	As of June 30, December 31, 2024 2023 Tax Recoverable Local $ - $ - Foreign, representing Malaysia (7,041 ) (57,588 ) Tax Recoverable (7,041 ) (57,588 ) Income tax liabilities: Local $ - $ - Foreign, representing Malaysia - - Income tax payables - - Deferred tax liabilities: Local $ - $ - Foreign, representing Malaysia 11,918 12,255 Deferred tax liabilities 11,918 12,255 Total 4,877 (45,333 )

OPERATING LEASE RIGHT OF USE _2

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
Schedule of operating lease right of use assets	As of June 30, December 31, 2024 2023 Balance as of beginning of the period/year $ 141,544 $ 55,730 Add: Addition of lease liabilities (1) 124,778 113,279 Less: Amortization (2) (20,700 ) (25,038 ) Foreign translation differences (3,922 ) (2,427 ) Balance as of end of the period/year $ 241,700 $ 141,544
Schedule of the operating lease liability	June 30, December 31, 2024 2023 Balance as of beginning of the period/year $ 133,395 $ 56,775 Add: Addition of lease liabilities (1) 124,778 113,279 Less: gross repayment (23,169 ) (39,798 ) Add: imputed interest (3) 4,595 5,613 Foreign translation differences (3,692 ) (2,474 ) Balance as of end of the year 235,907 133,395 Less: lease liability current portion (53,210 ) (34,632 ) Lease liability non-current portion $ 182,697 $ 98,763
Schedule of Amortization of Right of Use	As of June 30, December 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow from operating lease $ 22,266 76,620 Right of use assets obtained in exchange for operating lease liabilities 241,700 141,544 Remaining lease term for operating lease (years) 4.92 4.50 6.65 % Weighted average discount rate for operating lease $ 6.65 % 6.53 %

PROPERTY PLANT AND EQUIPMENT (T

PROPERTY PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
PROPERTY PLANT AND EQUIPMENT
Schedule of Plant and Equipment	As of June 30, December 31, 2024 2023 Air conditioner $ 1,124 $ 1,124 Computer and software 5,880 3,923 Equipment 63,037 60,412 Furniture and fittings 98,883 100,118 Lab equipment 320,102 320,102 Land and buildings 1,506,969 1,506,969 Motor vehicle 161,148 161,148 Office equipment 35,547 33,914 Renovation 96,000 98,597 Signboard 806 806 Solar PV System 16,935 - Capital Work In Progress - 109,509 2,306,431 2,396,622 Less: Accumulated depreciation (694,979 ) (659,115 ) Add: Foreign translation differences (263,852 ) (225,889 ) Property, plant and equipment, net $ 1,347,600 $ 1,511,618

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
OTHER INVESTMENTS
Schedule of Other Investments	As of June 30, December 31, 2024 2023 As of beginning of the period/year $ 1,699,831 $ 1,150,898 Addition during the year 264,768 320,733 Disposal during the year (283,380 ) (26,146 ) Fair value gain 72,884 313,859 Impairment on other investment - (6,194 ) Foreign exchange translation (46,545 ) (53,319 ) As of end of the period/year $ 1,707,558 1,699,831
Schedule of Other Investments consist of Country	As of June 30, 2024 December 31, 2023 Investment in quoted shares: Malaysia 1,018,140 1,138,863 Singapore 151,409 79,577 Hong Kong 538,009 481,391 $ 1,707,558 $ 1,699,831

CONCENTRATION OF RISKS (Tables)

CONCENTRATION OF RISKS (Tables)	6 Months Ended
	Jun. 30, 2024
CONCENTRATION OF RISKS
Schedule of concentration of risk	2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable trade Vendor A $ 279,263 $ 471,363 16.57 % 21.16 % $ 304,561 $ 547,406 Vendor B $ 274,081 $ 440,135 16.26 % 19.76 % $ 274,842 $ 426,509 Vendor C $ 181,885 $ 244,265 10.79 % 10.97 % $ 117,148 $ 256,315 Vendor D $ 177,985 $ 254,165 10.56 % 11.41 % $ 112,482 $ 195,856 Vendor E $ - $ 275,175 - 12.36 % $ - $ - $ 913,214 $ 1,685,103 54.18 % 75.66 % $ 809,033 $ 1,426,086 2024 2023 2024 2023 2024 2023 Purchase Percentage of purchases Accounts payable trade Vendor A $ 671,441 $ 669,389 18.13 % 15.80 % $ 304,561 $ 547,406 Vendor B $ 620,397 $ 850,293 16.76 % 20.08 % $ 274,842 $ 426,509 Vendor C $ 492,944 $ 567,721 13.31 % 13.40 % $ 112,482 $ 195,856 Vendor D $ - $ 458,405 - 10.82 % $ - $ 256,315 $ 1,784,782 $ 2,545,808 48.20 % 60.10 % $ 691,885 $ 1,426,086

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
SEGMENTED INFORMATION
Schedule of Segmented Revenue and Net Profit/(Loss)	MRNA Scientific Chemrex Corporation BGLC Total Six months ended June 2024 REVENUE $ 8,661 $ 4,347,754 $ - $ 4,356,415 COST OF REVENUE (4,605 ) (3,698,059 ) - (3,702,664 ) GROSS PROFIT 4,056 649,695 - 653,751 OTHER INCOME 76,058 855,894 - 931,952 OPERATING EXPENSES General and administrative (185,218 ) (696,763 ) (523,582 ) (1,405,563 ) (LOSS)/PROFIT FROM OPERATIONS (105,104 ) 808,826 (523,582 ) 180,140 FINANCE COSTS (4,595 ) (4,433 ) (113 ) (9,141 ) (LOSS)/PROFIT BEFORE TAX (109,699 ) 804,393 (523,695 ) 170,999 Tax expense - (75,652 ) - (75,652 ) NET (LOSS)/PROFIT $ (109,699 ) $ 728,741 $ (523,695 ) $ 95,347 MRNA Scientific Chemrex Corporation BGLC Total Six months ended June 30, 2023 REVENUE $ 11,932 $ 4,932,121 $ - $ 4,944,053 COST OF REVENUE (7,548 ) (4,227,894 ) - (4,235,442 ) GROSS PROFIT 4,384 704,227 - 708,611 OTHER INCOME 2,165 310,343 - 312,508 OPERATING EXPENSES General and administrative (98,720 ) (1,025,896 ) (219,333 ) (1,343,949 ) LOSS FROM OPERATIONS (92,171 ) (11,326 ) (219,333 ) (322,830 ) FINANCE COSTS (1,275 ) (4,212 ) - (5,487 ) LOSS BEFORE TAX (93,446 ) (15,538 ) (219,333 ) (328,317 ) Tax expense - - - - NET LOSS $ (93,446 ) $ (15,538 ) $ (219,333 ) $ (328,317 ) As of June 30, 2024 and December 31, 2023 Total Assets Total Liabilities 2024 2023 2024 2023 BGLC & MRNA Scientific $ 4,380,021 4,723,449 $ 616,300 $ 260,119 Chemrex Corporation 6,759,706 6,676,344 977,673 1,481,822 TOTAL 11,139,727 11,399,793 1,593,973 1,741,941

ORGANIZATION AND BUSINESS BAC_2

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative)	6 Months Ended
	Jun. 30, 2024 shares
Chemrex Corporation Sdn. Bhd. [Member]
Business aquisition, shares converted	68,487,261
BGS Lab Sdn. Bhd [Member]
Business acquisition, business operation description	The principal office address is Unit A-28-7, Tower A, Menara UOA Bangsar, No.5 Jln Bangsar Utama 1, 59000 Kuala Lumpur, Malaysia
Business Acquisition, Effective Date of Acquisition	May 12, 2017

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2024
Equipment [Member]
Principal Annual Rates	20%
Air Conditioner [Member]
Principal Annual Rates	20%
Buildings [Member]
Principal Annual Rates	2%
Computer and Software [Member]
Principal Annual Rates	33%
Furniture and Fittings [Member] | Minimum [Member]
Principal Annual Rates	10%
Furniture and Fittings [Member] | Maximum [Member]
Principal Annual Rates	20%
Lab Equipment [Member]
Principal Annual Rates	10%
Motor Vehicle [Member] | Minimum [Member]
Principal Annual Rates	10%
Motor Vehicle [Member] | Maximum [Member]
Principal Annual Rates	20%
Office Equipment [Member]
Principal Annual Rates	20%
Renovation [Member] | Minimum [Member]
Principal Annual Rates	10%
Renovation [Member] | Maximum [Member]
Principal Annual Rates	20%
Signboard [Member]
Principal Annual Rates	10%
Solar PV System [Member]
Principal Annual Rates	20%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Year-end US$1.00: MYR exchange rate	4.7195		4.5900
6 months average US$1: MYR exchange rate	4.7279	4.4629

TRADE RECEIVABLES (Details)

TRADE RECEIVABLES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
TRADE RECEIVABLES
Trade Receivables	$ 1,794,719	$ 2,107,182
Allowances for expected credit losses	(851,002)	(1,314,427)
Foreign translation differences	44,245	(6,919)
Total	$ 987,962	$ 799,674

TRADE RECEIVABLES (Details 1)

TRADE RECEIVABLES (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
TRADE RECEIVABLES
trade receivables allowance Beginning	$ 1,307,508	$ 0
Impacts arising from application of Topic 326	0	371,627
trade receivables allowance Restated	1,307,508	371,627
Allowances for expected credit losses	804,714	942,800
Recovered for expected credit losses	(1,268,139)	0
Foreign translation differences	(37,326)	(6,919)
Trade receivables allowance Ending	$ 806,757	$ 1,307,508

TRADE RECEIVABLES (Details Narr

TRADE RECEIVABLES (Details Narrative)	6 Months Ended
	Jun. 30, 2024
TRADE RECEIVABLES
Description of trade receivable	The Company’s trade receivables consist of receivable from customers which are unrelated to the Company. The account receivables are interest bearing at a rate of 6% per annum on Interlink Techno started in May 2021 till June 2023. From July 2023 onwards, Chemrex had increased the interest to 8.4%. Chemrex imposed 6% per annum interest on Mawintech Sdn Bhd since May 2021 till to date. The normal trade credit term is generally on 30 days to 90 days term

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Tax Recoverable	$ (7,041)	$ (57,588)
Income tax liabilities	0	0
Deferred tax liabilities	11,918	12,255
Total	4,877	(45,333)
Local [Member]
Tax Recoverable	0	0
Income tax liabilities	0	0
Deferred tax liabilities	0	0
Malaysia [Member]
Tax Recoverable	(7,041)	(57,588)
Income tax liabilities	0	0
Deferred tax liabilities	$ 11,918	$ 12,255

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - Malaysia [Member]	6 Months Ended
	Jun. 30, 2024
Maximum [Member]
Statutory income tax rate	24%
Minimum [Member]
Statutory income tax rate	15%

OPERATING LEASE RIGHT OF USE _3

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES
Beginning Balance	$ 141,544	$ 55,730
Add: Addition of lease liabilities	124,778	113,279
Less: Amortization	(20,700)	(25,038)
Foreign translation differences	(3,922)	(2,427)
Ending Balance	$ 241,700	$ 141,544

OPERATING LEASE RIGHT OF USE _4

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details 1) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Foreign translation differences	$ (3,922)	$ (2,427)
Lease liabilities non-current portion	182,697	98,763
Operating lease liability [Member]
Beginning Balance	133,395	56,775
Add: Addition of lease liabilities	124,778	113,279
Less: gross repayment	(23,169)	(39,798)
Add: imputed interest	4,595	5,613
Foreign translation differences	(3,692)	(2,474)
Ending Balance	235,907	133,395
Less: lease liabilities current portion	(53,210)	(34,632)
Lease liabilities non-current portion	$ 182,697	$ 98,763

OPERATING LEASE RIGHT OF USE _5

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details 2) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating lease	$ 22,266	$ 76,620
Right of use assets obtained in exchange for operating lease liabilities	$ 241,700	$ 141,544
Remaining lease term for operating lease (years)	4 years 11 months 1 day	4 years 6 months
Weighted average discount rate for operating lease	6.65%	6.53%

OPERATING LEASE RIGHT OF USE _6

OPERATING LEASE RIGHT OF USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lease expenses	$ 4,595	$ 1,275
Right-of-use assets	124,778
Additional right-of-use assets	124,778
Amortization of right of use asset	$ 20,700	$ 7,891
Rented term	5 years
Malayan Banking [Member]
Discount rate, effective date	6.40%
Discount rate, initial recognized date	6.65%

PROPERTY PLANT AND EQUIPMENT (D

PROPERTY PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Total Plant and equipment	$ 2,306,431	$ 2,396,622
Less: Accumulated amortization	(694,979)	(659,115)
Add: Foreign translation differences	(263,852)	(225,889)
Property, plant and equipment, net	1,347,600	1,511,618
Equipment [Member]
Total Plant and equipment	63,037	60,412
Air Conditioner [Member]
Total Plant and equipment	1,124	1,124
Computer and Software [Member]
Total Plant and equipment	5,880	3,923
Lab Equipment [Member]
Total Plant and equipment	320,102	320,102
Office Equipment [Member]
Total Plant and equipment	35,547	33,914
Signboard [Member]
Total Plant and equipment	806	806
Solar PV System [Member]
Total Plant and equipment	16,935	0
Furniture and fittings [Member]
Total Plant and equipment	98,883	100,118
Land and buildings [Member]
Total Plant and equipment	1,506,969	1,506,969
Motor Vehicle [Member]
Total Plant and equipment	161,148	161,148
Renovation [Member]
Total Plant and equipment	96,000	98,597
Capital Work In Progress [Member]
Total Plant and equipment	$ 0	$ 109,509

PROPERTY PLANT AND EQUIPMENT _2

PROPERTY PLANT AND EQUIPMENT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
PROPERTY PLANT AND EQUIPMENT
Depreciation expense	$ 40,343	$ 41,587

OTHER INVESTMENTS (Details)

OTHER INVESTMENTS (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
OTHER INVESTMENTS
As of beginning of the year	$ 1,699,831	$ 1,150,898
Addition during the year	264,768	320,733
Disposal during the year	(283,380)	(26,146)
Fair value gain/(loss)	72,884	313,859
Impairment on other investment	0	(6,194)
Foreign exchange translation	(46,545)	(53,319)
As of end of the year	$ 1,707,558	$ 1,699,831

OTHER INVESTMENTS (Details 1)

OTHER INVESTMENTS (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other investment	$ 1,707,558	$ 1,699,831
Malaysia [Member]
Other investment	1,018,140	1,138,863
Singapore [Member]
Other investment	151,409	79,577
Hong Kong [Member]
Other investment	$ 538,009	$ 481,391

CONCENTRATION OF RISKS (Details

CONCENTRATION OF RISKS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Vendor A [Member]
Concentration of risk purchase	$ 279,263	$ 471,363	$ 671,441	$ 669,389
Percentage of purchases	16.57%	21.16%	18.13%	15.80%
Accounts payable trade	$ 304,561	$ 547,406	$ 304,561	$ 547,406
Vendor B [Member]
Concentration of risk purchase	$ 274,081	$ 440,135	$ 620,397	$ 850,293
Percentage of purchases	16.26%	19.76%	16.76%	20.08%
Accounts payable trade	$ 274,842	$ 426,509	$ 274,842	$ 426,509
Vendor C [Member]
Concentration of risk purchase	$ 181,885	$ 244,265	$ 492,944	$ 567,721
Percentage of purchases	10.79%	10.97%	13.31%	13.40%
Accounts payable trade	$ 117,148	$ 256,315	$ 112,482	$ 195,856
Vendor D [Member]
Concentration of risk purchase	$ 177,985	$ 254,165	$ 0	$ 458,405
Percentage of purchases	10.56%	11.41%	0%	10.82%
Accounts payable trade	$ 112,482	$ 195,856	$ 0	$ 256,315
Vendor E [Member]
Concentration of risk purchase		$ 275,175
Percentage of purchases	0%	12.36%
Accounts payable trade	$ 0	$ 0
Vendor [Member]
Concentration of risk purchase	$ 913,214	$ 1,685,103	$ 1,784,782	$ 2,545,808
Percentage of purchases	54.18%	75.66%	48.20%	60.10%
Accounts payable trade	$ 809,033	$ 1,426,086	$ 691,885	$ 1,426,086

CONCENTRATION OF RISKS (Detai_2

CONCENTRATION OF RISKS (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Major suppliers
Concentration of risk	10%	10%	10%	10%
Major Customer Member
Concentration of risk	10%	10%	10%	10%

STOCK HOLDERS EQUITY (Details N

STOCK HOLDERS EQUITY (Details Narrative) - USD ($)	1 Months Ended
	Jul. 24, 2023	Jul. 20, 2023	Aug. 31, 2023	Jun. 05, 2023
Reverse Stock Split Member
Common stock, shares issued				1,044,351
Underwriting Agreement Member
Common stock, shares issued	1,437,500	1,250,000
Public offering price	$ 4	$ 4
Description of Over allotment option	On July 24, 2023, the Offering closed, and the Company issued and sold 1,437,500 shares of common stock, including 187,500 shares sold pursuant to the full exercise of the Over-Allotment Option	purchase up to an additional 187,500 shares of common stock at the public offering price of $4.00 per share. The Underwriter fully exercised the Over-Allotment Option on July 24, 2023
Gross proceeds	$ 5,750,000
Underwrinting discount	8%
Net proceeds before expenses against issuance of common stock	$ 5,290,000
Additional Underwriting Agreement Member
Common stock, shares issued	115,000
Public offering price	$ 4
Professional Parties Member
Common stock, shares issued			759,299
Three Directors Member
Common stock, shares issued			75,000
Cede & Company
Common stock, shares issued			1,044,351

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE	$ 1,974,564		$ 2,566,848		$ 4,356,415	$ 4,944,053
COST OF REVENUE	(1,685,844)		(2,227,134)		(3,702,664)	(4,235,442)
GROSS PROFIT	288,720		339,714		653,751	708,611
OTHER INCOME	730,105		195,164		931,952	312,508
General and administrative					(1,405,563)	(1,343,949)
(LOSS)/PROFIT FROM OPERATIONS	259,168		(272,199)		180,140	(322,830)
FINANCE COSTS					(9,141)	(5,487)
(LOSS)/PROFIT BEFORE TAX	254,688		(275,241)		170,999	(328,317)
Tax expense	(55,584)		15,990		(75,652)	0
NET (LOSS)/PROFIT	199,104	$ (103,757)	(259,251)	$ (69,066)	95,347	(328,317)
GROSS PROFIT	288,720		339,714		653,751	708,611
NET PROFIT/(LOSS)	$ 199,104	$ (103,757)	$ (259,251)	$ (69,066)	95,347	(328,317)
MRNA Scientific Malaysia [Member]
REVENUE					8,661	11,932
COST OF REVENUE					(4,605)	(7,548)
GROSS PROFIT					4,056	4,384
OTHER INCOME					76,058	2,165
General and administrative					(185,218)	(98,720)
(LOSS)/PROFIT FROM OPERATIONS					(105,104)	(92,171)
FINANCE COSTS					(4,595)	(1,275)
(LOSS)/PROFIT BEFORE TAX					(109,699)	(93,446)
Tax expense					0	0
NET (LOSS)/PROFIT					(109,699)	(93,446)
GROSS PROFIT					4,056	4,384
NET PROFIT/(LOSS)					(109,699)	(93,446)
Chemrex [Member]
REVENUE					4,347,754	4,932,121
COST OF REVENUE					(3,698,059)	(4,227,894)
GROSS PROFIT					649,695	704,227
OTHER INCOME					855,894	310,343
General and administrative					(696,763)	(1,025,896)
(LOSS)/PROFIT FROM OPERATIONS					808,826	(11,326)
FINANCE COSTS					(4,433)	(4,212)
(LOSS)/PROFIT BEFORE TAX					804,393	(15,538)
Tax expense					(75,652)	0
NET (LOSS)/PROFIT					728,741	(15,538)
GROSS PROFIT					649,695	704,227
NET PROFIT/(LOSS)					728,741	(15,538)
BGLC [Member]
REVENUE					0	0
COST OF REVENUE					0	0
GROSS PROFIT					0	0
OTHER INCOME					0	0
General and administrative					(523,582)	(219,333)
(LOSS)/PROFIT FROM OPERATIONS					(523,582)	(219,333)
FINANCE COSTS					(113)	0
(LOSS)/PROFIT BEFORE TAX					(523,695)	(219,333)
NET (LOSS)/PROFIT					(523,695)	(219,333)
GROSS PROFIT					0	0
NET PROFIT/(LOSS)					(523,695)	(219,333)
Income tax					$ 0	$ 0

SEGMENTED INFORMATION (Details

SEGMENTED INFORMATION (Details 1) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Total assets	$ 11,139,727	$ 11,399,793
Total Liabilities	1,593,973	1,741,941
Chemrex [Member]
Total assets	6,759,706	6,676,344
Total Liabilities	977,673	1,481,822
BGLC & MRNA Scientific [Member]
Total assets	4,380,021	4,723,449
Total Liabilities	$ 616,300	$ 260,119

CONTINGENT ASSETS (Details Narr

CONTINGENT ASSETS (Details Narrative) - USD ($)		1 Months Ended
	Jan. 12, 2024	May 30, 2024
CONTINGENT ASSETS
Contract refund paid to supplier		$ 350,000
Contract termination amount	$ 109,000
Contract settlement amount	$ 76,000