Verde Resources, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Verde Resources, Inc. filed its Q2 2024 10-Q report, detailing financial activities and corporate events for the period ending December 31, 2023.</b>

AI Summary

VERDE RESOURCES, INC. (VRDR) filed a Quarterly Report (10-Q) with the SEC on February 21, 2024. Verde Resources, Inc. filed a 10-Q for the period ending December 31, 2023. The company's fiscal year ends on June 30. The filing includes data for the period from July 1, 2023, to December 31, 2023. Key entities mentioned include Borneo Oil Berhad (BOB) and Borneo Oil Corporation Sdn Bhd (BOC). The filing references private placement transactions and restricted stock.

Why It Matters

For investors and stakeholders tracking VERDE RESOURCES, INC., this filing contains several important signals. This 10-Q filing provides a crucial update on Verde Resources' financial performance and operational status for the second quarter of fiscal year 2024. The information contained within this report is essential for investors and stakeholders to assess the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — VERDE RESOURCES, INC. shows moderate risk based on this filing. The company operates in the gold and silver ores industry (SIC 1040), which can be subject to volatile commodity prices and significant regulatory oversight, impacting financial stability and operational continuity.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand the company's current financial position and future prospects.

Key Numbers

• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-02-21 — Filing Date (Filed as of Date)
• 2023-07-01 — Reporting Period Start Date (Fiscal year 2024, Q2)
• 0630 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• VERDE RESOURCES, INC. (company) — Filer name
• 0001506929 (company) — Central Index Key
• NV (company) — State of Incorporation
• Borneo Oil Berhad (BOB) (company) — Related entity
• Borneo Oil Corporation Sdn Bhd (BOC) (company) — Related entity
• Donald R. Fosnacht (person) — Mentioned in relation to restricted stock
• Mr. Jack Wong (person) — Mentioned in relation to transactions
• Malaysiya (company) — Geographic context for operations

FAQ

Risk Factors

• Financial Performance [medium — financial]: The filing details the company's financial performance for the period, which is crucial for understanding its economic health and operational viability.
• Industry Regulations [medium — regulatory]: Operating in the gold and silver ores sector subjects the company to various mining and environmental regulations that could impact operations.
• Commodity Price Volatility [medium — market]: The company's financial results are likely sensitive to fluctuations in the prices of gold and silver.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-02-21: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-07-01: Reporting Period Start Date — Beginning of the fiscal second quarter for reporting.

Key Financial Figures

• $0 — of the issuer's common stock, par value $0.001, outstanding. VERDE RESOURCES, INC

Filing Documents

• vrdr_10q.htm (10-Q) — 1380KB
• vrdr_ex311.htm (EX-31.1) — 10KB
• vrdr_ex312.htm (EX-31.2) — 10KB
• vrdr_ex321.htm (EX-32.1) — 6KB
• vrdr_10qimg3.jpg (GRAPHIC) — 25KB
• 0001640334-24-000290.txt (&nbsp;) — 7540KB
• vrdr-20231231.xsd (EX-101.SCH) — 79KB
• vrdr-20231231_lab.xml (EX-101.LAB) — 370KB
• vrdr-20231231_cal.xml (EX-101.CAL) — 64KB
• vrdr-20231231_pre.xml (EX-101.PRE) — 339KB
• vrdr-20231231_def.xml (EX-101.DEF) — 204KB
• vrdr_10q_htm.xml (XML) — 1515KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Unaudited Consolidated Financial Statements. F-1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 4 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 10 Item 4.

Controls and Procedures

Controls and Procedures. 10

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 11 Item 1A. Risk Factors. 11 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 11 Item 3. Defaults Upon Senior Securities. 11 Item 4. Mine Safety Disclosures. 11 Item 5. Other Information. 11 Item 6. Exhibits. 12

SIGNATURES

SIGNATURES 13 2 Table of Contents CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical facts, included in this Form 10-Q including, without limitation, statements in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); expansion and growth of the Company's business and operations; and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. However, whether actual results or developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties, including general economic, market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company. These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as "believes," "a

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Item Regulation S-X, Rule 10-01(c) Interim Financial Statements, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the six months ended December 31, 2023 are not necessarily indicative of the results that can be expected for the year ended June 30, 2024. VERDE RESOURCES, INC. INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD OF ENDED DECEMBER 31, 2023 Page Unaudited Condensed Consolidated Balance Sheets as at December 31, 2023 and June 30, 2023 (audited) F-2 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended December 31, 2023 and 2022) F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 F-4 Unaudited Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended December 31, 2023 and 2022 F-5 Notes to Unaudited Condensed Consolidated Financial Statements F-7 F-1 Table of Contents VERDE RESOURCES, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars ("US

View Full Filing

View this 10-Q filing on SEC EDGAR