Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [______] to [______]

Commission file number: 000-55276

VERDE RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Nevada		32-0457838
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2 Cityplace Drive, Suite 200, St. Louis, MO 63141		63141
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (323) 538-5799

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(b)

of the Act: Title of Each Class

Name of Each Exchange

On Which Registered

N/A

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☒ No ☐

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registration statement was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold of $0.20 (or the average bid and asked price of such common equity) as of the last business day of the registrant’s most recently completed second fiscal quarter, being December 30, 2022, was $86,102,445.80.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.

1,176,200,278 as of October 2, 2023

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

		Page
PART I

Item 1.	Business.	3
Item 1A.	Risk Factors.	11
Item 1B.	Unresolved Staff Comments.	14
Item 2.	Properties.	15
Item 3.	Legal Proceedings.	15
Item 4.	Mine Safety Disclosures	15

PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.	16
Item 6.	[Reserved]	16
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	19
Item 8.	Financial Statements and Supplementary Data.	F-1
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.	20
Item 9A.	Controls and Procedures.	20
Item 9B.	Other Information.	21
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections,	21

PART III

Item 10.	Directors, Executive Officers and Corporate Governance.	22
Item 11.	Executive Compensation.	25
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	28
Item 13.	Certain Relationships and Related Transactions, and Director Independence.	29
Item 14.	Principal Accounting Fees and Services.	30

PART IV

Item 15.	Exhibits.	31

	Signatures.	33

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 forward-looking statements.

All references in this Form 10-K to the “Company,” “Verde,” “we,” “us” or “our” are to Verde Resources, Inc.

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 change and environmental dehydration. The Company is working alongside lawmakers that will assist in shaping future climate bills, where increased standards and beneficial solutions in agriculture can be implemented to help aid with further political legislation towards climate mitigation and adaptation. We will engage key stakeholders to develop licensed and accountable measures that will assist in shaping and defining a sustainable credit exchange for the commercial market.

The Company announced a momentous partnership with Green Carbon Industries (“GCI”), securing exclusive access to their invaluable intellectual property (IP) rights. This collaboration lays the foundation for revolutionary infrastructure development, marked by innovative biochar asphalt showcase projects within the United States. Biochar-asphalt, an innovative, eco-friendly, high performance, and cost-saving alternative to conventional high CO2 footprint asphalt production and installation, holds immense promise in addressing environmental concerns. Through the integration and extensive utilization of biochar – a carbon-rich material derived from organic waste, the Company aims to reduce carbon emissions and the carbon footprint of infrastructure projects. The American showcase projects will serve as compelling evidence of the technology’s capability in carbon sequestration, efficiently mitigating greenhouse gas, enhancing durability and cost efficiencies, all while simultaneously addressing pressing environmental challenges.

Puro.earth, the crediting platform for durable carbon removal, has officially registered the Company as a Carbon Removal Credit supplier as part of its Accelerate program. This partnership was formalized through a platform agreement signed in April 2023. The Company’s endeavors are poised to unlock revenue opportunities by generating Carbon Removal Credits (CORCs). This critical step incentivizes the broader adoption of climate technologies and enables the Company to supply these credits to companies seeking to offset their carbon footprint in pursuit of net-zero objectives. Simultaneously, this approach creates an additional and substantial revenue stream for the Company.

The following diagram illustrates our current corporate structure:

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Corporate History and Structure

Verde Resources, Inc. was incorporated on April 22, 2010, in the State of Nevada, U.S.A.

The following persons were appointed to serve as Directors and to assume the responsibilities of officers, on October 17, 2013: Mr. Wu Ming Ding, as President and Director; Mr. Balakrishnan B S Muthu as Treasurer, Chief Financial Officer, General Manager and Director; and Mr. Liang Wai Keen as Secretary.

On October 25, 2013, we entered into an Assignment Agreement for the Assignment of Management Right in Merapoh Gold Mines in Malaysia (“Assignment Agreement”) with Federal Mining Resources Limited (“FMR”), a company incorporated under the laws of the British Virgin Islands.

FMR owned 85% equity interest in CSB, a private limited liability company incorporated in Malaysia. CSB is the Mining Contractor of the Mining Lease for Site IV-1 at the Merapoh Gold Mine under the Contract for Work with MMC Corporation Berhad, the Permit Holder of the Mining Lease.

Under the terms of the Assignment Agreement, FMR had assigned its management rights of CSB’s mining operation in the Mining Lease to the Company, through its wholly-owned subsidiary Verde Resources Asia Pacific Limited (“VRAP”) in exchange for 80,000,000 shares of the Company’s Common stock, which constituted 95.26% of our issued and outstanding capital stock as of and immediately after the consummation of the acquisition.

VRAP was formed on February 7, 2013, by the Board of Directors of FMR to monitor the CSB operation. The acquisition of 100% of the issued and outstanding capital stock of VRAP was agreed upon on October 18, 2013, and completed on October 25, 2013, subject to the approval of the Board of Directors and the audit of VRAP.

Pursuant to the Assignment Agreement, and a Supplementary Agreement dated February 17, 2014, on further clarifications to the Assignment Agreement signed by the Company with FMR, the 100% interest of FMR in VRAP was transferred to VRDR at a consideration of One and no/100 Dollar ($1.00). This transaction was recorded as a reverse acquisition in accordance with ASC 805-40 “Reverse Acquisitions”. The legal parent was VRDR, which was the accounting acquiree, while VRAP was the accounting acquirer. There was a 15% non-controlling interest of CSB after the acquisition. This transaction was accounted for as a recapitalization effected by a share exchange, wherein VRAP with its 85% deemed subsidiary CSB was considered the acquirer for accounting and financial reporting purposes. The assets and liabilities of the acquired entity have been brought forward at their book value and no goodwill has been recognized.

Prior to the acquisition of VRAP, on July 1, 2013, FMR had assigned its rights and obligations pursuant to its 85% interest in CSB to VRAP. According to ASC 810-05-08 A, CSB is a deemed subsidiary of VRAP because due to the assignment, VRAP had gained control of the Board of Directors of CSB, VRAP’s rights to receive future benefits and residual value, and VRAP’s obligation to absorb losses and provide financing for CSB. VRAP had the power to direct the activities of CSB that most significantly impact CSB’s economic performance, and the obligation to absorb losses or receive benefits of CSB that could potentially be significant to CSB. Accordingly, VRAP was the primary beneficiary of CSB. Under 810-23-42, 43, it was determined that CSB was de-facto agent and VRAP, the principal, and consequently, CSB was considered as a deemed subsidiary of VRAP beginning July 1, 2013.

With the above transactions, VRAP became a wholly-owned subsidiary of the Company and CSB, its 85% deemed indirect subsidiary.

On April 1, 2014, the Board of Directors of VRAP notified FMR of the decision to exercise its option to purchase an 85% equity interest of CSB pursuant to Section 3.2.4 of the Management Agreement dated July 1, 2013, between VRAP and FMR. This acquisition was completed on April 1, 2014, with consideration of $1, and VRAP then became an 85% shareholder of CSB.

Effective February 20, 2016, Mr. Wu Ming Ding resigned from his positions as President and Director of the Company, with Mr. Balakrishnan B S Muthu being appointed President to fill the vacancy created. Effective February 20, 2016, Mr. Chen Ching was appointed Director of the Company and the entire Board of Directors then consisted of Mr. Balakrishnan B S Muthu and Mr. Chen Ching.

Effective February 2, 2018, our Articles of Incorporation were amended to increase the authorized shares of the Company from 250,000,000 shares of Common stock to 10,000,000,000 shares of Common stock. A copy of the Certificate of Amendment was filed with the Nevada Secretary of State. The Form 8-K announcing the increase of the authorized shares of the Company was filed with SEC on February 6, 2018.

Effective March 31, 2021, Mr. Carl M. Craven was appointed Director of the Company, and the entire Board of Directors then consisted of Mr. Balakrishnan B S Muthu, Mr. Chen Ching and Mr. Carl M. Craven. The Form 8-K announcing the change in officers and directors were filed with SEC on April 1, 2021.

On May 10, 2021, the Company announced the Sale and Purchase Agreement (the “S&P Agreement”) to acquire the assets of biofraction plant and the right to use intellectual property license in Sabah, Malaysia from Borneo Energy Sdn Bhd, in consideration of issuance of 166,666,667 share of the Company’s stock at $0.03 per share, valued at $5,000,000. 135,666,667 shares and 31,000,000 shares were issued on May 10, 2021, and July 1, 2021, respectively. The completion of the S&P Agreement is subject to all such acts necessary, including but not limited to due diligence exercise to ascertain the valuation of the assets of the biofraction plant and the right to use the licensed intellectual property in Sabah, Malaysia.

The Company also announced the Share Sale Agreement on May 12, 2021, for the acquisition of the entire issued and paid-up share capital of Bio Resources Limited (“BRL”) from various unrelated third parties, Taipan International Limited, The Wision Project Limited, and other individuals, in consideration of issuance of 321,500,000 shares of the Company’s restricted common stock at $0.03 per share, valued at $9,645,000, and the issuance of promissory notes with two-year term period with a principal amount of $20,355,000. 321,500,000 shares were issued on May 12, 2021, and the promissory notes were issued on May 12, 2021. The face value (principal) amount of $20,355,000 is repayable by May 12, 2023, and bearing zero coupon interest. The promissory note is priced at $16,290,550 considering the current market interest rate. On January 20, 2022, the Company reached a mutual agreement with the Lenders of the Notes to enter into a Supplement to Promissory Note, with each Lender, to convert the total principal loan amount of $20,355,000 into shares of the Company’s restricted Common Stock priced at $0.0611 per share, which represents the last ninety (90) days’ volume weighted average price (VWAP) as of the market closing of January 19, 2022. The Company and the Lenders further agreed that the actual date for the allotment and issue of new shares of the Company’s restricted common stock shall be confirmed in a subsequent written agreement. The acquisition of BRL was consummated on October 12, 2022.

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On June 9, 2021, the Company entered into a Settlement of Debt Agreement (the “Debt Settlement Agreement”) with the Company’s creditors Beijing Changxin Wanlin Technology Co., Ltd, Federal Mining Resources Ltd, Federal Capital Investment Limited and Yorkshire Capital Limited (collectively the “Creditors”) to convert a total of USD 1,945,096 of the Company’s accounts payable to the Creditors into equity by increasing the share capital by means of a subscription for 64,836,533 new restricted shares of the Company’s common stock at a subscription price of $0.03 per share. As set out in the Debt Settlement Agreements, the new restricted shares for settlement of the account payable to Beijing Changxin Wanlin Technology Co., Ltd, Federal Mining Resources Ltd and Federal Capital Investment Limited were issued to their nominee Internet.com Ltd on June 9, 2021.

On June 11, 2021, VRAP entered into a Sale and Purchase of Assets Agreement (the “SPA Agreement”) to purchase a factory site from a Malaysian company, Segama Ventures Sdn Bhd (“Segama Ventures”), an unrelated third party , in order to expand the Company’s biofraction plant in Malaysia. Under the terms of the SPA Agreement, the acquisition is satisfied by cash payment of $1,600,000 in two instalments of $800,000 each, one payment upon signing the SPA Agreement, and the second payment within three (3) months from the date of the SPA Agreement. A deposit of $800,000 was paid to Segama Ventures on June 10, 2021. On March 2, 2022, however, VRAP entered into a Cancellation of Sale and Purchase of Assets Agreement (“Cancellation Agreement”) for the cancellation of the Sale and Purchase of Assets Agreement to purchase the factory site from Segama Ventures that was signed on June 11, 2021.

Simultaneously, on March 2, 2022, the Company, through VRAP, entered into a Commercial Lease Agreement and Option to Purchase (“Lease Agreement”) for renting the factory site from Segama Ventures for a lease term of seven (7) years (“Lease Term”) at a monthly rental of MYR 36,000 ($8,571). The rental for the entire Lease Term amounts to the sum of MYR 3,024,000 ($720,000) (the “Lease Payment”) which shall be paid in advance upon commencement of the Lease Agreement together with a payment of security deposit for the sum of MYR 336,000 ($80,000) (the “Security Payment”). The refundable advance of $800,000 from the Cancellation Agreement above was utilized against the security deposit and payment of the advance rental. The Lease Agreement also provides VRAP with an exclusive right and option to purchase the factory site together with all its right title and interest for a consideration of MYR 8,000,000 ($1,904,762) (the “Purchase Price”) or subject to a valuation report on the factory site by a Malaysian registered property valuer at any time during the period of two years from the date of the Lease Agreement. The Lease Payment and Security Payment shall be applied toward the Purchase Price upon VRAP exercising the option to purchase. The Option to Purchase has not been exercised to date.

On June 18, 2021, VRAP entered into a Shares Sale Agreement with Lamax Gold Limited (“LGL”), a company incorporated under the laws of the British Virgin Islands, in relation to acquisition of the remaining 15% of the issued and paid-up share capital of CSB. Prior to this acquisition, VRAP owned 85% equity in CSB. Under the terms of the Shares Sale Agreement, the consideration for the acquisition shall be satisfied in full by the payment of Malaysia Ringgit MYR 150,000 (approximately $36,130) upon the execution of the Shares Sale Agreement. A deposit of MYR 150,000 (approximately $36,130) was paid to LGL on June 21, 2021. With the completion of the acquisition on October 20,2021, CSB became a wholly owned subsidiary of VRAP, and indirectly, of the Company.

On July 7, 2021, the Company through its wholly-owned subsidiary VRAP entered into a Product Supply Agreement (the “Product Supply Agreement”) with MRX Xtractors, LLC (“MRX”), an Oregon limited liability company. MRX is a market leader in commercial extraction systems for cannabis and hemp. The Product Supply Agreement is a partnership between VRAP and MRX to establish a purchase and supply arrangement that allows VRAP to distribute white-label THC-free CBD products from MRX.

On August 10, 2021, we formed a wholly owned subsidiary, Verde Renewables, Inc., for the purpose of conducting business in Missouri (using straw bed and wood waste to create biochar and related products). Another entity, Verde Estates, LLC, was also formed on August 10, 2021, to own property in Missouri. Verde Estates, LLC is a wholly owned subsidiary of Verde Renewables, Inc.

On November 15, 2021, we formed a wholly owned subsidiary, Verde Life Inc., an Oregon corporation for the purpose of conducting business in the distribution of THC-free cannabinoid products.

On January 17, 2022, the Company formed a wholly owned subsidiary, Verde Resources (Malaysia) Sdn Bhd, a company incorporated under the laws of Malaysia, for the purpose of conducting consultation services and distribution of renewable agricultural commodities.

On February 10, 2022, the Company, through Verde Estates, LLC, entered into a Commercial Lease Agreement and Option to Purchase (the “La Belle Lease Agreement”) to rent a 24-acre property in La Belle, Missouri from Jon Neal Simmons and Betty Jo Simmon (the “Landlord”) to support carbon farming with biochar in Missouri. Under the La Belle Lease Agreement, the term of the lease will be for a period of two (2) years and the Company will have the right to renew the lease with a total of three renewal periods with each term being two years. The base rent is Ten Thousand Dollars ($10,000) for the term, payable on the commencement of the La Belle Lease Agreement, together with a security deposit of $240,000. The La Belle Lease Agreement also grants the Company the exclusive right and option to purchase the premises together with all the right title and interest from the Landlord for a consideration of $490,000, inclusive of the security payment, at any time during the two years period of the lease term. The Option to Purchase was exercised on September 27, 2022.

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On March 23, 2022, we, through Verde Resources (Malaysia) Sdn Bhd., (“Verde Malaysia”), entered into a Sale of Shares Agreement (“SSA”) with The Wision Project Sdn Bhd (“Wision”), a company incorporated under the laws of Malaysia, to acquire the one hundred percent (100%) of the issued and paid up ordinary shares in Wision. It was closed in May 2022.

On April 19, 2022, we, through our wholly-owned subsidiary Verde Malaysia, a company incorporated in Malaysia, entered into Term Sheet for Regenerative Carbon Negative Agriculture Initiative (the “Borneo Agreement”) with The Borneo Food Group Sdn. Bhd (“SB”), a company incorporated in Malaysia, to supply proprietary blend of various carbon negative agricultural products such as plant natural enzyme, FAA bio enzyme and enriched biochar to SB. SB is a wholly-owned subsidiary of Borneo Oil Berhad (BORNOIL), a company listed on the Main Board Stock Exchange of Malaysia and an affiliate of the Company by virtue of owning more than 10% shares of the Company’s Common Stock. Under the Borneo Agreement, Verde Malaysia has the expertise, technical know-how supply of proprietary blend of various carbon negative agricultural products to assist SB in achieving a long term and consistent supply of various agriculture produce for its business while ensuring that all ingredients utilized by SB is farmed in a sustainable and environmentally friendly manner which is not just carbon neutral but carbon negative to create a long term carbon negative footprint. Verde Malaysia will provide the services and supply the proprietary blend of various carbon negative agricultural products to SB at the agreed fixed rates which may be subject to price increase in the event of any drastic fluctuations in the cost of fuel and/or related production costs with a minimum notice of two weeks in writing to SB. The term of the Borneo Agreement will be for a fixed period of five (5) years commencing from May 1, 2022, to April 30, 2027, and both parties may extend the agreement for a further term as may be mutually agreed on terms to be separately negotiated.

On April 25, 2022, we issued a total of 8,445,946 restricted Common shares for $1,000,000 at $0.1184 per share to two non-US shareholders.

On April 27, 2022, the Company entered into a Professional Engineering Services Contract (the “Engineering Services Agreement”) with BioDiverse Energies, LLC (“BDE”). Under the Engineering Services Agreement, BDE will provide professional services on the feasibility assessment, preliminary engineering and preliminary market analysis related to the biochar enhanced compost project. The Company will pay BDE a total of $42,000 for completion of the professional services under the Engineering Services Agreement. An initial payment of $25,000 will be paid prior to the commencement of work by BDE, with another $10,000 and $7,000 to be paid upon completion of the professional services in two stages respectively. On May 4, 2022, the Company assigned the Engineering Services Agreement to its wholly owned subsidiary Verde Renewables, Inc. (“VRI”) to assume from the Company all the obligations, responsibilities and liabilities associated with the Engineering Services Agreement.

On April 29, 2022, Verde Renewables, Inc. (“VRI”) a wholly owned subsidiary of the Company, closed on the purchase of residential property located in Chesterfield, Missouri (the “Chesterfield Property”). The purchase price for the Chesterfield Property was $750,000.00, paid in cash at closing. The Company used cash on hand to purchase the Chesterfield Property. The Chesterfield Property was purchased from Yimin Huang and Claudine Huang (the “Sellers”). There were no material relationships between the Sellers and the Company or any of its affiliates. The Company plans on holding the Chesterfield Property as an investment and for corporate housing.

On June 8, 2022, the Company through its wholly owned subsidiary VRI entered into a Services Agreement with Gary F. Zimmer to engage him as its corporate consultant to develop and formulate a designer compost and the Company’s integrated regenerative farming programs as designated in the Services Agreement. Under the Agreement, the Company will pay Gary F. Zimmer by the issuance of 1,000,000 shares of the Company’s restricted Common stock, par value $0.001 per share on or before July 15, 2022. The shares were issued during the financial year end.

On October 26, 2022, the Company entered into a corporate consulting services agreement (the “Consulting Agreement”) for investor communication and public relations services with Dutchess Group LLC (“DGL”). Pursuant to terms of the Consulting Agreement, the Company agreed to issue 1,500,000 shares of the Company’s restricted common stock to DGL within forty-five (45) days of signing the Consulting Agreement.

On November 8, 2022, Jack Wong was appointed Chief Executive Officer of the Company’s wholly owned subsidiaries Verde Renewables, Inc and Verde Life Inc.

On November 22, 2022, Verde Resources, Inc. (the “Company”), through its wholly-owned subsidiary Verde Life Inc. (“VLI”), a company incorporated in the State of Oregon, entered into a Product Distribution Agreement (the “Distribution Agreement”) with Country Farms Sdn Bhd (“CF”), a company incorporated in Malaysia and a wholly-owned subsidiary of Berjaya Corporation Berhad, to grant CF with the exclusive right to distribute white-label CBD products from VLI to its customers in Malaysia. Under the Distribution Agreement, CF shall pay VLI a deposit of $200,000 upon execution of this Distribution Agreement. Upon submission of the first purchase order, CF shall pay 50% of the purchase order value to VLI. Prior to any product shipment, CF shall pay VLI the balance 50% of the purchase order value less an initial deposit of $70,000. The remaining deposit of $130,000 shall be retained for the exclusivity and subsequent orders. The term of the Distribution Agreement will commence on November 22, 2022, for a period of three (3) years. To date a deposit of only $20,000 has been paid.

On November 30, 2022, Verde Resources, Inc. (the “Company”), through its wholly-owned subsidiary Verde Renewables, Inc. (“VRI”), a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement with Y M Tengku Chanela Jamidah Y A M Tengku Ibrahim (the “Ibrahim Agreement”) to engage her as its Director of Strategic Initiatives to promote and make introductions for the benefit of advancing the Company’s business and interests amongst her networks as designated in the Ibrahim Agreement. Under the Ibrahim Agreement, the Company will pay Y M Tengku Chanela Jamidah Y A M Tengku Ibrahim by the issuance of 1,000,000 shares of the Company’s restricted common stock, par value $0.001 per share (the “Common Stock”) in two tranches of 500,000 shares each on or before December 31, 2022 and December 31, 2023 respectively. The term of the Ibrahim Agreement will be for a fixed period of twenty-four (24) months commencing on November 30, 2022.

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On December 1, 2022, Verde Resources, Inc. (the “Company”), through its wholly-owned subsidiary Verde Renewables, Inc. (“VRI”), a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement with Steven Sorhus (the “Sorhus Agreement”) to engage him as its Financial Controller to prepare monthly financial reports and financial projections, and oversee daily accounting practices of the Company and its subsidiaries as designated in the Sorhus Agreement. Under the Sorhus Agreement, the Company will pay Steven Sorhus by the issuance of 800,000 shares of the Company’s restricted common stock, par value $0.001 per share (the “Common Stock”) in two tranches of 300,000 shares on or before December 31, 2022 and 500,000 shares on or before December 31, 2023. The term of the Sorhus Agreement will be for a fixed period of twenty-five (25) months commencing on December 1, 2022.

On December 1, 2022, Verde Resources, Inc. (the “Company”), through its wholly-owned subsidiary Verde Renewables, Inc. (“VRI”), a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement with EMGTA LLC (“EMGTA”) (the “EMGTA Agreement”). Under the EMGTA Agreement, EMGTA will provide services to develop business plan and marketing strategy to facilitate business growth, and identify new customers and markets for the Company. The Company will pay EMGTA by the issuance of 750,000 shares of the Company’s restricted common stock, par value $0.001 per share (the “Common Stock”) in two tranches of 375,000 shares each on or before December 31, 2022, and December 31, 2023 respectively. The term of the EMGTA Agreement will be for a fixed period of twenty-five (25) months commencing on December 1, 2022.

On December 7, 2022, the Company entered into a Supplementary Agreement to Promissory Note in relation to the acquisition of the entire issued and paid-up share capital of BRL with the 17 Lenders, including the Company’s President and CEO, Jack Wong, to convert the total principal loan amount of $20,355,000 into shares of the Company’s restricted Common Stock at the agreed conversion price of $0.0611 per share on or before December 9, 2022.

On December 9, 2022, the Company issued a total of 334,642,389 restricted common shares comprising 333,142,389 restricted Common shares for the conversion of a total principal loan amount of $20,355,000 of promissory notes at $0.0611 per share to 17 lenders of the promissory notes and 1,500,000 restricted common shares at US$0.12 per share to Dutchess Group LLC for its consulting services.

On December 15, 2022, the Company entered into a Services Agreement with Looi Pei See (the “Looi Pei See Agreement”) to engage her as a consultant to develop the retail markets for the Company’s products and services in Malaysia and Singapore. The Company will pay Looi Pei See by the issuance of 1,140,000 shares of the Company’s restricted common stock, par value $0.001 per share (the “Common Stock”) on or before December 31, 2022.

On December 31, 2022, the Company issued a total of 2,351,000 restricted Common shares at $0.20 per share to four consultants, Y M Tengku Chanela Jamidah Y A M Tengku Ibrahim, Steven Sorhus, EMGTA LLC and Looi Pei See, as compensation for the engagement of their consulting services.

On March 13, 2023, the Company through its wholly-owned subsidiary VRAP, a company incorporated under the laws of the British Virgin Islands, entered into a Share Sale Agreement (the “SSA Agreement”) with Jusra Mining Merapoh Sdn Bhd (“JMM”), a company incorporated under the laws of Malaysia, to sell the entire issued and paid-up share capital of CSB, an indirect wholly-owned subsidiary of the Company engaged in the mining business. Under the terms of the SSA Agreement, the consideration for the sale of the entire issued and paid-up share capital of CSB shall be satisfied in full by the payment of Malaysia Ringgit MYR 500,000. The Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainability development with the world faced with challenges of climate change and environmental dehydration. The disposition of the mining business via the sale of the entire issued and paid-up share capital of CSB is in line with the Company’s restructuring effort to focus on renewable energy and sustainability.

On March 13, 2023, the Company and its indirect wholly-owned subsidiary CSB entered into a Settlement of Debts Agreement (the “SDA Agreement”) and a two year term period Promissory Note with CSB’s creditor Borneo Oil Corporation Sdn Bhd (the “Creditor”) to settle in full a total of USD 675,888 of CSB’s account payable to the Creditor either in cash or by the issuance of new restricted shares of the Company’s common stock at a price of $0.07 per share. As set out in the SDA Agreement, the new restricted shares for settlement of the account payable to the Creditor shall be issued to the Creditor or its nominee.

On March 23, 2023, the Company, through its wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd. (“Verde Malaysia”), entered into a Shares Sale Agreement (the “SSA Agreement”) with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah (“Vendors”), the legal and beneficial owners of Vata VM Synergy (M) Sdn. Bhd. (“VATA”), a company incorporated under the laws of Malaysia, to acquire 60% of the issued and paid-up share capital of VATA, a company engaged in the business of providing green technology to government and private sectors and in creating high quality compost using agricultural waste and biomass products in Malaysia. In relation to the SSA Agreement, the Company through Verde Malaysia also entered into a Shareholders Agreement with Murugesu A/L M. Narasimha and VATA. Under the terms of the SSA Agreement, the consideration for the acquisition of 60% of the issued and paid-up share capital of VATA shall be satisfied by the total purchase consideration of Malaysia Ringgit MYR 2,250,000, which includes a first payment of Malaysia Ringgit MYR 100,000 upon the execution of the SSA Agreement, a second payment of Malaysia Ringgit MYR 150,000 within thirty (30) days from the date of fulfillment or waiver of all the conditions set out in the SSA Agreement, and the issuance of shares of the Company’s restricted common stock for the balance consideration of Malaysia Ringgit MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediate preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement. Subsequent to the financial year end, the Company has initiated termination of the agreement.

Effective March 30, 2023, Carl Craven voluntarily resigned from his position as Director of the Company. By resolution of the Board of Directors, Jack Wong was appointed Director of the Company for a one (1) year term, effective March 30, 2023. Jack Wong will hold the Board position formerly held by Carl Craven.

On April 20, 2023, the disposition of CSB was completed. The Company had announced the Share Sale Agreement to sell the entire issued and paid-up share capital of CSB to Jusra Mining Merapoh Sdn Bhd (“JMM”) on March 13, 2023. The consideration for the sale of the entire issued and paid-up share capital of CSB shall be satisfied in full by the payment of Malaysia Ringgit MYR 500,000.

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Stage of Operation

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 change and environmental dehydration. The Company has completed the disposition of the mining business via the sale of the entire issued and paid-up share capital of CSB on April 20, 2023.

The Company has diversified into the green industry with its acquisition of Bio Resources Ltd (“BRL”), the beneficial and/or registered proprietor of the intellectual property known as “Catalytic Biofraction Process”, which is a slow pyrolysis process using a proprietary catalyst to depolymerise palm biomass wastes (empty fruit bunches or palm kernel shells) in temperature range of 350 degree Celsius to 500 degree Celsius to yield commercially valuable bio products: bio-oil, wood vinegar (pyroligneous acid), biochar and bio-syngas. The intellectual property is a second-generation pyrolysis process where non-food feedstock like the palm biomass wastes is used as feedstock.

The Company’s BioFraction technology produces high-quality raw biochar using recycled organic biomass from the dairy, palm, and other natural resource industries. The Company also produces activated biochar, which undergoes further processing combined with natural enzymes, minerals, and microbial additives.

Biochar can be the key component towards rebuilding and enhancing coral life and marine ecosystems throughout coastal regions. The Company will explore developing blue carbon technologies using biochar as an additive within carbon-negative cement mixtures that can be molded into a variety of useful marine structures and environments. We have begun research and development of various biochar cement compound mixtures, such as raw atmospheric injected CO₂, precast eco-friendly cement. We will engage international and regional industry experts, institutes and educational communities, focused towards developing a unique line of blue carbon capturing products for coastal aquatic and marine environments.

The Company is working alongside lawmakers that will assist in shaping future climate bills, where increased standards and beneficial solutions in agriculture can be implemented to help aid with further political legislation towards climate mitigation and adaptation. We will engage key stakeholders to develop licensed and accountable measures that will assist in shaping and defining a sustainable credit exchange for the commercial market.

On August 7, 2023, the Company announced a momentous partnership with Green Carbon Industries (“GCI”), securing exclusive access to their invaluable intellectual property (IP) rights. This groundbreaking collaboration lays the foundation for revolutionary infrastructure development, marked by innovative biochar asphalt showcase projects within the United States. These projects complement GCI’s established successes in the Asia Pacific (APAC), Middle East, and Africa regions. Our shared commitment revolves around validating the concept’s feasibility and scalability for carbon sequestration, thereby transforming global infrastructure development, and proactively addressing pressing environmental challenges.

Biochar-asphalt, an innovative, eco-friendly, high performance, and cost-saving alternative to conventional high CO₂ footprint asphalt production and installation, holds immense promise in addressing environmental concerns. Through the integration and extensive utilization of biochar – a carbon-rich material derived from organic waste, the Company aims to reduce carbon emissions and the carbon footprint of infrastructure projects. The American showcase projects will serve as compelling evidence of the technology’s capability in carbon sequestration, efficiently mitigating greenhouse gas, enhancing durability and cost efficiencies, all while simultaneously addressing pressing environmental challenges.

Earlier this year, Puro.earth, the world’s foremost crediting platform for durable carbon removal, officially registered the Company as a Carbon Removal Credit supplier as part of its Accelerate program. This partnership was formalized through a platform agreement signed in April 2023. It is worth noting that Puro.earth was acquired by Nasdaq in June 2021.

Furthermore, the Company’s endeavors are poised to unlock revenue opportunities by generating Carbon Removal Credits (CORCs). This critical step incentivizes the broader adoption of climate technologies and enables the Company to supply these credits to companies seeking to offset their carbon footprint in pursuit of net-zero objectives. Simultaneously, this approach creates an additional and substantial revenue stream for the Company.

On August 30, 2023, the Company achieved a significant milestone by conducting the first-ever biochar-asphalt installation in the United States, just outside of Chicago, Illinois. Subsequently, we replicated this success at our own facility in La Belle, Missouri. On September 25, 2023, upon the invitation of the City of Gramercy, located near New Orleans, Louisiana, the Company executed another biochar-asphalt installation. As a testament to our efforts, we have already received several Letters of Intent (LOIs), and we are confident that our transition from mining to climate-tech and the green economy will yield tremendous results for the company in the years ahead.

Apart from the green industry, the Company is also working on a partnership with MRX Technologies, a market leader in commercial extraction systems for cannabis and hemp. The partnership includes an agreement for VRAP to white-label THC-free CBD products from MRX Technologies.

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Employees

As of October 1, 2023, the Company has the following employees:

Senior Management			8
Sales and Marketing			3
Production			17
Information System Technology			4
Administration / Finance / HR			4
Others			2
Total			38

30 and 8 of our employees are located in Malaysia and the United States, respectively. None of our employees are members of a trade union. We believe that we maintain good relationships with our employees and have not experienced any strikes or shutdowns and have not been involved in any material labor disputes.

We are required to contribute to the Employees Provident Fund (EPF) under a defined contribution pension plan for all eligible employees in Malaysia between the ages of eighteen and seventy. We are required to contribute a specified percentage of the participant’s income based on their ages and wage level. The participants are entitled to all of our contributions together with accrued returns regardless of their length of service with the Company.

The EPF is a social security institution formed according to the Laws of Malaysia, Employees Provident Fund Act 1991 (Act 452) which provides retirement benefits for members through management of their savings in an efficient and reliable manner. The EPF also provides a convenient framework for employers to meet their statutory and moral obligations to their employees.

We intend to hire more staff to assist in the development and execution of our business operations.

Government and Industry Regulations

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We are subject to regulations relating to labor standards, occupational health and safety, mine safety, general land use, export of minerals and taxation. Many of the regulations require permits or licenses to be obtained and the filing of certain notices, the absence of which or inability to obtain will adversely affect the ability for us to conduct our exploration, development and operation activities. The failure to comply with the regulations and terms of permits and licenses may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

Malaysia has not yet enacted regulations specifically for pyrolysis systems. The Company using a pyrolysis system will operate in designated industrial zones and maintain valid operating and trading licenses that may include Environmental Impact Assessments, and inspections by Malaysian government agencies for health & safety such as Bomba.

Insurance

Insurance companies in Malaysia offer limited business insurance products. While business interruption insurance is available to a limited extent in Malaysia, we have determined that the risks of interruption, cost of such insurance and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have such insurance. As a result, we could face liability from the interruption of our business as summarized under “Risk Factors - Risks Related to Our Business - We do not carry business interruption insurance so we could incur unrecoverable losses if our business is interrupted.

Corporate Information

Our corporate and executive office is located at 2 Cityplace Drive, Suite 200, St. Louis, Missouri 63141, telephone number (323) 538 5799.

Reports to Security Holders

The public may read and copy any materials filed with the SEC at the SEC’s Public Reference Room at 100 F Street NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The Company files its reports electronically with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other electronic information regarding New Media and filed with the SEC at http://www.sec.gov.

Near-term Requirements For Additional Capital

We believe that we will require approximately $2 million over the next 18 months to implement our business plan. For the immediate future, we intend to finance our business expansion efforts through loans and investments from existing shareholders, financial institutions and investors.

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Item 1A. Risk Factors

Risks Associated with Verde Resources, Inc.

We are dependent on certain key personnel and loss of these key personnel could have a material adverse effect on our business, financial condition and results of operations.

Mr. Jack Wong, our current principal executive officer, has extensive contacts and experience in the green climate-tech industry in U.S.A., and we are dependent upon his abilities and services to develop and market our business. He is responsible for overseeing all of our day-to-day business operations of our operating company, VRI, and its subsidiary VEL, including the operations and negotiations for the sales of its activated biochar and other bio products. We may not be able to retain the executive officer/manager for any given period of time. The loss of his services could have a material adverse effect upon our business operations, financial condition and results of operations. In addition, we must attract, recruit and retain a sizeable workforce of technically competent employees in U.S.A. to run our operations. Our ability to effectively implement our proposed business strategies and expand our operations will depend upon the successful recruitment and retention of additional highly skilled and experienced management and other key personnel in U.S.A. If we cannot maintain highly experienced and skilled management teams, our business could fail and you could lose any investment you make in our shares.

The COVID-19 and other future pandemics may result in significant deterioration and disruption in national and local economic conditions and record levels of unemployment, which may have a material impact on our business operations.

The COVID-19 and future pandemics may create extensive disruptions to the global economy, to businesses, and to the lives of individuals throughout the world. Federal and state governments would have to take actions to contain the spread of the disease, including quarantines, travel bans, closures of businesses and schools, fiscal stimulus, and legislation designed to deliver monetary aid and other relief. The spread of COVID-19 has decreased substantially but there may be potential risk to the increased spread of new, more transmissible coronavirus variants, the number of individuals diagnosed with COVID-19 and other future pandemics may increase again. The substantial increase in these infections may cause state and local governments to consider, and in some cases implement, various activity restrictions and containment measures that previously had been lifted. The uncertain future development of the pandemic situations could materially and adversely affect our business operations.

Impact of current global economic climate has increased uncertainty of our future operations

Impact of changes in global economic conditions, including inflation, has increased uncertainty of our business operations.

Changes in global economic conditions, including inflation which resulted in lower consumer confidence, may continue to have negative impact on our business, revenues and earnings. Inflation rates have increased and may continue to rise. Our suppliers may continue to raise prices that we may not be able to pass on to our customers. This may continue to affect our business, including our competitive position, market share, revenues and profit margins.

Impact of global tensions may increase uncertainty of our future operations.

The global tensions arising from the Ukraine-Russian war and Hamas-Israel war may result in disruptions in the broader global economic environment.

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We are subject to the many risks of doing business internationally, including but not limited to the difficulty of enforcing liabilities in foreign jurisdictions.

We are a Nevada corporation and, as such, are subject to the jurisdiction of the State of Nevada and the United States courts for purposes of any lawsuit, action or proceeding by investors. An investor would have the ability to effect service of process in any action against the Company within the United States. In addition, we are registered as a foreign corporation doing business in Malaysia, and as such, are subject to the local laws of Malaysia governing an investors’ ability to bring actions in foreign courts and enforce liabilities against a foreign private issuer, or any person, based on U.S. federal securities laws.

Investors may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in Malaysia based upon U.S. laws, including the federal securities laws or other foreign laws against us or our management.

Some of our current operations are conducted in Malaysia, and some of our directors and officers are nationals and residents of Malaysia and other foreign countries. All or substantially all of the assets of these persons are located outside the United States and in other foreign countries. As a result, it may not be possible to effect service of process within the United States or elsewhere outside Malaysia upon these persons. In addition, uncertainty exists as to whether the courts of Malaysia would recognize or enforce judgments of U.S. courts obtained against us or such officers and/or directors predicated upon the civil liability provisions of the securities laws of the United States or any state thereof, or be competent to hear original actions brought in Malaysia against us or such persons predicated upon the securities laws of the United States or any state thereof.

Failure to comply with the United States Foreign Corrupt Practices Act could subject us to penalties and other adverse consequences.

We are subject to the United States Foreign Corrupt Practices Act, which generally prohibits U.S. companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. In addition, we are required to maintain records that accurately and fairly represent our transactions and have an adequate system of internal accounting controls. Foreign companies, including some that may compete with us, are not subject to these prohibitions, and therefore may have a competitive advantage over us. Our executive officers and employees have not been subject to the United States Foreign Corrupt Practices Act prior to 2010. If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and results of operations.

Climate change and related legislative and regulatory initiatives may result in operational changes and expenditures that could significantly impact our

business.

The current and anticipated effects of climate change are creating an increasing level of concern for the state of the global environment. As a result, political and social attention to the issue of climate change has increased. In recent years, governments across the world have entered into international agreements to attempt to reduce global temperatures, in part by limiting greenhouse gas emissions. The U.S. Congress, state legislatures and federal and state regulatory agencies have continued to propose and advance numerous legislative and regulatory initiatives seeking to mitigate the effects of climate change. Such initiatives have been pursued with rigor under the current Administration. To the extent that these initiatives lead to the promulgation of new regulations or supervisory guidance applicable to the Company, we would expect to experience increased compliance costs and other compliance-related risks.

If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.

Malaysian companies may not always adopt a Western style of management and financial reporting concepts and practices, which includes strong corporate governance, internal controls and computer, financial and other control systems. In addition, we may have difficulty in hiring and retaining a sufficient number of qualified employees to work in Malaysia. As a result of these factors, we may experience difficulty in establishing management, legal and financial controls, collecting financial data and preparing financial statements, books of account and corporate records and instituting business practices that meet Western standards for foreign subsidiaries. As a result, we may experience difficulties in implementing and maintaining adequate internal controls as required under Section 404 of the Sarbanes-Oxley Act of 2002. This could result in significant deficiencies or material weaknesses in our internal controls, which could impact the reliability of our financial statements and prevent us from complying with SEC rules and regulations and the requirements of the Sarbanes-Oxley Act of 2002. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control over financial reporting, disclosure of management’s assessment of our internal controls over financial reporting or disclosure of our public accounting firm’s attestation to or report on management’s assessment of our internal controls over financial reporting may have an adverse impact on the price of our Common Stock.

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Our independent registered auditors have expressed substantial doubt about our ability to continue as a going concern.

Our audited financial statements included in this report include an explanatory paragraph that indicates that they were prepared assuming that we would continue as a going concern. We have suffered recurring net losses, and record an accumulated deficits as of June 30, 2023. These conditions raise substantial doubts about our ability to continue as a going concern. Our plan for continuing as a going concern included improving our profitability, and obtaining additional debt financing, loans from existing directors and shareholders and private placements of capital stock for additional funding to meet our operating needs. There can be no assurance that we will be successful in our plans described above or in attracting equity or alternative financing on acceptable terms, or if at all. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Changes in interest rates could negatively impact our results of operations, stockholders’ equity (deficit) and fair value of net assets.

Our investment activities and credit guarantee activities expose us to interest rate and other market risks. Changes in interest rates, up or down, could adversely affect our net interest yield. Although the yield we earn on our assets and our funding costs tend to move in the same direction in response to changes in interest rates, either can rise or fall faster than the other, causing our net interest yield to expand or compress. For example, due to the timing of maturities or rate reset dates on variable-rate instruments, when interest rates rise, our funding costs may rise faster than the yield we earn on our assets. This rate change could cause our net interest yield to compress until the effect of the increase is fully reflected in asset yields. Changes in the slope of the yield curve could also reduce our net interest yield.

Interest rates can fluctuate for a number of reasons, including changes in the fiscal and monetary policies of the federal government and its agencies, such as the Federal Reserve. Federal Reserve policies directly and indirectly influence the yield on our interest-earning assets and the cost of our interest-bearing liabilities. The availability of derivative financial instruments (such as options and interest rate and foreign currency swaps) from acceptable counterparties of the types and in the quantities needed could also affect our ability to effectively manage the risks related to our investment funding. Our strategies and efforts to manage our exposures to these risks may not be effective in the future, which could negatively impact our results of operations and the price of our common stock.

We may be exposed to risks relating to management’s conclusion that our disclosure controls and procedures and internal controls over financial reporting are ineffective.

We do not have an independent audit committee and our Board of Directors may be unable to fulfill the functions of such a committee, which may compromise the management of our business. Our Board of Directors functions as our audit committee and is comprised of two directors, none of whom are considered to be “independent” in accordance with the requirements of Rule 10A-3 under the Securities Exchange Act of 1934. An independent audit committee plays a crucial role in the corporate governance process, assessment of the Company’s processes relating to its risks and control environment, oversight of financial reporting, and evaluation of internal and independent audit processes. The lack of an independent audit committee may prevent the Board of Directors from being independent in its judgments and decisions and its ability to pursue the committee’s responsibilities, which could compromise the management of our business.

If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.

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Risks Associated with Our Common Stock

Our shares are defined as “penny stock.” The rules imposed on the sale of the shares may affect your ability to resell any shares you may purchase, if at all.

Our shares are defined as a “penny stock” under the Securities and Exchange Act of 1934, and rules of the Commission. The Exchange Act and such penny stock rules generally impose additional sales practice and disclosure requirements on broker-dealers who sell our securities to persons other than certain accredited investors who are, generally, institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000 or annual income exceeding $200,000, or $300,000 jointly with spouse, or in transactions not recommended by the broker-dealer. For transactions covered by the penny stock rules, a broker-dealer must make a suitability determination for each purchaser and receive the purchaser’s written agreement prior to the sale. In addition, the broker-dealer must make certain mandated disclosures in penny stock transactions, including the actual sale or purchase price and actual bid and offer quotations, the compensation to be received by the broker-dealer and certain associated persons, and deliver certain disclosures required by the Commission. Consequently, the penny stock rules may affect the ability of broker-dealers to make a market in or trade our Common Stock and may also affect your ability to resell any shares you may purchase.

Market for penny stock has suffered in recent years from patterns of fraud and abuse

Stockholders should be aware that, according to SEC Release No. 34-29093, the market for penny stocks has suffered in recent years from patterns of fraud and abuse. Such patterns include:

	•	Control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer;
	•	Manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases;
	•	Boiler room practices involving high-pressure sales tactics and unrealistic price projections by inexperienced salespersons;
	•	Excessive and undisclosed bid-ask differential and markups by selling broker-dealers; and,
	•	The wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the resulting inevitable collapse of those prices and with consequential investor losses.

Our management is aware of the abuses that have occurred historically in the penny stock market. Although we do not expect to be in a position to dictate the behavior of the market or of broker-dealers who participate in the market, management will strive within the confines of practical limitations to prevent the described patterns from being established with respect to our securities. The occurrence of these patterns or practices could increase the volatility of our share price.

Inability and unlikelihood to pay dividends

To date, we have not paid, nor do we intend to pay in the foreseeable future, dividends on our Common Stock, even if we become profitable. Earnings, if any, are expected to be used to advance our activities and for general corporate purposes, rather than to make distributions to stockholders. Prospective investors will likely need to rely on an increase in the price of Company stock to profit from his or her investment. There are no guarantees that any market for our common stock will ever develop or that the price of our stock will ever increase.

Since we are not in a financial position to pay dividends on our common stock and future dividends are not presently being contemplated, investors are advised that return on investment in our common stock is restricted to an appreciation in the share price. The potential or likelihood of an increase in share price is questionable at best.

Item 1B. Unresolved Staff Comments.

None.

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Item 2. Properties.

Our corporate and executive office is located at 2 Cityplace Drive, Suite 200, St. Louis, Missouri 63141, telephone number (323) 538-5799. We believe that our existing facilities are adequate to meet our current requirements.

We own or lease the following real properties:

Location	Rent/Own	Mortgage/Lease Terms	Use
La Belle	Own #	NA	Factory Site
St. Louis Missouri	Lease	NA	Corporate Headquarters
Chesterfield, Missouri	Own	NA	Corporate Housing
Jalan Silam, Sabah Malaysia	Rent	NA	Factory Site

# - Exercised Option to Purchase on September 27, 2022, and accordingly became an owned property.

Item 3. Legal Proceedings.

None

Item 4. Mine Safety Disclosures.

Pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“ Dodd-Frank Act “), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic and annual reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities under the regulation of the Federal Mine Safety and Health Act of 1977. The Company did not have any mines in the United States during the year ended June 30, 2023.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our Common Stock is now quoted on the OTCQB, under the symbol “VRDR”. Our stock was approved for quotation on the OTCBB on September 26, 2012. However, the Company’s Common Stock did not begin active trading until October 2013.

The following table sets forth the high and low bid prices for our Common Stock per quarter as reported by the OTCQB for the most recent two (2) fiscal years, based on our fiscal year end June 30, 2023. These prices represent quotations between dealers without adjustment for retail mark-up, markdown or commission, and may not represent actual transactions.

Fiscal Quarter Ended	High		Low

June 30, 2022	$	0.20	$	0.03
September 30, 2022	$	0.16	$	0.10
December 31, 2022	$	0.20	$	0.09
March 31, 2023	$	0.1505	$	0.055
June 30, 2023	$	0.25	$	0.071
September 30, 2023	$	0.45	$	0.08

As of October 2, 2023, we had 125 shareholders of record of our common stock and 1,176,200,278 shares issued and outstanding.

Dividend Policy

We have not paid any cash dividends on our Common Stock and have no present intention of paying any dividends on the shares of our Common Stock. Our current policy is to retain earnings, if any, for use in our operations and in the development of our business. Our future dividend policy will be determined from time to time by our board of directors.

Equity Compensation Plan Information

None.

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

We did not sell any equity securities which were not registered under the Securities Act during the year ended June 30, 2023, that were not otherwise disclosed on our quarterly reports on Form 10-Q or our current reports on Form 8-K filed during the fiscal year ended June 30, 2023, except the following transaction.:

On April 21, 2023, the Company issued 1,428,571 restricted Common shares for $100,000 at $0.07 per share and 480,768 restricted Common shares for $50,000 at $0.104 per share to one non-US shareholder.

Purchase of Equity Securities by the Issuer and Affiliated Purchasers

We did not purchase any of our shares of common stock or other securities during our fiscal year ended June 30, 2023.

Item 6. [Reserved].

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our audited financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled “Risk Factors” of this annual report.

Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

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Results of Operations

The following table provides selected financial data about our company for the years ended June 30, 2023, and June 30, 2022.

Statement of Operation	June 30,
	2023			2022			Change
	USD			USD			USD			%

Revenue	$	158,098		$	38,169			119,929		$	314.2	%
Cost of revenue		(238,153	)		(145,356	)		(92,797	)		63.8	%
Gross loss		(80,055	)		(107,187	)		(27,132	)		(25.3	)%
Operating expenses		(3,216,022	)		(1,905,301	)		(1,310,721	)		68.8	%
Goodwill impairment		-			(4,879	)		4,879			(100.0	)%
Loss from operation		(3,296,077	)		(2,017,367	)		(1,278,710	)		63.4	%
Interest expense		(1,918,572	)		(1,949,151	)		30,579			(1.6	)%
Other income		1,215,689			12,104			1,203,585			9,943.7	%
Net loss before income tax		3,998,960	)		(3,954,414	)		(44,546	)		1.1	%
Provision of Income Tax		-			-
NET LOSS		(3,998,960	)		(3,954,414	)		(44,546	)		1.1	%
Net loss attributable to non-controlling interests		-			6,979			(6,979	)		(100.0	)%
Net loss attributable to shareholders of the group	$	(3,998,960	)	$	(3,947,435	)		(51,525	)		1.3	%

Revenue

The revenue derived from the rental income, compost spreading and distribution of renewable commodities. We have generated $158,098 and $38,169 revenues for the years ended June 30, 2023, and 2022, respectively, and have recorded a gross loss of $80,055 and $107,187 for the year ended June 30, 2023, and 2022.

Cost of revenue

We incurred cost of revenue of $238,153 and $145,356 in the production and distribution of renewable commodities during the year ended June 30, 2023, and 2022, respectively.

Operating Expenses

Operating expenses comprised mainly of salaries, office costs, legal and professional fees, consultancy fee and travelling expenses. We have incurred $3,216,022 and $1,905,301 in operating expenses through June 30, 2023, and June 30, 2022. Operating expenses increased by 68.8%, or $1,310,721, primarily due to increase of consultancy fee and legal and professional fee for the year ended June 30, 2023.

Interest expense

The Company recorded interest expense of $1,881,807 and $1,948,086 on the promissory notes for the years ended June 30, 2023, and 2022, respectively. Lease interest amounted to $36,765 and $1,065 for the years ended June 30, 2023, and 2022, respectively.

Other income

We have other income of $1,215,689 and $12,104 for the year ended June 30, 2023, and 2022. Other income increased by $1,203,585, primarily due to gain on disposal of a subsidiary of $980,714 and fair value adjustment on convertible promissory notes issued to BOC of $194,865 as disclosed in Note 12 of the financial statements.

Net loss

We recorded a net loss of $3,998,960 and $3,954,414 for the years ended June 30, 2023, and 2022, respectively.

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Plan of Operation

Expansion Plans

The Company is diversifying into the green industry with its acquisition of Bio Resources Ltd (“BRL”), the beneficial and/or registered proprietor of the intellectual property known as “Catalytic Biofraction Process”, which is a slow pyrolysis process using a proprietary catalyst to depolymerise palm biomass wastes (empty fruit bunches or palm kernel shells) in temperature range of 350 degC to 500 degC to yield commercially valuable bio products: bio-oil, wood vinegar (pyroligneous acid), biochar and bio-syngas. The intellectual property is a second-generation pyrolysis process where non-food feedstock like the palm biomass wastes is used as feedstock.

The Company announced a momentous partnership with Green Carbon Industries (“GCI”) in August 2023, securing exclusive access to their invaluable intellectual property (IP) rights. This groundbreaking collaboration lays the foundation for revolutionary infrastructure development, marked by innovative biochar asphalt showcase projects within the United States. These projects complement GCI’s established successes in the Asia Pacific (APAC), Middle East, and Africa regions. Our shared commitment revolves around validating the concept’s feasibility and scalability for carbon sequestration, thereby transforming global infrastructure development, and proactively addressing pressing environmental challenges.

Biochar-asphalt, an innovative, eco-friendly, high performance, and cost-saving alternative to conventional high CO₂ footprint asphalt production and installation, holds immense promise in addressing environmental concerns. Through the integration and extensive utilization of biochar – a carbon-rich material derived from organic waste, The Company aims to reduce carbon emissions and the carbon footprint of infrastructure projects. The American showcase projects will serve as compelling evidence of the technology’s capability in carbon sequestration, efficiently mitigating greenhouse gas, enhancing durability and cost efficiencies, all while simultaneously addressing pressing environmental challenges.

The Company’s endeavors are poised to unlock revenue opportunities by generating Carbon Removal Credits (CORCs). This critical step incentivizes the broader adoption of climate technologies and enables the Company to supply these credits to companies seeking to offset their carbon footprint in pursuit of net-zero objectives. Simultaneously, this approach creates an additional and substantial revenue stream for the Company.

Apart from the green industry, the Company is also working on a partnership with MRX Technologies, a market leader in commercial extraction systems for cannabis and hemp. The partnership includes an agreement for Verde Resources to white-label THC-free CBD products from MRX Technologies.

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Limited Operating History; Need for Additional Capital

There is limited historical financial information about us upon which to base an evaluation of our performance. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

Liquidity and Capital Resources

Our primary sources of liquidity are cash generated from private placements. Cash generated from operations is highly dependent on the sale of our products, which are still under development stage. Cash and cash equivalents totaled $0.2 million as of June 30, 2023, and $0.4 million as of June 30, 2022.

The following table provides selected cash flow data about our company for the years ended June 30, 2023, and 2022.

Cash Flow Date	June 30, 2023			June 30, 2022

Net cash used in operating activities	$	(1,656,896	)	$	(1,595,961	)
Net cash used in investing activities	$	(387,938	)	$	(1,348,823	)
Net cash provided by financing activities	$	1,628,281		$	989,594
Effect of exchange rate changes on cash and cash equivalents	$	198,045		$	256,485
Net increase in cash and cash equivalents	$	(218,508	)	$	(1,698,705	)
Cash and cash equivalents at beginning of year	$	418,917		$	2,117,622
Cash and cash equivalents at end of year	$	200,409		$	418,917

Net Cash Used In Operating Activities.

Cash used in operating activities reflects net loss adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, gain on disposal of subsidiary, fair value adjustment on convertible promissory notes, and stock-based compensation, and the effects of changes in operating assets and liabilities. The increase in cash used in operating activities for the year ended June 30, 2023, as compared to 2022 was primarily due to higher net loss adjusted for non-cash interest expense of promissory notes and the increase of accrued liabilities and other payables and advanced from related parties.

In the operation analysis, the net cash used in operating activities increased from $1,595,961 to $1,656,896. The operation loss of $3,998,960 was partially offset by the noncash expenses such as $254,852 in depreciation, $124,688 in amortization, $519,671 in share-based compensation, $1,877,739 in interest expenses on promissory notes, $60,297 in lease interest expense, fair value adjustment on convertible promissory note of $194,865, gain on disposal of subsidiary of $980,714 and $600 from gain on disposal of property, plant and equipment. In the operating assets and liabilities, the net decrease in current assets resulted from an increase of other receivables, deposits and prepayments of $104,470, an increase in inventories held of $13,850 and a decrease in accounts receivables of $7,785. The net increase in current liabilities resulted from $348,913 increase in advances from related parties, $403,259 increase in accrued liabilities and other payables and $75,768 increase in accounts payable, offset by a decrease in advances from director of $12,877. The final result of the cash flow used in operating activities was $1,656,896.

Net Cash Used In Investing Activities.

The net cash used by investing activity of $387,938 resulted from purchase of property, plant and equipment of $497,302, deposit paid for acquisition of subsidiary company of $21,423, offset by proceeds on disposal of property, plant and equipment of $23,000, net cash inflow from disposal of subsidiary company of $106,647 and net cash inflow on acquisition of a subsidiary company of $1,140 for the year ended June 30, 2023.

Net Cash Provided By Financing Activities.

The net cash provided by financing activities of $1,628,281 resulted from proceeds from shares issued of $1,576,280 and net proceeds from drawdown of loans of $191,000, set off partially by repayments to lease liabilities and related interests for the years ended June 30, 2023, of $138,999 and $10,406 respectively.

The cash flow situation will not allow for operations in the coming next 12 months by self-generated cash provided from operating activities. The Company needs to increase cash flow supplies with a long-term plan until the Company makes sustainable profits and has a positive cash flow. Otherwise, loans from related parties may be a temporary solution, although we have no written loan agreements. There is no guarantee that we will be able to secure adequate financing. If we fail to secure sufficient funds, our business activities may be curtailed, or we may cease to operate.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

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Item 8. Financial Statements and Supplementary Data

VERDE RESOURCES, INC.

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2023

		Page

Reports of Independent Registered Accounting Firm - J&S Associate PLT (PCAOB ID: 6743)		F-2

Consolidated Balance Sheets		F-3

Consolidated Statements of Operations and Comprehensive Loss		F-4

Consolidated Statements of Cash Flows		F-5

Consolidated Statements of Changes in Stockholders’ Equity		F-6

Notes to Consolidated Financial Statements		F-7

F-1

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders of

VERDE RESOURCES, INC.

Opinion on the Financial Statement

We have audited the accompanying consolidated balance sheet of Verde Resources, Inc. and its subsidiaries (the ‘Company’) as of June 30, 2023, and the related consolidated statement of operations and comprehensive income, stockholders’ equity (deficit), and cash flows for the years ended June 30, 2023,, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023, and the results of its operations and its cash flows for the years ended June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company has generated recurring losses and suffered from an accumulated deficit of $10,292,430 as of June 30, 2023. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans with regards to these matters are also described in Note 3 to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current year audit of the financial statements that were communicated or are required to be communicated to the audit committee, or in their absence, the directors, and that: (1) relate to accounts or disclosures that are material to the financial statements, and (2) involved especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Assessment for impairment of Intellectual Properties

As described in Note 2 to the consolidated financial statements, the intangible assets acquired from third parties are measured initially at fair value with an infinite live that are not being amortized. The Company annually evaluates the recoverability of the infinite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of these assets is measured by a comparison of the carrying amounts to the future discounted cash flows the assets are expected to generate. If such a review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value.

Our key considerations for the determination the fair value of the intangible assets, comprising Intellectual Properties (“IP”) as a critical audit matter was due to the high degree of judgement involved in the assessment of the assumptions used in deriving the future discounted cash flows as included in the worksheets presented to us to justify their carrying values of the IP. These were assessed by:

	i)	Critically evaluating management’s assessment for their rationale and justification of the assumptions used;

	ii)	Discussions with the key management and operational personnel of the Company to understand the future plans, their assumptions and expected income to be derived;

	ii)	Obtained necessary supporting information and published reports to support the forecast demand and productions and prices used in the worksheets;

	ii)	Ascertaining formulas and linkages in the worksheets were properly set up;

	iii)	Performing stress tests by reducing assumed demand and production to determine impact on cash flows and carrying values.

/s/ J&S Associate PLT

Certified Public Accountants

Firm ID: 6743

We have served as the Company’s auditor since 2022.

Kuala Lumpur, Malaysia

October 13, 2023

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VERDE RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	As of June 30,
	2023			2022
ASSETS
Current asset:
Cash and cash equivalents	$	200,409		$	418,917
Accounts receivable		12,071			21,028
Inventories		96,036			87,035
Amounts due from related party		100			-
Deposits and prepayments		569,675			119,238
Other receivables		9,641			-

Total current assets		887,932			646,218

Non-current assets:
Property, plant and equipment, net		4,009,090			1,048,893
Right of use assets, net		633,109			685,714
Mining rights		-			27,088
Intangible assets		33,191,991			-
Security deposit		80,000			240,000
Deposit paid for acquisition of subsidiaries		21,423			25,935,550
Deposit paid for acquisition of property, plant and equipment		-			5,080,000

Total non-current assets		37,935,613			33,017,245

TOTAL ASSETS	$	38,823,545		$	33,663,463

LIABILTIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	73,171		$	18,211
Accrued liabilities and other payables		651,480			283,656
Finance lease liabilities		172,184			75,224
Operating lease liabilities		20,768			-
Bank loan		191,000			-
Promissory notes		-			18,484,028
Amount due to director		9,660			-
Amounts due to related parties		359,018			555,527

Total current liabilities		1,477,281			19,416,646

Non-current liabilities:
Finance lease liabilities		608,455			97,900
Operating lease liabilities		29,483			-
Promissory notes		487,790			-

Total non-current liabilities		1,125,728			97,900

TOTAL LIABILITIES		2,603,009			19,514,546

Commitments and contingencies

STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 1,176,200,278 and 819,188,055 issued and outstanding as of June 30, 2023 and 2022		1,176,200			819,188
Additional paid-in capital		45,415,958			22,945,190
Accumulated other comprehensive income		(79,192	)		742,459
Accumulated deficit		(10,292,430	)		(10,357,920	)
		36,220,536			14,148,917
Non-controlling interest		-			-
Stockholders’ equity		36,220,536			14,148,917

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	38,823,545		$	33,663,463

See accompanying notes to consolidated financial statements.

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VERDE RESOURCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(Currency expressed in United States Dollars (“US$”))

	Years ended June 30,
	2023			2022

Revenue, net	$	158,098		$	38,169

Cost of revenue		(238,153	)		(145,356	)

Gross loss		(80,055	)		(107,187	)

Operating expenses:
Selling, general and administrative expenses		(3,216,022	)		(1,905,301	)
Goodwill impairment		-			(4,879	)
Total operating expenses		(3,216,022	)		(1,910,180	)

LOSS FROM OPERATION		(3,296,077	)		(2,017,367	)

Other (expense) income:
Interest expense		(1,918,572	)		(1,949,151	)
Other income		1,215,689			12,104
Total other expense, net		(702,883	)		(1,937,047	)

LOSS BEFORE INCOME TAXES		(3,998,960	)		(3,954,414	)

Income tax expense		-			-

NET LOSS		(3,998,960	)		(3,954,414	)

Net loss attributable to noncontrolling interest		-			(6,979	)
Net loss attributable to Verde Resources Inc., shareholders		(3,998,960	)		(3,947,435	)

	$	(3,998,960	)	$	(3,954,414	)

Other comprehensive (loss):
- Foreign currency adjustment income (loss)		(821,651	)		83,504
Less: other comprehensive loss attributable to non-controlling interest		-			12,750
Add: other comprehensive (loss) income attributable to Verde Resources Inc., shareholders		(821,651	)		96,254

COMPREHENSIVE LOSS	$	(4,820,611	)	$	(3,870,910	)

Net loss per share	$	(0.00	)	$	(0.00	)
- Basic	$	(0.00	)	$	(0.00	)
- Diluted

Weighted average common shares outstanding
- Basic		1,019,752,220			812,847,811
- Diluted		1,019,752,220			812,847,811

See accompanying notes to consolidated financial statements.

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VERDE RESOURCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars (“US$”))

	Years ended June 30,
	2023			2022

Cash flows from operating activities:
Net loss	$	(3,998,960	)	$	(3,954,414	)

Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property, plant and equipment		254,852			24,792
Amortization		124,688			65,065
Goodwill		-			4,879
Stock-based compensation		519,671			355,569
Finance cost interest element of promissory notes (non-cash)		1,877,739			1,948,086
Fair value adjustment on convertible promissory notes		(194,865	)		-
Gain on disposal of a subsidiary		(980,714	)		-
Gain on disposal of property and equipment		(600	)		-
Lease interest expense		36,765			1,065
Change in operating assets and liabilities:
Accounts receivable		7,785			(21,029	)
Other deposits and prepayments		(103,624	)		(113,458	)
Extractive activities mining		-			(1,229	)
Other receivables		(846	)		24,809
Inventories		(13,850	)		(87,035	)
Accounts payables		75,768			15,710
Accrued liabilities and other payables		403,259			120,281
Advanced from director		(12,877	)		-
Advanced from related parties		348,913			20,948
Net cash used in operating activities		(1,656,896	)		(1,595,961	)

Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment		23,000			-
Deposit paid for acquisition of subsidiary		(21,423	)		-
Net inflow from disposal of subsidiary		106,647			-
Net inflow on acquisition of subsidiary		1,140			-
Deposit paid for acquisition and property, plant and equipment		-			(240,000	)
Acquisition of equity interest from non-controlling interests		-			(35,670	)
Purchase of property, plant and equipment		(497,302	)		(1,073,153	)
Net cash used in investing activities		(387,938	)		(1,348,823	)

Cash flows from financing activities:
Repayment to lease liabilities		(102,234	)		(9,341	)
Drawdown of bank loan		301,000			-
Repayment of bank loan		(110,000	)		-
Lease interest paid		(36,765	)		(1,065	)
Proceeds from issuance of common stock		1,576,280			1,000,000
Net cash provided by financing activities		1,628,281			989,594

Net change in cash and cash equivalent		(416,553	)		(1,955,190	)

Foreign currency translation adjustment		198,045			256,485

Net change in cash and cash equivalents		(218,508	)		(1,698,705	)

BEGINNING OF YEAR		418,917			2,117,622

END OF YEAR	$	200,409		$	418,917

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Issuance of common stock
- Deposit paid for acquisition of property and equipment	$	-		$	930,000

See accompanying notes to consolidated financial statements.

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VERDE RESOURCES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	Common stock
	No. of shares		Amount		Common stock to be issued			Additional paid-in capital		Accumulated other comprehensive income (loss)			Accumulated deficit			Non-controlling interest			Total stockholders’ equity

Balance as of July 1, 2021		779,742,109	$	779,742	$	-		$	20,699,067	$	646,205		$	(5,913,255	)	$	(441,834	)	$	15,769,925

Shares issued for acquisition		31,000,000		31,000		-			899,000		-			-			-			930,000
Stock based compensation		-		-		-			355,569		-			-			-			355,569
Shares to be issued for private placement		8,445,946		-		8,446			991,554		-			-			-			1,000,000
Accretion of interest		-		-		-			-		-			(497,230	)		461,563			(35,667	)
Net loss for the year		-		-		-			-		-			(3,947,435	)		(6,979	)		(3,954,414	)
Foreign currency translation adjustment		-		-		-			-		96,254			-			(12,750	)		83,504

Balance as of June 30, 2022		819,188,055	$	810,742	$	8,446		$	22,945,190	$	742,459		$	(10,357,920	)	$	-		$	14,148,917

Balance as of July 1, 2022		819,188,055	$	810,742	$	8,446		$	22,945,190	$	742,459		$	(10,357,920	)	$	-		$	14,148,917

Shares issued to service provider		5,315,000		5,315		-			870,185		-			-			-			875,500
Stock issued for previously committed private placement		-		8,446		(8,446	)		-		-			-			-			-
Shares issued for private placement		18,554,834		18,555		-			1,578,725		-			-			-			1,597,280
Shares issued arising from conversion of promissory notes		333,142,389		333,142		-			20,021,858		-			-			-			20,355,000
Fair value adjustment on conversion of promissory notes		-		-		-			-		-			4,064,450			-			4,064,450
Net loss for the year		-		-		-			-		-			(3,998,960	)		-			(3,998,960	)
Foreign currency translation adjustment		-		-		-			-		(12,631	)		-			-			(12,631	)
Cumulative translation adjustment transferred to profit/loss		-		-		-			-		(809,020	)		-			-			(809,020	)

Balance as of June 30, 2023		1,176,200,278	$	1,176,200	$	-		$	45,415,958	$	(79,192	)	$	(10,292,430	)	$	-		$	36,220,536

See accompanying notes to consolidated financial statements.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

Verde Resources, Inc. (the “We” or “Company” or “VRDR”) was incorporated on April 22, 2010, in the State of Nevada, U.S.A..

We currently operate in the distribution of THC-free cannabinoid (CBD) products, production and distribution of renewable commodities and real property holding. However, the Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainability development with the world faced with challenges of climate change and environmental dehydration.

As of June 30, 2023, the Company has the following subsidiaries:-

Name of subsidiary	Place of incorporation	Principal activities and place of operation	Effective interest held

Verde Resources Asia Pacific Limited (“VRAP”)	British Virgin Islands	Investment holding	100%

Verde Resources (Malaysia) Sdn Bhd (“Verde Malaysia”)	Malaysia	Provision of consultation service and distribution of renewable agricultural commodities	100%

Verde Renewables, Inc. (“VRI”)	State of Missouri, U.S.A.	Management of a processing and packaging facility	100%

Verde Life Inc. (“VLI”)	State of Oregon, U.S.A.	Distribution of THC-free cannabinoid (CBD) products	100%

The Wision Project Sdn Bhd (“Wision”)	Malaysia	Digital innovation, marketing & consulting firm provides PR, Branding, influencer marketing, event management and media relations services	100%

Verde Estates LLC (“VEL”)	State of Missouri, U.S.A.	Holding real property	100%

Bio Resources Limited (“BRL”)	Labuan, Malaysia	Provision of proprietary pyrolysis technology and investment holding	100%*

* The acquisition of BRL was completed on October 12, 2022.

The Company and its subsidiaries are hereinafter referred to as (the “Company”).

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

During the years ended June 30, 2023, and 2022, there are the major transactions, as below:

The Company announced the Share Sale Agreement on May 12, 2021 for the acquisition of the entire issued and paid-up share capital of Bio Resources Limited from various unrelated third parties being Taipan International Limited, The Wision Project Limited, and other individuals, for a consideration of $30,000,000 by way of an issuance of 321,500,000 shares of the Company’s restricted Common Stock at $0.03 per share, valued at $9,645,000, and the issuance of promissory notes with two-year term period with a principal amount of $20,355,000. The acquisition of Bio Resources Limited was subsequently closed on October 12, 2022.

BRL owns the intellectual property known as “Catalytic Biofraction Process”, a slow pyrolysis process using a proprietary catalyst to depolymerise palm biomass wastes (empty fruit bunches or palm kernel shells) in temperature range of 350 degree Celsius to 500 degree Celsius to yield commercially valuable bio products: bio-oil, wood vinegar (pyroligneous acid), biochar and bio-syngas. The intellectual property is a second-generation pyrolysis process where non-food feedstock like the palm biomass wastes is used as feedstock.

On March 23, 2022, the Company, through Verde Malaysia, entered into a Sale of Shares Agreement (“SSA”) with The Wision Project Sdn Bhd (“Wision”), a company incorporated under the laws of Malaysia, and its sole shareholder Jack Wong, to acquire the one hundred percent (100%) of the issued and paid up ordinary shares in Wision from Mr. Wong. Under the terms of the SSA, the consideration for the acquisition shall be satisfied by the payment of MYR 1 ($0.23) upon the execution of the SSA. Wision is a digital development, marketing and consulting firm that provides public relations, branding, profile building, influencer marketing, event management and media relations services to the Company.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

On March 13, 2023, the Company through its wholly-owned subsidiary Verde Resources Asia Pacific Limited (“VRAP”), a company incorporated under the laws of the British Virgin Islands, entered into a Share Sale Agreement (the “SSA Agreement”) with Jusra Mining Merapoh Sdn Bhd (“JMM”), a company incorporated under the laws of Malaysia, to sell the entire issued and paid-up share capital of Champmark Sdn Bhd (“CSB”), an indirect wholly-owned subsidiary of the Company engaged in the mining business. Under the terms of the SSA Agreement, the consideration for the sale of the entire issued and paid-up share capital of CSB shall be satisfied in full by the payment of Malaysia Ringgit MYR 500,000. The Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainability development with the world faced with challenges of climate change and environmental dehydration. The disposition of the mining business via the sale of the entire issued and paid-up share capital of CSB is in line with the Company’s restructuring effort to focus on renewable energy and sustainability. The disposition of Champmark Sdn Bhd (“CSB”) was completed on April 20, 2023.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying 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

These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

·	Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.

In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates.

·	Basis of Consolidation

The consolidated financial statements include the financial statements of Verde Resources, Inc. and its subsidiaries. All significant inter-company balances and transactions within the Company and its subsidiaries have been eliminated upon consolidation. The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair market values at the acquisition date.

·	Segment Reporting

Accounting Standard Codification (“ASC”) Topic 280, Segment Reporting establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in consolidated financial statements. Currently, the Company operates in four reportable operating segments.

·	Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and future receivables. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Cash and Cash Equivalents

Cash and cash equivalents are carried at cost and represent cash in banks, money market funds, and certificates of term deposits with maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $200,409 and $418,917 in cash and cash equivalents at June 30, 2023 and 2022.

At and June 30, 2023, and 2022, cash and cash equivalents consisted of bank deposits and petty cash on hands.

·	Accounts Receivable

Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts will be recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging, ongoing business relation and other factors. Accounts are written off after exhaustive efforts at collection. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. At June 30, 2023 and 2022, the Company has no allowance for doubtful accounts, as per management’s judgment based on their best knowledge. As of June 30, 2023, and 2022, the longest credit term for certain customers are 60 days.

·	Inventories

Inventories are stated at the lower of cost or market value (net realizable value), cost being determined on a first-in-first-out method. Costs include material, labor and overhead costs. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand.

As of June 30, 2023, and 2022, the Company did not record an allowance for obsolete inventories, nor have there been any write-offs.

·	Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

		Expected useful life
Land and buildings		3-27.5 years
Plant and machinery		5-10years
Office equipment		3 years
Project equipment		5 years
Computers		5 years
Motor vehicles		5 years
Furniture and fittings		5 years

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterment which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

·	Intangible assets

Intangible assets acquired from third parties are measured initially at fair value with an infinite live that are not being amortized. The Company annually evaluates the recoverability of the infinite-lived intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverability of these assets is measured by a comparison of the carrying amounts to the future discounted cash flows the assets are expected to generate. If such a review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value.

·	Impairment of Long-lived Assets

In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets, all long-lived assets such as property, plant and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Revenue Recognition

ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers.

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils 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.

Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct.

Product sales

Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.

Rental income

Rental income is recognized on a straight line basis over the term of the respective lease agreement.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC Topic 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.

ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities.

The Company recognized no impairment of ROU assets as of June 30, 2023, and 2022.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The operating lease is included in operating lease right-of-use assets and operating lease liabilities as current and non-current liabilities in the consolidated balance sheets at June 30, 2023 and 2022.

Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, we as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to us, while the leased asset is depreciated in accordance with our depreciation policy if the title is to eventually transfer to us. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 842.

·	Income Taxes

The Company adopted the ASC Topic 740, Income tax provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13.

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.

·	Uncertain Tax Positions

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC Topic 740 provisions of Section 740-10-25 for the years ended June 30, 2023, and 2022.

·	Foreign Currencies Translation

The Company’s reporting currency is the United States dollar (“US$”) and the accompanying consolidated financial statements have been expressed in United States dollars. The Company’s functional currency is the Malaysian Ringgit (“MYR”) which is a functional currency as being the primary currency of the economic environment in which their operations are conducted.

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 consolidated statement of operations.

For reporting purposes, in accordance with ASC Topic 830 “Translation of Financial Statements”, capital accounts of the consolidated financial statements are translated into United States dollars from MYR at their historical exchange rates when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rate of the respective year. The gains and losses resulting from translation of financial statements subsidiaries to the reporting currency are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholder’s equity.

Translation of MYR into U.S. dollars has been made at the following exchange rates for the following periods:-

	June 30, 2023		June 30, 2022
Year-end MYR:US$ exchange rate		4.66795		4.40773
Annualized average MYR:US$ exchange rate		4.50684		4.23181

·	Comprehensive Income

ASC Topic 220, Comprehensive Income, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statements of changes in stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Non-controlling Interest

The Company accounts for noncontrolling interest in accordance with ASC Topic 810-10-45, which requires the Company to present noncontrolling interests as a separate component of total shareholders’ equity on the consolidated balance sheets and the consolidated net loss attributable to the noncontrolling interest be clearly identified and presented on the face of the consolidated statements of operations and comprehensive loss.

·	Net Loss per Share

The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share. Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

·	Stock Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic 718-10, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options, restricted stock units, and stock appreciation rights are based on estimated fair values. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period.

The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.

·	Retirement Plan Costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service are provided.

·	Mineral Acquisition and Exploration Costs

Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

·	Environmental Expenditures

The operations of the Company have been, and may in the future, be affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

·	Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825-10-15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

·	Commitments and Contingencies

The Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

·	Fair Value of Financial Instruments

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below:

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, loan and fee receivable, prepayments and other receivables, amounts due from related parties, accrued liabilities and other payables, loans payable, amounts due to related parties approximate their fair values because of the short maturity of these instruments.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

·	Recent Accounting Pronouncements

During the year ended June 30, 2023, there have been no new, or existing, recently issued accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

NOTE 3 - GOING CONCERN UNCERTAINTIES

The accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has generated recurring losses and suffered from an accumulated deficit of $10,292,430 as of June 30, 2023. The continuation of the Company as a going concern in the next twelve months is dependent upon the Company’s success in pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

The ability of the Company to survive is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings, and related party loans.

No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

NOTE 4 - BUSINESS SEGMENT INFORMATION

Currently, the Company has four reportable business segments:

(i)	Distribution of THC-free cannabinoid (CBD) products;
(ii)	Production and distribution of renewable commodities;
(iii)	Holding of real property; and
(iv)	Licensor of proprietary pyrolysis technology.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

In the following table, revenue is disaggregated by primary major product line. The table also includes a reconciliation of the disaggregated revenue with the reportable segments for the years ended June 30, 2023, and 2022:

	Year ended June 30, 2023
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Licensor of proprietary pyrolysis technology			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	92,995		$	57,321		$	-		$	7,782		$	158,098
Cost of revenue		-			-			(235,704	)		-			-			(2,449	)		(238,153	)
Gross loss		-			-			(142,709	)		57,321			-			5,333			(80,055	)
Selling, general & administrative expenses		(245,565	)		(2,875	)		(1,688,983	)		(158,260	)		(13,802	)		(1,106,537	)		(3,216,022	)
Loss from operations		(245,565	)		(2,875	)		(1,831,692	)		(100,939	)		(13,802	)		(1,101,204	)		(3,296,077	)
Interest expense		-			-			(36,765	)		-			-			(1,881,807	)		(1,918,572	)
Other income		35,596			-			1,109			-			2,439			1,176,545			1,215,689
Loss before income tax		(209,969	)		(2,875	)		(1,867,348	)		(100,939	)		(11,363	)		(1,806,466	)		(3,998,960	)
Income tax		-			-			-			-			-			-			-
Net loss	$	(209,969	)	$	(2,875	)	$	(1,867,348	)	$	(100,939	)	$	(11,363	)	$	(1,806,466	)	$	(3,998,960	)

Total assets at June 30, 2023	$	-		$	215,929		$	6,293,027		$	1,236,128		$	30,194,966		$	883,495		$	38,823,545

	Year ended June 30, 2022
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	25,690		$	-		$	12,479		$	38,169
Cost of revenue		-			-			(145,356	)		-			-			(145,356	)
Gross loss		-			-			(119,666	)		-			12,479			(107,187	)
Selling, general & administrative expenses		(190,240	)		(4,583	)		(201,591	)		(524,304	)		(989,462	)		(1,910,180	)
Loss from operations		(190,240	)		(4,583	)		(321,257	)		(524,304	)		(976,983	)		(2,017,367	)
Interest expense		-			-			-			(1,065	)		(1,948,086	)		(1,949,151	)
Other income		11,963			-			26			115			-			12,104
Loss before income tax		(178,277	)		(4,583	)		(321,231	)		(525,254	)		(2,925,069	)		(3,954,414	)
Income tax		-			-			-			-			-			-
Net loss	$	(178,277	)	$	(4,583	)	$	(321,231	)	$	(525,254	)		(2,925,069	)	$	(3,954,414	)

Total assets at June 30, 2022	$	35,960		$	148,703		$	230,279		$	1,345,156		$	31,903,365		$	33,663,463

F-17

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The below revenues are based on the countries in which the customer is located. Summarized financial information concerning the geographic segments is shown in the following tables:

	Years ended June 30,
	2023		2022

Malaysia	$	32,134	$	38,169
United States		125,964		-
	$	158,098	$	38,169

NOTE 5 - INVENTORIES

Inventories as of June 30, 2023 and 2022 consisted of the following:

	As of June 30,
	2023		2022

Bio produce	$	95,930	$	87,035
Others		106		-
	$	96,036	$	87,035

NOTE 6 - DEPOSITS AND PREPAYMENTS

Deposits and prepayments as of June 30, 2023 and 2022 consisted of the following:

	As of June 30,
	2023		2022
Deposits		193,995		118,516
Prepayments		375,680		722
	$	569,675	$	119,238

NOTE 7 –INTANGIBLE ASSETS

The intangible assets comprise a global intellectual property (“IP”) known as “Catalytic Biofraction Process”, whereby, subsidiary Bio Resources Limited (“BRL”) is the beneficial and/or registered proprietor and an exclusive licence assigned to Verde Malaysia for the operation of the IP in the state of Sabah, Malaysia.

The “Catalytic Biofraction Process” is a slow pyrolysis process using a proprietary catalyst to depolymerize palm biomass wastes (empty fruit bunches or palm kernel shells) in temperature range of 350 degrees Celsius to 500 degrees Celsius to yield commercially valuable bio products: bio-oil, wood vinegar (pyroligneous acid), biochar and bio-syngas. The intellectual property is a second-generation pyrolysis process where non-food feedstock like palm biomass wastes is used as feedstock. Upon fulfilling UN’s (United Nations) ACM 22 protocol as well as LCA (Life Cycle Assessment) requirements, it is anticipated that the by-products from this IP with fair value of $30,192,771 would lead to certification and issuance of Carbon Avoidance Credits as well as Carbon Removal Credits to generate carbon revenue for the Company.

F-18

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment at June 30, 2023 and 2022 is as follows:

	As of June 30,
	2023			2022

Land and building	$	1,264,117		$	1,697,131
Plant and machinery		2,291,823			135,151
Office equipment		6,283			24,455
Project equipment		3,971			653,375
Computers		5,483			15,495
Motor vehicles		708,267			227,935
Furniture and fittings		12,935			2,527
		4,292,879			2,756,069
Less: accumulated depreciation		(258,187	)		(1,609,414	)
Foreign exchange adjustment		(25,602	)		(97,762	)
	$	4,009,090		$	1,048,893

Depreciation expense for the years ended June 30, 2023 and 2022 totaled $254,852 and $24,792, respectively.

During the year, cost and accumulated depreciation of property, plant and equipment of $1,574,928 and $1,574,687 related to CSB, which was disposed during the year, have been removed.

Land and building with net carrying amount of $723,981 at June 30, 2023 and $746,145 at June 30, 2022 was pledged to a financial institution for facilities granted.

Plant and machinery and motor vehicles with carrying values of $849,375 and $199,144 are acquired under financing arrangements.

NOTE 9 - DEPOSITS PAID

At June 30, 2023 and 2022, deposits consist of the following:

	As of June 30,
	2023		2022
Deposits paid for acquisition of subsidiaries
- Bio Resources Limited (#1)	$	-	$	25,935,550
- Vata VM Synergy (M) Sdn Bhd (“VATA”) (#2)		21,423		-
	$	21,423	$	25,935,550

Deposits paid for acquisition of property, plant and equipment and IP (#3)	$	-	$	5,000,000
- Factory site (#4)		-		80,000
	$	-	$	5,080,000

Security deposit
- Factory site (#4)	$	80,000	$	-
- Land and building (#5)		-		240,000
	$	80,000	$	240,000

(#1) The Company announced the Share Sale Agreement on May 12, 2021 for the acquisition of the entire issued and paid-up share capital of Bio Resources Limited from various unrelated third parties, Taipan International Limited, The Wision Project Limited, and other individuals, in consideration of the issuance of 321,500,000 shares of the Company’s restricted common stock at $0.03 per share, valued at $9,645,000, and the issuance of promissory notes with two-year term period with a principal amount of $20,355,000. 321,500,000 shares were issued on May 12, 2021, and the promissory notes were issued on May 12, 2021 and priced at $16,290,550 considering the current market interest rate. The acquisition of BRL was subsequently closed on October 12, 2022.

F-19

Table of Contents

VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(#2) On March 23, 2023, the Company, through its wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd. (“Verde Malaysia”), entered into a Shares Sale Agreement (the “SSA Agreement”) with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah (“Vendors”), the legal and beneficial owners of Vata VM Synergy (M) Sdn. Bhd. (“VATA”), a company incorporated under the laws of Malaysia, to acquire 60% of the issued and paid-up share capital of VATA, a company engaged in the business of providing green technology to government and private sectors and in creating high quality compost using agricultural waste and biomass products in Malaysia. In relation to the SSA Agreement, the Company through Verde Malaysia also entered into a Shareholders Agreement with Murugesu A/L M. Narasimha and VATA. Under the terms of the SSA Agreement, the consideration for the acquisition of 60% of the issued and paid-up share capital of VATA shall be satisfied by the total purchase consideration of MYR 2,250,000, which includes a first payment of MYR100,000 upon the execution of the SSA Agreement, a second payment of MYR 150,000 within thirty (30) days from the date of fulfilment or waiver of all the conditions set out in the SSA Agreement, and the issuance of shares of the Company’s restricted Common Stock for the balance consideration of MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediate preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement. As of June 30, 2023, the first payment of MYR100,000 has been made.

Subsequent to year end, the Company has initiated the termination of the agreement on the grounds of non-disclosure of material information by VATA.

(#3) On May 10, 2021, the Company announced the Sale and Purchase Agreement to acquire the assets of biofraction plant and the right to use intellectual property license in Sabah, Malaysia from Borneo Energy Sdn Bhd, in consideration of issuance of 166,666,667 share of the Company’s stock at $0.03 per share, valued at $5,000,000. 135,666,667 shares and 31,000,000 shares were issued on May 10, 2021 and July 1, 2021, respectively. The acquisition of the assets comprising a biofraction plant and the right to use its licensed intellectual property known as “Catalytic Biofraction Process” in the state of Sabah, Malaysia was completed on February 24,2023.

(#4) On March 2, 2022, the Company, through VRAP, entered into a Commercial Lease Agreement and Option to Purchase (“Segama Lease Agreement”) the factory site from Segama Ventures for a lease term of seven (7) years (“Lease Term”) at a monthly rental of MYR 36,000 ($8,571). The rental for the entire Lease Term amounts to the sum of MYR 3,024,000 ($720,000) (the “Lease Payment”) which shall be paid in advance upon commencement of the Segama Lease Agreement together with a payment of security deposit for the sum of MYR 336,000 ($80,000) (the “Security Payment”).

(#5) On February 10, 2022, the Company, through VEL, a limited liability company incorporated in the State of Missouri, which is an indirect wholly-owned subsidiary of the Company via Verde Renewables, Inc., entered into a Commercial Lease Agreement and Option to Purchase (the “La Belle Lease Agreement”) to rent a 24-acre property in La Belle from Jon Neal Simmons and Betty Jo Simmon (the “Landlord”) in order to kickstart carbon farming with biochar in Missouri. Under the La Belle Lease Agreement, the term of the lease will be for a period of two (2) years and the Company will have the right to renew the lease with a total of three renewal periods with each term being two years. The monthly base rent is $10,000 for the term, was payable on the commencement of the La Belle Lease Agreement, together with a security deposit of $240,000. The La Belle Lease Agreement also grants the Company the exclusive right and option to purchase the premises together with all the right title and interest from the Landlord for a consideration of $490,000 at any time during the two-year term of the lease. If the Company exercises the option to purchase the premises from the Landlord, the upfront lease payment and security deposit may be utilized as part payment of the purchase consideration. The option to purchase was exercised on September 27, 2022.

NOTE 10 - MINING RIGHT

A lump sum payment of MYR260,500 ($62,260) was made for a mining right over a period of 2 years up to June 13, 2023. The mining right is amortized on a straight-line basis over the term of the right. Nevertheless, on April 20, 2023, the subsidiary, CSB, to whom the right belongs, was disposed.

The table below presents the operating lease related assets and liabilities recorded on the balance sheets.

	As of June 30,
	2023			2022

Balance as at the July 1, 2022 and July 1, 2021	$	27,088		$	60,131
Amortization charge for the period		(21,832	)		(30,779	)
Foreign exchange adjustment		(363	)		(2,264	)
Disposal of subsidiary		(4,893	)		-
Balance as of June 30, 2023 and June 30, 2022	$	-		$	27,088

Amortization charge of rights of use lease assets was $21,832 and $30,779 for the year ended June 30, 2023 and 2022, respectively.

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Table of Contents

VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 11 - AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR

The following breakdown of the balances due to related parties and director, consisted of:-

	As of June 30,
	2023		2022
Amount due to related companies
Borneo Oil Corporation Sdn (“BOC”) (#1)	$	117,125	$	555,527
Taipan International Limited (#2)		14,770		-
Borneo Energy Sdn Bhd (#3)		119,153		-
Victoria Capital Sdn Bhd (#4)		107,970		-
	$	359,018	$	555,527

Amount due to director
Mr. Jack Wong (#5)	$	9,660	$	-

(#1) Borneo Oil Corporation Sdn Bhd (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) which holds 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#2) Taipan International Limited who, pursuant to the disposal of BRL to the Company, became one of the shareholders of the Company and held 33.4% of the Company’s issued and outstanding Common Stock as of June 30, 2023. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#3) Borneo Oil Berhad (“BOB”) is ultimate holding company of Borneo Energy Sdn Bhd, and held 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#4) Victoria Capital Sdn. Bhd. is one of the shareholders of the Company, and held 0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2023.. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#5) Mr. Jack Wong is the President and Chief Executive of the Company effective October 1, 2022. Effective March 30, 2023, Jack Wong was appointed Director of the Company for a one (1) year term, effective March 30, 2023. Jack Wong will hold the Board position formerly held by Carl Craven. On September 12, 2023, Jack Wong stepped down from his position as President of the Company, but remains as Chief Executive Office of the Company.

NOTE 12 - PROMISSORY NOTES

	June 30		June 30
	2023		2022
Promissory Notes (#1)	$	-	$	18,484,028
Promissory Notes (#2)		487,790		-
	$	487,790	$	18,484,028

(#1) Pursuant to the acquisition of the entire issued and paid-up share capital of Bio Resources Limited from various unrelated third parties, being Taipan International Limited, The Wision Project Limited and other individuals as announced on May 13, 2021, promissory notes with a principal amount of $20,355,000 and a two-year term period were issued on May 12, 2021. The face value (principal) amount of $20,355,000 was repayable by May 12, 2023, and bearing zero coupon interest. On January 20, 2022, the Company had reached a mutual agreement with the Lenders of the Notes to enter into a Supplement to Promissory Note, with each Lender, to convert the total principal loan amount of $20,355,000 into shares of the Company’s restricted Common Stock priced at $0.0611 per share, which represents the last ninety (90) days’ volume weighted average price (VWAP) as of the market closing of January 19, 2022. With the consummation of the acquisition of BRL on October 12, 2022, on December 9, 2022 the conversion of Promissory Notes was completed pursuant to a Supplementary Agreement dated December 7, 2022, with the issuance of 333,142,389 shares of the Company’s restricted Common Stock, at the price of $0.0611 per share, to the 17 Lenders, including the Company’s President and CEO, Jack Wong.

The fair value of the outstanding promissory notes was calculated with the following assumptions:

Risk free rate	0.268	%
Credit spread	6.513	%
Liquidity risk premium	5.000	%

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The following is a reconciliation of the beginning and ending balances of promissory notes payable using Level 3 inputs:

	June 30			June 30
	2023			2022
Balance at the beginning of year	$	18,484,028		$	16,535,942
Interest expense		1,870,972			1,948,086
Converted to Company’s restricted Common Stock		(20,355,000	)		-
Balance at the end of year	$	-		$	18,484,028

(#2) On March 13, 2023, the Company and its indirect wholly-owned subsidiary CSB entered into a Settlement of Debts Agreement (the “SDA Agreement”) for the settlement in full of CSB’s account payable to Borneo Oil Corporation Sdn Bhd (“BOC”) by way of the issuance on March 13, 2023 of a two year term Promissory Notes with the face value (principal) amount of $675,888, and bearing 2% coupon interest. The Notes are repayable by May 12, 2025, either in cash or by the issuance of the Company’s restricted Common Stock priced at $0.07 per share. The fair value of the Promissory Notes of $481,023 was calculated using the net present value of estimated future cash flows with the assumptions of risk free rate at 4.03%, credit spread of 11.6% and liquidity risk premium of 5.6%.

The following is a reconciliation of the beginning and ending balances of promissory note:

	June 30		June 30
	2023		2022
Balance at the beginning of year	$	-	$	-
Promissory notes issued to related party at fair value		481,023		-
Interest expense		6,767		-
Balance at the end of year	$	487,790	$	-

The Company recorded $1,877,739 and $1,948,086 interest expense for the years ended June 30, 2023 and 2022, respectively. Interest payable attributable to promissory notes (#2) was $4,068.

A fair value adjustment of $194,865 is recognized in the Profit and Loss during the year ended June 30, 2023.

NOTE 13 - LEASES

The Company adopted ASU No. 2016-02, Leases and determines whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of and to obtain substantially all of the economic benefit from the use of the underlying asset. Some of our leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient. Some of the operating lease agreements include variable lease costs, primarily taxes, insurance, common area maintenance or increases in rental costs related to inflation. Substantially all of our equipment leases and some of our real estate leases have terms of less than one year and, as such, are accounted for as short-term leases as we have elected the practical expedient.

Operating leases are included in the right-of-use lease assets, other current liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right-of-use assets and lease liabilities are recognized at each lease’s commencement date based on the present values of its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, the incremental borrowing rate is used based on information available at the lease’s commencement date to determine the present value of its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term.

The Company adopts a 5% as weighted average incremental borrowing rate to determine the present value of the lease payments. The weighted average remaining life of the lease was 3 years.

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Table of Contents

VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

The table below presents the lease-related assets and liabilities recorded on the balance sheet.

	As of June 30,
	2023			2022

Assets
Right-of-use asset (#1)	$	720,000		$	720,000
Right-of-use asset (#2)		64,910			-
Total RoU assets	$	784,910		$	720,000
Less: Amortisation		(151,801	)		(34,286	)
		633,109			685,714

Liabilities
Current:
Operating lease liabilities	$	20,768		$	-
Finance lease liabilities		172,184			75,224

Non-current:
Operating lease liabilities		29,483			-
Finance lease liabilities		608,455			97,900

Total lease liabilities	$	830,890		$	173,124

As of June 30, 2023, right-of-use assets were $633,109 and lease liabilities were $830,890.

As of June 30, 2022, right-of-use assets were $685,714 and lease liabilities were $173,124.

For the year ended June 30, 2023 and 2022, the amortization charge on right-of-use assets was $117,517 and $34,286, respectively.

(#1) This leasing arrangement for the lease of the Segama factory amounting to $720,000 is for a lease term of seven (7) years and includes an exclusive right and option to purchase the factory site, together with all its right title and interest, for a consideration to be mutually agreed between the parties at any time during the period of two years from the date of the Segama Lease Agreement. The Lease Payment and Security Payment shall be applied toward the Purchase Price upon VRAP exercising the option to purchase. The Company’s lease agreements do not contain any material restrictive covenants.

There are no corresponding lease liabilities recorded as the lease payments for the entire lease period has been paid upfront upon inception of the agreement.

(#2) This leasing arrangement for the lease of the executive vehicle amounting to $84,718 is for a lease term of three (3) years and includes option to purchase the said vehicle at an agreed consideration as stated in the Lease Agreement. The purchase option fee shall be applied toward the Purchase Price upon VRI exercising the option to purchase. The Company’s lease agreements do not contain any material restrictive covenants.

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. The following tables summarize the lease expense for the years.

	Years ended June 30,
	2023		2022

Finance lease cost:
Interest on lease liabilities (per ASC 842)	$	36,765	$	1,065

Operating lease cost:
Operating lease expense (per ASC 842)		126,388		34,286

Total lease expense	$	163,153	$	35,351

F-23

Table of Contents

VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Components of Lease Expense

The Company recognizes operating lease expense on a straight-line basis over the term of the operating leases, comprising interest expense determined using the effective interest method, and amortization of the right-of-use asset, as reported within “general and administrative” expense on the accompanying unaudited condensed consolidated statement of operations.

Finance lease expense comprise of interest expenses determined using the effective interest method.

Future Contractual Lease Payments as of June 30, 2023

The below table summarizes our (i) minimum lease payments over the next five years, (ii) lease arrangement implied interest, and (iii) present value of future lease payments for the next five years and thereafter ending June 30:

Years ending June 30,	Operating and finance lease amount

2024	$	244,655
2025		192,324
2026		168,791
2027		164,084
2028		104,259
Thereafter		127,432
Total minimum finance lease liabilities payment		1,001,545
Less: interest		(170,655	)

Present value of lease liabilities	$	830,890

Representing:-
Current liabilities	$	192,952
Non-current liabilities		637,938
	$	830,890

For the years ended June 30, 2023 and 2022, the amortization charge was $126,388 and $34,286, respectively.

NOTE 14 - STOCKHOLDERS’ EQUITY

Authorized Stock

The Company has authorized 10,000,000,000 Common shares and 50,000,000 preferred shares, both with a par value of $0.001 per share. Each Common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

Preferred stock outstanding

There are no preferred shares outstanding as of June 30, 2023, and 2022.

Common stock outstanding

On July 15, 2022, the Company issued a total of 1,500,000 restricted Common Shares at US$0.155 per share to two consultants pursuant to two consultant agreements; 1,000,000 restricted Common Shares were issued to Gary F. Zimmer and 500,000 restricted Common Shares were issued to Lisa Leilani Zimmer Durand, to serve as consultants to the Company. An aggregate of $232,500 was recognized as stock-based compensation under general and administrative expenses.

During the period ended September 30, 2022, 15,328,029 restricted Common Shares were committed to be issued pursuant to private placement and were subsequently issued on November 7, 2022, comprising of 291,667 restricted Common Shares for US$21,000 at US$0.072 per share to one non-US shareholder, 15,036,362 restricted Common Shares for US$1,323,200 at US$0.088 per share to five non-US Shareholders.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

On November 7, 2022, the Company issued 603,181 restricted Common Shares for US$53,080 at US$0.088 per share to three US Shareholders.

On October 26, 2022, the Company entered into a corporate consulting services agreement (the “Consulting Agreement”) for investor communication and public relations services with Dutchess Group LLC (“DGL”). On December 9, 2022, pursuant to terms of the Consulting Agreement, the Company issued a total of 1,500,000 restricted Common Shares at US$0.12 per share to DGL.

On November 30, 2022, the Company, through its wholly-owned subsidiary Verde Renewables, Inc.(“VRI”), a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement (the “Ibrahim Agreement”) with YM Tengku Chanela Jamidah YAM Tengku Ibrahim to engage her as its Director of Strategic Initiatives to promote and make introductions for the benefit of advancing the Company’s business and interests amongst her networks as designated in the Agreement. Under the Ibrahim Agreement, the Company will pay YM Tengku Chanela Jamidah YAM Tengku Ibrahim by the issuance of 1,000,000 shares of the Company’s restricted Common Stock, par value $0.001 per share (the “Common Stock”) in two tranches of 500,000 shares each on or before December 31, 2022 and December 31, 2023 respectively. The term of the Ibrahim Agreement will be for a fixed period of twenty-four (24) months commencing on November 30, 2022 and both parties may renew the agreement or enter into a new agreement as may be mutually agreed on terms to be separately negotiated. On December 31, 2022, pursuant to terms of the Ibrahim Agreement, the Company issued a total of 500,000 restricted Common Shares at US$0.20 per share to YM Tengku Chanela Jamidah YAM Tengku Ibrahim.

On December 1, 2022, the Company through its wholly-owned subsidiary VRI, a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement (the “Sorhus Agreement”) with Steven Sorhus to engage him as its Financial Controller to prepare monthly financial reports and financial projections, and oversee daily accounting practices of the Company and its subsidiaries as designated in the Sorhus Agreement. Under the Sorhus Agreement, the Company will pay Steven Sorhus by the issuance of 800,000 shares of the Company’s restricted Common Stock, par value $0.001 per share (the “Common Stock”) in two tranches of 300,000 shares on or before December 31, 2022 and 500,000 shares on or before December 31, 2023. The term of the Sorhus Agreement will be for a fixed period of twenty-five (25) months commencing on December 1, 2022, and both parties may renew the agreement or enter into a new agreement as may be mutually agreed on terms to be separately negotiated. On December 31, 2022, pursuant to terms of the Sorhus Agreement, the Company issued a total of 300,000 restricted Common Shares at US$0.20 per share to Steven Sorhus.

On December 1, 2022, the Company through its wholly-owned subsidiary VRI, a company incorporated in the State of Missouri, U.S.A., entered into a Services Agreement (the “EMGTA Agreement”) with EMGTA LLC (“EMGTA”). Under the EMGTA Agreement, EMGTA will provide services to develop business plan and marketing strategy to facilitate business growth, and identify new customers and markets for the Company. The Company will pay EMGTA by the issuance of 750,000 shares of the Company’s restricted Common Stock, par value $0.001 per share (the “Common Stock”) in two tranches of 375,000 shares each on or before December 31, 2022, and December 31, 2023 respectively. The term of the EMGTA Agreement will be for a fixed period of twenty-five (25) months commencing on December 1, 2022 and both parties may renew the agreement or enter into a new agreement as may be mutually agreed on terms to be separately negotiated. On December 31, 2022, pursuant to terms of the EMGTA Agreement, the Company issued a total of 375,000 restricted Common Shares at US$0.20 per share to EMGTA.

On December 9, 2022, promissory notes with a principal value of $20,355,000 was converted pursuant to a Supplementary Agreement dated December 7, 2022, to 333,142,389 shares of the Company’s restricted Common Stock priced at $0.0611 per share which represents the last ninety (90) days’ volume weighted average price (VWAP) as of the market closing of January 19, 2022.

On December 15, 2022, the Company entered into a Services Agreement (the “Looi Pei See Agreement”) with Looi Pei See to engage her as its consultant to develop the retail markets for the Company’s products and services in Malaysia and Singapore. On December 31, 2022, pursuant to terms of the Looi Pei See Agreement, the Company issued a total of 1,140,000 restricted Common Shares at US$0.20 per share to Looi Pei See. The term of the Looi Pei See Agreement will be for a fixed period of thirty-six (36) months.

On February 17, 2023, the Company issued 714,285 restricted Common Shares for $50,000 at $0.07 per share to one non-US shareholder.

On February 24, 2023, the acquisition of the assets of biofraction plant and the right to use intellectual property license in Sabah, Malaysia from Borneo Energy Sdn Bhd was completed. The Company had announced the Sale and Purchase Agreement to acquire the assets of biofraction plant and the right to use intellectual property license in Sabah, Malaysia from Borneo Energy Sdn Bhd on May 10, 2021, in consideration of issuance of 166,666,667 share of the Company’s stock at $0.03 per share, valued at $5,000,000. 135,666,667 shares and 31,000,000 shares were issued on May 10, 2021 and July 1, 2021, respectively.

On March 13, 2023, the Company and its indirect wholly-owned subsidiary CSB entered into a Settlement of Debts Agreement (the “SDA Agreement”) and a two year term period Promissory Note with CSB’s creditor Borneo Oil Corporation Sdn Bhd (the “Creditor”) to settle in full a total of USD 675,888 of CSB’s account payable to the Creditor either in cash or by the issuance of new restricted shares of the Company’s Common Stock at a price of $0.07 per share. As set out in the SDA Agreement, the new restricted shares for settlement of the account payable to the Creditor shall be issued to the Creditor or its nominee.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

On March 23, 2023, the Company, through its wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd. (“Verde Malaysia”), entered into a Shares Sale Agreement (the “SSA Agreement”) with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah (“Vendors”), the legal and beneficial owners of Vata VM Synergy (M) Sdn. Bhd. (“VATA”), a company incorporated under the laws of Malaysia, to acquire 60% of the issued and paid-up share capital of VATA, a company engaged in the business of providing green technology to government and private sectors and in creating high quality compost using agricultural waste and biomass products in Malaysia. In relation to the SSA Agreement, the Company through Verde Malaysia also entered into a Shareholders Agreement with Murugesu A/L M. Narasimha and VATA. Under the terms of the SSA Agreement, the consideration for the acquisition of 60% of the issued and paid-up share capital of VATA shall be satisfied by the total purchase consideration of Malaysia Ringgit MYR 2,250,000, which includes a first payment of Malaysia Ringgit MYR 100,000 upon the execution of the SSA Agreement, a second payment of Malaysia Ringgit MYR 150,000 within thirty (30) days from the date of fulfillment or waiver of all the conditions set out in the SSA Agreement, and the issuance of shares of the Company’s restricted Common Stock for the balance consideration of Malaysia Ringgit MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediate preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement. Subsequent to year end however, the Company initiated the termination of the SSA Agreement.

On April 21, 2023, the Company issued 1,428,571 restricted Common Shares for $100,000 at $0.07 per share and 480,768 restricted Common Shares for $50,000 at $0.104 per share to one non-US shareholder.

There were 1,176,200,278 and 819,188,055 shares of common stock issued and outstanding at June 30, 2023 and June 30, 2022, respectively.

The Company has no stock option plan, warrants, or other dilutive securities.

NOTE 15 - NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net (loss) income per share for the respective years:

	Years ended June 30,
	2023			2022

Net loss	$	(3,998,960	)	$	(3,954,414	)
Less: Net loss attributable to non-controlling interest		-			6,979
Net loss attributable to Verde Resources, Inc. shareholders	$	(3,998,960	)	$	(3,947,435	)

Weighted average common shares outstanding:
- Basic		1,019,752,220			812,847,811
- Diluted		1,019,752,220			812,847,811

Net loss per share:
- Basic	$	(0.00	)	$	(0.00	)
- Diluted	$	(0.00	)	$	(0.00	)

^# less than $0.005

For the years ended June 30, 2023, and 2022, diluted weighted-average common shares outstanding is equal to basic weighted-average common shares, due to the Company’s net loss position. Hence, no common stock equivalents were included in the computation of diluted net loss per share since such inclusion would have been antidilutive.

The Company has no potentially dilutive securities, such as, options or warrants, currently issued and outstanding other than the restricted common stock to be issued at $0.07 per share upon conversion of the Promissory Notes with a principal amount of $675,888 at a future date to be to be mutually agreed with the Lenders, and the commitment to issue 375,000 shares, 500,000 shares and 500,000 shares to EMGTA LLC, YM Tengku Chanela Jamidah YAM Tengku Ibrahim and Steven Sorhus on or before December 31, 2023 respectively pursuant to respective contract of service.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 16 - INCOME TAX

For the years ended June 30, 2023, and 2022, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following:

	Years ended June 30,
	2023			2022

Tax jurisdiction from:
- Local (US regime)	$	(3,795,326	)	$	(3,130,173	)
- Foreign, including
British Virgin Island		594,580			(325,539	)
Malaysia		(786,851	)		(498,702	)
ALabuan, Malaysia		(11,363	)		-

Loss before income taxes	$	(3,998,960	)	$	(3,954,414	)

The provision for income taxes consisted of the following:

	Years ended June 30,
	2023		2022

Current tax:	$	-	$	-
- Local		-		-
- Foreign		-		-

Deferred tax
- Local		-		-
- Foreign		-		-

Income tax expense (benefit)	$	-	$	-

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in U.S.A. and Malaysia that is subject to taxes in the jurisdictions in which they operate, as follows:

United States of America

VRDR, VRI and VLI are subject to the tax laws of United States of America. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the periods presented.

The Company has provided for a full valuation allowance against the deferred tax assets of $1,079,890 on the expected future tax benefits from the net operating loss (“NOL”) carry forwards of $5,142,333 as the management believes it is more likely than not that these assets will not be realized in the future.

Net Operating Losses (NOLs) generated prior to January 1, 2018, are able to be carried forward up to twenty subsequent years. Any NOLs created for tax years subsequent to that may be carried forward indefinitely. However, any NOLs arising from tax years ending after December 31, 2020, can only be used to offset up to 80% of taxable income.

For the years ended June 30, 2023, and 2022, there were no operating income in US tax regime.

BVI

Under the current BVI law, VRAP is not subject to tax on income.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Labuan

Under the current laws of the Labuan applicable to BRL, income derived from an intellectual property right is subject to tax under the Malaysian Income Tax Act 1967 (ITA) at 24% of its chargeable income. However, BRL is not subject to income tax, given that it was a net loss position during the current period presented. The losses are presently not able to be carried forward to offset against its future operation income as income generating activities have not yet been undertaken.

Malaysia

The Company’s subsidiary is registered in Malaysia and is subject to the Malaysia corporate income tax at a standard income tax rate of 24% on chargeable income.

For the year ended June 30, 2023, the operation in Malaysia incurred $472,981 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss are allowed to be carried forward up to a maximum of ten (10) years of assessments under the current tax legislation in Malaysia. The Company has provided for a full valuation allowance against the deferred tax assets of $113,516 on the expected future tax benefits from the net operating loss (“NOL”) carry forwards as the management believes it is more likely than not that these assets will not be realized in the future.

	Years ended June 30,
	2023			2022

Loss before income taxes	$	(228,882	)	$	(498,702	)
Statutory income tax rate		24	%		24	%
Income tax expense at statutory rate		(54,932	)		(119,688	)
Non-deductible items		26,603			4,505
Tax losses unable to be carried forward		2,727			-
Net operating loss		25,602			115,183
Income tax expense	$	-		$	-

The following table sets forth the significant components of the deferred tax assets of the Company:

	As of June 30,
	2023			2022

Deferred tax assets:
Net operating loss carry forwards, from
US tax regime	$	1,079,890		$	169,688
Malaysia tax regime		113,516			1,259,662
Less: valuation allowance		(1,193,406	)		(1,429,350	)
Deferred tax assets, net	$	-		$	-

The Company has recorded valuation allowances for certain tax attribute carry forwards and other deferred tax assets due to uncertainty that exists regarding future realizability. If in the future the Company believes that it is more likely than not that these deferred tax benefits will be realized, the majority of the valuation allowances will be reversed in the consolidated statement of operations. The Company did not have any interest and penalty provided or recognized in the income statements for years ended June 30, 2023, and June 30, 2022. The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months.

NOTE 17 - PENSION COSTS

The Company is required to make contribution to their employees under a government-mandated defined contribution pension scheme for its eligible full-times employees in Malaysia. The Company is required to contribute a specified percentage of the participants’ relevant income based on their ages and wages level. During the years ended June 30, 2023, and 2022, $19,961 and $7,219 contributions were made accordingly.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 18 - RELATED PARTY TRANSACTIONS

	For the Years ended
	June 30,
	2023		2022
Related party transactions:
Sales to:
Borneo Eco Food Sdn Bhd (#2)	$	12,238	$	7,314
BOC (#4)	$	2,062	$	-
Rental income:
Mr. Jack Wong	$	49,121	$	-
Other income – Sales of wash sand to:
Jusra Mining Merapoh Sdn Bhd (#1)	$	-	$	10
Site expenses:
Warisan Khidmat Sdn Bhd (#3)	$	9,776	$	16,085
Professional services provided by:
Warisan Khidmat Sdn Bhd (#3)	$	18,652	$	9,091
Interest expense paid to:
Borneo Oil Corporation Sdn Bhd (#9)	$	4,068	$	-

Related party balances:
	June 30,
	2023		2022
Trade receivables
Borneo Eco Food Sdn Bhd (#2)	$	-	$	5,933

Deposits paid for acquisition of property, plant and equipment
Borneo Energy Sdn Bhd (#2)	$	-	$	5,000,000

Advanced from related parties
BOC (#4)	$	117,125	$	555,527
Borneo Energy Sdn Bhd (#2)	$	14,770	$	-
Taipan International Limited (#6)	$	119,153	$	-
Victoria Capital Sdn Bhd (#7)	$	107,970	$	-

Trade payables
Warisan Khidmat Sdn Bhd (#3)	$	-	$	7,253
BOC (#4)	$	467	$	-
Advanced to related party
Vetrolysis Limited (#8)	$	100	$	-

(#1) Lamax Gold Limited (“LGL”) held 15% equity interests of Champmark Sdn Bhd which was disposed on October 20, 2021 to Verde Resources Asia Pacific Limited and is also the major shareholder of Jusra Mining Merapoh Sdn Bhd.

(#2) Borneo Oil Berhad (“BOB”) is ultimate holding company of Borneo Eco Food Sdn. Bhd. and Borneo Energy Sdn Bhd, and held 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively.

(#3) Warisan Khidmat Sdn. Bhd. is a company whose shareholdings is entirely held by a Director of VRSB.

(#4) Borneo Oil Corporation Sdn Bhd (formerly known as Borneo Oil and Gas Corporation Sdn Bhd) (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) (holding 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively). The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#5) Mr. Jack Wong is the President and Chief Executive of the Company effective October 1, 2022. Effective March 30, 2023, Carl Craven voluntarily resigned from his position as Director of the Company. By resolution of the Board of Directors, Jack Wong was appointed Director of the Company for a one (1) year term, effective March 30, 2023. Jack Wong will hold the Board position formerly held by Carl Craven. On September 12, 2023, Jack Wong stepped down from his position as President of the Company, but remains as Chief Executive Office of the Company.

(#6) Taipan International Limited is one of the shareholders of the Company, and held 33.4% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#7) Victoria Capital Sdn. Bhd. is one of the shareholders of the Company, and held 0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#8) Encik Anuar bin Ismail, an indirect significant shareholder, is a director of Vetrolysis Limited.

(#9) Borneo Oil Corporation Sdn Bhd (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) which holds 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented.

NOTE 19 - CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a)	Major customers

For the years ended June 30, 2023, and 2022, there was no single customer whose revenue exceeded 10% of the revenue.

(b)	Economic and political risk

The Company’s major operations are conducted in U.S.A. and Malaysia. Accordingly, the political, economic, and legal environments in U.S.A. and Malaysia, as well as the general state of U.S.A. and Malaysia’s economy may influence the Company’s business, financial condition, and results of operations.

(c)	Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

NOTE 20 - COMMITMENTS AND CONTINGENCIES

As of June 30, 2023, the Company had the following commitments:

a) commitment to issue restricted Common Shares to the following service provider on or before December 31, 2023, for services to be performed pursuant to the Service Agreements signed as disclosed in Note 14 on or before December 31, 2023:

	Number of shares to be issued

EMGTA LLC	$	375,000
YM Tengku Chanela Jamidah YAM Tengku Ibrahim		500,000
Steven Sorhus		500,000
	$	1,375,000

b) commitment to repay Promissory Notes with the face value (principal) amount of $675,888, bearing 2% coupon interest by May 12, 2025, in cash or by issuance of the Company’s restricted Common Shares priced at $0.07 per share as disclosed in Note 12.

c) commitment to pay MYR 150,000 within thirty (30) days from the date of fulfillment or waiver of all the conditions set out in the Shares Sale Agreement (the “SSA Agreement”) for acquisition of 60% of the issued and paid-up share capital of Vata VM Synergy (M) Sdn. Bhd. (“VATA”), and the issuance of shares of the Company’s restricted Common Stock for the balance consideration of MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediately preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement as disclosed in Note 8. Subsequent to year end, the Company has initiated the termination of the SSA agreement on the grounds of non-disclosure of material information by VATA.

As of June 30, 2023, the Company has no material contingencies.

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VERDE RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED JUNE 30, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 21 - 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 consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2022, up through the date the Company issued the audited consolidated financial statements.

On August 7, 2023, the Company entered into a Memorandum of Understanding (the “MOU”) with Andre van Zyl (“AvZ”) & Green Carbon Industries Group of Companies (“GCI”), headquartered in Western Australia, to actively pursue and put in place a mutually agreeable and fully funded project venture in North America, through the Company to securely ring-fence, support, preserve and implement the existing and related Intellectual Property of both parties and their respective subsidiaries/representatives, as well as to fund and support ongoing and future Research and Developments. The intended project venture will also be responsible to establish a phased implementation plan for modified, scaled Biochar and Construction Char operations, that will be paired with new Cold Bio Emulsion and Cold Bio Mix technology plant production operations to be established for the production of low CO2 footprint construction material in the territory of North America. Upon successful implementation of the project venture, there will be further option to expand operations throughout the continents of South America’s, APAC, Europe, and Africa. This technology makes possible high duty road base and road wearing course installations with superior performance, utilizing more cost-effective local soils and gravels with extended life of road performance, and substantially lower maintenance activities and cost.

On September 12, 2023, Jack Wong stepped down from his position as President of the Company, but remains as Chief Executive Office of the Company.

On September 12, 2023, the Board of Directors of the Company appointed Jack Wong, CEO and Director of the Company, as Chairman of the Board of Directors.

On October 1, 2023, the Company appointed Eric Bava and Andre van Zyl as Chief Operating Officer and Chief Technology Officer respectively to drive the Company’s climate-tech innovation.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our senior management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Annual Report on Form 10-K (the “Evaluation Date”). During the financial year, the Company has been undertaking tremendous changes and expansion which rendered the management to re-consider the available of more management talents and professional staff to meet the enlargement in operation under the coming acquisition and expansion move. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of the Evaluation Date that our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

As of June 30, 2023, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. During the 2022, the Company has been undertaking tremendous enlargement and expansion which rendered the management to re-consider the available of more management talents and professional staff to meet the enlargement in operation during and after the coming acquisition and expansion move. Based on this consideration and that evaluation, the current management concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management is dominated by three individuals without adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officers in connection with the review of our financial statements as of June 30, 2023.

Management believes that the material weaknesses set forth above may have an immediate negative effect on our financial results because of our enlargement of operation. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements if the Company were growing substantially after the expansion move was materialized.

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Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. With the participation of our Chief Executive and Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2023, based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework. Based upon such evaluation, our management concluded that we did not maintain effective internal control over financial reporting as of June 30, 2023, based on the COSO framework criteria because of the enlargement in operation. The management acknowledged that there is room for further improvement in maintaining effective internal control and shall take steps to implement management’s remediation initiatives during and after that expansion, This includes recruiting more management talents and professional staff, committing the entire organization to allocate necessary organizational resources, and cross-functional collaboration focused on strengthening the Company’s quality systems and operating culture.

This Annual Report on Form 10-K does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to an exemption for non-accelerated filers from the internal control audit requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

In order to cure the foregoing material weakness, we have taken or are taking the following remediation measures:

We have been working on recruitment of more management talents and professional staff to fill in the gap of shortage of personnel under enlargement of operation during and after this expansion move. With the enlargement of operation, the management needs to re-consider and re-evaluate the entire internal control reporting system and related risk and changes.

We have regularly offered our financial personnel trainings on internal control and risk management. Also, we have regularly provided trainings to our financial personnel on U.S. GAAP accounting guidelines. We plan to continue to provide trainings to our financial team and our other relevant personnel on the U.S. GAAP accounting guidelines applicable to our financial reporting requirements.

We intend to complete the remediation of the material weaknesses discussed above as soon as practicable, but we can give no assurance that we will be able to do so. Designing and implementing an effective disclosure controls and procedures is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to devote significant resources to maintain a financial reporting system that adequately satisfies our reporting obligations. The remedial measures that we have taken and intend to take may not fully address the material weakness that we have identified, and material weaknesses in our disclosure controls and procedures may be identified in the future. Should we discover such conditions, we intend to remediate them as soon as practicable. We are committed to taking appropriate steps for remediation, as needed.

Officers’ Certifications

Appearing as exhibits to this Annual Report are “Certifications” of our Chief Executive Officer and Chief Financial Officer. The Certifications are required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (the “Section 302 Certifications”). This section of the Annual Report contains information concerning the Controls Evaluation referred to in the Section 302 Certification. This information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

Changes in Internal Control Over Financial Reporting

The Company initiated its remediation of material weaknesses identified above, which steps were being implemented during the period covered by this Annual Report.

Item 9B. Other Information.

Not applicable.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

All Directors of the Company hold office until the next annual meeting of the security holders or until their successors have been elected and qualified. The officers of the Company are appointed by the Board of Directors and hold office until their death, resignation or removal from office. The Directors and executive officers, their ages, positions held, and duration as such, are as follows:

Name	Position Held with the Company	Age		Date First Elected or Appointed

Jack Wong	Chief Executive Officer and Director		40	October 1, 2022
Balakrishnan B S Muthu	Treasurer, Chief Financial Officer, General Manager and Director		61	October 17, 2013
Chen Ching	Director		63	February 20, 2016
Liang Wai Keen	Secretary		52	October 17, 2013

Mr. Jack Wong, age 40, has been appointed Chief Executive Officer effective October 1, 2022. He has been serving as the CEO of The Wision Project Sdn Bhd, a subsidiary which was acquired by the Company in March 2022; his division has been instrumental in the Company’s transition to the carbon and CBD realm. Mr. Wong also previously worked with Fun Characters International Pte Ltd, which was then the master licensee for Disney Consumer Products, Inc. in the ASEAN countries of Singapore, Malaysia, Indonesia, and Thailand. The company Mr. Wong represented then was granted third party rights to reproduce and use certain Disney characters, Disney materials, and Disney trademarks in connection with manufacturing, distribution, and sale of Disney consumer products in the region. He then went on to build and run a seaside dive resort - Scuba Tiger, which is located 45 minutes away from one of the world’s best dive spots - Sipadan island, in Sabah, Borneo, where he hosted scuba divers from all over the world, until the pandemic hit. Mr. Wong graduated with a bachelor’s degree in Business Administration from Wichita State University in 2007.

Mr. Balakrishnan B S Muthu, age 61, has served our Chief Financial Officer, Treasurer, General Manager and Director since October 17, 2013. He also served as our President from February 20, 2016 to September 30, 2022. He has served as the General Manager of Champmark Sdn. Bhd., our subsidiary, since December 2007. Mr. Balakrishnan has more than 20 years of experience in financial auditing and business strategic planning. He has been involved in preliminary alluvial mine planning and initial development of Merapoh Project since 2008. Prior to joining us, Mr. Balakrishnan worked for Petroliam Nasional Berhad (Petronas) from February 1981 to February 1992 in various departments including the roles in compilation of seismic data (1981-1984), kiosk coordination (1984-1987) and upstream financial auditing (1987-1992). He has also worked as a consultant providing financial and technical services for several oil and gas projects. Mr. Balakrishnan brings his deep audit and financial and mining experiences to our board. Mr. Balakrishnan graduated with a Diploma in Business Administration from Association of Business Executives (ABE) UK in December 1989. He is also a Chartered Financial Planner (CFP).

Mr. Chen Ching, age 63, has served as our Director since February 20, 2016. He has served as the Managing Director of C&K Holdings Pte. Ltd., his investment holding company, since 1990. C&K Holdings. Pte Ltd was founded in Singapore in 1990 with diverse interests in Singapore, Malaysia, Taiwan, China, UK, Thailand and Vietnam. Its portfolio spans property development and management, furniture manufacturing, fuel product technology, public transportation, software development, commodity electronic trading platform, and gold mining. Mr. Chen has also served as a director of Dynamic Offshore Pte Ltd since April 18, 2011, Premier International Holdings Pte Ltd since June 23, 2011, and Dynamics Holding (Thailand) Co., Ltd. since August 23, 2013. Mr. Chen brings to our board his experience as a serial entrepreneur with many successes through his investment holding company C&K Holdings Pte Ltd. Mr. Chen graduated with a BA in Business Administration from Santa Clara University in 1982.

Mr. Liang Wai Keen, age 52, has served as our Secretary since October 17, 2013. Mr. Liang started his career as a Project Officer with the Singapore Armed Forces before embarking into the private sector. At the Singapore Armed Forces, he was accountable for the timely delivery of project milestones for a S$100M defense system. He possesses project management and administrative experiences from his exposure to various industries, including corporate finance, mining and engineering fields. He joined Federal Capital Investment Ltd as a project manager in October 2006 till present, he was involved in management, project planning and program implementation. He was also responsible for interfacing and communicating directly with senior management and various professional parties. He graduated with an honors degree in Electrical Engineering from Nanyang Technological University, Singapore in June 1996.

Employment Agreements

Other than as set out below, we have no formal employment agreements with any of our employees, Directors or officers.

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Family Relationships

There are no family relationships between any of our directors, executive officers and proposed directors or executive officers.

Involvement in Certain Legal Proceedings

No executive officer or director is a party in a legal proceeding adverse to us or any of our subsidiaries or has a material interest adverse to us or any of our subsidiaries.

No executive officer or director has been involved in the last ten years in any of the following:

	·	Any bankruptcy petition filed by or against any business or property of such person, or of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

	·	Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

	·	Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;

	·	Being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

	·	Being the subject of or a party to any judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated relating to an alleged violation of any federal or state securities or commodities law or regulation, or any law or regulation respecting financial institutions or insurance companies, including but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail, fraud, wire fraud or fraud in connection with any business entity; or

	·	Being the subject of or a party to any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act, any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

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Delinquent Section 16(a) Reports

Section 16(a) of the Securities Exchange Act requires our executive officers and Directors, and persons who own more than 10% of our Common Stock, to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended June 30, 2022, and up to the date of this Current Report, our officers, Directors and greater than 10% percent beneficial owners have not filed any reports required by Section 16(a) of the Securities Exchange Act.

Code of Ethics

We have adopted a corporate code of ethics. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the code. The Company will provide to any person, without charge and upon request, a copy of the code of ethics. Any such request must be made in writing to the Company at 2 Cityplace Drive, Suite 200, St. Louis, Missouri 63141.

Board Committees

Our Board of Directors currently consists of three members, Jack Wong, Balakrishnan B S Muthu and Chen Ching. The Board held no formal meetings during the year ended June 30, 2023.

We have not yet established Compensation, Audit, and Nominations and Corporate Governance committees nor do we have an Audit Committee financial expert as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act. Currently, the functions of these committees are performed by our entire Board of Directors. We hope to establish these committees and appoint an Audit Committee financial expert as our business develops.

Nomination Process

As of June 30, 2023, we did not effect any material changes to the procedures by which our shareholders may recommend nominees to our Board of Directors. Our Board of Directors does not have a policy with regards to the consideration of any Director candidates recommended by our shareholders. Our Board of Directors has determined that it is in the best position to evaluate our company’s requirements as well as the qualifications of each candidate when the Board considers a nominee for a position on our Board of Directors. If shareholders wish to recommend candidates directly to our Board, they may do so by sending communications to the president of our company at the address on the cover of this annual report.

Audit Committee

Currently, the Company is developing a comprehensive Board of Directors and does not have an Audit Committee. The Company intends to appoint audit, compensation and other applicable committee members as it appoints individuals with pertinent expertise.

Audit Committee Financial Expert

Our Board of Directors does not have a member that qualifies as an “audit committee financial expert” as defined in Item 407(d)(5)(ii) of Regulation S-K.

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Item 11. Executive Compensation.

Compensation Philosophy and Objectives

Our executive compensation philosophy is to create a long-term direct relationship between pay and our performance. Our executive compensation program is designed to provide a balanced total compensation package over the executive’s career with us. The compensation program objectives are to attract, motivate and retain the qualified executives that help ensure our future success, to provide incentives for increasing our profits by awarding executives when corporate goals are achieved and to align the interests of executives and long-term stockholders. The compensation package of our named executive officers consists of two main elements:

base salary for our executives that is competitive relative to the market, and that reflects individual performance, retention and other relevant considerations; and

discretionary bonus awards payable in cash or equity and tied to the satisfaction of corporate objectives.

Process for Setting Executive Compensation

Until such time as we establish a Compensation Committee, our Board is responsible for developing and overseeing the implementation of our philosophy with respect to the compensation of executives and for monitoring the implementation and results of the compensation philosophy to ensure compensation remains competitive, creates proper incentives to enhance stockholder value and rewards superior performance. We expect to annually review and approve for each named executive officer, and particularly with regard to the Chief Executive Officer, all components of the executive’s compensation. We process and factors (including individual and corporate performance measures and actual performance versus such measures) used by the Chief Executive Officer to recommend such awards. Additionally, we expect to review and approve the base salary, equity-incentive awards (if any) and any other special or supplemental benefits of the named executive officers.

The Chief Executive Officer periodically provides the Board with an evaluation of each named executive officer’s performance, based on the individual performance goals and objectives developed by the Chief Executive Officer at the beginning of the year, as well as other factors. The Board provides an evaluation for the Chief Executive Officer. These evaluations serve as the bases for bonus recommendations and changes in the compensation arrangements of our named executives.

Our Compensation Peer Group

We currently engage in informal market analysis in evaluating our executive compensation arrangements. As the Company and its businesses mature, we may retain compensation consultants that will assist us in developing a formal benchmark and selecting a compensation peer group of companies similar to us in size or business for the purpose of comparing executive compensation levels.

Program Components

Our executive compensation program consists of the following elements:

Base Salary

Our base salary structure is designed to encourage internal growth, attract and retain new talent, and reward strong leadership that will sustain our growth and profitability. The base salary for each named executive officer reflects our past and current operating profits, the named executive officer’s individual contribution to our success throughout his career, internal pay equity and informal market data regarding comparable positions within similarly situated companies. In determining and setting base salary, the Board considers all of these factors, though it does not assign specific weights to any factor. The Board generally reviews the base salary for each named executive officer on an annual basis. For each of our named executive officers, we review base salary data internally obtained by the Company for comparable executive positions in similarly situated companies to ensure that the base salary rate for each executive is competitive relative to the market.

Discretionary Bonus

The objectives of our bonus awards are to encourage and reward our employees, including the named executive officers, who contribute to and participate in our success by their ability, industry, leadership, loyalty or exceptional service and to recruit additional executives who will contribute to that success.

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Summary Compensation Table

The following summary compensation table sets forth the aggregate compensation we paid or accrued during the fiscal years ended June 30, 2023 and 2022 to (i) our Chief Executive Officer (principal executive officer), (ii) our Chief Financial Officer (principal financial officer), (iii) our three most highly compensated executive officers other than the principal executive officer and the principal financial officer who were serving as executive officers on June 30, 2022, whose total compensation was in excess of $100,000, and (iv) up to two additional individuals who would have been within the two-other-most-highly compensated but were not serving as executive officers on June 30, 2022.

SUMMARY COMPENSATION TABLE
Name and Principal Position	Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)		Total ($)

Jack Wong (1)
President, Chief Executive Officer, and Director	2023		264,088		0		0		0		0		0		13,800		277,888

Balakrishnan B S Muthu (2)
Treasurer, Chief Financial Officer, General Manager, and Director	2023		41,838		0		0		0		0		0		0		41,838
President, Treasurer, Chief Financial Officer, General Manager, and Director	2022		60,547		0		0		0		0		0		0		60,547

Chen Ching (3)
Director	2023		0		0		0		0		0		0		0		0
Director	2022		24,000		0		0		0		0		0		0		24,000

Carl M. Craven (4)
Director	2023		26,010		0		0		0		0		0		0		26,010
Director	2022		26,440		0		0		0		0		0		0		26,440

______________

(1)	Mr. Jack Wong was appointed President and Chief Executive Officer on October 1, 2022, and resigned as President on September 12, 2023. He was also appointed as Director on March 30, 2023, and Chairman of the Board of Directors on September 12, 2023. Mr. Wong was paid a total salary of $264,088 for the years ended June 30, 2023.
(2)	Mr. Balakrishnan B.S. Muthu was appointed Treasurer, Chief Financial Officer, General Manager and a Director of the Company on October 17, 2013. He was also appointed President of the Company on February 20, 2016, and resigned as President on October 1, 2022. Mr. Balakrishnan was paid a total salary of $41,838 and $63,055 for the years ended June 30, 2023, and 2022 respectively.
(3)	Mr. Chen was paid a total salary of $0 and $24,000 for the years ended June 30, 2023, and 2022 respectively.
(4)	Mr. Craven was paid a total salary of $26,010 and $26,440 for the years ended June 30, 2023, and 2022 and resigned as Director on March 30, 2023.

Narrative disclosure to Summary Compensation Table.

Our executive officers are not parties to written compensation agreements but have agreed orally to receive the compensation indicated in the above summary compensation table. The Company hopes to enter into written compensation agreements with each officer and Director in the future.

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Equity Awards

Except as discussed above, there are no options, warrants or convertible securities outstanding. At no time during the last fiscal year with respect to any of any of our executive officers was there:

any outstanding option or other equity-based award repriced or otherwise materially modified (such as by extension of exercise periods, the change of vesting or forfeiture conditions, the change or elimination of applicable performance criteria, or the change of the bases upon which returns are determined);

any waiver or modification of any specified performance target, goal or condition to payout with respect to any amount included in non-stock incentive plan compensation or payouts;

any option or equity grant;

any non-equity incentive plan award made to a named executive officer;

any nonqualified deferred compensation plans including nonqualified defined contribution plans; or

any payment for any item to be included under All Other Compensation in the Summary Compensation Table.

Compensation of Directors

We do not have any agreements for compensating our directors for their services in their capacity as directors.

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the Board of Directors or a committee thereof.

Compensation Risk Management

Our Board of directors and human resources staff conducted an assessment of potential risks that may arise from our compensation programs. Based on this assessment, we concluded that our policies and practices do not encourage excessive and unnecessary risk taking that would be reasonably likely to have material adverse effect on the Company. The assessment included our cash incentive programs, which awards non-executives with cash bonuses for punctuality. Our compensation programs are substantially identical among business units, corporate functions and global locations (with modifications to comply with local regulations as appropriate). The risk-mitigating factors considered in this assessment included:

the alignment of pay philosophy, peer group companies and compensation amounts relative to local competitive practices to support our business objectives; and

effective balance of cash, short- and long-term performance periods, caps on performance-based award schedules and financial metrics with individual factors and Board and management discretion.

Compensation Committee Interlocks and Insider Participation

We do not currently have a compensation committee and, for the year ended June 30, 2023, the compensation, if any, of our executive officers was recommended by our Chief Executive Officer and Chairman and such recommendations were approved by our Board of Directors. None of our executive officers currently serves as a member of the compensation committee or as a Director with compensation duties of any entity that has executive officer serving on our Board of Directors. None of our executive officers has served in such capacity in the past 12 months.

Compensation Committee Report

Our Board of Directors has reviewed and discussed the Compensation Discussion and Analysis in this report with management. Based on its review and discussion with management, the Board of Directors recommended that the Compensation Discussion and Analysis be included in this Current Report. The material in this report is not deemed filed with the SEC and is not incorporated by reference in any of our filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made on, before, or after the date of this Annual Report and irrespective of any general incorporation language in such filing.

Submitted by members of the Board of Directors:

Jack Wong

Balakrishnan B. S. Muthu

Chen Ching

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth, as of October 2, 2023, certain information with respect to the beneficial ownership of our Common shares by each shareholder known by us to be the beneficial owner of more than 5% of our Common shares, as well as by each of our current directors and executive officers as a group. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Beneficial ownership consists of a direct interest in the shares of common stock, except as otherwise indicated.

Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percentage of Class (1)

Jack Wong (2)	5,237,139 common shares Direct ownership		0.45	%

	130,928,478 common shares Indirect ownership through Borneo Resources Limited		11.13	%

Balakrishnan B.S. Muthu (2) Block B-5, 20/F., Great Smart Tower, 230 Wanchai Road,	7,095,233 common shares Direct ownership		0.60	%
Wanchai, Hong Kong
	500,000 common shares Indirect ownership through Banavees Resources		0.04	%

Chen Ching Block B-5, 20/F., Great Smart Tower, 230 Wanchai Road,	7,595,267 common shares Direct ownership		0.65	%
Wanchai, Hong Kong
	4,746,341 common shares Indirect ownership through Goldlynn Invest Limited		0.40	%

Directors and Executive Officers as a Group (4)	156,102,458 common shares		13.27	%

Taipan International Limited LEVEL 1, LOT 7, BLOCK F , SAGUKING COMMERCIAL BUILDING , JALAN PATAU-PATAU LABUAN F.T. 87000 MALAYSIA	392,785,434 common shares Direct ownership		33.39	%

Borneo Oil Berhad 1ST & 2ND FLOOR , VICTORIA POINT JALAN OKK AWANG BESAR W.P. LABUAN 87007, MALAYSIA	157,939,394 common shares Direct ownership		13.43	%

Internet.com Ltd SUITE 4703, CENTRAL PLAZA, 18 HARBOUR ROAD, WANCHAI, HONG KONG	70,343,443 common shares Direct ownership		5.98	%

Borneo Resources Limited LEVEL 1, LOT 7 , BLOCK F , SAGUKING COMMERCIAL BUILDING , JALAN PATAU-PATAU LABUAN F.T. 87000, MALAYSIA	130,928,478 common shares Direct ownership		11.13	%

_____________

(1)	Applicable percentage ownership is based on 1,176,200,278 shares of Common Stock outstanding as of October 2, 2023. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities.

(2)	Jack Wong, our Chief Executive Officer and a Director, Balakrishnan B S Muthu, our Chief Financial Officer and a Director, and Chen Ching, our director have not filed their respective Forms 3. These Shareholders expect to file the forms in the near future.

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Item 13. Certain Relationships and Related Transactions, and Director Independence.

Messrs. Wong and Balakrishnan, two of our three Directors, are not independent Directors as they also serve as our executive officers. Mr. Chen, one of our three Directors, is an independent Director as he does not hold any position as an executive officer.

Except as set forth below, there are no transactions during our two most recent fiscal years ended June 30, 2023, and 2022, or any currently proposed transaction, in which our Company was or to be participant and the amount exceeds the lesser of $120,000 or one percent of the average of our Company’s total assets at year end for our last two completed years, and in which any of our Directors, officers or principal stockholders, or any other related person as defined in Item 404 of Regulation S-K, had or have any direct or indirect material interest.

	For the Years ended
	June 30,
	2023		2022
Related party transactions:
Sales to:
Borneo Eco Food Sdn Bhd (#2)	$	12,238	$	7,314
BOC (#4)	$	2,062	$	-
Rental income:
Mr. Jack Wong	$	49,121	$	-
Other income – Sales of wash sand to:
Jusra Mining Merapoh Sdn Bhd (#1)	$	-	$	10
Site expenses:
Warisan Khidmat Sdn Bhd (#3)	$	9,776	$	16,085
Professional services provided by:
Warisan Khidmat Sdn Bhd (#3)	$	18,652	$	9,091

Interest expense paid to:
Borneo Oil Corporation Sdn Bhd (#9)	$	4,068	$	-

Related party balances:
	June 30,
	2023		2022
Trade receivables
Borneo Eco Food Sdn Bhd (#2)	$	-	$	5,933

Deposits paid for acquisition of property, plant and equipment
Borneo Energy Sdn Bhd (#2)	$	-	$	5,000,000

Advanced from related parties
BOC (#4)	$	117,125	$	555,527
Borneo Energy Sdn Bhd (#2)	$	14,770	$	-
Taipan International Limited (#6)	$	119,153	$	-
Victoria Capital Sdn Bhd (#7)	$	107,970	$	-

Trade payables
Warisan Khidmat Sdn Bhd (#3)	$	-	$	7,253
BOC (#4)	$	467	$	-

Advanced to related party
Vetrolysis Limited (#8)	$	100	$	-

(#1) Lamax Gold Limited (“LGL”) held 15% equity interests of Champmark Sdn Bhd which was disposed on October 20, 2021, to Verde Resources Asia Pacific Limited and is also the major shareholder of Jusra Mining Merapoh Sdn Bhd.

(#3) Warisan Khidmat Sdn. Bhd. is a company whose shareholdings is entirely held by a Director of VRSB.

(#4) Borneo Oil Corporation Sdn Bhd (formerly known as Borneo Oil and Gas Corporation Sdn Bhd) (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) (holding 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2022, and June 30, 2023, respectively). The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#6) Taipan International Limited is one of the shareholders of the Company, and held 33.4% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#7) Victoria Capital Sdn. Bhd. is one of the shareholders of the Company, and held 0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#8) Encik Anuar bin Ismail, an indirect significant shareholder, is a director of Vetrolysis Limited.

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Item 14. Principal Accounting Fees and Services.

The aggregate fees billed for the most recently completed fiscal year ended June 30, 2023, and 2022 for professional services rendered by the principal accountant for the audit of our annual financial statements on Form 10-K, and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

	Year Ended June 30, 2023		Year Ended June 30, 2022
Audit Fees (1)	$	114,999	$	55,000
Audit Related Fees (2)	$	-	$	-
Tax Fees (3)	$	-	$	-
All Other Fees (4)	$	-	$	-
Total	$	114,999	$	55,000

_____________

(1)

Audit fees consist of fees incurred for professional services rendered for the audit of our financial statements, for reviews of our interim financial statements included in our quarterly reports on Form 10-Q and for services that are normally provided in connection with statutory or regulatory filings or engagements.

(2)	Audit-related fees consist of fees billed for professional services that are reasonably related to the performance of the audit or review of our financial statements, but are not reported under “Audit fees.”

(3)	Tax fees consist of fees billed for professional services relating to tax compliance only.

(4)	All other fees consist of fees billed for all other services.

Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence.

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PART IV

Item 15. Exhibits, Financial Statement Schedules

Exhibits

In reviewing the agreements included as exhibits to this Form 10-K, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:

•

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

•

may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

•

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-K and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

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The following exhibits are included as part of this report:

Exhibit No.	SEC Report Reference No.	Description

3.1	3.1	Articles of Incorporation of Registrant (1)

3.2	3.2	By-Laws of Registrant (2)

14.1	14.1	Code of Ethics (3)

31.1	*	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.2	*	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

32.1	*	Rule 1350 Certification of Chief Executive Officer

32.2	*	Rule 1350 Certification of Chief Financial Officer

101.INS (4)	*	XBRL Instance

101.SCH (4)	*	XBRL Taxonomy Extension Schema

101.CAL (4)	*	XBRL Taxonomy Extension Calculations

101.DEF (4)	*	XBRL Taxonomy Extension Definitions

101.LAB (4)	*	XBRL Taxonomy Extension Labels

101.PRE (4)	*	XBRL Taxonomy Extension Presentation

_____________

(1)	Filed with the Securities and Exchange Commission on December 2, 2010 as an exhibit, numbered as indicated above, to the Registrant’s registration statement on Form S-1 (file no. 333-17093 5), which exhibit is incorporated herein by reference.

(2)	Filed with the Securities and Exchange Commission on July 19, 2011 as an exhibit, numbered as indicated above, to the Registrant’s Form 8-K (file no. 333-170935), which exhibit is incorporated herein by reference.

(3)	Filed with the Securities and Exchange Commission on September 28, 2011 as an exhibit, numbered as indicated above, to the Registrant’s Form 10-K (file no. 333-170935), which exhibit is incorporated herein by reference.

(4)	XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

*	Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	VERDE RESOURCES, INC.
	(Registrant)

Dated: October 16, 2023	By:	/s/ Jack Wong
		Jack Wong
		Chief Executive Officer and Director
		(Principal Executive Officer)

Dated: October 16, 2023	By:	/s/ Balakrishnan B S Muthu
		Balakrishnan B S Muthu
		Chief Financial Officer and Director
		(Principal Executive Officer)
Dated: October 16, 2023	By:	/s/ Chen Ching
		Chen Ching
		Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Dated: October 16, 2023	By:	/s/ Jack Wong
		Jack Wong
		Chief Executive Officer and Director
		(Principal Executive Officer)

Dated: October 16, 2023	By:	/s/ Balakrishnan B S Muthu
		Balakrishnan B S Muthu
		Chief Financial Officer, Treasurer, General Manager and Director
		(Principal Financial Officer)

nullnullnullnull

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jun. 30, 2023	Oct. 02, 2023	Dec. 30, 2022
Cover [Abstract]
Entity Registrant Name	VERDE RESOURCES, INC.
Entity Central Index Key	0001506929
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	Yes
Current Fiscal Year End Date	--06-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		1,176,200,278
Entity Public Float			$ 86,102,445
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-55276
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	32-0457838
Entity Address Address Line 1	2 Cityplace Drive
Entity Address Address Line 2	Suite 200
Entity Address City Or Town	St. Louis
Entity Address State Or Province	MO
Entity Address Postal Zip Code	63141
City Area Code	323
Auditor Name	J&S Associate PLT
Auditor Location	Kuala Lumpur, Malaysia
Local Phone Number	538-5799
Security 12g Title	Common Stock, $0.001 par value
Entity Interactive Data Current	Yes
Auditor Firm Id	6743

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Current asset:
Cash and cash equivalents	$ 200,409	$ 418,917
Accounts receivable	12,071	21,028
Inventories	96,036	87,035
Amounts due from related party	100	0
Deposits and prepayments	569,675	119,238
Other receivables	9,641	0
Total current assets	887,932	646,218
Non-current assets:
Property, plant and equipment, net	4,009,090	1,048,893
Right of use assets, net	633,109	685,714
Mining rights	0	27,088
Intangible assets	33,191,991	0
Security deposit	80,000	240,000
Deposit paid for acquisition of subsidiaries	21,423	25,935,550
Deposit paid for acquisition of property, plant and equipment	0	5,080,000
Total non-current assets	37,935,613	33,017,245
TOTAL ASSETS	38,823,545	33,663,463
Current liabilities:
Accounts payable	73,171	18,211
Accrued liabilities and other payables	651,480	283,656
Finance lease liabilities	172,184	75,224
Operating lease liabilities	20,768	0
Bank loan	191,000	0
Promissory notes	0	18,484,028
Amount due to director	9,660	0
Amounts due to related parties	359,018	555,527
Total current liabilities	1,477,281	19,416,646
Non-current liabilities:
Finance lease liabilities	608,455	97,900
Operating lease liabilities	29,483	0
Promissory notes	487,790	0
Total non-current liabilities	1,125,728	97,900
TOTAL LIABILITIES	2,603,009	19,514,546
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 1,176,200,278 and 819,188,055 issued and outstanding as of June 30, 2023 and 2022	1,176,200	819,188
Additional paid-in capital	45,415,958	22,945,190
Accumulated other comprehensive income	(79,192)	742,459
Accumulated deficit	(10,292,430)	(10,357,920)
Stockholders equity before Non-controlling interest	36,220,536	14,148,917
Non-controlling interest	0	0
Stockholders' equity	36,220,536	14,148,917
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 38,823,545	$ 33,663,463

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	10,000,000,000	10,000,000,000
Common stock, shares issued	1,176,200,278	819,188,055
Common stock, shares outstanding	1,176,200,278	819,188,055

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Revenue, net	$ 158,098	$ 38,169
Cost of revenue	(238,153)	(145,356)
Gross loss	(80,055)	(107,187)
Operating expenses:
Selling, general and administrative expenses	(3,216,022)	(1,905,301)
Goodwill impairment	0	(4,879)
Total operating expenses	(3,216,022)	(1,910,180)
LOSS FROM OPERATION	(3,296,077)	(2,017,367)
Other (expense) income:
Interest expense	(1,918,572)	(1,949,151)
Other income	1,215,689	12,104
Total other expense, net	(702,883)	(1,937,047)
LOSS BEFORE INCOME TAXES	(3,998,960)	(3,954,414)
Income tax expense	0	0
NET LOSS	(3,998,960)	(3,954,414)
Net loss attributable to noncontrolling interest	0	(6,979)
Net loss attributable to Verde Resources Inc., shareholders	(3,998,960)	(3,947,435)
Total	(3,998,960)	(3,954,414)
Other comprehensive (loss):
- Foreign currency adjustment income (loss)	(821,651)	83,504
Less: other comprehensive loss attributable to non-controlling interest	0	(12,750)
Less: other comprehensive loss attributable to non-controlling interest	0	12,750
Add: other comprehensive (loss) income attributable to Verde Resources Inc., shareholders	(821,651)	96,254
COMPREHENSIVE LOSS	$ (4,820,611)	$ (3,870,910)
Net loss per share
- Basic	$ (0.00)	$ (0.00)
- Diluted	$ (0.00)	$ (0.00)
Weighted average common shares outstanding
- Basic	1,019,752,220	812,847,811
- Diluted	1,019,752,220	812,847,811

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (3,998,960)	$ (3,954,414)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation of property, plant and equipment	254,852	24,792
Amortization	124,688	65,065
Goodwill	0	4,879
Stock-based compensation	519,671	355,569
Finance cost interest element of promissory notes (non-cash)	1,877,739	1,948,086
Fair value adjustment on convertible promissory notes	(194,865)	0
Gain on disposal of a subsidiary	(980,714)	0
Gain on disposal of property and equipment	(600)	0
Lease interest expense	36,765	1,065
Change in operating assets and liabilities:
Accounts receivable	7,785	(21,029)
Other deposits and prepayments	(103,624)	(113,458)
Extractive activities mining	0	(1,229)
Other receivables	(846)	24,809
Inventories	(13,850)	(87,035)
Accounts payables	75,768	15,710
Accrued liabilities and other payables	403,259	120,281
Advanced from director	(12,877)	0
Advanced from related parties	348,913	20,948
Net cash used in operating activities	(1,656,896)	(1,595,961)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment	23,000	0
Deposit paid for acquisition of subsidiary	(21,423)	0
Net inflow from disposal of subsidiary	106,647	0
Net inflow on acquisition of subsidiary	1,140	0
Deposit paid for acquisition and property, plant and equipment	0	(240,000)
Acquisition of equity interest from non-controlling interests	0	(35,670)
Purchase of property, plant and equipment	(497,302)	(1,073,153)
Net cash used in investing activities	(387,938)	(1,348,823)
Cash flows from financing activities:
Repayment to lease liabilities	(102,234)	(9,341)
Drawdown of bank loan	301,000	0
Repayment of bank loan	(110,000)	0
Lease interest paid	(36,765)	(1,065)
Proceeds from issuance of common stock	1,576,280	1,000,000
Net cash provided by financing activities	1,628,281	989,594
Net change in cash and cash equivalent	(416,553)	(1,955,190)
Foreign currency translation adjustment	198,045	256,485
Net change in cash and cash equivalents	(218,508)	(1,698,705)
BEGINNING OF YEAR	418,917	2,117,622
END OF YEAR	200,409	418,917
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	0	0
Cash paid for interest	0	0
Issuance of common stock
- Deposit paid for acquisition of property and equipment	$ 0	$ 930,000

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) - USD ($)	Total	Common Stock	Common stock to be issued [Member]	Additional Paid-In Capital	Accumulated other comprehensive loss	Accumulated deficit [Member]	Noncontrolling Interest
Balance, shares at Jun. 30, 2021		779,742,109
Balance, amount at Jun. 30, 2021	$ 15,769,925	$ 779,742	$ 0	$ 20,699,067	$ 646,205	$ (5,913,255)	$ (441,834)
Shares issued for acquisition, shares		31,000,000
Shares issued for acquisition, amount	930,000	$ 31,000	0	899,000	0	0	0
Stock based compensation	355,569	$ 0	0	355,569	0	0	0
Shares to be issued for private placement, shares		8,445,946
Shares to be issued for private placement, amount	1,000,000	$ 0	8,446	991,554	0	0	0
Accretion of interest	(35,667)	0	0	0	0	(497,230)	461,563
Net loss for the year	(3,954,414)	0	0	0	0	(3,947,435)	(6,979)
Foreign currency translation adjustment	83,504	$ 0	0	0	96,254	0	(12,750)
Balance, shares at Jun. 30, 2022		819,188,055
Balance, amount at Jun. 30, 2022	14,148,917	$ 810,742	8,446	22,945,190	742,459	(10,357,920)	0
Net loss for the year	(3,998,960)	0	0	0	0	(3,998,960)	0
Foreign currency translation adjustment	(12,631)	$ 0	0	0	(12,631)	0	0
Shares issued to service provider, shares		5,315,000
Shares issued to service provider, amount	875,500	$ 5,315	0	870,185	0	0	0
Stock issued for previously committed private placement	0	$ 8,446	(8,446)	0	0	0	0
Shares issued for private placement, shares		18,554,834
Shares issued for private placement, amount	1,597,280	$ 18,555	0	1,578,725	0	0	0
Shares issued arising from conversion of promissory notes, shares		333,142,389
Shares issued arising from conversion of promissory notes, amount	20,355,000	$ 333,142	0	20,021,858	0	0	0
Fair value adjustment on conversion of promissory notes	4,064,450	0	0	0	0	4,064,450	0
Cumulative translation adjustment transferred to profit/loss	$ (809,020)	$ 0	0	0	(809,020)	0	0
Balance, shares at Jun. 30, 2023	1,375,000	1,176,200,278
Balance, amount at Jun. 30, 2023	$ 36,220,536	$ 1,176,200	$ 0	$ 45,415,958	$ (79,192)	$ (10,292,430)	$ 0

ORGANIZATION AND BUSINESS BACKGROUND

12 Months Ended

Jun. 30, 2023

ORGANIZATION AND BUSINESS BACKGROUND

ORGANIZATION AND BUSINESS BACKGROUND

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

Verde Resources, Inc. (the “We” or “Company” or “VRDR”) was incorporated on April 22, 2010, in the State of Nevada, U.S.A..

As of June 30, 2023, the Company has the following subsidiaries:-

Name of subsidiary	Place of incorporation	Principal activities and place of operation	Effective interest held

Verde Resources Asia Pacific Limited (“VRAP”)	British Virgin Islands	Investment holding	100%

Verde Resources (Malaysia) Sdn Bhd (“Verde Malaysia”)	Malaysia	Provision of consultation service and distribution of renewable agricultural commodities	100%

Verde Renewables, Inc. (“VRI”)	State of Missouri, U.S.A.	Management of a processing and packaging facility	100%

Verde Life Inc. (“VLI”)	State of Oregon, U.S.A.	Distribution of THC-free cannabinoid (CBD) products	100%

The Wision Project Sdn Bhd (“Wision”)	Malaysia	Digital innovation, marketing & consulting firm provides PR, Branding, influencer marketing, event management and media relations services	100%

Verde Estates LLC (“VEL”)	State of Missouri, U.S.A.	Holding real property	100%

Bio Resources Limited (“BRL”)	Labuan, Malaysia	Provision of proprietary pyrolysis technology and investment holding	100%*

* The acquisition of BRL was completed on October 12, 2022.

The Company and its subsidiaries are hereinafter referred to as (the “Company”).

During the years ended June 30, 2023, and 2022, there are the major transactions, as below:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

·	Basis of Presentation

These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

·	Use of Estimates and Assumptions

·	Basis of Consolidation

·	Segment Reporting

·	Concentrations of Credit Risk

·	Cash and Cash Equivalents

At and June 30, 2023, and 2022, cash and cash equivalents consisted of bank deposits and petty cash on hands.

·	Accounts Receivable

·	Inventories

As of June 30, 2023, and 2022, the Company did not record an allowance for obsolete inventories, nor have there been any write-offs.

·	Property, Plant and Equipment

		Expected useful life
Land and buildings		3-27.5 years
Plant and machinery		5-10years
Office equipment		3 years
Project equipment		5 years
Computers		5 years
Motor vehicles		5 years
Furniture and fittings		5 years

·	Intangible assets

·	Impairment of Long-lived Assets

·	Revenue Recognition

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils 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.

Product sales

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.

Rental income

Rental income is recognized on a straight line basis over the term of the respective lease agreement.

Leases

The Company recognized no impairment of ROU assets as of June 30, 2023, and 2022.

·	Income Taxes

·	Uncertain Tax Positions

·	Foreign Currencies Translation

Translation of MYR into U.S. dollars has been made at the following exchange rates for the following periods:-

	June 30, 2023		June 30, 2022
Year-end MYR:US$ exchange rate		4.66795		4.40773
Annualized average MYR:US$ exchange rate		4.50684		4.23181

·	Comprehensive Income

·	Non-controlling Interest

·	Net Loss per Share

·	Stock Based Compensation

The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.

·	Retirement Plan Costs

·	Mineral Acquisition and Exploration Costs

·	Environmental Expenditures

·	Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

·	Commitments and Contingencies

·	Fair Value of Financial Instruments

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

·	Recent Accounting Pronouncements

GOING CONCERN UNCERTAINTIES

12 Months Ended

Jun. 30, 2023

GOING CONCERN UNCERTAINTIES

GOING CONCERN UNCERTAINTIES

NOTE 3 - GOING CONCERN UNCERTAINTIES

BUSINESS SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2023

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

NOTE 4 - BUSINESS SEGMENT INFORMATION

Currently, the Company has four reportable business segments:

(i)	Distribution of THC-free cannabinoid (CBD) products;
(ii)	Production and distribution of renewable commodities;
(iii)	Holding of real property; and
(iv)	Licensor of proprietary pyrolysis technology.

	Year ended June 30, 2023
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Licensor of proprietary pyrolysis technology			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	92,995		$	57,321		$	-		$	7,782		$	158,098
Cost of revenue		-			-			(235,704	)		-			-			(2,449	)		(238,153	)
Gross loss		-			-			(142,709	)		57,321			-			5,333			(80,055	)
Selling, general & administrative expenses		(245,565	)		(2,875	)		(1,688,983	)		(158,260	)		(13,802	)		(1,106,537	)		(3,216,022	)
Loss from operations		(245,565	)		(2,875	)		(1,831,692	)		(100,939	)		(13,802	)		(1,101,204	)		(3,296,077	)
Interest expense		-			-			(36,765	)		-			-			(1,881,807	)		(1,918,572	)
Other income		35,596			-			1,109			-			2,439			1,176,545			1,215,689
Loss before income tax		(209,969	)		(2,875	)		(1,867,348	)		(100,939	)		(11,363	)		(1,806,466	)		(3,998,960	)
Income tax		-			-			-			-			-			-			-
Net loss	$	(209,969	)	$	(2,875	)	$	(1,867,348	)	$	(100,939	)	$	(11,363	)	$	(1,806,466	)	$	(3,998,960	)

Total assets at June 30, 2023	$	-		$	215,929		$	6,293,027		$	1,236,128		$	30,194,966		$	883,495		$	38,823,545

	Year ended June 30, 2022
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	25,690		$	-		$	12,479		$	38,169
Cost of revenue		-			-			(145,356	)		-			-			(145,356	)
Gross loss		-			-			(119,666	)		-			12,479			(107,187	)
Selling, general & administrative expenses		(190,240	)		(4,583	)		(201,591	)		(524,304	)		(989,462	)		(1,910,180	)
Loss from operations		(190,240	)		(4,583	)		(321,257	)		(524,304	)		(976,983	)		(2,017,367	)
Interest expense		-			-			-			(1,065	)		(1,948,086	)		(1,949,151	)
Other income		11,963			-			26			115			-			12,104
Loss before income tax		(178,277	)		(4,583	)		(321,231	)		(525,254	)		(2,925,069	)		(3,954,414	)
Income tax		-			-			-			-			-			-
Net loss	$	(178,277	)	$	(4,583	)	$	(321,231	)	$	(525,254	)		(2,925,069	)	$	(3,954,414	)

Total assets at June 30, 2022	$	35,960		$	148,703		$	230,279		$	1,345,156		$	31,903,365		$	33,663,463

The below revenues are based on the countries in which the customer is located. Summarized financial information concerning the geographic segments is shown in the following tables:

	Years ended June 30,
	2023		2022

Malaysia	$	32,134	$	38,169
United States		125,964		-
	$	158,098	$	38,169

INVENTORIES

12 Months Ended

Jun. 30, 2023

INVENTORIES

INVENTORIES

NOTE 5 - INVENTORIES

Inventories as of June 30, 2023 and 2022 consisted of the following:

	As of June 30,
	2023		2022

Bio produce	$	95,930	$	87,035
Others		106		-
	$	96,036	$	87,035

DEPOSIT AND PREPAYMENT

12 Months Ended

Jun. 30, 2023

DEPOSIT AND PREPAYMENT

DEPOSIT AND PREPAYMENT

NOTE 6 - DEPOSITS AND PREPAYMENTS

Deposits and prepayments as of June 30, 2023 and 2022 consisted of the following:

	As of June 30,
	2023		2022
Deposits		193,995		118,516
Prepayments		375,680		722
	$	569,675	$	119,238

INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2023

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 7 –INTANGIBLE ASSETS

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Jun. 30, 2023

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT

A summary of property, plant and equipment at June 30, 2023 and 2022 is as follows:

	As of June 30,
	2023			2022

Land and building	$	1,264,117		$	1,697,131
Plant and machinery		2,291,823			135,151
Office equipment		6,283			24,455
Project equipment		3,971			653,375
Computers		5,483			15,495
Motor vehicles		708,267			227,935
Furniture and fittings		12,935			2,527
		4,292,879			2,756,069
Less: accumulated depreciation		(258,187	)		(1,609,414	)
Foreign exchange adjustment		(25,602	)		(97,762	)
	$	4,009,090		$	1,048,893

Depreciation expense for the years ended June 30, 2023 and 2022 totaled $254,852 and $24,792, respectively.

During the year, cost and accumulated depreciation of property, plant and equipment of $1,574,928 and $1,574,687 related to CSB, which was disposed during the year, have been removed.

Land and building with net carrying amount of $723,981 at June 30, 2023 and $746,145 at June 30, 2022 was pledged to a financial institution for facilities granted.

Plant and machinery and motor vehicles with carrying values of $849,375 and $199,144 are acquired under financing arrangements.

DEPOSITS PAID

12 Months Ended

Jun. 30, 2023

DEPOSITS PAID

DEPOSITS PAID

NOTE 9 - DEPOSITS PAID

At June 30, 2023 and 2022, deposits consist of the following:

	As of June 30,
	2023		2022
Deposits paid for acquisition of subsidiaries
- Bio Resources Limited (#1)	$	-	$	25,935,550
- Vata VM Synergy (M) Sdn Bhd (“VATA”) (#2)		21,423		-
	$	21,423	$	25,935,550

Deposits paid for acquisition of property, plant and equipment and IP (#3)	$	-	$	5,000,000
- Factory site (#4)		-		80,000
	$	-	$	5,080,000

Security deposit
- Factory site (#4)	$	80,000	$	-
- Land and building (#5)		-		240,000
	$	80,000	$	240,000

Subsequent to year end, the Company has initiated the termination of the agreement on the grounds of non-disclosure of material information by VATA.

MINING RIGHT

12 Months Ended

Jun. 30, 2023

MINING RIGHT

MINING RIGHT

NOTE 10 - MINING RIGHT

The table below presents the operating lease related assets and liabilities recorded on the balance sheets.

	As of June 30,
	2023			2022

Balance as at the July 1, 2022 and July 1, 2021	$	27,088		$	60,131
Amortization charge for the period		(21,832	)		(30,779	)
Foreign exchange adjustment		(363	)		(2,264	)
Disposal of subsidiary		(4,893	)		-
Balance as of June 30, 2023 and June 30, 2022	$	-		$	27,088

Amortization charge of rights of use lease assets was $21,832 and $30,779 for the year ended June 30, 2023 and 2022, respectively.

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR

12 Months Ended

Jun. 30, 2023

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR

AMOUNTS DUE TO RELATED PARTIES

NOTE 11 - AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR

The following breakdown of the balances due to related parties and director, consisted of:-

	As of June 30,
	2023		2022
Amount due to related companies
Borneo Oil Corporation Sdn (“BOC”) (#1)	$	117,125	$	555,527
Taipan International Limited (#2)		14,770		-
Borneo Energy Sdn Bhd (#3)		119,153		-
Victoria Capital Sdn Bhd (#4)		107,970		-
	$	359,018	$	555,527

Amount due to director
Mr. Jack Wong (#5)	$	9,660	$	-

PROMISSORY NOTES

12 Months Ended

Jun. 30, 2023

PROMISSORY NOTES

PROMISSORY NOTES

NOTE 12 - PROMISSORY NOTES

	June 30		June 30
	2023		2022
Promissory Notes (#1)	$	-	$	18,484,028
Promissory Notes (#2)		487,790		-
	$	487,790	$	18,484,028

The fair value of the outstanding promissory notes was calculated with the following assumptions:

Risk free rate	0.268	%
Credit spread	6.513	%
Liquidity risk premium	5.000	%

The following is a reconciliation of the beginning and ending balances of promissory notes payable using Level 3 inputs:

	June 30			June 30
	2023			2022
Balance at the beginning of year	$	18,484,028		$	16,535,942
Interest expense		1,870,972			1,948,086
Converted to Company’s restricted Common Stock		(20,355,000	)		-
Balance at the end of year	$	-		$	18,484,028

The following is a reconciliation of the beginning and ending balances of promissory note:

	June 30		June 30
	2023		2022
Balance at the beginning of year	$	-	$	-
Promissory notes issued to related party at fair value		481,023		-
Interest expense		6,767		-
Balance at the end of year	$	487,790	$	-

The Company recorded $1,877,739 and $1,948,086 interest expense for the years ended June 30, 2023 and 2022, respectively. Interest payable attributable to promissory notes (#2) was $4,068.

A fair value adjustment of $194,865 is recognized in the Profit and Loss during the year ended June 30, 2023.

LEASES

12 Months Ended

Jun. 30, 2023

LEASES

LEASES

NOTE 13 - LEASES

The Company adopts a 5% as weighted average incremental borrowing rate to determine the present value of the lease payments. The weighted average remaining life of the lease was 3 years.

The table below presents the lease-related assets and liabilities recorded on the balance sheet.

	As of June 30,
	2023			2022

Assets
Right-of-use asset (#1)	$	720,000		$	720,000
Right-of-use asset (#2)		64,910			-
Total RoU assets	$	784,910		$	720,000
Less: Amortisation		(151,801	)		(34,286	)
		633,109			685,714

Liabilities
Current:
Operating lease liabilities	$	20,768		$	-
Finance lease liabilities		172,184			75,224

Non-current:
Operating lease liabilities		29,483			-
Finance lease liabilities		608,455			97,900

Total lease liabilities	$	830,890		$	173,124

As of June 30, 2023, right-of-use assets were $633,109 and lease liabilities were $830,890.

As of June 30, 2022, right-of-use assets were $685,714 and lease liabilities were $173,124.

For the year ended June 30, 2023 and 2022, the amortization charge on right-of-use assets was $117,517 and $34,286, respectively.

There are no corresponding lease liabilities recorded as the lease payments for the entire lease period has been paid upfront upon inception of the agreement.

	Years ended June 30,
	2023		2022

Finance lease cost:
Interest on lease liabilities (per ASC 842)	$	36,765	$	1,065

Operating lease cost:
Operating lease expense (per ASC 842)		126,388		34,286

Total lease expense	$	163,153	$	35,351

Components of Lease Expense

Finance lease expense comprise of interest expenses determined using the effective interest method.

Future Contractual Lease Payments as of June 30, 2023

Years ending June 30,	Operating and finance lease amount

2024	$	244,655
2025		192,324
2026		168,791
2027		164,084
2028		104,259
Thereafter		127,432
Total minimum finance lease liabilities payment		1,001,545
Less: interest		(170,655	)

Present value of lease liabilities	$	830,890

Representing:-
Current liabilities	$	192,952
Non-current liabilities		637,938
	$	830,890

For the years ended June 30, 2023 and 2022, the amortization charge was $126,388 and $34,286, respectively.

STOCKHOLDERS EQUITY

12 Months Ended

Jun. 30, 2023

STOCKHOLDERS EQUITY

STOCKHOLDERS' EQUITY

NOTE 14 - STOCKHOLDERS’ EQUITY

Authorized Stock

Preferred stock outstanding

There are no preferred shares outstanding as of June 30, 2023, and 2022.

Common stock outstanding

On November 7, 2022, the Company issued 603,181 restricted Common Shares for US$53,080 at US$0.088 per share to three US Shareholders.

On October 26, 2022, the Company entered into a corporate consulting services agreement (the “Consulting Agreement”) for investor communication and public relations services with Dutchess Group LLC (“DGL”). On December 9, 2022, pursuant to terms of the Consulting Agreement, the Company issued a total of 1,500,000 restricted Common Shares at US$0.12 per share to DGL.

On February 17, 2023, the Company issued 714,285 restricted Common Shares for $50,000 at $0.07 per share to one non-US shareholder.

On March 13, 2023, the Company and its indirect wholly-owned subsidiary CSB entered into a Settlement of Debts Agreement (the “SDA Agreement”) and a two year term period Promissory Note with CSB’s creditor Borneo Oil Corporation Sdn Bhd (the “Creditor”) to settle in full a total of USD 675,888 of CSB’s account payable to the Creditor either in cash or by the issuance of new restricted shares of the Company’s Common Stock at a price of $0.07 per share. As set out in the SDA Agreement, the new restricted shares for settlement of the account payable to the Creditor shall be issued to the Creditor or its nominee.

On March 23, 2023, the Company, through its wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd. (“Verde Malaysia”), entered into a Shares Sale Agreement (the “SSA Agreement”) with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah (“Vendors”), the legal and beneficial owners of Vata VM Synergy (M) Sdn. Bhd. (“VATA”), a company incorporated under the laws of Malaysia, to acquire 60% of the issued and paid-up share capital of VATA, a company engaged in the business of providing green technology to government and private sectors and in creating high quality compost using agricultural waste and biomass products in Malaysia. In relation to the SSA Agreement, the Company through Verde Malaysia also entered into a Shareholders Agreement with Murugesu A/L M. Narasimha and VATA. Under the terms of the SSA Agreement, the consideration for the acquisition of 60% of the issued and paid-up share capital of VATA shall be satisfied by the total purchase consideration of Malaysia Ringgit MYR 2,250,000, which includes a first payment of Malaysia Ringgit MYR 100,000 upon the execution of the SSA Agreement, a second payment of Malaysia Ringgit MYR 150,000 within thirty (30) days from the date of fulfillment or waiver of all the conditions set out in the SSA Agreement, and the issuance of shares of the Company’s restricted Common Stock for the balance consideration of Malaysia Ringgit MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediate preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement. Subsequent to year end however, the Company initiated the termination of the SSA Agreement.

There were 1,176,200,278 and 819,188,055 shares of common stock issued and outstanding at June 30, 2023 and June 30, 2022, respectively.

The Company has no stock option plan, warrants, or other dilutive securities.

NET LOSS PER SHARE

12 Months Ended

Jun. 30, 2023

Net loss per share

NET LOSS PER SHARE

NOTE 15 - NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net (loss) income per share for the respective years:

	Years ended June 30,
	2023			2022

Net loss	$	(3,998,960	)	$	(3,954,414	)
Less: Net loss attributable to non-controlling interest		-			6,979
Net loss attributable to Verde Resources, Inc. shareholders	$	(3,998,960	)	$	(3,947,435	)

Weighted average common shares outstanding:
- Basic		1,019,752,220			812,847,811
- Diluted		1,019,752,220			812,847,811

Net loss per share:
- Basic	$	(0.00	)	$	(0.00	)
- Diluted	$	(0.00	)	$	(0.00	)

^# less than $0.005

INCOME TAX

12 Months Ended

Jun. 30, 2023

INCOME TAX

INCOME TAX

NOTE 16 - INCOME TAX

For the years ended June 30, 2023, and 2022, the local (“United States of America”) and foreign components of loss before income taxes were comprised of the following:

	Years ended June 30,
	2023			2022

Tax jurisdiction from:
- Local (US regime)	$	(3,795,326	)	$	(3,130,173	)
- Foreign, including
British Virgin Island		594,580			(325,539	)
Malaysia		(786,851	)		(498,702	)
ALabuan, Malaysia		(11,363	)		-

Loss before income taxes	$	(3,998,960	)	$	(3,954,414	)

The provision for income taxes consisted of the following:

	Years ended June 30,
	2023		2022

Current tax:	$	-	$	-
- Local		-		-
- Foreign		-		-

Deferred tax
- Local		-		-
- Foreign		-		-

Income tax expense (benefit)	$	-	$	-

United States of America

For the years ended June 30, 2023, and 2022, there were no operating income in US tax regime.

BVI

Under the current BVI law, VRAP is not subject to tax on income.

Labuan

Malaysia

The Company’s subsidiary is registered in Malaysia and is subject to the Malaysia corporate income tax at a standard income tax rate of 24% on chargeable income.

	Years ended June 30,
	2023			2022

Loss before income taxes	$	(228,882	)	$	(498,702	)
Statutory income tax rate		24	%		24	%
Income tax expense at statutory rate		(54,932	)		(119,688	)
Non-deductible items		26,603			4,505
Tax losses unable to be carried forward		2,727			-
Net operating loss		25,602			115,183
Income tax expense	$	-		$	-

The following table sets forth the significant components of the deferred tax assets of the Company:

	As of June 30,
	2023			2022

Deferred tax assets:
Net operating loss carry forwards, from
US tax regime	$	1,079,890		$	169,688
Malaysia tax regime		113,516			1,259,662
Less: valuation allowance		(1,193,406	)		(1,429,350	)
Deferred tax assets, net	$	-		$	-

PENSION COSTS

12 Months Ended

Jun. 30, 2023

PENSION COSTS

PENSION COSTS

NOTE 17 - PENSION COSTS

RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 18 - RELATED PARTY TRANSACTIONS

	For the Years ended
	June 30,
	2023		2022
Related party transactions:
Sales to:
Borneo Eco Food Sdn Bhd (#2)	$	12,238	$	7,314
BOC (#4)	$	2,062	$	-
Rental income:
Mr. Jack Wong	$	49,121	$	-
Other income – Sales of wash sand to:
Jusra Mining Merapoh Sdn Bhd (#1)	$	-	$	10
Site expenses:
Warisan Khidmat Sdn Bhd (#3)	$	9,776	$	16,085
Professional services provided by:
Warisan Khidmat Sdn Bhd (#3)	$	18,652	$	9,091
Interest expense paid to:
Borneo Oil Corporation Sdn Bhd (#9)	$	4,068	$	-

Related party balances:
	June 30,
	2023		2022
Trade receivables
Borneo Eco Food Sdn Bhd (#2)	$	-	$	5,933

Deposits paid for acquisition of property, plant and equipment
Borneo Energy Sdn Bhd (#2)	$	-	$	5,000,000

Advanced from related parties
BOC (#4)	$	117,125	$	555,527
Borneo Energy Sdn Bhd (#2)	$	14,770	$	-
Taipan International Limited (#6)	$	119,153	$	-
Victoria Capital Sdn Bhd (#7)	$	107,970	$	-

Trade payables
Warisan Khidmat Sdn Bhd (#3)	$	-	$	7,253
BOC (#4)	$	467	$	-
Advanced to related party
Vetrolysis Limited (#8)	$	100	$	-

(#3) Warisan Khidmat Sdn. Bhd. is a company whose shareholdings is entirely held by a Director of VRSB.

(#6) Taipan International Limited is one of the shareholders of the Company, and held 33.4% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#7) Victoria Capital Sdn. Bhd. is one of the shareholders of the Company, and held 0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2023.

(#8) Encik Anuar bin Ismail, an indirect significant shareholder, is a director of Vetrolysis Limited.

CONCENTRATIONS OF RISK

12 Months Ended

Jun. 30, 2023

CONCENTRATIONS OF RISK

CONCENTRATIONS OF RISK

NOTE 19 - CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a)	Major customers

For the years ended June 30, 2023, and 2022, there was no single customer whose revenue exceeded 10% of the revenue.

(b)	Economic and political risk

(c)	Exchange rate risk

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2023

Commitments and contingencies

COMMITMENTS AND CONTINGENCIES

NOTE 20 - COMMITMENTS AND CONTINGENCIES

As of June 30, 2023, the Company had the following commitments:

	Number of shares to be issued

EMGTA LLC	$	375,000
YM Tengku Chanela Jamidah YAM Tengku Ibrahim		500,000
Steven Sorhus		500,000
	$	1,375,000

As of June 30, 2023, the Company has no material contingencies.

SUBSEQUENT EVENTS

12 Months Ended

Jun. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 21 - SUBSEQUENT EVENTS

On September 12, 2023, Jack Wong stepped down from his position as President of the Company, but remains as Chief Executive Office of the Company.

On September 12, 2023, the Board of Directors of the Company appointed Jack Wong, CEO and Director of the Company, as Chairman of the Board of Directors.

On October 1, 2023, the Company appointed Eric Bava and Andre van Zyl as Chief Operating Officer and Chief Technology Officer respectively to drive the Company’s climate-tech innovation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”).

Use of Estimates and Assumptions

Basis of Consolidation

Segment Reporting

Concentrations of Credit Risk

Cash and Cash Equivalents

At and June 30, 2023, and 2022, cash and cash equivalents consisted of bank deposits and petty cash on hands.

Accounts Receivable

Inventories

As of June 30, 2023, and 2022, the Company did not record an allowance for obsolete inventories, nor have there been any write-offs.

Property, Plant and Equipment

		Expected useful life
Land and buildings		3-27.5 years
Plant and machinery		5-10years
Office equipment		3 years
Project equipment		5 years
Computers		5 years
Motor vehicles		5 years
Furniture and fittings		5 years

Intangible assets

Impairment of Long-lived Assets

Revenue Recognition

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfils 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.

Product sales

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.

Rental income

Rental income is recognized on a straight line basis over the term of the respective lease agreement.

Leases

The Company recognized no impairment of ROU assets as of June 30, 2023, and 2022.

Income Taxes

Uncertain Tax Positions

Foreign Currency Translation

Translation of MYR into U.S. dollars has been made at the following exchange rates for the following periods:-

	June 30, 2023		June 30, 2022
Year-end MYR:US$ exchange rate		4.66795		4.40773
Annualized average MYR:US$ exchange rate		4.50684		4.23181

Comprehensive Income

Non-controlling Interest

Net Loss per Share

Stock-Based Compensation

The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.

Retirement Plan Costs

Mineral Acquisition and Exploration Costs

Environmental Expenditures

Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Commitments and contingencies

Fair Value of Financial Instruments

Level 1		Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2		Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3		Pricing inputs that are generally observable inputs and not corroborated by market data.

Recent Accounting Pronouncements

ORGANIZATION AND BUSINESS BACKGROUND (Tables)

12 Months Ended

Jun. 30, 2023

ORGANIZATION AND BUSINESS BACKGROUND

Schedule of company information

Name of subsidiary	Place of incorporation	Principal activities and place of operation	Effective interest held

Verde Resources Asia Pacific Limited (“VRAP”)	British Virgin Islands	Investment holding	100%

Verde Resources (Malaysia) Sdn Bhd (“Verde Malaysia”)	Malaysia	Provision of consultation service and distribution of renewable agricultural commodities	100%

Verde Renewables, Inc. (“VRI”)	State of Missouri, U.S.A.	Management of a processing and packaging facility	100%

Verde Life Inc. (“VLI”)	State of Oregon, U.S.A.	Distribution of THC-free cannabinoid (CBD) products	100%

The Wision Project Sdn Bhd (“Wision”)	Malaysia	Digital innovation, marketing & consulting firm provides PR, Branding, influencer marketing, event management and media relations services	100%

Verde Estates LLC (“VEL”)	State of Missouri, U.S.A.	Holding real property	100%

Bio Resources Limited (“BRL”)	Labuan, Malaysia	Provision of proprietary pyrolysis technology and investment holding	100%*

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of expected life of Property, Plant and Equipment

		Expected useful life
Land and buildings		3-27.5 years
Plant and machinery		5-10years
Office equipment		3 years
Project equipment		5 years
Computers		5 years
Motor vehicles		5 years
Furniture and fittings		5 years

Schedule of foreign currencies translation

	June 30, 2023		June 30, 2022
Year-end MYR:US$ exchange rate		4.66795		4.40773
Annualized average MYR:US$ exchange rate		4.50684		4.23181

BUSINESS SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 30, 2023

BUSINESS SEGMENT INFORMATION

Schedule of reconciliation of the disaggregated revenue

	Year ended June 30, 2023
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Licensor of proprietary pyrolysis technology			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	92,995		$	57,321		$	-		$	7,782		$	158,098
Cost of revenue		-			-			(235,704	)		-			-			(2,449	)		(238,153	)
Gross loss		-			-			(142,709	)		57,321			-			5,333			(80,055	)
Selling, general & administrative expenses		(245,565	)		(2,875	)		(1,688,983	)		(158,260	)		(13,802	)		(1,106,537	)		(3,216,022	)
Loss from operations		(245,565	)		(2,875	)		(1,831,692	)		(100,939	)		(13,802	)		(1,101,204	)		(3,296,077	)
Interest expense		-			-			(36,765	)		-			-			(1,881,807	)		(1,918,572	)
Other income		35,596			-			1,109			-			2,439			1,176,545			1,215,689
Loss before income tax		(209,969	)		(2,875	)		(1,867,348	)		(100,939	)		(11,363	)		(1,806,466	)		(3,998,960	)
Income tax		-			-			-			-			-			-			-
Net loss	$	(209,969	)	$	(2,875	)	$	(1,867,348	)	$	(100,939	)	$	(11,363	)	$	(1,806,466	)	$	(3,998,960	)

Total assets at June 30, 2023	$	-		$	215,929		$	6,293,027		$	1,236,128		$	30,194,966		$	883,495		$	38,823,545

	Year ended June 30, 2022
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	25,690		$	-		$	12,479		$	38,169
Cost of revenue		-			-			(145,356	)		-			-			(145,356	)
Gross loss		-			-			(119,666	)		-			12,479			(107,187	)
Selling, general & administrative expenses		(190,240	)		(4,583	)		(201,591	)		(524,304	)		(989,462	)		(1,910,180	)
Loss from operations		(190,240	)		(4,583	)		(321,257	)		(524,304	)		(976,983	)		(2,017,367	)
Interest expense		-			-			-			(1,065	)		(1,948,086	)		(1,949,151	)
Other income		11,963			-			26			115			-			12,104
Loss before income tax		(178,277	)		(4,583	)		(321,231	)		(525,254	)		(2,925,069	)		(3,954,414	)
Income tax		-			-			-			-			-			-
Net loss	$	(178,277	)	$	(4,583	)	$	(321,231	)	$	(525,254	)		(2,925,069	)	$	(3,954,414	)

Total assets at June 30, 2022	$	35,960		$	148,703		$	230,279		$	1,345,156		$	31,903,365		$	33,663,463

Schedule of financial information, geographic segment

	Years ended June 30,
	2023		2022

Malaysia	$	32,134	$	38,169
United States		125,964		-
	$	158,098	$	38,169

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2023

INVENTORIES

Schedule of inventories

	As of June 30,
	2023		2022

Bio produce	$	95,930	$	87,035
Others		106		-
	$	96,036	$	87,035

DEPOSITS AND PREPAYMENTS (Tables)

12 Months Ended

Jun. 30, 2023

DEPOSIT AND PREPAYMENT

Schedule of deposits and prepayments

	As of June 30,
	2023		2022
Deposits		193,995		118,516
Prepayments		375,680		722
	$	569,675	$	119,238

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Jun. 30, 2023

PROPERTY, PLANT AND EQUIPMENT

Schedule of property, plant and equipment

	As of June 30,
	2023			2022

Land and building	$	1,264,117		$	1,697,131
Plant and machinery		2,291,823			135,151
Office equipment		6,283			24,455
Project equipment		3,971			653,375
Computers		5,483			15,495
Motor vehicles		708,267			227,935
Furniture and fittings		12,935			2,527
		4,292,879			2,756,069
Less: accumulated depreciation		(258,187	)		(1,609,414	)
Foreign exchange adjustment		(25,602	)		(97,762	)
	$	4,009,090		$	1,048,893

DEPOSITS PAID (Tables)

12 Months Ended

Jun. 30, 2023

DEPOSITS PAID

Schedule of deposit paid

	As of June 30,
	2023		2022
Deposits paid for acquisition of subsidiaries
- Bio Resources Limited (#1)	$	-	$	25,935,550
- Vata VM Synergy (M) Sdn Bhd (“VATA”) (#2)		21,423		-
	$	21,423	$	25,935,550

Deposits paid for acquisition of property, plant and equipment and IP (#3)	$	-	$	5,000,000
- Factory site (#4)		-		80,000
	$	-	$	5,080,000

Security deposit
- Factory site (#4)	$	80,000	$	-
- Land and building (#5)		-		240,000
	$	80,000	$	240,000

MINING RIGHT (Tables)

12 Months Ended

Jun. 30, 2023

MINING RIGHT

Schedule of Mining Right

	As of June 30,
	2023			2022

Balance as at the July 1, 2022 and July 1, 2021	$	27,088		$	60,131
Amortization charge for the period		(21,832	)		(30,779	)
Foreign exchange adjustment		(363	)		(2,264	)
Disposal of subsidiary		(4,893	)		-
Balance as of June 30, 2023 and June 30, 2022	$	-		$	27,088

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR (Tables)

12 Months Ended

Jun. 30, 2023

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR

Schedule of breakdown of the balances due to related parties

	As of June 30,
	2023		2022
Amount due to related companies
Borneo Oil Corporation Sdn (“BOC”) (#1)	$	117,125	$	555,527
Taipan International Limited (#2)		14,770		-
Borneo Energy Sdn Bhd (#3)		119,153		-
Victoria Capital Sdn Bhd (#4)		107,970		-
	$	359,018	$	555,527

Amount due to director
Mr. Jack Wong (#5)	$	9,660	$	-

PROMISSORY NOTES (Tables)

12 Months Ended

Jun. 30, 2023

PROMISSORY NOTES

Schedule of promissory notes

	June 30			June 30
	2023			2022
Balance at the beginning of year	$	18,484,028		$	16,535,942
Interest expense		1,870,972			1,948,086
Converted to Company’s restricted Common Stock		(20,355,000	)		-
Balance at the end of year	$	-		$	18,484,028

	June 30		June 30
	2023		2022
Balance at the beginning of year	$	-	$	-
Promissory notes issued to related party at fair value		481,023		-
Interest expense		6,767		-
Balance at the end of year	$	487,790	$	-

Schedule of fair value of the outstanding promissory notes

	June 30		June 30
	2023		2022
Promissory Notes (#1)	$	-	$	18,484,028
Promissory Notes (#2)		487,790		-
	$	487,790	$	18,484,028

Schedule of beginning and ending balances of notes payable

Risk free rate	0.268	%
Credit spread	6.513	%
Liquidity risk premium	5.000	%

LEASES (Tables)

12 Months Ended

Jun. 30, 2023

LEASES

Schedule of lease-related assets and liabilities

	As of June 30,
	2023			2022

Assets
Right-of-use asset (#1)	$	720,000		$	720,000
Right-of-use asset (#2)		64,910			-
Total RoU assets	$	784,910		$	720,000
Less: Amortisation		(151,801	)		(34,286	)
		633,109			685,714

Liabilities
Current:
Operating lease liabilities	$	20,768		$	-
Finance lease liabilities		172,184			75,224

Non-current:
Operating lease liabilities		29,483			-
Finance lease liabilities		608,455			97,900

Total lease liabilities	$	830,890		$	173,124

Schedule of lease expense

	Years ended June 30,
	2023		2022

Finance lease cost:
Interest on lease liabilities (per ASC 842)	$	36,765	$	1,065

Operating lease cost:
Operating lease expense (per ASC 842)		126,388		34,286

Total lease expense	$	163,153	$	35,351

Schedule of Future Contractual Lease Payments

Years ending June 30,	Operating and finance lease amount

2024	$	244,655
2025		192,324
2026		168,791
2027		164,084
2028		104,259
Thereafter		127,432
Total minimum finance lease liabilities payment		1,001,545
Less: interest		(170,655	)

Present value of lease liabilities	$	830,890

Representing:-
Current liabilities	$	192,952
Non-current liabilities		637,938
	$	830,890

NET LOSS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2023

Net loss per share

Schedule of computation of basic and diluted net (loss) income per share

	Years ended June 30,
	2023			2022

Net loss	$	(3,998,960	)	$	(3,954,414	)
Less: Net loss attributable to non-controlling interest		-			6,979
Net loss attributable to Verde Resources, Inc. shareholders	$	(3,998,960	)	$	(3,947,435	)

Weighted average common shares outstanding:
- Basic		1,019,752,220			812,847,811
- Diluted		1,019,752,220			812,847,811

Net loss per share:
- Basic	$	(0.00	)	$	(0.00	)
- Diluted	$	(0.00	)	$	(0.00	)

INCOME TAX (Tables)

12 Months Ended

Jun. 30, 2023

INCOME TAX

Schedule of income (loss) before income taxes

	Years ended June 30,
	2023			2022

Tax jurisdiction from:
- Local (US regime)	$	(3,795,326	)	$	(3,130,173	)
- Foreign, including
British Virgin Island		594,580			(325,539	)
Malaysia		(786,851	)		(498,702	)
ALabuan, Malaysia		(11,363	)		-

Loss before income taxes	$	(3,998,960	)	$	(3,954,414	)

Schedule of provision for income taxes

	Years ended June 30,
	2023		2022

Current tax:	$	-	$	-
- Local		-		-
- Foreign		-		-

Deferred tax
- Local		-		-
- Foreign		-		-

Income tax expense (benefit)	$	-	$	-

Schedule of effective tax rate

	Years ended June 30,
	2023			2022

Loss before income taxes	$	(228,882	)	$	(498,702	)
Statutory income tax rate		24	%		24	%
Income tax expense at statutory rate		(54,932	)		(119,688	)
Non-deductible items		26,603			4,505
Tax losses unable to be carried forward		2,727			-
Net operating loss		25,602			115,183
Income tax expense	$	-		$	-

Schedule of significant components of the deferred tax assets

	As of June 30,
	2023			2022

Deferred tax assets:
Net operating loss carry forwards, from
US tax regime	$	1,079,890		$	169,688
Malaysia tax regime		113,516			1,259,662
Less: valuation allowance		(1,193,406	)		(1,429,350	)
Deferred tax assets, net	$	-		$	-

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Jun. 30, 2023

RELATED PARTY TRANSACTIONS

Schedule of Related party transactions

	For the Years ended
	June 30,
	2023		2022
Related party transactions:
Sales to:
Borneo Eco Food Sdn Bhd (#2)	$	12,238	$	7,314
BOC (#4)	$	2,062	$	-
Rental income:
Mr. Jack Wong	$	49,121	$	-
Other income – Sales of wash sand to:
Jusra Mining Merapoh Sdn Bhd (#1)	$	-	$	10
Site expenses:
Warisan Khidmat Sdn Bhd (#3)	$	9,776	$	16,085
Professional services provided by:
Warisan Khidmat Sdn Bhd (#3)	$	18,652	$	9,091
Interest expense paid to:
Borneo Oil Corporation Sdn Bhd (#9)	$	4,068	$	-

Schedule of Related party balances

Related party balances:
	June 30,
	2023		2022
Trade receivables
Borneo Eco Food Sdn Bhd (#2)	$	-	$	5,933

Deposits paid for acquisition of property, plant and equipment
Borneo Energy Sdn Bhd (#2)	$	-	$	5,000,000

Advanced from related parties
BOC (#4)	$	117,125	$	555,527
Borneo Energy Sdn Bhd (#2)	$	14,770	$	-
Taipan International Limited (#6)	$	119,153	$	-
Victoria Capital Sdn Bhd (#7)	$	107,970	$	-

Trade payables
Warisan Khidmat Sdn Bhd (#3)	$	-	$	7,253
BOC (#4)	$	467	$	-
Advanced to related party
Vetrolysis Limited (#8)	$	100	$	-

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Jun. 30, 2023

Commitments and contingencies

Schedule of commitments of issuing share for services

	Number of shares to be issued

EMGTA LLC	$	375,000
YM Tengku Chanela Jamidah YAM Tengku Ibrahim		500,000
Steven Sorhus		500,000
	$	1,375,000

ORGANIZATION AND BUSINESS BACKGROUND (Details)	12 Months Ended
ORGANIZATION AND BUSINESS BACKGROUND (Details)	Jun. 30, 2023
Verde Resources Asia Pacific Limited [Member]
Place of incorporation	British Virgin Islands
Principal activities and place of operation	Investment holding
Effective interest held	100.00%
Bio Resources Limited [Member]
Place of incorporation	Labuan, Malaysia
Principal activities and place of operation	Provision of proprietary pyrolysis technology and investment holding
Effective interest held	100.00%
Verde Resources [Member]
Place of incorporation	Malaysia
Principal activities and place of operation	Provision of consultation service and distribution of renewable agricultural commodities
Effective interest held	100.00%
Verde Renewables, Inc. [Member]
Place of incorporation	State of Missouri, U.S.A.
Principal activities and place of operation	Management of a processing and packaging facility
Effective interest held	100.00%
Verde Life Inc. [Member]
Place of incorporation	State of Oregon, U.S.A.
Principal activities and place of operation	Distribution of THC-free cannabinoid (CBD) products
Effective interest held	100.00%
The Wision Project Sdn Bhd [Member]
Place of incorporation	Malaysia
Principal activities and place of operation	Digital innovation, marketing & consulting firm provides PR, Branding, influencer marketing, event management and media relations services
Effective interest held	100.00%
Verde Estates LLC [Member]
Place of incorporation	State of Missouri, U.S.A.
Principal activities and place of operation	Holding real property
Effective interest held	100.00%

ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($)				1 Months Ended			12 Months Ended
	Jun. 08, 2022	May 12, 2021	May 10, 2021	Dec. 31, 2022	Nov. 30, 2022	Mar. 23, 2022	Jun. 30, 2023	Dec. 09, 2022	Jun. 30, 2022
Common stock, shares issued							1,176,200,278		819,188,055
Restricted common stock, share issuance in consideration, per share				$ 0.20	$ 0.001		$ 0.07
Represents information about Gold billion global limited.
Variable interest, ownership percentage	100.00%
Sale and Purchase Agreement [Member]
Common stock, shares issued		30,000,000						321,500,000
Common stock, share issuance in consideration, per share			$ 0.03
Restricted common stock, share issuance in consideration			321,500,000
Restricted common stock, share issuance in consideration, value			$ 9,645,000
Convert principal loan amount into shares of the restricted common stock		$ 20,355,000
Share Sale Agreement [Member]
Restricted common stock, share issuance in consideration, per share						$ 0.23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2023
Office Equipment [Member]
Estimated useful lives	3 years
Furniture & fttings [Member]
Estimated useful lives	5 years
Project Equipment [Member]
Estimated useful lives	5 years
Computer [Member]
Estimated useful lives	5 years
Motor Vehicle [Member]
Estimated useful lives	5 years
Land and Building [Member] \| Maximum [Member]
Estimated useful lives	27 years 6 months
Land and Building [Member] \| Minimum [Member]
Estimated useful lives	3 years
Plant And Machinery [Member] \| Maximum [Member]
Estimated useful lives	10 years
Plant And Machinery [Member] \| Minimum [Member]
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	Jun. 30, 2023	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign Currency Exchange Rate	4.66795	4.40773
Annualized average Foreign Currency Exchange Rate	4.50684	4.23181

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 200,409	$ 418,917
Intangible assets acquired finite lives	10 years
Credit term	60 days

GOING CONCERN UNCERTAINTIES (Details Narrative)	Jun. 30, 2023 USD ($)
GOING CONCERN UNCERTAINTIES
Accumulated deficit	$ (10,292,430)

BUSINESS SEGMENT INFORMATION (Details) - USD ($)	12 Months Ended
BUSINESS SEGMENT INFORMATION (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 158,098	$ 38,169
Cost of revenue	(238,153)	(145,356)
Gross loss	194,865
Selling, general and administrative expenses	(3,216,022)	(1,905,301)
Interest expense	(1,918,572)	(1,949,151)
Other income	1,215,689	12,104
Loss before income tax	(3,998,960)	(3,947,435)
Income tax	0	0
Net loss for the year	(3,998,960)	(3,954,414)
Total assets	38,823,545	33,663,463
Licensor of proprietary pyrolysis technology [Member]
Revenue	0
Cost of revenue	0
Gross loss	0
Selling, general and administrative expenses	(13,802)
Loss from operations	(13,802)
Interest expense	0
Other income	2,439
Loss before income tax	(11,363)
Income tax	0
Net loss for the year	(11,363)
Total assets	30,194,966
Gold Mineral Mining [Member]
Revenue	0	0
Cost of revenue	0	0
Gross loss	0	0
Selling, general and administrative expenses	(245,565)	(190,240)
Loss from operations	(245,565)	(190,240)
Interest expense	0	0
Other income	35,596	11,963
Loss before income tax	(209,969)	(178,277)
Income tax	0	0
Net loss for the year	(209,969)	(178,277)
Total assets	0	35,960
Distribution of THC-free cannabinoid (CBD) products [Member]
Revenue	0	0
Cost of revenue	0	0
Gross loss	0	0
Selling, general and administrative expenses	(2,875)	(4,583)
Loss from operations	(2,875)	(4,583)
Interest expense	0	0
Other income	0	0
Loss before income tax	(2,875)	(4,583)
Income tax	0	0
Net loss for the year	(2,875)	(4,583)
Total assets	215,929	148,703
Production and Distribution of Renewable Commodities [Member]
Revenue	92,995	25,690
Cost of revenue	(235,704)	(145,356)
Gross loss	(142,709)	(119,666)
Selling, general and administrative expenses	(1,688,983)	(201,591)
Loss from operations	(1,831,692)	(321,257)
Interest Expense	(36,765)	0
Other income	1,109	26
Loss before income tax	(1,867,348)	(321,231)
Income tax	0	0
Net loss for the year	(1,867,348)	(321,231)
Total assets	6,293,027	230,279
Holding Property [Member]
Revenue	57,321	0
Cost of revenue	0	0
Gross loss	57,321	0
Selling, general and administrative expenses	(158,260)	(524,304)
Loss from operations	(100,939)	(524,304)
Interest expense	0	(1,065)
Other income	0	115
Loss before income tax	(100,939)	(525,254)
Income tax	0	0
Net loss for the year	(100,939)	(525,254)
Total assets	1,236,128	1,345,156
Corporate Unallocated [Member]
Revenue	7,782	12,479
Cost of revenue	(2,449)	0
Gross loss	5,333	12,479
Selling, general and administrative expenses	(1,106,537)	(989,462)
Loss from operations	(1,101,204)	(976,983)
Interest Expense	(1,881,807)	(1,948,086)
Other income	1,176,545	0
Loss before income tax	(1,806,466)	(2,925,069)
Income tax	0	0
Net loss for the year	(1,806,466)	(2,925,069)
Total assets	883,495	31,903,365
Consolidated [Member]
Revenue	158,098	38,169
Cost of revenue	(238,153)	(145,356)
Gross loss	(80,055)	(107,187)
Selling, general and administrative expenses	(3,216,022)	(1,910,180)
Loss from operations	(3,296,077)	(2,017,367)
Interest Expense	(1,918,572)	(1,949,151)
Other income	1,215,689	12,104
Loss before income tax	(3,998,960)	(3,954,414)
Income tax	0	0
Net loss for the year	(3,998,960)	(3,954,414)
Total assets	$ 38,823,545	$ 33,663,463

BUSINESS SEGMENT INFORMATION (Details 1) - USD ($)	12 Months Ended
BUSINESS SEGMENT INFORMATION (Details 1) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 158,098	$ 38,169
Operating Segment [Member]
Revenue	158,098	38,169
Operating Segment [Member] \| United States [Member]
Revenue	125,964	0
Operating Segment [Member] \| Malaysia [Member]
Revenue	$ 32,134	$ 38,169

INVENTORIES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Inventories	$ 96,036	$ 87,035
Others [Member]
Inventories	106	0
Bio Produce [Member]
Inventories	$ 95,930	$ 87,035

DEPOSITS AND PREPAYMENTS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
DEPOSIT AND PREPAYMENT
Deposits	$ 193,995	$ 118,516
Prepayments	375,680	722
Deposit and prepayment	$ 569,675	$ 119,238

INTANGIBLE ASSETS (Details Narrative)	Jun. 30, 2023 USD ($)
Intangible Assets Member
Revenue	$ (30,192,771)

PROPERTY PLANT AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Property, plant and equipment, gross	$ 4,292,879	$ 2,756,069
Less: accumulated depreciation	(258,187)	(1,609,414)
Foreign exchange adjustment	(25,602)	(97,762)
Property, plant and equipment, net	4,009,090	1,048,893
Office Equipment [Member]
Property, plant and equipment, gross	6,283	24,455
Project Equipment [Member]
Property, plant and equipment, gross	3,971	653,375
Computer [Member]
Property, plant and equipment, gross	5,483	15,495
Land and Building [Member]
Property, plant and equipment, gross	1,264,117	1,697,131
Plant And Machinery [Member]
Property, plant and equipment, gross	2,291,823	135,151
Motor Vehicle [Member]
Property, plant and equipment, gross	708,267	227,935
Furniture & fittings [Member]
Property, plant and equipment, gross	$ 12,935	$ 2,527

PROPERTY PLANT AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
PROPERTY, PLANT AND EQUIPMENT
Depreciation expenses	$ 254,852	$ 24,792
Plant and machinery and motor vehicles, Carrying value	849,375	199,144
Land and Building	723,981	746,145
Cost and accumulated depreciation of property, plant and equipment	$ 1,574,928	$ 1,574,687

DEPOSITS PAID (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Deposits paid for acquisition of subsidiaries	$ 21,423	$ 25,935,550
Deposits paid for acquisition of property and equipment	0	5,000,000
Security deposit	80,000	240,000
Land and Building [Member]
Other deposits	0	240,000
Bio Resources Limited (#1) [Member]
Deposits paid for acquisition of subsidiaries	0	25,935,550
Factory site (#4) [Member]
Deposits paid for acquisition of property and equipment	0	5,080,000
Security deposit	80,000	0
Other deposits	0	80,000
Vata VM Synergy [Member]
Deposits paid for acquisition of subsidiaries	$ 21,423	$ 0

DEPOSITS PAID (Details Narrative) - USD ($)					1 Months Ended
DEPOSITS PAID (Details Narrative) - USD ($)	Mar. 02, 2022	Feb. 10, 2022	May 12, 2021	May 10, 2021	Mar. 23, 2023	Jun. 30, 2023	Feb. 17, 2023	Jul. 01, 2021
Shares issued				135,666,667		1,375,000	714,285	31,000,000
SSA Agreement [Member]
Total purchase considration					$ 2,250,000
Description of SSA Agreement					which includes a first payment of MYR100,000 upon the execution of the SSA Agreement, a second payment of MYR 150,000 within thirty (30) days from the date of fulfilment or waiver of all the conditions set out in the SSA Agreement
Balance consideration for resricted common stock, share Issue					$ 2,000,000
Discount in restricted common stock, share issue					10.00%
Bio Resources Limited [Member] \| Sale and Purchase Agreement [Member]
Amount of issuance promissory notes			$ 20,355,000
Restricted shares of common stock			321,500,000
Amount of shares issued under acquisition			$ 9,645,000
Shares issued price under acquisition			$ 0.03
Number of shares issued under acquisition			321,500,000
promissory note priced			$ 16,290,550
Biofraction plant [Member] \| Sale and Purchase Agreement [Member]
Amount of shares issued under acquisition				$ 5,000,000
Shares issued price under acquisition				$ 0.03
Number of shares issued under acquisition				166,666,667
Lease Agreements [Member]
Lease Terms	7 years	2 years
Rent payable	$ 8,571	$ 10,000
Landlord consideration	720,000	490,000
Security deposit	$ 80,000	$ 240,000

MINING RIGHT (Details) - USD ($)	12 Months Ended
MINING RIGHT (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
MINING RIGHT
Balance as at the July 1, 2022 and July 1, 2021	$ 27,088	$ 60,131
Amortization charge for the year	(21,832)	(30,779)
Foreign exchange adjustment	(363)	(2,264)
Disposal of subsidiary	(4,893)	0
Balance as of June 30, 2023 and June 30, 2022	$ 0	$ 27,088

MINING RIGHT (Details Narrative) - USD ($)		12 Months Ended
MINING RIGHT (Details Narrative) - USD ($)	Jun. 13, 2023	Jun. 30, 2023	Jun. 30, 2022
MINING RIGHT
Lump sum payments for rent	$ 62,260
Amortization charge of rights of use lease assets		$ 21,832	$ 30,779
Lease term		2

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Amount due to director	$ 359,018	$ 555,527
Taipan International Limited [Member]
Amount due to director	14,770	0
Borneo Energy Sdn Bhd [Member]
Amount due to director	119,153	0
Victoria Capital Sdn Bhd [Member]
Amount due to director	107,970	0
Borneo Oil Corporation Sdn
Amount due to director	117,125	555,527
Mr. Jack Wong
Amount due to director	$ 9,660	$ 0

AMOUNTS DUE TO RELATED PARTIES AND DIRECTOR (Details Narrative)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Taipan International Limited [Member]
Holding share percentage	33.40%
Victoria Capital Sdn Bhd [Member]
Holding share percentage	0.20%
Borneo Oil Corporation Sdn Bhd
Holding share percentage	13.40%	22.80%
Borneo Oil Berhad [Member]
Holding share percentage	13.40%	22.80%
Mr. Jack Wong
Lease Terms	1 year

PROMISSORY NOTES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Promissory note	$ 487,790	$ 18,484,028
Promissory Note 1 [Member]
Promissory note	0	18,484,028
Promissory Note 2 [Member]
Promissory note	$ 487,790	$ 0

PROMISSORY NOTES (Details 1)	12 Months Ended
PROMISSORY NOTES (Details 1)	Jun. 30, 2023
PROMISSORY NOTES
Risk free interest	0.26%
Credit spread	6.51%
Liquidity risk premium	5.00%

PROMISSORY NOTES (Details 2) - USD ($)	12 Months Ended
PROMISSORY NOTES (Details 2) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
PROMISSORY NOTES
Balance at the beginning of year	$ 18,484,028	$ 16,535,942
Interest expenses	1,870,972	1,948,086
Converted to Company's restricted common Stock	(20,355,000)	0
Balance at the end of year	$ 0	$ 18,484,028

PROMISSORY NOTES (Details 3) - USD ($)	12 Months Ended
PROMISSORY NOTES (Details 3) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
PROMISSORY NOTES
Balance at the beginning of year	$ 0	$ 0
Promissory notes issued to unrelated third parties at fair value	481,023	0
Interest expenses	6,767	0
Balance at the end of year	$ 487,790	$ 0

PROMISSORY NOTES (Details Narrative) - USD ($)		12 Months Ended
PROMISSORY NOTES (Details Narrative) - USD ($)	Mar. 13, 2023	Jun. 30, 2023	Jun. 30, 2022	Apr. 21, 2023	Feb. 17, 2023	Dec. 09, 2022	Nov. 07, 2022	Jul. 15, 2022	Jan. 20, 2022	May 13, 2021	May 10, 2021
Stock price per share					$ 0.07				$ 0.0611		$ 0.03
Interest expenses		$ 1,877,739	$ 1,948,086
Profit and Loss		194,865
Issuance shares of restricted common stock						333,142,389
Interest payable attributable to promissory notes		$ 4,068
Common stock per share						$ 0.0611
Debt Agreement [Member]
Face value principal amount	$ 675,888
Common stock per share	$ 0.07
Coupan interest	2.00%
May 12, 2021 [Member] \| Promissory Note [Member]
Face value principal amount										$ 20,355,000
May 12, 2025 [Member] \| Promissory Note [Member]
Stock price per share		$ 0.07
Face value principal amount		$ 481,023
Risk free interest rate		4.03%
Credit spread percentage		11.60%
Liquidity Risk Premium		5.60%
Restricted Stock [Member]
Stock price per share				$ 0.07			$ 0.088	$ 0.155
Face value principal amount										20,355,000
Restricted Stock [Member] \| Lisa Leilani Zimmer [Member]
Face value principal amount										$ 20,355,000

LEASES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Operating lease liabilities current	$ 20,768	$ 0
Finance lease liabilities current	172,184	75,224
Operating lease liabilities Non current	29,483	0
Finance lease liabilities Non current	608,455	97,900
Lease Assets And Liabilities [Member]
Right-of-use asset #1	720,000	720,000
Right-of-use asset #2	64,910	0
Total Rou Assets	784,910	720,000
Less: Amortisation	(151,801)	(34,286)
Total Assets	633,109	685,714
Operating lease liabilities current	20,768	0
Finance lease liabilities current	172,184	75,224
Operating lease liabilities Non current	29,483	0
Finance lease liabilities Non current	608,455	97,900
Total lease liabilities	$ 830,890	$ 173,124

LEASES (Details 1) - USD ($)	12 Months Ended
LEASES (Details 1) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Finance lease cost
Interest on lease liabilities	$ 36,765	$ 1,065
Operating lease cost
Amortisation charge for the year	126,388	34,286
Total lease expense	$ 163,153	$ 35,351

LEASES (Details 2)	Jun. 30, 2023 USD ($)
Operating And Finance Lease Maturities
2024	$ 244,655
2025	192,324
2026	168,791
2027	164,084
2028	104,259
Thereafter	127,432
Total minimum finance lease liabilities payment	1,001,545
Less imputed interest	(170,655)
Present value of lease liabilities	830,890
Current liabilities	192,952
Non-current liabilities	637,938
Finance Lease Liability	$ 830,890

LEASES (Details Narrative) - USD ($)	12 Months Ended
LEASES (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Weighted average remaining life of the lease	10 years
Right Of Use Asset	$ 633,109	$ 685,714
Weighted average incremental borrowing rate	5.00%
Lease liabilities	$ 830,890	173,124
Amortization charge on right of assets	117,517	34,286
Amortization charge	126,388	$ 34,286
Lease	$ 720,000
Lease term	7 years
Motor Vehicle [Member]
Lease	$ 84,718
Lease term	3 years
Lease Agreements [Member]
Weighted average remaining life of the lease	3 years

STOCKHOLDERS EQUITY (Details Narrative) - USD ($)				1 Months Ended						12 Months Ended
STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	Nov. 07, 2022	Jul. 15, 2022	May 10, 2021	Apr. 21, 2023	Mar. 23, 2023	Dec. 31, 2022	Dec. 09, 2022	Dec. 04, 2022	Nov. 30, 2022	Jun. 30, 2023	Feb. 17, 2023	Sep. 30, 2022	Jun. 30, 2022	Jan. 20, 2022	Jul. 01, 2021	May 13, 2021
Description of consideration					the consideration for the acquisition of 60% of the issued and paid-up share capital of VATA shall be satisfied by the total purchase consideration of Malaysia Ringgit MYR 2,250,000, which includes a first payment of Malaysia Ringgit MYR 100,000 upon the execution of the SSA Agreement, a second payment of Malaysia Ringgit MYR 150,000 within thirty (30) days from the date of fulfillment or waiver of all the conditions set out in the SSA Agreement, and the issuance of shares of the Company’s restricted Common Stock for the balance consideration of Malaysia Ringgit MYR 2,000,000 at a price per share of not more than ten percent (10%) discount from the immediate preceding five trading days volume weighted average price (“VWAP”) from the issuance date pursuant to the terms of the SSA Agreement
Issuance of shares			166,666,667
Common stock shares issued, shares										1,176,200,278			819,188,055
Issuance shares of restricted common stock							333,142,389
Common stock, shares authorized										10,000,000,000			10,000,000,000
Preferred stock, shares authorized										50,000,000			50,000,000
Common stock, par value (in dollars per share)										$ 0.001			$ 0.001
Preferred stock, par value (in dollars per share)										$ 0.001			$ 0.001
Stock-based compensation under selling, general and administrative expenses										$ 232,500
Stock price per share			$ 0.03								$ 0.07			$ 0.0611
Restricted common stock, share issuance in consideration, per share						$ 0.20			$ 0.001	$ 0.07
Notes Payable										$ 487,790			$ 18,484,028
Common stock per share							$ 0.0611
Shares issued			135,666,667							1,375,000	714,285				31,000,000
Stock, value			$ 5,000,000							$ 1,176,200	$ 50,000		$ 819,188
Restricted common stock, share issuance in consideration		1,000,000				500,000			1,000,000
One Non-US Shareholder [Member]
Restricted common stock, share issuance in consideration, per share	$ 0.088
Restricted common stock, share issuance in consideration	15,036,362
Restricted common stock, share issuance in value	1,323,200
Private Placement [Member]
Common stock shares issued, shares												15,328,029
Restricted common stock, share issuance in consideration, per share	$ 0.072
Restricted common stock, share issuance in consideration	291,667
Restricted common stock, share issuance in value	21,000
Supplementary Agreement
Issuance shares of restricted common stock							333,142,389
Common stock per share							$ 0.0611
Face value principal amount							$ 20,355,000
Steven Sorhus [Member]
Restricted common stock, share issuance in consideration, per share										$ 0.20
Restricted common stock, share issuance in consideration										300,000
Restricted Stock [Member]
Common stock shares issued, shares	603,181	1,500,000		1,428,571
Stock price per share	$ 0.088	$ 0.155		$ 0.07
Restricted common stock, share issuance in consideration, per share				$ 0.104			$ 0.12	$ 0.001
Face value principal amount																$ 20,355,000
Stock, value	$ 53,080			$ 100,000
Restricted common stock, share issuance in considerations				480,768			1,500,000
Restricted common stock, share issuance in value				50,000
Restricted Stock [Member] \| December 1, 2022 [Member] \| Two Tranches [Member]
Common stock shares issued, shares						375,000
Restricted common stock, share issuance in consideration, per share										$ 0.20
Description of Agreement term										The term of the EMGTA Agreement will be for a fixed period of twenty-five (25) months
Restricted common stock, share issuance in consideration									500,000	375,000
Restricted Stock [Member] \| Lisa Leilani Zimmer [Member]
Common stock shares issued, shares		500,000
Face value principal amount																$ 20,355,000
Restricted Stock [Member] \| Chan Hoi Kwong Paul [Member] \| December 1, 2022 [Member]
Restricted common stock, share issuance in consideration, per share										$ 0.001
Restricted common stock, share issuance in consideration										750,000
Restricted Stock [Member] \| Looi Pei See [Member]
Restricted common stock, share issuance in consideration, per share										$ 0.20
Description of Agreement term										The term of the Looi Pei See Agreement will be for a fixed period of thirty-six (36) months
Restricted common stock, share issuance in consideration										1,140,000
Restricted Stock [Member] \| Steven Sorhus [Member]
Common stock shares issued, shares	800,000
Stock price per share	$ 0.001
Description of Trances shares distribution										two tranches of 300,000 shares on or before December 31, 2022 and 500,000 shares on or before December 31, 2023. The term of the Sorhus Agreement will be for a fixed period of twenty-five (25) months
Shares issued										500,000
On March 13, 2023 [Member]
Notes Payable										$ 675,888

NET LOSS PER SHARE (Details) - USD ($)	12 Months Ended
NET LOSS PER SHARE (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Net loss for the year	$ (3,998,960)	$ (3,954,414)
Less: Net loss attributable to non-controlling interest	0	6,979
Net loss attributable to Verde Resources, Inc. shareholders	$ (3,998,960)	$ (3,947,435)
Weighted average common shares outstanding (Basic)	1,019,752,220	812,847,811
Weighted average common shares outstanding (Diluted)	1,019,752,220	812,847,811
Common Share [Member]
Basic	$ (0.00)	$ (0.00)
Diluted	$ (0.00)	$ (0.00)

NET LOSS PER SHARE (Details Narrative)	12 Months Ended
NET LOSS PER SHARE (Details Narrative)	Jun. 30, 2023 USD ($) $ / shares shares
Restricted common stock per share \| $ / shares	$ 0.07
Principal amount \| $	$ 675,888
Steven Sorhus [Member]
Issuance of shares	500,000
EMGTA LLC [Member]
Issuance of shares	375,000
YM Tengku Chanela Jamidah YAM Tengku Ibrahim [Member]
Issuance of shares	500,000

INCOME TAX (Details) - USD ($)	12 Months Ended
INCOME TAX (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Loss before income taxes	$ (3,998,960)	$ (3,954,414)
Foreign, including British Virgin IslandMember
Loss before income taxes	594,580	(325,539)
Labuan, Malaysia [Member]
Loss before income taxes		0
Local (US regime) Member
Loss before income taxes	(3,795,326)	(3,130,173)
Malaysia Regime [Member]
Loss before income taxes	(786,851)	$ (498,702)
ALabuan, Malaysia [Member]
Loss before income taxes	$ (11,363)

INCOME TAX (Details 1) - USD ($)	12 Months Ended
INCOME TAX (Details 1) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
INCOME TAX
Current tax	$ 0	$ 0
Local	0	0
Foreign	0	0
Deferred tax
Local	0	0
Foreign	0	0
Income tax expense benefit	$ 0	$ 0

INCOME TAX (Details 2) - USD ($)	12 Months Ended
INCOME TAX (Details 2) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
INCOME TAX
Loss before income taxes	$ (228,882)	$ (498,702)
Statutory income tax rate	24.00%	24.00%
Income tax expense at statutory rate	$ (54,932)	$ (119,688)
Tax losses unable to be carried forward	2,727	0
Net operating loss	25,602	115,183
Non-deductible items	26,603	4,505
Income tax expense benefit	$ 0	$ 0

INCOME TAX (Details 3) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
INCOME TAX
US tax regime	$ 1,079,890	$ 169,688
Malaysia tax regime	113,516	1,259,662
Less: valuation allowance	(1,193,406)	(1,429,350)
Deferred tax assets, net	$ 0	$ 0

INCOME TAX (Details Narrative)	12 Months Ended
INCOME TAX (Details Narrative)	Jun. 30, 2023 USD ($)
Net operating loss carryforwards, from	$ 5,142,333
Deferred tax assets	$ 1,079,890
Minimum Member
U.S. corporate income tax rate	21.00%
Labuan [Member]
Valuation allowance - Malaysia Rate	24.00%
Malaysia [Member]
Valuation allowance - Malaysia Rate	24.00%
Net operating loss carryforwards, from	$ 472,981
Deferred tax assets	$ 113,516

PENSION COSTS (Details Narrative) - USD ($)	12 Months Ended
PENSION COSTS (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
PENSION COSTS
Pension cost	$ 19,961	$ 7,219

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Sales to :
Borneo Eco Food Sdn Bhd (#2)	$ 12,238	$ 7,314
BOC (#4)	2,062	0
Other income - Sales of wash sand to:
Jusra Mining Merapoh Sdn Bhd (#1)	0	10
Site expenses [Member]
Warisan Khidmat Sdn Bhd (#3)	9,776	16,085
Professional services provided by [Member]
Warisan Khidmat Sdn Bhd (#3)	18,652	9,091
Rental Income :
Mr. Jack Wong	49,121	0
Interest expense paid to:
Borneo Oil Corporation Sdn Bhd (#9)	$ 4,068	$ 0

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Deposits paid for acquisition of property, plant and equipment [Member]
Borneo Energy Sdn Bhd (#2)	$ 0	$ 5,000,000
Trade Receivables [Member]
Borneo Eco Food Sdn Bhd (#2)	0	5,933
Advanced To Related Parties [Member]
Advanced To Vetrolysis Limited (#8)	100	0
Trade Payables [Member]
BOC (#4)	467	0
Warisan Khidmat Sdn Bhd (#3)	0	7,253
Advanced From Related Parties [Member]
BOC (#4)	117,125	555,527
Borneo Energy Sdn Bhd	14,770	0
Victoria Capital Sdn Bhd	107,970	0
Taipan International Limited	$ 119,153	$ 0

RELATED PARTY TRANSACTIONS (Details Narrative)	1 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative)	Oct. 20, 2021	Jun. 30, 2023
Debt Agreement [Member]
Director term		1 year
Lamax Gold Limited [Member]
Equity interests	15.00%
Borneo Oil Berhad [Member]
Description of equity held		Borneo Oil Berhad (“BOB”) is ultimate holding company of Borneo Eco Food Sdn. Bhd. and Borneo Energy Sdn Bhd, and held 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively
Taipan International Limited [Member]
Description of equity held		Taipan International Limited is one of the shareholders of the Company, and held 33.4% of the Company’s issued and outstanding Common Stock as of June 30, 2023
Borneo Oil Corporation Sdn Bhd
Description of equity held		Borneo Oil and Gas Corporation Sdn Bhd) (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) (holding 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively)
Description of holding share percentage		Borneo Oil Corporation Sdn Bhd (“BOC”) is a wholly owned subsidiary of Borneo Oil Berhad (“BOB”) which holds 13.4% and 22.8% of the Company’s issued and outstanding common stock as of June 30, 2023 and June 30, 2022, respectively.
Victoria Capital Sdn. Bhd. [Member]
Description of equity held		Victoria Capital Sdn. Bhd. is one of the shareholders of the Company, and held 0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2023

CONCENTRATIONS OF RISK (Details narrative)	12 Months Ended
CONCENTRATIONS OF RISK (Details narrative)	Jun. 30, 2023	Jun. 30, 2022
Major Customers [Member]
No single customer whose revenue exceeded	10.00%	10.00%

COMMITMENTS AND CONTINGENCIES (Details) - shares	Jun. 30, 2023	Feb. 17, 2023	Jul. 01, 2021	May 10, 2021
Shares issued	1,375,000	714,285	31,000,000	135,666,667
Restricted Stock [Member] \| Steven Sorhus [Member]
Shares issued	500,000
Restricted Stock [Member] \| EMGTA LLC [Member]
Shares issued	375,000
Restricted Stock [Member] \| YM Tengku Chanela Jamidah YAM Tengku Ibrahim [Member]
Shares issued	500,000

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 MYR (RM)	Feb. 17, 2023 $ / shares	Jan. 20, 2022 $ / shares	May 10, 2021 $ / shares
Stock price per share \| $ / shares			$ 0.07	$ 0.0611	$ 0.03
May 12, 2025 [Member] \| Promissory Note [Member]
Stock price per share \| $ / shares	$ 0.07
Promissory notes issued, amount \| $	$ 675,888
Balance consideration \| RM		RM 2,000,000
Discount rate	10.00%	10.00%
Repaymnet of promissory notes \| RM		RM 150,000
Bearing interest rate	2.00%	2.00%