Verde Resources, Inc. Files Amended 10-K for Fiscal Year Ended June 30, 2023

TL;DR

<b>Verde Resources, Inc. has filed an amended 10-K for FY2023, detailing financial information and executive compensation.</b>

AI Summary

VERDE RESOURCES, INC. (VRDR) filed a Amended Annual Report (10-K/A) with the SEC on February 15, 2024. The company filed an amended 10-K for the fiscal year ended June 30, 2023. Verde Resources, Inc. is in the Gold & Silver Ores industry (SIC 1040). The company's principal executive offices are located in St. Louis, MO. The filing includes data related to restricted stock for individuals like Steven Sorhus, YMTengkuChanelaJamidahYAMTengkuIbrahim, and EMGTALLC. Financial data points include trade receivables, trade payables, and interest expense paid.

Why It Matters

For investors and stakeholders tracking VERDE RESOURCES, INC., this filing contains several important signals. This amended filing provides updated financial disclosures for the fiscal year ending June 30, 2023, which is crucial for investors to assess the company's performance and financial health. The inclusion of specific executive and restricted stock information offers transparency into the company's compensation structure and potential equity dilution.

Risk Assessment

Risk Level: medium — VERDE RESOURCES, INC. shows moderate risk based on this filing. The company operates in the Gold & Silver Ores industry, which is subject to commodity price volatility and significant regulatory oversight, posing inherent risks to financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in this amended 10-K to understand the company's current operational status and future prospects.

Key Numbers

• 2023-06-30 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-15 — Filing Date (FILED AS OF DATE)
• 000-55276 — SEC File Number (SEC FILE NUMBER)
• 1040 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• VERDE RESOURCES, INC. (company) — FILER
• Steven Sorhus (person) — Restricted Stock Member
• YMTengkuChanelaJamidahYAMTengkuIbrahim (person) — Restricted Stock Member
• EMGTALLC (company) — Restricted Stock Member
• Lamax Gold Limited (company) — Mentioned in context of debt agreement
• NV (jurisdiction) — STATE OF INCORPORATION
• MO (location) — STATE OF INCORPORATION
• St. Louis (location) — BUSINESS ADDRESS CITY

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is highly dependent on the market prices of gold and silver, which are subject to significant fluctuations.
• Mining and Environmental Regulations [medium — regulatory]: Operations are subject to extensive environmental and mining regulations in the jurisdictions where it operates, which can impact costs and operational feasibility.
• Liquidity and Funding [medium — financial]: The company may require additional funding to support its operations and development plans, and there is no assurance that such funding will be available on favorable terms.

Key Dates

• 2023-06-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the amended 10-K was filed with the SEC.

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value. Indicate by check mark if
• $0.20 — hich the common equity was last sold of $0.20 (or the average bid and asked price of
• $1.00 — consideration of One and no/100 Dollar ($1.00). This transaction was recorded as a re
• $1 — on April 1, 2014, with consideration of $1, and VRAP then became an 85% shareholde
• $0.03 — 666,667 share of the Company's stock at $0.03 per share, valued at $5,000,000. 135,66
• $5,000,000 — y's stock at $0.03 per share, valued at $5,000,000. 135,666,667 shares and 31,000,000 shar
• $9,645,000 — mon stock at $0.03 per share, valued at $9,645,000, and the issuance of promissory notes w
• $20,355,000 — term period with a principal amount of $20,355,000. 321,500,000 shares were issued on May
• $16,290,550 — erest. The promissory note is priced at $16,290,550 considering the current market interest
• $0.0611 — any's restricted Common Stock priced at $0.0611 per share, which represents the last ni
• $1,600,000 — isition is satisfied by cash payment of $1,600,000 in two instalments of $800,000 each, on
• $800,000 — ent of $1,600,000 in two instalments of $800,000 each, one payment upon signing the SPA
• $8,571 — rm") at a monthly rental of MYR 36,000 ($8,571). The rental for the entire Lease Term
• $720,000 — rm amounts to the sum of MYR 3,024,000 ($720,000) (the "Lease Payment") which shall be p
• $80,000 — ity deposit for the sum of MYR 336,000 ($80,000) (the "Security Payment"). The refundab

Filing Documents

• vrdr_10ka.htm (10-K/A) — 1611KB
• vrdr_ex311.htm (EX-31.1) — 12KB
• vrdr_ex312.htm (EX-31.2) — 12KB
• vrdr_ex321.htm (EX-32.1) — 4KB
• vrdr_ex322.htm (EX-32.2) — 4KB
• vrdr_10kimg7.jpg (GRAPHIC) — 29KB
• vrdr_10kaimg8.jpg (GRAPHIC) — 2KB
• 0001640334-24-000245.txt (&nbsp;) — 7846KB
• vrdr-20230630.xsd (EX-101.SCH) — 89KB
• vrdr-20230630_lab.xml (EX-101.LAB) — 411KB
• vrdr-20230630_cal.xml (EX-101.CAL) — 70KB
• vrdr-20230630_pre.xml (EX-101.PRE) — 373KB
• vrdr-20230630_def.xml (EX-101.DEF) — 218KB
• vrdr_10ka_htm.xml (XML) — 1312KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 17 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 20 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 21 Item 9A.

Controls and Procedures

Controls and Procedures. 21 Item 9B. Other Information. 22 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections, 22 PART III Item 10. Directors, Executive Officers and Corporate Governance. 23 Item 11.

Executive Compensation

Executive Compensation. 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 29 Item 13. Certain Relationships and Related Transactions, and Director Independence. 30 Item 14. Principal Accounting Fees and Services. 31 PART IV Item 15. Exhibits. 32 Signatures. 34 3 Table of Contents Part I Cautionary Note Regarding Forward-Looking Statements Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words "expects," "anticipates," "intends," "believes" and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the sections "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." You should carefully review the risks described in this Annual Report on Form 10-K and in other documents we file from time to time with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such f

Business

Item 1. Business. Overview Verde Resources, Inc. (the "We" or "Company" or "VRDR") was incorporated on April 22, 2010, in the State of Nevada, U.S.A.. The Company currently is engaged in the production and distribution of renewable commodities, distribution of THC-free cannabinoid (CBD) products, and real property holding. However, the Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainable development with the world faced with challenges of climate change and environmental dehydration. The Company had announced the disposition of the mining business through the sale of the entire issued and paid-up share capital of CSB on March 13, 2023. The disposition of CSB was completed on April 20, 2023. The Company conducts business operations in La Belle, Missouri, U.S.A., through Verde Renewables, Inc. ("VRI"), a company incorporated in the State of Missouri, U.S.A., and an indirect wholly-owned subsidiary Verde Estates, LLC ("VEL"), a Missouri limited liability company. We currently operate in the production and distribution of renewable commodities through Verde Resources (Malaysia) Sdn. Bhd., a Malaysian corporation. We intend to develop operations in the distribution of THC-free cannabinoid products through Verde Life Inc., an Oregon corporation. The Company is also considering investment opportunities in other non-mining areas including the bioenergy industry and the food & beverage sector. The Company took a significant strategic shift by divesting its mining operations in Malaysia to concentrate exclusively on advancing its green and climate-focused initiatives. Our overarching ambition is to emerge as a prominent leader in delivering net-zero solutions while pioneering efforts in decarbonization and regenerative environmental projects. The Company has since undergone a restructuring exercise to focus on renewable energy and sustainability development with the world faced with challenges of climate cha

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View this 10-K/A filing on SEC EDGAR