Verde Resources Files 2024 10-K Amidst Key Agreements

TL;DR

Verde Resources 2024 10-K is out. Big subsequent events with NaturePlus & Borneo Oil. Check financials.

AI Summary

Verde Resources, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, focused on gold and silver ores, reported significant subsequent events including a promissory note issuance on August 16, 2024, and agreements with NaturePlus Inc. and Borneo Oil Corporation Sdn Bhd. The filing also details financial figures such as total assets of $1,199,358,251 and total liabilities of $1,176,200,278.

Why It Matters

This filing provides a comprehensive overview of Verde Resources' financial health and strategic moves, including significant subsequent events that could impact future operations and investor outlook.

Risk Assessment

Risk Level: medium — The company's financial statements show substantial liabilities relative to assets, and the nature of its business in gold and silver ores is subject to commodity price volatility.

Key Numbers

• $1.20B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $1.18B — Total Liabilities (As of June 30, 2024, showing the company's total obligations.)
• $18.5M — Revenue (For the fiscal year ended June 30, 2024, representing the company's sales.)
• $591K — Net Income (For the fiscal year ended June 30, 2024, reflecting profitability.)
• $80K — Cash and Cash Equivalents (As of June 30, 2024, indicating immediate liquidity.)

Key Players & Entities

• VERDE RESOURCES, INC. (company) — Filer
• 0001506929 (company) — Central Index Key
• 20240630 (date) — Fiscal Year End
• $1,199,358,251 (dollar_amount) — Total Assets
• $1,176,200,278 (dollar_amount) — Total Liabilities
• NaturePlus Inc. (company) — Subsequent Event Party
• Borneo Oil Corporation Sdn Bhd (company) — Subsequent Event Party
• Dr Nam Tran (person) — Subsequent Event Participant

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value. Indicate by check mark if
• $0.19 — hich the common equity was last sold of $0.19 (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_10k.htm (10-K) — 1836KB
• vrdr_ex311.htm (EX-31.1) — 12KB
• vrdr_ex312.htm (EX-31.2) — 12KB
• vrdr_ex321.htm (EX-32.1) — 5KB
• vrdr_ex322.htm (EX-32.2) — 5KB
• vrdr_10kimg2.jpg (GRAPHIC) — 2KB
• vrdr_10kimg1.jpg (GRAPHIC) — 21KB
• 0001640334-24-001530.txt ( ) — 9132KB
• vrdr-20240630.xsd (EX-101.SCH) — 108KB
• vrdr-20240630_lab.xml (EX-101.LAB) — 471KB
• vrdr-20240630_cal.xml (EX-101.CAL) — 76KB
• vrdr-20240630_pre.xml (EX-101.PRE) — 446KB
• vrdr-20240630_def.xml (EX-101.DEF) — 290KB
• vrdr_10k_htm.xml (XML) — 1556KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 18 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 2 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 is a leader in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. By integrating biochar, a highly effective carbon sequester and performance enhancer, the Company facilitates the industry's seamless Transition to Zero. This approach reduces GHG emissions, optimizes the use of native soils and recycled materials, speeds installation, and improves efficiency while cutting costs. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Although operations in Borneo, Malaysia, experienced a temporary slowdown during the financial year, this is due to the strategic focus on a test track partnership between its US-based subsidiary, Verde Renewables Inc., and the National Center for Asphalt Technology (NCAT). This partnership is rigorously testing the Company's innovative Biochar-Asphalt technology, which promises superior performance, environmental sustainability, and the generation of Carbon Removal and Avoidance Credits. Once this groundbreaking, eco-friendly solution is certified at the highest industry standards, the same blueprint will be introduced in Malaysia. Ongoing discussions with PLUS Malaysia, the country's largest highway operator, signal a growing demand for biochar in the region. This demand, coupled with the certification, will enable the BioFraction plant to secure a captive client, ensuring the resumption of normal operations in Malaysia with the potential for significant scale-up over time. The Company has undergone 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 has announced t

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