UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10–Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015
or
[ ] 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.
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(Exact name of registrant as specified in its charter)
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Nevada
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32-0457838
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Unit 701, 7/F, The Phoenix, 21-25 Luard Road, Wanchai, Hong Kong
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(Address of principal executive offices)
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(852) 21521223
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(Registrant's telephone number, including area code)
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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 past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, 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 registrant was required to submit and post such files).
Yes[X] No [ ]
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 the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one).
Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [X]
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
As of February 16, 2016 there were 91,288,909 shares of the issuer's common stock, par value $0.001, outstanding.
VERDE RESOURCES, INC.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2015
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PAGE
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Item 1.
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3
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Item 2.
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25
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Item 3.
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33
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Item 4.
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33
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Item 1.
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34
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Item 1A.
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34
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Item 2.
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34
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Item 3.
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34
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Item 4.
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34
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Item 5.
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34
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Item 6.
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34
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35
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Item 1. Financial Statements.
VERDE RESOURCES, INC.
INDEX TO INTERIMCONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD OF ENDED DECEMBER 31, 2015
Verde Resources, Inc.
Condensed Consolidated Balance Sheets
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As at
December 31,
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As at
June 30,
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2015
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2015
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ASSETS
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(Unaudited)
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(Audited)
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Current Assets
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Cash and cash equivalents
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$
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42,464
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$
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36,927
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Amount due from related parties
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3,311
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3,017
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Inventories
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40,221
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11,865
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Deposit & prepayment
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13,732
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161,431
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Total Current Assets
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$
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99,728
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$
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213,240
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Long Term Assets
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Property, plant and equipment
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$
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258,346
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$
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478,225
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Total Long Term Assets
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$
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258,346
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$
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478,225
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TOTAL ASSETS
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$
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358,074
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$
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691,465
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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Current Liabilities
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Accounts payable
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$
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1,543,653
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$
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1,729,304
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Advanced from related parties
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672,677
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524,522
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Accrual
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163,179
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157,026
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Taxation payable
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2,374
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1,495
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Loans from banks
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28,918
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39,585
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Total Current Liabilities
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$
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2,410,801
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$
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2,451,932
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Long term Liabilities
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Loans from banks (non-current)
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$
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18,799
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$
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37,207
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Total Long Term Liabilities
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$
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18,799
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$
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37,207
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TOTAL LIABILITIES
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$
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2,429,600
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$
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2,489,139
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STOCKHOLDERS' DEFICIT
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Preferred stock, par value $0.001, 50,000,000 shares authorized, none issued and outstanding
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-
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-
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Common stock, par value $0.001, 250,000,000 shares authorized, 91,288,909 shares issued and outstanding as of December 31, 2015 & June 30, 2015
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$
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91,289
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$
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91,289
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Additional paid-in capital
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1,869,993
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1,869,993
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Accumulated deficit
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(4,221,009
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)
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(3,653,699
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)
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Accumulated other comprehensive income (loss)
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726,059
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404,021
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Non-controlled interest
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(537,858
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)
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(509,278
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)
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Total Stockholders' Deficit
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$
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(2,071,526
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)
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$
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(1,797,674
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)
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$
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358,074
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$
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691,465
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The accompanying notes are an integral part of these condensed consolidated financial statements.
Verde Resources, Inc.
Condensed Consolidated Statements of Operations
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Three Months Ended
December 31,
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Six Months Ended
December 31,
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2015
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2014
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2015
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2014
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REVENUES
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Revenue
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201,748
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26,836
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$
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526,197
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$
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590,611
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Cost of revenue
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(281,429
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(244,152
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(671,005
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(1,083,476
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Gross loss
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(79,681
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(217,316
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(144,808
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(492,865
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OPERATING EXPENSES:
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Selling, general & administrative expenses
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(140,306
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(204,257
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(451,044
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(380,287
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LOSS FROM OPERATIONS
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(219,987
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(421,573
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$
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(595,852
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$
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(873,152
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OTHER INCOME(EXPENSES)
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(33
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8,808
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(38
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22,148
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NET LOSS BEFORE INCOME TAX
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(220,020
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(412,765
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$
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(595,890
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$
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(851,004
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)
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Provision of Income Tax
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-
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-
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-
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-
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NET LOSS
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(220,020
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)
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(412,765
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$
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(595,890
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$
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(851,004
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)
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Non-controlled interest
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15,467
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37,536
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28,580
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84,297
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Net loss contributed to the group
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(204,553
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)
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(375,229
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(567,310
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(766,707
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Other comprehensive income(loss)
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Foreign currency translation income(loss)
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(60,284
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)
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163,789
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$
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322,038
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$
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220,255
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Comprehensive income(loss)
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$
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(264,837
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)
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$
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(211,440
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)
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$
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(245,272
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)
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$
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(546,452
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)
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Basic and Diluted Loss per Common Share
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$
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(0.002
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)
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$
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(0.004
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)
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$
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(0.006
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)
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$
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(0.009
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)
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Weighted Average Number of Common Shares Outstanding
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91,288,909
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85,388,909
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91,288,909
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85,388,909
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The accompanying notes are an integral part of these condensed consolidated financial statements.
Verde Resources, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
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December 31,
2015
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December 31,
2014
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Cash flows from operating activities:
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Net loss
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$
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(595,890
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)
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$
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(851,004
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)
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Adjustments to reconcile loss to net cash used in operations
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Depreciation
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165,441
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331,266
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Disposal of fixed assets
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-
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2,380
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Changes in operating assets and liabilities
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(Increase) decrease in:
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Accounts receivable from related parties
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(660
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)
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10,734
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Deposits and prepayment
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147,500
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56,042
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Inventory
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(29,796
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)
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58,921
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Other receivable
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-
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-
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Increase (decrease) in:
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Accounts payable
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24,298
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128,129
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Accrued liabilities
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11,069
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(44,915
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)
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GST payable
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1,061
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-
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Advanced from sub-contractor & related parties
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170,743
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100,766
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Deposit received from customer
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-
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33,987
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Net cash (used in) operating activities
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(106,234
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)
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(173,694
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)
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Cash flows from investing activities:
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Proceeds from disposal of plant and equipment
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-
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4,853
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Addition of motor vehicle
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-
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(17,482
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)
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Net cash (used in) investing activities
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-
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(12,629
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)
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Cash flows from financing activities:
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Proceeds from bank loans
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-
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46,454
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Repayments of bank loans
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(21,172
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)
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(31,324
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)
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Shareholders' loans waived
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-
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-
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Proceeds from issuance of common stock
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-
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-
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Net cash (used in) provided by financing activities
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(21,172
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)
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|
15,130
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|
|
|
|
|
|
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Net (decrease) in cash and cash equivalent
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|
|
(127,406
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)
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(171,193
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)
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|
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Effect of exchange rate changes on cash
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132,943
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|
|
|
77,667
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|
|
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Net increase (decrease) in cash and cash equivalents
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|
5,537
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|
|
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(93,526
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)
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Cash and cash equivalents at beginning of year
|
|
|
36,927
|
|
|
|
121,781
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|
Cash and cash equivalents at end of year
|
|
$
|
42,464
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|
|
$
|
28,255
|
|
|
|
|
|
|
|
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|
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Supplementary cash flow information
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|
|
|
|
|
|
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Income taxes paid
|
|
$
|
-
|
|
|
$
|
-
|
|
Interest paid
|
|
$
|
1,451
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|
|
$
|
3,557
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|
Supplementary non-cash information
|
|
|
|
|
|
|
|
|
Reorganization
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|
|
-
|
|
|
|
-
|
|
Issuance of common stock
|
|
|
-
|
|
|
|
-
|
|
The accompanying notes are an integral part of these condensed financial statements.
Verde Resources, Inc.
Notes to Condensed Consolidated Financial Statements
December 31, 2015
(Unaudited)
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Verde Resources, Inc. (the "Company" or "VRDR") was incorporated on April 22, 2010, in the State of Nevada, U.S.A. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company's fiscal year end is June 30.
Gold Billion Global Limited ("Gold Billion" or "GBL") was incorporated in British Virgin Islands on February 7, 2013. GBL was setup by the Board of Directors of Federal Mining Resources Limited ("FMR"). The major operation of GBL is to manage and monitor the mineral exploration and mining projects of FMR.
On July 1, 2013, FMR has assigned its rights and obligation on Champmark Sdn Bhd ("CSB") to GBL. Four of the five members of CSB Board of Directors were appointed by FMR, with two of the GBL Board of Directors currently sitting on the CSB Board. According to ASC 810-05-08 A, CSB is a deemed subsidiary of GBL where it has controlled the CSB Board of Directors, has assigned rights to receive future benefits and residual value, and obligation to absorb loss and finance for CSB by GBL. GBL has the power to direct the activities of CSB that most significantly impact CSB's economic performance and the obligation to absorb losses of CSB that could potentially be significant to the CSB or the right to receive benefits from CSB that could potentially be significant to CSB. GBL is the primary beneficiary of CSB because it has been assigned with all relevant rights and obligation and can direct the activities of CSB through the common directors and the 85% shareholder, FMR. Under 810-23-42, 43, it is determined that CSB is de-facto agent of GBL and GBL is the de-facto principal of CSB. GBL started to consolidate CSB from July 1, 2013 and the Company consolidated GBL and CSB from October 25, 2013 onwards.
On February 17, 2014, the Company entered into a Supplementary Agreement to the Assignment Agreement and completed an acquisition of GBL pursuant to the Supplementary Agreement. The acquisition was a reverse acquisition in accordance with ASC 805-40 "Reverse Acquisitions". The legal parent was VRDR which was the accounting acquiree while GBL was the accounting acquirer. There was a 15% non-controlling interest of Champmark SDN BHD ("CSB") after the acquisition. This transaction was accounted for as a recapitalization effected by a share exchange, wherein GBL 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.
As a result of the acquisition, the Company holds 100% equity interest in GBL and 85% variable interest in CSB. Our consolidated subsidiaries include GBL being our wholly-owned subsidiary and 85% of CSB being a variable interest entity (VIE) and deemed subsidiary of GBL.
On March 17, 2014, the Company through GBL and its deemed subsidiary CSB entered into a Sub-Contract Agreement with Borneo Oil & Gas Corporation Sdn Bhd ("BOG") for the engagement of its sub-contractor services to carry out exploration and exploitation works on alluvial and lode gold resources at Site IV-1 of the Merapoh Mine. The Sub-Contract Agreement is for a period of 5 years with a renewal for another 5 years subject to review by both parties. BOG is a wholly-owned subsidiary of Borneo Oil Berhad (BOB) which is listed on the main market of Kuala Lumpur Stock Exchange. BOG being a local company in Malaysia provides the Company with the advantage of local knowledge and well-established connection in dealing with the relevant local authorities in our mining operations.
On April 1, 2014, GBL purchased 85% equity interest of CSB, and CSB became indirect subsidiary of the Company.
Effective August 27, 2014, the Company's Articles of Incorporation were amended to increase the authorized shares of the Company from 100,000,000 shares of common stock to 250,000,000 shares of common stock. A copy of the Certificate of Amendment was filed with the Nevada Secretary of State. The Form 8K announcing the increase of the authorized shares of the Company was filed with SEC on September 15, 2014.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Condensed Consolidated Financial Statements
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The results of operations for the periods ended December 31, 2015 are not necessarily indicative of the operating results for the full years.
Basis of Presentation
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). These condensed consolidated financial statements are expressed in United States dollars ($). Financial statements prepared in accordance with GAAP contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. These condensed consolidated audited financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.
Basis of Consolidation
The condensed consolidated financial statements include the financial statements of Verde Resources, Inc., its wholly owned subsidiary Gold Billion Global Limited ("GBL") and the 85% subsidiary Champmark SDN BHD ("CSB"). All inter-company balances and transactions between the Company and its subsidiaries have been eliminated upon consolidation.
Use of Estimates
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.
Cash and Cash Equivalents
Cash and cash equivalents include 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 $42,464 and $36,927 in cash and cash equivalents at December 31, 2015 and June 30, 2015, respectively.
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 related party payables it will likely incur in the near future. 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.
Risks and Uncertainties
The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.
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 and, the Company has no allowance for doubtful accounts, as per management's judgment based on their best knowledge. As of December 31, 2015 and June 30, 2015, the longest credit term for certain customers are 60 days.
Provision for Doubtful Accounts
The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables and reviews accounts receivable by amounts due by customers which are past due to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, the Company makes judgments about the creditworthiness of customers based on past collection experience and ongoing credit risk evaluations. At December 31, 2015 and June 30, 2015 there was no allowance for doubtful accounts.
Fair Value
ASC Topic 820 "Fair Value Measurement and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
|
●
|
Level 1—defined as observable inputs such as quoted prices in active markets;
|
|
●
|
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
|
●
|
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
The Company's financial instruments consist of cash and cash equivalents, trade receivables, other receivables, payables, and short term and long term debt. The carrying values of cash and cash equivalents, trade receivables, other receivables, and payables approximate their fair value due to their short maturities. The carrying value of long term debt approximates the fair value of debt of similar terms and remaining maturities available to the company.
The Company's non-financial assets are measured on a recurring basis. These non-financial assets are measured for impairment annually on the Company's measurement date at the reporting unit level using Level 3 inputs. For most assets, ASC 820 requires that the impact of changes resulting from its application be applied prospectively in the year in which the statement is initially applied.
The Company's non-financial assets measured on a non-recurring basis include the Company's property, plant and equipment and finite-use intangible assets which are measured for recoverability when indicators for impairment are present. ASC 820 requires companies to disclose assets and liabilities measured on a non-recurring basis in the period in which the re-measurement at fair value is performed.
The Company did not have any convertible bonds as of December 31, 2015 and June 30, 2015.
Foreign Currency Translation
The Company's reporting currency is the United States dollar ("$") 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.
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 resulting exchange differences are recorded in the consolidated statement of operations.
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Period-end MYR : $1 exchange rate
|
|
|
0.2323
|
|
|
|
0.2644
|
|
Average MYR : $1 exchange rate
|
|
|
0.2375
|
|
|
|
0.2883
|
|
Comprehensive Income
Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes.
Segment Reporting
The Company currently engages in one operation segment: Gold Mining. The expenses incurred were consisting principally of management services. The Company's major operation is located in Malaysia.
Mineral Acquisition and Exploration Costs
The Company has been in the exploration stage since its formation on April 22, 2010, and has not yet realized any revenue from its planned operations. It has been primarily engaged in the acquisition, exploration, and development of mining properties. The Company will no longer in the exploration stage after the reverse take-over with its subsidiary GBL.
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.
Revenue Recognition
In accordance with the ASC Topic 605, "Revenue Recognition", the Company recognizes revenue when persuasive evidence of an arrangement exists, transfer of title has occurred or services have been rendered, the selling price is fixed or determinable and collectibility is reasonably assured.
The Company derives revenues primarily from the sales of gold mineral to registered gold trading companies in Malaysia. The Company generally recognizes its revenues at the time of gold sales and its selling price is determined by the prevailing market value of gold bullion quoted by the leading registered gold trading company in Malaysia. Sales invoice will be duly presented to the trading companies when delivery is completed and revenue is then recognized.
Cost of Revenue
The cost of revenue consists of exploration cost, mine equipment depreciation, production cost, mine site management cost, sub-contractor cost, and royalty and tribute payment which are levied on the gross revenue at the rate of 18% on the invoiced value of gold sales.
Advertising Expenses
Advertising costs are expensed as incurred under ASC Topic 720, "Advertising Costs". Advertising expenses incurred for the periods ended December 31, 2015 and June 30, 2015 were $0.
Income Taxes
The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, "Accounting for Income Taxes" ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. As of December 31, 2015 and June 30, 2015, the Company did not have any significant unrecognized uncertain tax positions.
Recent Accounting Pronouncements
The FASB has issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.
The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements.
This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.
If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item.
The FASB heard from stakeholders that the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent. Additionally, some stakeholders said that although users find information about unusual or infrequent events and transactions useful, they do not find the extraordinary item classification and presentation necessary to identify those events and transactions. Other stakeholders noted that it is extremely rare in current practice for a transaction or event to meet the requirements to be presented as an extraordinary item.
This ASU will also align more closely U.S. GAAP income statement presentation guidance with IAS 1, Presentation of Financial Statements, which prohibits the presentation and disclosure of extraordinary items.
The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities.
The FASB has issued an Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions).
The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities.
In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ and improves current GAAP by:
|
¾ |
Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. |
|
¾ |
Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). |
|
¾ |
Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. |
The ASU will be effective for periods beginning after December 15, 2015, for public companies. For private companies and not-for-profit organizations, the ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU.
For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016.
Early adoption of the amendments is permitted for financial statements that have not been previously issued.
The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability).
The FASB has issued Accounting Standards Update (ASU) No. 2015-04, Compensation - Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this ASU provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. Employee benefit plans are not within the scope of the amendments.
If a contribution or significant event (such as a plan amendment, settlement, or curtailment that calls for a remeasurement in accordance with existing requirements) occurs between the month-end date used to measure defined benefit plan assets and obligations and an entity’s fiscal year-end, the entity should adjust the measurement of defined benefit plan assets and obligations to reflect the effects of those contributions or significant events. However, an entity should not adjust the measurement of defined benefit plan assets and obligations for other events that occur between the month-end measurement and the entity’s fiscal year-end that are not caused by the entity (e.g., changes in market prices or interest rates).
If an entity applies the practical expedient and a contribution is made between the month-end date used to measure defined benefit plan assets and obligations and the entity’s fiscal year-end, the entity should not adjust the fair value of each class of plan assets for the effects of the contribution. Instead, the entity should disclose the amount of the contribution to permit reconciliation of the total fair value of all the classes of plan assets in the fair value hierarchy to the ending balance of the fair value of plan assets.
An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations in accordance with the amendments in this ASU.
The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. The amendments should be applied prospectively.
IFRS does not have a practical expedient that permits an entity to measure defined benefit plan assets and obligations as of the month-end that is closest to the entity’s fiscal year-end (or the month-end that is closest to the date of a significant event that occurred in an interim period), whereas the amendments in this Update provide that practical expedient.
The amendments add guidance to Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The guidance already exists in the FASB Accounting Standards Codification™ in paragraphs 985-605-55-121 through 55-123, but it is included in a Subtopic applied by cloud service providers to determine whether an arrangement includes the sale or license of software.
The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets.
For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities.
An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. For prospective transition, the only disclosure requirements at transition are the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change.
The amendments specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required.
Current GAAP does not contain guidance for master limited partnerships that specifies how historical earnings per unit should be affected when a dropdown transaction occurs that is accounted for as a transaction between entities under common control.
The amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. The amendments should be applied retrospectively for all financial statements presented.
The FASB has issued Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient.
Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy.
The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application is permitted.
The FASB has issued ASU No. 2015-08, Business Combinations (Topic 805): Pushdown Accounting-Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. This ASU amends various SEC paragraphs of the FASB Accounting Standards CodificationTM pursuant to the issuance of SEC Staff Accounting Bulletin No. 115.
The FASB has issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements. The amendments cover a wide range of Topics in the FASB Accounting Standards Codification™ (Codification). The amendments generally fall into one of the types of amendments listed below.
|
1. |
Amendments Related to Differences between Original Guidance and the Codification. These amendments arose because of differences between original guidance (e.g., FASB Statements, EITF Issues, and so forth) and the Codification. These amendments principally carry forward pre-Codification guidance or subsequent amendments into the Codification. Many times, either the writing style or phrasing of the original guidance did not directly translate into the Codification format and style. As a result, the meaning of the guidance might have been unintentionally altered. Alternatively, amendments in this section may relate to guidance that was codified without some text, references, or phrasing that, upon review, was deemed important to the guidance. |
|
2. |
Guidance Clarification and Reference Corrections. These amendments provide clarification through updating wording, correcting references, or a combination of both. In most cases, the feedback suggested that, without these enhancements, guidance may be misapplied or misinterpreted. |
|
3. |
Simplification. These amendments streamline or simplify the Codification through minor structural changes to headings or minor editing of text to improve the usefulness and understandability of the Codification. |
|
4. |
Minor Improvements. These amendments improve the guidance and are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. |
The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. In addition, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.
Transition guidance varies based on the amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon issuance.
The FASB has issued Accounting Standards Update (ASU) No, 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory.
Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin.
The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost.
An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method.
The amendments more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards.
For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information.
NOTE 3 - CASH AND CASH EQUIVALENT
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. At December 31, 2015 and June 30, 2015 cash and cash equivalents consisted of bank deposits in Malaysia bank and petty cash on hands.
NOTE 4 - AMOUNT DUE FROM RELATED PARTIES
Amount due from related parties at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Amount due from Stable Treasure Sdn. Bhd. (*)
|
|
$
|
3,311
|
|
|
$
|
3,017
|
|
(*) One of the directors of Stable Treasure Sdn. Bhd., Mr. Balakrishnan B S Muthu is also the director of the Company. The advances related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
NOTE 5 - INVENTORIES
Inventories are valued at cost, not in excess of market. Inventories are determined at first in first out basis and comprised of production cost, mine site management cost and sub-contractor cost. Inventories, at December 31, 2015 and June 30, 2015 are summarized as follows:
|
December 31,
2015
|
|
June 30,
2015
|
|
Inventories
|
|
$
|
40,221
|
|
|
$
|
11,865
|
|
The inventories represent the gold minerals as at December 31, 2015 and June 30, 2015, which were comprised of 8% share by the Company and 92% share by the sub-contractor and the other parties such as original mine assigner.
NOTE 6 - ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARITES
Accounts Payable
Accounts payable at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Due to Changxin Wanlin Technology Co Ltd(*)
|
|
$
|
1,497,539
|
|
|
$
|
1,704,474
|
|
Other accounts payable
|
|
|
46,114
|
|
|
|
24,830
|
|
|
|
$
|
1,543,653
|
|
|
$
|
1,729,304
|
|
(*) Due to Changxin Wanlin Technology Co Ltd are accounts payable derived from ordinary business transactions. One of the directors of Changxin Wanlin Technology Co. Ltd., Mr. Wu Ming Ding, is also the director of VRDR, GBL and CSB. This accounts payable bears no interest or collateral, repayable and renewable under normal business accounts payable terms.
Advanced from related parties
Advanced from related parties at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Advanced from BOG (#1)
|
|
$
|
268,212
|
|
|
$
|
186,057
|
|
Advanced from Federal Mining Resources Limited(#2)
|
|
$
|
173,465
|
|
|
$
|
173,465
|
|
Advanced from Federal Capital Investment Limited (#3)
|
|
$
|
168,000
|
|
|
$
|
120,000
|
|
Advanced from Yorkshire Capital Limited (#4)
|
|
$
|
63,000
|
|
|
$
|
45,000
|
|
|
|
$
|
672,677
|
|
|
$
|
524,522
|
|
(#1) BOG is one of the shareholders of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#2) One of the directors of Federal Mining Resources Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#3) One of the directors of Federal Capital Investment Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#4) One of the directors of Yorkshire Capital Limited, Mr. Lai Kui Shing, Andy, is also a director of CSB. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT
Property and equipment at December 31, 2015 and June 30, 2015 are summarized as follows:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Land and Building
|
|
$
|
913,603
|
|
|
$
|
1,039,848
|
|
Plant and Machinery
|
|
|
143,896
|
|
|
|
163,780
|
|
Office equipment
|
|
|
18,293
|
|
|
|
20,821
|
|
Project equipment
|
|
|
1,036,031
|
|
|
|
1,179,193
|
|
Computer
|
|
|
9,950
|
|
|
|
11,325
|
|
Motor Vehicle
|
|
|
107,104
|
|
|
|
121,904
|
|
Accumulated depreciation
|
|
|
(1,970,531
|
)
|
|
|
(2,058,646
|
)
|
|
|
$
|
258,346
|
|
|
$
|
478,225
|
|
The depreciation expenses charged for the period ended December 31, 2015 and 2014 was $165,441 and $331,266.
NOTE 8 – LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)
The loans from banks include long term and short term and are summarized as follow:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Loans from banks
|
|
$
|
28,918
|
|
|
$
|
39,585
|
|
Loans from banks(non-current)
|
|
|
18,799
|
|
|
|
37,207
|
|
Total
|
|
$
|
47,717
|
|
|
$
|
76,792
|
|
Hire purchase installment loans with total amount $49,843 and $80,828 as at December 31, 2015 and June 30, 2015 are $47,717 and $76,792 net of imprest charges equivalent to interest $2,126 and $4,036 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
June 30,
|
|
|
|
Interest Rate
|
|
|
Monthly Due
|
|
|
2015
|
|
|
2015
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
$
|
262
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
564
|
|
|
|
-
|
|
|
|
655
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
921
|
|
|
|
927
|
|
|
|
7,387
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
1,462
|
|
|
|
28,782
|
|
|
|
43,105
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
254
|
|
|
|
5,840
|
|
|
|
8,461
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
181
|
|
|
|
8,518
|
|
|
|
11,050
|
|
Hire purchase loans payable to banks
|
|
|
|
|
|
|
|
|
|
$
|
49,843
|
|
|
$
|
80,828
|
|
(*) Hire purchase installment loans with Motor Vehicles as collateral. The financial institutions in Malaysia are Islamic banks and bear no interest in the installment agreement. However, there are certain imprest charges equivalent to interests which are being calculated at an average annual rate of approximate 6.11% for the entire loans life and periods.
The scheduled maturities of the CSL's hire purchase installment loans are as follows:
December 31,
|
|
|
|
2015
|
|
|
30,454
|
|
2016
|
|
|
15,632
|
|
2017
|
|
|
2,381
|
|
2018
|
|
|
1,376
|
|
Later years
|
|
|
-
|
|
Total minimum hire purchase installment payment
|
|
$
|
49,843
|
|
Less: Amount representing imprest charges equivalent to interest (current portion: $1,536 and non-current portion: $590)
|
|
|
2,126
|
|
Present value of net minimum lease payments (#)
|
|
$
|
47,717
|
|
(#) Minimum payment reflected in the balance sheet as current and noncurrent obligations under hire purchases installment loans as at December 31, 2015.
NOTE 9 – INCOME TAX
The Company and its subsidiaries are subject to income taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate. The Company is a Nevada incorporated company and subject to United State Federal Income Tax. GBL is a British Virgin Islands incorporated company and not required to pay income tax on corporate income. CSB is a Malaysia incorporated company and required to pay corporate income tax at 25% of taxable income.
A reconciliation between the income tax computed at the relevant statutory rate and the Company's provision for income tax is as follows:
|
|
|
|
|
|
|
Period ended
|
|
|
December 31,
2015
|
|
June 30,
2015
|
US Federal Income Tax Rate.
|
|
34%
|
|
34%
|
Valuation allowance – US Rate
|
|
(34%)
|
|
(34%)
|
BVI Income Tax Rate
|
|
0%
|
|
0%
|
Valuation allowance – BVI Rate
|
|
(0%)
|
|
(0%)
|
Malaysia Income Tax Rate
|
|
25%
|
|
25%
|
Valuation allowance – Malaysia Rate
|
|
(25%)
|
|
(25%)
|
Provision for income tax
|
|
-
|
|
-
|
Summary of the Company's net deferred tax liabilities and assets are as follows:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Deferred tax assets:
|
|
|
|
|
Tax attribute carryforwards
|
|
$
|
202,602
|
|
|
$
|
509,223
|
|
Valuation allowances
|
|
|
(202,602
|
)
|
|
|
(509,223
|
)
|
Total
|
|
$
|
-
|
|
|
$
|
-
|
|
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 recognized in the consolidated statement of operations. The Company did not have any interest and penalty provided or recognized in the income statements for period December 31, 2015 and June 30, 2015 or balance sheet as of December 31, 2015 and June 30, 2015. The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months.
NOTE 10 - COMMITMENTS AND CONTINGENCIES
The Company is committed under an operating lease for office premises expiring May 2015, with fixed monthly rental. As at December 31, 2015, the Company has future minimum rental payment of $2,648 due for the year ended June 30, 2016.
As at December 31, 2015, the Company's hire purchase installment agreements are disclosed in Note 8. See Note 8 for the commitments for minimum installment payments under these agreements.
NOTE 11 – EARNINGS/(LOSS) PER SHARE
The Company has adopted ASC Topic No. 260, "Earnings Per Share," ("EPS") which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.
The following table sets forth the computation of basic and diluted earnings per share:
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(204,553
|
)
|
|
$
|
(375,229
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.002
|
)
|
|
$
|
(0.004
|
)
|
|
|
|
Six Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(567,310
|
)
|
|
$
|
(766,707
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.006
|
)
|
|
$
|
(0.009
|
)
|
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.
NOTE 12 - CAPITAL STOCK
Authorized Stock
The Company has authorized 250,000,000 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.
Share Issuance
On September 30, 2013, the Company issued 2,500,000 and 1,477,500 common shares at $0.01 and $0.04 per share, respectively, resulting in total cash proceeds of $84,100, being $3,978 for par value shares and $80,122 for capital in excess of par value.
On October 25, 2013, the Company issued 80,000,000 common shares at par value under the terms of the Assignment Agreement whereby FMR will assign its management rights of CSB's mining operation in the Mining Lease to VRDR, through its wholly-owned subsidiary GBL, in exchange for 80,000,000 shares of the Company's common stock.
On November 11, 2013, the Company issued 75,000 common shares at US$1.75 per share to Marketing Management International, LLC ("MMI"), a Florida Limited Liability Company, under the terms of the Consulting Agreement for the engagement of its consulting services.
On January 29, 2014, the Company issued a total of 643,229 common shares for $665,238, of which 288,288 common shares at US$1.25 per share, 183,661 common shares at US$0.83 per share and 171,280 common shares at US$0.89 per share, to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a Malaysia Limited Liability Company, under the terms of the Sub-Contractor Agreement for the engagement of its sub-contractor services.
On March 10, 2014, the Company issued a total of 693,180 common shares for $609,756, of which 179,340 common shares at US$0.85 per share and 513,840 common shares at US$0.89 per share, to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a Malaysia Limited Liability Company, under the terms of the Sub-Contractor Agreement for the engagement of its sub-contractor services.
On January 21, 2015, the Company issued 5,900,000 common shares at US$0.05 per share to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a Malaysia Limited Liability Company, under the terms of the Consultant Agreement for the additional services of its sub-contractor.
There were 91,288,909 common shares issued and outstanding at December 31, 2015 and June 30, 2015.
There are no preferred shares outstanding. The Company has issued no authorized preferred shares. The Company has no stock option plan, warrants, or other dilutive securities.
NOTE 13 - RELATED PARTY TRANSACTIONS
As of December 31, 2015, advances were made by five companies of $2,170,216 related to ordinary business transactions. All advances related to ordinary business transactions, bear no interest or collateral, repayable and renewable under normal advancement terms. Details are disclosed in Note 6.
As of December 31, 2015, amounts due from one company of $3,311 related to ordinary business transactions. The receivable amounts related to ordinary business transactions bear no interest or collateral, repayable and renewable under normal advancement terms. Details are disclosed in Note 4.
During the period ended December 31, 2015, the Company sold $419 worth of gold to BOG.
During the period ended December 31, 2015, the Company incurred cost of revenue worth of $335,695 to BOG.
On January 21, 2015, the Company issued 5,900,000 common shares at US$0.05 per share to BOG, under the terms of the Consultant Agreement dated January 15, 2015.
NOTE 14 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of and for the period ended December 31, 2015, the Company has a loss from operations of $595,890 and working capital deficiency of $2,311,073. The Company intends to fund operations through debt and equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the period ending December 31, 2015 and subsequently.
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.
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE 15 - CONCENTRATIONS
Suppliers
The Company's major suppliers for the period ended December 31, 2015 and 2014 are listed as following:
|
|
Subcontractors
|
|
|
Accounts Payable
|
|
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
Major Suppliers
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
|
|
|
|
|
|
Company A
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Customers
The Company's major customers for the period ended December 31, 2015 and 2014 are listed as following:
|
|
Sales |
|
|
Accounts Receivable |
|
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
Major Customers
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
Company M
|
|
|
0
|
%
|
|
|
52
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Company N
|
|
|
1
|
%
|
|
|
33
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Company O
|
|
|
99
|
%
|
|
|
15
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
NOTE 16 -SUBSEQUENT EVENTS
The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined that there are no additional items to disclose.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
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 herein as well as in the "Description of Business – Risk Factors" section in our Annual Report on Form 10-K, as filed on September 30, 2013. You should carefully review the risks described in our Annual Report 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-Q to the "Company," "Verde Resources," "we," "us," or "our" are to Verde Resources, Inc.
Business Overview
The Company is a Nevada corporation that conducts business operations in Pahang Malaysia through Champmark Sdn Bhd ("CSB"), a privately limited liability company incorporated in Malaysia which is a deemed subsidiary under the management control of our 100% subsidiary GBL.
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 owns 85% equity interest in CSB, a privately 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 assigned its management rights of CSB's mining operation in the Mining Lease to the Company, through its wholly-owned subsidiary Gold Billion Global Limited ("GBL"), 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.
GBL was established 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 GBL 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 GBL.
On February 17, 2014, we entered into a Supplementary Agreement to the Assignment Agreement and completed a reverse acquisition of GBL pursuant to the Supplementary Agreement. As a result of the acquisition, the Company holds 100% equity interest in GBL and 85% variable interest in CSB. Our consolidated subsidiaries include GBL being our wholly-owned subsidiary and 85% of CSB being a variable interest entity (VIE) and deemed subsidiary of GBL. On April 1, 2014, GBL purchased 85% equity interest of CSB, and CSB became indirect subsidiary of the Company.
Corporate History and Structure
Verde Resources, Inc. was incorporated on April 22, 2010, in the State of Nevada, U.S.A. On October 17, 2013, Stephen Spalding and Michael Stiege resigned from all of their positions as officers and directors of the Company. In addition, 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. Mr. Wu and Mr. Muthu were added to the Board of Directors.
On October 17, 2013, the Company provided written notice to Gold Explorations, LLC, that the Purchase Agreement dated May 17, 2010, amended February 8, 2012, and further amended May 17, 2013 (the "Purchase Agreement"), has been cancelled according to the terms of the Purchase Agreement. By providing this notification, the Company has no further obligations under the Purchase Agreement and has released any interest in the mineral claims located in Esmeralda County, Nevada.
On April 1, 2014, the Board of Directors of Gold Billion Global Limited ("GBL") notified Federal Mining Resources Limited ("FMR") upon the decision to exercise the right of option to purchase 85% equity interest of Champmark Sdn Bhd ("CSB") under Management Agreement Section 3.2.4 dated July 1, 2013, between GBL and FMR. This acquisition was completed on April 1, 2014, with consideration of US$1, and GBL then became 85% shareholder of CSB.
Effective August 27, 2014, the Company's Articles of Incorporation were amended to increase the authorized shares of the Company from 100,000,000 shares of common stock to 250,000,000 shares of common stock.
The following diagram illustrates our current corporate structure:
According to ASC 810-05-08 A, CSB is a deemed subsidiary of GBL where GBL has control the Board of Directors of CSB, rights to receive future benefits and residual value, and obligation to absorb loss and finance for CSB. GBL has the power to direct the activities of CSB that most significantly impact CSB's economic performance and the obligation to absorb losses of CSB that could potentially be significant to the CSB or the right to receive benefits from CSB that could potentially be significant to CSB. GBL is the primary beneficiary of CSB because GBL can direct the activities of CSB through the common directors and 85% shareholder FMR. Under 810-23-42, 43, it is determined that CSB is de-facto agent of the principal GBL and so GBL will consolidate CSB from July 1, 2013.
Contractual Arrangements
Our exploration and mining business is currently provided through contractual arrangements with CSB through our wholly-owned subsidiary GBL.
CSB, the VIE of GBL, sells gold minerals directly to the registered gold trading company in Malaysia. We have been and are expected to continue to be dependent on our VIE to operate our exploration and mining business. GBL has entered into contractual arrangements with its VIE, which enable us to exercise effective control over the VIE, receive substantially all of the economic benefits from the VIE, and have the option to purchase equity interests in the VIE.
On July 1, 2013, the Company's subsidiary GBL entered into a series of agreements ("VIE agreements") with FMR and details of the VIE agreements are as follows :
|
1.
|
Management Agreement, FMR entrusted the management rights of its subsidiary CSB to GBL that include:
|
|
i)
|
management and administrative rights over the day-to-day business affairs of CSB and the mining operation at Site IV-1 of the Merapoh Gold Mine;
|
|
ii)
|
final right for the appointment of members to the Board of Directors and the management team of CSB;
|
|
iii)
|
act as principal of CSB;
|
|
iv)
|
obligation to provide financial support to CSB;
|
|
v)
|
option to purchase an equity interest in CSB;
|
|
vi)
|
entitlement to future benefits and residual value of CSB;
|
|
vii)
|
right to impose no dividend policy;
|
|
viii)
|
human resources management.
|
|
2.
|
Debt Assignment, FMR assigned to GBL the sum of money in the amount of US Dollars Three Hundred Nine Thousand Three Hundred Thirty One And Ninety Two cents (US$ 309,331.92), now due to GBL from CSB under the financing obligation from the FMR to CSB.
|
With the above agreements, GBL controls CSB as the primary beneficiary and the operating results of the VIE was included in the condensed consolidated financial statements for the nine months ended March 31, 2014.
CSB holds the operating right to Merapoh Gold Mine (the "Mine") with all regulatory and government operating licenses in Malaysia.
On April 1, 2014, GBL purchased 85% equity interest of CSB, and CSB became indirect subsidiary of the Company.
Stage of Operation
The Company does not own any title and/or concession right in any mines. The Company is undertaking natural mineral resource extraction management services. The Company is going to hire a mine management team to supervise the mineral resource extraction activities to ensure that the operations can be carried out without significant problems.
According to the United States Industry Guide 7 (a) (4) on mining operations, the Merapoh Gold Mine is currently in the production stage because the mine has produced approximately 25 kilogram gold from January 2015 to December 2015. According to the ASC 930-330-20 Glossary, the production phase is defined as "when saleable minerals are extracted (produced) from an ore body, regardless of the level of production". However, the production is limited to a small part of the site, and extraction is alluvial gold only. The objective of the Company is preparing to improve the productivity of the mines to ensure that the operation will be carried out effectively and efficiently at minimum cost.
Current Mining Property and Location
Merapoh Gold Mine (the "Mine")
The Merapoh Gold Mine is located in northern Pahang, with convenient road access through Kelantan directly to mine site and is about 400 kilometers away from Kuala Lumpur. The Mine is located in the middle of Malaysia gold metallogenic belt. The central gold belt is the source of the majority of the gold deposits in the peninsula. It lies between the western and eastern tin belts and extends from Kelantan (Sungai Pergau, Sungai Galas) to Pahang (Merapoh, Kuala Lipis, Raub), Terengganu (Lubuk Mandi), Negri Sembilan and Johor (Gunung Ledang).
Description of the Mining Process
A planned sequence of events is involved in mining a pit:
|
Ÿ
|
Identifying the resource
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|
Ÿ
|
Creating access to the ore body
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Ÿ
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Removing the ore from the ore body
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|
Ÿ
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Refining of the concentrate
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Our in-house exploration team identifies a target and undertakes exploration. Before any hole is drilled or rock mined, much planning goes into making sure the mining sequence runs smoothly and safely as possible. The process of creating access to the possible ore body includes possible ore excavation, possible ore assessment and possible ore segregation.
Process for removing ore concentrates from the ore body
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1.
|
The ore body is transported to the treatment plants in vehicles capable of hauling huge, heavy loads.
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|
2.
|
The ore body is separated into Ore Type 1 Stockpile and Ore Type 2 Stockpile.
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3.
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The monitor washes finer gold bearing material off larger rocks which is screened on an inclined coarse wire screen.
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4.
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An excavator is used to turn over the rocks so wash is removed from all sides of the coarse material.
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5.
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A monitor pushes the rock down the inclined coarse screen where the course is removed and stockpiled at the bottom.
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6.
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Finer material passes through the mesh screen into the sluice system and runs over the sluice.
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7.
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The carpets are removed and taken to refining facility for gold recovery.
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|
8.
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A suction pipe recovers water of the fine tailings pond for use in the system.
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Refining of the concentrate
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1.
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The carpets holding concentrate from the sluice are brought to a shed in the camp site where the gold refined.
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|
2.
|
The first stage of the refining is to wash the gold containing concentrate into large bins. This is pumped to a jig and shaking table.
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|
3.
|
Nuggets are handpicked from the coarse fraction and the fine fraction is amalgamated to remove the gold. After distillation gold from the amalgam and the coarse are melted with flux and the gold is poured into small bars.
|
Results of Operations
For the three months ended December 31, 2015 and 2014:
We have generated $201,748 and $26,836 revenues for the three months ended December 31, 2015 and 2014, and have recorded a gross loss of $79,681 and $217,316 for the three months ended December 31, 2015 and 2014. We have incurred $140,306 and $204,257 in operating expenses through December, 2015 and December 31, 2014. We have other (expenses) income $(33) and $8,808 for the three months ended December 31, 2015 and 2014.
The following table provides selected financial data about our company for the three months ended December 31, 2015 and December 31, 2014.
Statement of Operation
|
|
12/31/2015
|
|
|
12/31/2014
|
|
|
Change
|
|
|
|
Amount
|
|
|
Amount
|
|
|
%
|
|
Revenue
|
|
$
|
201,748
|
|
|
$
|
26,836
|
|
|
|
652
|
%
|
Cost of revenue
|
|
$
|
281,429
|
|
|
$
|
244,152
|
|
|
|
15
|
%
|
Gross Loss
|
|
$
|
79,681
|
|
|
$
|
217,316
|
|
|
|
(63
|
%)
|
Operating Expenses
|
|
$
|
140,306
|
|
|
$
|
204,257
|
|
|
|
(31
|
%)
|
Other Income(Expenses)
|
|
$
|
(33
|
)
|
|
$
|
8,808
|
|
|
|
(100
|
%)
|
For the six months ended December 31, 2015 and 2014:
We have generated $526,197 and $590,611 revenues for the six months ended December 31, 2015 and 2014, and have recorded a gross loss of $144,808 and $492,865 for the six months ended December 31, 2015 and 2014. We have incurred $451,044 and $380,287 in operating expenses through December, 2015 and December 31, 2014. We have other (expenses) income $(38) and $22,148 for the six months ended December 31, 2015 and 2014.
The following table provides selected financial data about our company for the six months ended December 31, 2015 and December 31, 2014.
Statement of Operation
|
|
12/31/2015
|
|
|
12/31/2014
|
|
|
Change
|
|
|
|
Amount
|
|
|
Amount
|
|
|
%
|
|
Revenue
|
|
$
|
526,197
|
|
|
$
|
590,611
|
|
|
|
(11
|
%)
|
Cost of revenue
|
|
$
|
671,005
|
|
|
$
|
1,083,476
|
|
|
|
(38
|
%)
|
Gross Loss
|
|
$
|
144,808
|
|
|
$
|
492,865
|
|
|
|
(71
|
%)
|
Operating Expenses
|
|
$
|
451,044
|
|
|
$
|
380,287
|
|
|
|
19
|
%
|
Other Income(Expenses)
|
|
$
|
(38
|
)
|
|
$
|
22,148
|
|
|
|
(100
|
%)
|
The revenue derived from the sales of gold mineral to customers in Malaysia. The decrease of revenue for the period ended 31 December 2015 was mainly due to a decrease in gold production and gold sales during the period. Operating expenses comprised mainly of salaries, office costs, legal and professional fees and travelling expenses. The operating expenses were mainly denominated in MYR and decrease compared with six months ended December 31, 2014 due to decrease of cost of revenue. Moreover, the average rate of MYR : USD for six months December 31, 2015 and December 31, 2014 was 0.2375 and 0.2883 respectively. However, the amount was increased by19% due to the exchange loss arising from the translation at closing balance for inter-company balance.
Plan of Operation
Our Industry and Principal Markets
Based on the forecast of Business Monitor International, a leading independent proprietary data provider, Malaysia's mining industry is anticipated to reach US$38.7bn by 2017, growing at an annual average rate of 2.5% from 2011 levels. The bulk of this growth will be led by the country's nascent gold mining sector, which has attracted a number of foreign investors in recent years. Our mineral exploration activities are subject to extensive national and local government regulations in Malaysia, which regulations may be revised or expanded at any time. Generally, compliance with these regulations requires the company to obtain the permits issued by government regulatory agencies. Certain permits require periodic renewal or review of their conditions. Malaysia provides an attractive mining legislative environment for foreign investors, but there is the risk that these laws will change once the country is able to attract enough foreign money.
Subcontractor
In an effort to enhance the efficiency of mine operations at the Merapoh Gold Mine, Champmark Sdn Bhd ("CSB") entered into an Operation Term Sheet ("OTS") agreement in July 2013 to outsource the exploitation works of alluvial gold resources at Site IV-1 of the Merapoh Gold Mine to a subcontractor Borneo Oil & Gas Corporation Sdn Bhd ("BOG").
BOG has the experience and local knowledge in managing the exploitation of alluvial gold at the Merapoh Gold Mine. The Company will provide necessary disclosure when any significant agreements have been made with sub-contractors in the future.
BOG became the Company's shareholder in January 29, 2014, and was no longer a third party subcontractor.
Expansion Plans
At present, we are well positioned working with our third party subcontractor, who has the experience and local knowledge to manage our exploitation of alluvial gold at the Merapoh Gold Mine. The Company believes that there are excellent growth opportunities for its business outside Malaysia. We are constantly exploring for potential acquisition of mining projects in other parts of the world.
The Company is currently operating the gold mining operation at a small scale and is still at its initial stages to expand the production capacity of the gold mining operation. The Company has purchased a number of units of vehicles such as excavators, wheel loader, mobile mining equipment, motor vehicles and trucks for the mining of alluvial gold at the Mining Area. In the effort to expand production capacity, the Company intends to purchase more vehicles, machineries and equipment as well as to conduct feasibility studies for exploration of alluvial and lode gold resources.
The Company, through its wholly-owned subsidiary company Gold Billion Global Ltd ("GBL") has entered into a letter of intent with Xinjiang Changhe Mining Co., Ltd ("XCM") on September 29, 2014, Under the letter of intent, GBL has offered to acquire ownership in XCM for the Ayigate Gold Project subject to due diligence. The Ayigate gold mine is located within the Tianshan region in Wuqia County, Xinjiang Uygur Autonomous Region of the People's Republic of China. After several discussions, the Company did not intent to proceed with the offer to acquire ownership in XCM.
As our business is affected by the fluctuations of gold prices, the Company intends to diversify its product line by acquiring mining projects with potential for different mineral resources other than gold. We continue to hold discussions with other mining companies for potential collaboration to carry out exploration and exploitation works on other mineral resources in Southeast Asia regions.
Limited Operating History; Need for Additional Capital
There is no 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
The following table provides selected cash flow data about our company for the six months ended December 31, 2015 and December 31, 2014.
Cash Flow Date
|
|
12/31/2015
|
|
|
12/31/2014
|
|
Net Loss from operation
|
|
$
|
595,890
|
|
|
$
|
851,004
|
|
Net Cash Generated/(Used) from operating activities
|
|
$
|
(106,234
|
)
|
|
$
|
(173,694
|
)
|
Net Cash Generated/(Used) from investing activities
|
|
$
|
-
|
|
|
$
|
(12,629
|
)
|
Net Cash Generated/(Used) from financing activities
|
|
$
|
(21,172
|
)
|
|
$
|
15,130
|
|
For the six months ended December 31, 2015, the Company had incurred net loss from operation of $595,890 which posted a negative impact to the company's cash flow. The reconciliation on non-cash items such as depreciations provide positive impact on cash.
In the operation analysis, the net cash used in operating activities decreased from $173,694 to $106,234. The $595,890 net loss was partially offset by the noncash expense such as $165,441 in depreciation. In the operating assets and liabilities, the net decrease in current assets, such as accounts receivable from related parties, deposits and prepayment was $119,049 whereas the net decrease in current liabilities, such as accounts payable, accrued liabilities, advanced from related parties and deposit received from customer was $30,464, which provided positive cash flow effect to offset the $2,005 addition in current assets and $176,007 reduction in current liabilities and $595,890 loss in operation. The final result of the cash flow from operating activities was negative cash flow effect.
In the investing cash flow analysis, there was no change for the six months ended December 31, 2015, while there were proceeds from disposal of plant and equipment offset by additional of motor vehicle which ended up with $12,629 cash used in investing activities for the six months ended December 31, 2014.
In the financing analysis, there was loan principal $21,172 repaid to bank for the six months ended December 31, 2015, compared to $31,324 repayment offset by additional loan of $46,454 borrowed from bank for the six months ended December 31, 2014. The overall cash flow effect was negative.
Besides, the net increase in exchange rate effect of $132,943 provided positive cash flow effect. The cash and cash equivalents at the end of December 31, 2015, was increased by $5,537 with $42,464 as balance.
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 3. Quantitative and Qualitative Disclosures About Market Risk.
As a "smaller reporting company", we are not required to provide the information required by this Item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As of December 31, 2015, 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. Based on that evaluation, they 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 December 31, 2015.
Management believes that the material weaknesses set forth above did not have an immediate negative effect on our financial results because of our small size 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 in the future periods.
Changes in Internal Controls
There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the three months ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial
shareholder, is an adverse party or has a material interest adverse to our interest.
As a "smaller reporting company", we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
N/A.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosure.
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 period ended December 31, 2015.
Item 5. Other Information.
There are anticipated changes in Directors and Executive Officers to be effective on February 20, 2016. For details, please refer to SC 14F1 filed by the registrant to SEC on February 10, 2016, at SEC website: www.sec.gov.
The following exhibits are included as part of this report:
Exhibit No. Description
101*
* The following financial information from Verde Resources, Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Balance Sheets as of December 31, 2015, and June 30, 2015, (ii) Condensed Statements of Operations for the three and six months ended December 31, 2015 and 2014, (iii) Condensed Statements of Cash Flows for the six months ended December 31, 2015 and 2014, and (iv) Notes to Condensed Financial Statements.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
VERDE RESOURCES, INC.
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Dated: February 16, 2016
|
/s/ Wu Ming Ding
|
|
|
Wu Ming Ding
|
|
|
President
|
|
|
(Principal Executive Officer)
|
|
|
|
|
35
Exhibit 31.1
CERTIFICATION
I, Wu Ming Ding, certify that:
1.
|
I have reviewed this quarterly report on Form 10-Q of Verde Resources, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 16, 2016
|
|
|
|
|
By:
|
/s/ Wu Ming Ding
|
|
|
|
Wu Ming Ding
|
|
|
|
Chief Executive Officer
|
|
Exhibit 31.2
CERTIFICATION
I, Balakrishnan B S Muthu, certify that:
1.
|
I have reviewed this quarterly report on Form 10-Q of Verde Resources, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 16, 2016
|
|
|
|
|
By:
|
/s/ Balakrishnan B S Muthu
|
|
|
|
Balakrishnan B S Muthu
|
|
|
|
Chief Financial Officer
|
|
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Wu Ming Ding, certify, as of the dates hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Verde Resources, Inc. on Form 10-Q for the period ended December 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Verde Resources, Inc. at the dates and for the periods indicated.
Date: February 16, 2016
|
|
|
|
|
By:
|
/s/ Wu Ming Ding
|
|
|
|
Wu Ming Ding
|
|
|
|
Chief Executive Officer
|
|
I, Balakrishnan B S Muthu, certify, as of the dates hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Verde Resources, Inc. on Form 10-Q for the period ended December 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Verde Resources, Inc. at the dates and for the periods indicated.
Date: February 16, 2016
|
|
|
|
|
By:
|
/s/ Balakrishnan B S Muthu
|
|
|
|
Balakrishnan B S Muthu
|
|
|
|
Chief Financial Officer
|
|
A signed original of this written statement required by Section 906 has been provided to Verde Resources, Inc. and will be retained by Verde Resources, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Current Assets |
|
|
Cash and cash equivalents |
$ 42,464
|
$ 36,927
|
Amount due from related parties |
3,311
|
3,017
|
Inventories |
40,221
|
11,865
|
Deposit & prepayment |
13,732
|
161,431
|
Total Current Assets |
99,728
|
213,240
|
Long Term Assets |
|
|
Property, plant and equipment |
258,346
|
478,225
|
Total Long Term Assets |
258,346
|
478,225
|
TOTAL ASSETS |
358,074
|
691,465
|
Current Liabilities |
|
|
Accounts payable |
1,543,653
|
1,729,304
|
Advanced from related parties |
672,677
|
524,522
|
Accrual |
163,179
|
157,026
|
Taxation payable |
2,374
|
1,495
|
Loans from banks |
28,918
|
39,585
|
Total Current Liabilities |
2,410,801
|
2,451,932
|
Long term Liabilities |
|
|
Loans from banks (non-current) |
18,799
|
37,207
|
Total Long Term Liabilities |
18,799
|
37,207
|
TOTAL LIABILITIES |
$ 2,429,600
|
$ 2,489,139
|
STOCKHOLDERS' DEFICIT |
|
|
Preferred stock, par value $0.001, 50,000,000 shares authorized, none issued and outstanding |
|
|
Common stock, par value $0.001, 250,000,000 shares authorized, 91,288,909 shares issued and outstanding as of December 31, 2015 & June 30, 2015 |
$ 91,289
|
$ 91,289
|
Additional paid-in capital |
1,869,993
|
1,869,993
|
Accumulated deficit |
(4,221,009)
|
(3,653,699)
|
Accumulated other comprehensive income (loss) |
726,059
|
404,021
|
Non-controlled interest |
(537,858)
|
(509,278)
|
Total Stockholders' Deficit |
(2,071,526)
|
(1,797,674)
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 358,074
|
$ 691,465
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 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 (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
91,288,909
|
91,288,909
|
Common stock, shares outstanding |
91,288,909
|
91,288,909
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Condensed Consolidated Statements of Operations - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
REVENUES |
|
|
|
|
Revenue |
$ 201,748
|
$ 26,836
|
$ 526,197
|
$ 590,611
|
Cost of revenue |
(281,429)
|
(244,152)
|
(671,005)
|
(1,083,476)
|
Gross loss |
(79,681)
|
(217,316)
|
(144,808)
|
(492,865)
|
OPERATING EXPENSES: |
|
|
|
|
Selling, general & administrative expenses |
(140,306)
|
(204,257)
|
(451,044)
|
(380,287)
|
LOSS FROM OPERATIONS |
(219,987)
|
(421,573)
|
(595,852)
|
(873,152)
|
OTHER INCOME(EXPENSES) |
(33)
|
8,808
|
(38)
|
22,148
|
NET LOSS BEFORE INCOME TAX |
$ (220,020)
|
$ (412,765)
|
$ (595,890)
|
$ (851,004)
|
Provision of Income Tax |
|
|
|
|
NET LOSS |
$ (220,020)
|
$ (412,765)
|
$ (595,890)
|
$ (851,004)
|
Non-controlled interest |
15,467
|
37,536
|
28,580
|
84,297
|
Net loss contributed to the group |
(204,553)
|
(375,229)
|
(567,310)
|
(766,707)
|
Other comprehensive income(loss) |
|
|
|
|
Foreign currency translation income(loss) |
(60,284)
|
163,789
|
322,038
|
220,255
|
Comprehensive income(loss) |
$ (264,837)
|
$ (211,440)
|
$ (245,272)
|
$ (546,452)
|
Basic and Diluted Loss per Common Share (in dollars per share) |
$ (0.002)
|
$ (0.004)
|
$ (0.006)
|
$ (0.009)
|
Weighted Average Number of Common Shares Outstanding (in shares) |
91,288,909
|
85,388,909
|
91,288,909
|
85,388,909
|
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v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net loss |
$ (595,890)
|
$ (851,004)
|
Adjustments to reconcile loss to net cash used in operations |
|
|
Depreciation |
165,441
|
331,266
|
Disposal of fixed assets |
|
(2,380)
|
(Increase) decrease in: |
|
|
Accounts receivable from related parties |
(660)
|
10,734
|
Deposits and prepayment |
147,500
|
56,042
|
Inventory |
$ (29,796)
|
$ 58,921
|
Other receivable |
|
|
Increase (decrease) in: |
|
|
Accounts payable |
$ 24,298
|
$ 128,129
|
Accrued liabilities |
11,069
|
(44,915)
|
GST payable |
1,061
|
|
Advanced from sub-contractor & related parties |
170,743
|
100,766
|
Deposit received from customer |
|
33,987
|
Net cash (used in) operating activities |
(106,234)
|
(173,694)
|
Cash flows from investing activities: |
|
|
Proceeds from disposal of plant and equipment |
|
4,853
|
Addition of motor vehicle |
|
(17,482)
|
Net cash (used in) investing activities |
|
(12,629)
|
Cash flows from financing activities: |
|
|
Proceeds from bank loans |
|
46,454
|
Repayments of bank loans |
$ (21,172)
|
$ (31,324)
|
Shareholders' loans waived |
|
|
Proceeds from issuance of common stock |
|
|
Net cash (used in) provided by financing activities |
$ (21,172)
|
$ 15,130
|
Net (decrease) in cash and cash equivalent |
(127,406)
|
(171,193)
|
Effect of exchange rate changes on cash |
132,943
|
77,667
|
Net increase (decrease) in cash and cash equivalents |
5,537
|
(93,526)
|
Cash and cash equivalents at beginning of year |
36,927
|
121,781
|
Cash and cash equivalents at end of year |
$ 42,464
|
$ 28,255
|
Supplementary cash flow information |
|
|
Income taxes paid |
|
|
Interest paid |
$ 1,451
|
$ 3,557
|
Supplementary non-cash information |
|
|
Reorganization |
|
|
Issuance of common stock |
|
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS
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6 Months Ended |
Dec. 31, 2015 |
Organization And Description Of Business [Abstract] |
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ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Verde Resources, Inc. (the "Company" or "VRDR") was incorporated on April 22, 2010, in the State of Nevada, U.S.A. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company's fiscal year end is June 30.
Gold Billion Global Limited ("Gold Billion" or "GBL") was incorporated in British Virgin Islands on February 7, 2013. GBL was setup by the Board of Directors of Federal Mining Resources Limited ("FMR"). The major operation of GBL is to manage and monitor the mineral exploration and mining projects of FMR.
On July 1, 2013, FMR has assigned its rights and obligation on Champmark Sdn Bhd ("CSB") to GBL. Four of the five members of CSB Board of Directors were appointed by FMR, with two of the GBL Board of Directors currently sitting on the CSB Board. According to ASC 810-05-08 A, CSB is a deemed subsidiary of GBL where it has controlled the CSB Board of Directors, has assigned rights to receive future benefits and residual value, and obligation to absorb loss and finance for CSB by GBL. GBL has the power to direct the activities of CSB that most significantly impact CSB's economic performance and the obligation to absorb losses of CSB that could potentially be significant to the CSB or the right to receive benefits from CSB that could potentially be significant to CSB. GBL is the primary beneficiary of CSB because it has been assigned with all relevant rights and obligation and can direct the activities of CSB through the common directors and the 85% shareholder, FMR. Under 810-23-42, 43, it is determined that CSB is de-facto agent of GBL and GBL is the de-facto principal of CSB. GBL started to consolidate CSB from July 1, 2013 and the Company consolidated GBL and CSB from October 25, 2013 onwards.
On February 17, 2014, the Company entered into a Supplementary Agreement to the Assignment Agreement and completed an acquisition of GBL pursuant to the Supplementary Agreement. The acquisition was a reverse acquisition in accordance with ASC 805-40 "Reverse Acquisitions". The legal parent was VRDR which was the accounting acquiree while GBL was the accounting acquirer. There was a 15% non-controlling interest of Champmark SDN BHD ("CSB") after the acquisition. This transaction was accounted for as a recapitalization effected by a share exchange, wherein GBL 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.
As a result of the acquisition, the Company holds 100% equity interest in GBL and 85% variable interest in CSB. Our consolidated subsidiaries include GBL being our wholly-owned subsidiary and 85% of CSB being a variable interest entity (VIE) and deemed subsidiary of GBL.
On March 17, 2014, the Company through GBL and its deemed subsidiary CSB entered into a Sub-Contract Agreement with Borneo Oil & Gas Corporation Sdn Bhd ("BOG") for the engagement of its sub-contractor services to carry out exploration and exploitation works on alluvial and lode gold resources at Site IV-1 of the Merapoh Mine. The Sub-Contract Agreement is for a period of 5 years with a renewal for another 5 years subject to review by both parties. BOG is a wholly-owned subsidiary of Borneo Oil Berhad (BOB) which is listed on the main market of Kuala Lumpur Stock Exchange. BOG being a local company in Malaysia provides the Company with the advantage of local knowledge and well-established connection in dealing with the relevant local authorities in our mining operations.
On April 1, 2014, GBL purchased 85% equity interest of CSB, and CSB became indirect subsidiary of the Company.
Effective August 27, 2014, the Company's Articles of Incorporation were amended to increase the authorized shares of the Company from 100,000,000 shares of common stock to 250,000,000 shares of common stock. A copy of the Certificate of Amendment was filed with the Nevada Secretary of State. The Form 8K announcing the increase of the authorized shares of the Company was filed with SEC on September 15, 2014.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Condensed Consolidated Financial Statements
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The results of operations for the periods ended December 31, 2015 are not necessarily indicative of the operating results for the full years.
Basis of Presentation
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). These condensed consolidated financial statements are expressed in United States dollars ($). Financial statements prepared in accordance with GAAP contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. These condensed consolidated audited financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.
Basis of Consolidation
The condensed consolidated financial statements include the financial statements of Verde Resources, Inc., its wholly owned subsidiary Gold Billion Global Limited ("GBL") and the 85% subsidiary Champmark SDN BHD ("CSB"). All inter-company balances and transactions between the Company and its subsidiaries have been eliminated upon consolidation.
Use of Estimates
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.
Cash and Cash Equivalents
Cash and cash equivalents include 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 $42,464 and $36,927 in cash and cash equivalents at December 31, 2015 and June 30, 2015, respectively.
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 related party payables it will likely incur in the near future. 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.
Risks and Uncertainties
The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.
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 and, the Company has no allowance for doubtful accounts, as per management's judgment based on their best knowledge. As of December 31, 2015 and June 30, 2015, the longest credit term for certain customers are 60 days.
Provision for Doubtful Accounts
The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables and reviews accounts receivable by amounts due by customers which are past due to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, the Company makes judgments about the creditworthiness of customers based on past collection experience and ongoing credit risk evaluations. At December 31, 2015 and June 30, 2015 there was no allowance for doubtful accounts.
Fair Value
ASC Topic 820 "Fair Value Measurement and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
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Level 1—defined as observable inputs such as quoted prices in active markets;
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Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
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Level 3—defined as unobservable inputs in which little or no market data
exists, therefore requiring an entity to develop its own assumptions.
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The Company's financial instruments consist of cash and cash equivalents, trade receivables, other receivables, payables, and short term and long term debt. The carrying values of cash and cash equivalents, trade receivables, other receivables, and payables approximate their fair value due to their short maturities. The carrying value of long term debt approximates the fair value of debt of similar terms and remaining maturities available to the company.
The Company's non-financial assets are measured on a recurring basis. These non-financial assets are measured for impairment annually on the Company's measurement date at the reporting unit level using Level 3 inputs. For most assets, ASC 820 requires that the impact of changes resulting from its application be applied prospectively in the year in which the statement is initially applied.
The Company's non-financial assets measured on a non-recurring basis include the Company's property, plant and equipment and finite-use intangible assets which are measured for recoverability when indicators for impairment are present. ASC 820 requires companies to disclose assets and liabilities measured on a non-recurring basis in the period in which the re-measurement at fair value is performed.
The Company did not have any convertible bonds as of December 31, 2015 and June 30, 2015.
Foreign Currency Translation
The Company's reporting currency is the United States dollar ("$") 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.
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 resulting exchange differences are recorded in the consolidated statement of operations.
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December 31,
2015
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June 30,
2015
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Period-end MYR : $1 exchange rate
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0.2323
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0.2644
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Average MYR : $1 exchange rate
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0.2375
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0.2883
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Comprehensive Income
Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes.
Segment Reporting
The Company currently engages in one operation segment: Gold Mining. The expenses incurred were consisting principally of management services. The Company's major
operation is located in Malaysia.
Mineral Acquisition and Exploration Costs
The Company has been in the exploration stage since its formation on April 22, 2010, and has not yet realized any revenue from its planned operations. It has been primarily engaged in the acquisition, exploration, and development of mining properties. The Company will no longer in the exploration stage after the reverse take-over with its subsidiary GBL.
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.
Revenue Recognition
In accordance with the ASC Topic 605, "Revenue Recognition", the Company recognizes revenue when persuasive evidence of an arrangement exists, transfer of title has occurred or services have been rendered, the selling price is fixed or determinable and collectibility is reasonably assured.
The Company derives revenues primarily from the sales of gold mineral to registered gold trading companies in Malaysia. The Company generally recognizes its revenues at the time of gold sales and its selling price is determined by the prevailing market value of gold bullion quoted by the leading registered gold trading company in Malaysia. Sales invoice will be duly presented to the trading companies when delivery is completed and revenue is then recognized.
Cost of Revenue
The cost of revenue consists of exploration cost, mine equipment depreciation, production cost, mine site management cost, sub-contractor cost, and royalty and tribute payment which are levied on the gross revenue at the rate of 18% on the invoiced value of gold sales.
Advertising Expenses
Advertising costs are expensed as incurred under ASC Topic 720, "Advertising Costs". Advertising expenses incurred for the periods ended December 31, 2015 and June 30, 2015 were $0.
Income Taxes
The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, "Accounting for Income Taxes" ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. As of December 31, 2015 and June 30, 2015, the Company did not have any significant unrecognized uncertain tax positions.
Recent Accounting Pronouncements
The FASB has issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.
The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements.
This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.
If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item.
The FASB heard from stakeholders that the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent. Additionally, some stakeholders said that although users find information about unusual or infrequent events and transactions useful, they do not find the extraordinary item classification and presentation necessary to identify those events and transactions. Other stakeholders noted that it is extremely rare in current practice for a transaction or event to meet the requirements to be presented as an extraordinary item.
This ASU will also align more closely U.S. GAAP income statement presentation guidance with IAS 1, Presentation of Financial Statements, which prohibits the presentation and disclosure of extraordinary items.
The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities.
The FASB has issued an Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as
limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions).
The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities.
In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ and improves current GAAP by:
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Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. |
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Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). |
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Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. |
The ASU will be effective for periods beginning after December 15, 2015, for public companies. For private companies and not-for-profit organizations, the ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU.
For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016.
Early adoption of the amendments is permitted for financial statements that have not been previously issued.
The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability).
The FASB has issued Accounting Standards Update (ASU) No. 2015-04, Compensation - Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this ASU provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. Employee benefit plans are not within the scope of the amendments.
If a contribution or significant event (such as a plan amendment, settlement, or curtailment that calls for a remeasurement in accordance with existing requirements) occurs between the month-end date used to measure defined benefit plan assets and obligations and an entity’s fiscal year-end, the entity should adjust the measurement of defined benefit plan assets and obligations to reflect the effects of those contributions or significant events. However, an entity should not adjust the measurement of defined benefit plan assets and obligations for other events that occur between the month-end measurement and the entity’s fiscal year-end that are not caused by the entity (e.g., changes in market prices or interest rates).
If an entity applies the practical expedient and a contribution is made between the month-end date used to measure defined benefit plan assets and obligations and the entity’s fiscal year-end, the entity should not adjust the fair value of each class of plan assets for the effects of the contribution. Instead, the entity should disclose the amount of the contribution to permit reconciliation of the total fair value of all the classes of plan assets in the fair value hierarchy to the ending balance of the fair value of plan assets.
An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations in accordance with the amendments in this ASU.
The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. The amendments should be applied prospectively.
IFRS does not have a practical expedient that permits an entity to measure defined benefit plan assets and obligations as of the month-end that is closest to the entity’s fiscal year-end (or the month-end that is closest to the date of a significant event that occurred in an interim period), whereas the amendments in this Update provide that practical expedient.
The amendments add guidance to Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The guidance already exists in the FASB Accounting Standards Codification™ in paragraphs 985-605-55-121 through 55-123, but it is included in a Subtopic applied by cloud service providers to determine whether an arrangement includes the sale or license of software.
The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets.
For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning
after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities.
An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. For prospective transition, the only disclosure requirements at transition are the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change.
The amendments specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required.
Current GAAP does not contain guidance for master limited partnerships that specifies how historical earnings per unit should be affected when a dropdown transaction occurs that is accounted for as a transaction between entities under common control.
The amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. The amendments should be applied retrospectively for all financial statements presented.
The FASB has issued Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient.
Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy.
The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application is permitted.
The FASB has issued ASU No. 2015-08, Business Combinations (Topic 805): Pushdown Accounting-Amendments to SEC Paragraphs Pursuant to Staff
Accounting Bulletin No. 115. This ASU amends various SEC paragraphs of the FASB Accounting Standards CodificationTM pursuant to the issuance of SEC Staff Accounting Bulletin No. 115.
The FASB has issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements. The amendments cover a wide range of Topics in the FASB Accounting Standards Codification™ (Codification). The amendments generally fall into one of the types of amendments listed below.
|
1. |
Amendments Related to Differences between Original Guidance and the Codification. These amendments arose because of differences between original guidance (e.g., FASB Statements, EITF Issues, and so forth) and the Codification. These amendments principally carry forward pre-Codification guidance or subsequent amendments into the Codification. Many times, either the writing style or phrasing of the original guidance did not directly translate into the Codification format and style. As a result, the meaning of the guidance might have been unintentionally altered. Alternatively, amendments in this section may relate to guidance that was codified without some text, references, or phrasing that, upon review, was deemed important to the guidance. |
|
2. |
Guidance Clarification and Reference Corrections. These amendments provide clarification through updating wording, correcting references, or a combination of both. In most cases, the feedback suggested that, without these enhancements, guidance may be misapplied or misinterpreted. |
|
3. |
Simplification. These amendments streamline or simplify the Codification through minor structural changes to headings or minor editing of text to improve the usefulness and understandability of the Codification. |
|
4. |
Minor Improvements. These amendments improve the guidance and are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. |
The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. In addition, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.
Transition guidance varies based on the amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon issuance.
The FASB has issued Accounting Standards Update (ASU) No, 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory.
Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin.
The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost.
An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method.
The amendments more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards.
For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information.
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v3.3.1.900
CASH AND CASH EQUIVALENT
|
6 Months Ended |
Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] |
|
CASH AND CASH EQUIVALENT |
NOTE 3 - CASH AND CASH EQUIVALENT
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. At December 31, 2015 and June 30, 2015 cash and cash equivalents consisted of bank deposits in Malaysia bank and petty cash on hands.
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
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v3.3.1.900
AMOUNT DUE FROM RELATED PARTIES
|
6 Months Ended |
Dec. 31, 2015 |
Due from Related Parties, Current [Abstract] |
|
AMOUNT DUE FROM RELATED PARTIES |
NOTE 4 - AMOUNT DUE FROM RELATED PARTIES
Amount due from related parties at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Amount due from Stable Treasure Sdn. Bhd. (*)
|
|
$
|
3,311
|
|
|
$
|
3,017
|
|
(*) One of the directors of Stable Treasure Sdn. Bhd., Mr. Balakrishnan B S Muthu is also the director of the Company. The advances related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
|
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v3.3.1.900
INVENTORIES
|
6 Months Ended |
Dec. 31, 2015 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE 5 - INVENTORIES
Inventories are valued at cost, not in excess of market. Inventories are determined at first in first out basis and comprised of production cost, mine site management cost and sub-contractor cost. Inventories, at December 31, 2015 and June 30, 2015 are summarized as follows:
|
December 31,
2015
|
|
June 30,
2015
|
|
Inventories
|
|
$
|
40,221
|
|
|
$
|
11,865
|
|
The inventories represent the gold minerals as at December 31, 2015 and June 30, 2015, which were comprised of 8% share by the Company and 92% share by the sub-contractor and the other parties such as original mine assigner.
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v3.3.1.900
ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARTIES
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARTIES |
NOTE 6 - ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARITES
Accounts Payable
Accounts payable at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Due to Changxin Wanlin Technology Co Ltd(*)
|
|
$
|
1,497,539
|
|
|
$
|
1,704,474
|
|
Other accounts payable
|
|
|
46,114
|
|
|
|
24,830
|
|
|
|
$
|
1,543,653
|
|
|
$
|
1,729,304
|
|
(*) Due to Changxin Wanlin Technology Co Ltd are accounts payable derived from ordinary business transactions. One of the directors of Changxin Wanlin Technology Co. Ltd., Mr. Wu Ming Ding, is also the director of VRDR, GBL and CSB. This accounts payable bears no interest or collateral, repayable and renewable under normal business accounts payable terms.
Advanced from related parties
Advanced from related parties at December 31, 2015 and June 30, 2015 consist of the following items:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Advanced from BOG (#1)
|
|
$
|
268,212
|
|
|
$
|
186,057
|
|
Advanced from Federal Mining Resources Limited(#2)
|
|
$
|
173,465
|
|
|
$
|
173,465
|
|
Advanced from Federal Capital Investment Limited (#3)
|
|
$
|
168,000
|
|
|
$
|
120,000
|
|
Advanced from Yorkshire Capital Limited (#4)
|
|
$
|
63,000
|
|
|
$
|
45,000
|
|
|
|
$
|
672,677
|
|
|
$
|
524,522
|
|
(#1) BOG is one of the shareholders of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#2) One of the directors of Federal Mining Resources Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#3) One of the directors of Federal Capital Investment Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#4) One of the directors of Yorkshire Capital Limited, Mr. Lai Kui Shing, Andy, is also a director of CSB. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
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v3.3.1.900
PROPERTY, PLANT AND EQUIPMENT
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, PLANT AND EQUIPMENT |
NOTE 7 - PROPERTY, PLANT AND EQUIPMENT
Property and equipment at December 31, 2015 and June 30, 2015 are summarized as follows:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Land and Building
|
|
$
|
913,603
|
|
|
$
|
1,039,848
|
|
Plant and Machinery
|
|
|
143,896
|
|
|
|
163,780
|
|
Office equipment
|
|
|
18,293
|
|
|
|
20,821
|
|
Project equipment
|
|
|
1,036,031
|
|
|
|
1,179,193
|
|
Computer
|
|
|
9,950
|
|
|
|
11,325
|
|
Motor Vehicle
|
|
|
107,104
|
|
|
|
121,904
|
|
Accumulated depreciation
|
|
|
(1,970,531
|
)
|
|
|
(2,058,646
|
)
|
|
|
$
|
258,346
|
|
|
$
|
478,225
|
|
The depreciation expenses charged for the period ended December 31, 2015 and 2014 was $165,441 and $331,266.
|
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v3.3.1.900
LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS) |
NOTE 8 – LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)
The loans from banks include long term and short term and are summarized as follow:
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Loans from banks
|
|
$
|
28,918
|
|
|
$
|
39,585
|
|
Loans from banks(non-current)
|
|
|
18,799
|
|
|
|
37,207
|
|
Total
|
|
$
|
47,717
|
|
|
$
|
76,792
|
|
Hire purchase installment loans with total amount $49,843 and $80,828 as at December 31, 2015 and June 30, 2015 are $47,717 and $76,792 net of imprest charges equivalent to interest $2,126 and $4,036 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
June 30,
|
|
|
|
Interest Rate
|
|
|
Monthly Due
|
|
|
2015
|
|
|
2015
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
$
|
262
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
564
|
|
|
|
-
|
|
|
|
655
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
921
|
|
|
|
927
|
|
|
|
7,387
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
1,462
|
|
|
|
28,782
|
|
|
|
43,105
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
254
|
|
|
|
5,840
|
|
|
|
8,461
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
181
|
|
|
|
8,518
|
|
|
|
11,050
|
|
Hire purchase loans payable to banks
|
|
|
|
|
|
|
|
|
|
$
|
49,843
|
|
|
$
|
80,828
|
|
(*) Hire purchase installment loans with Motor Vehicles as collateral. The financial institutions in Malaysia are Islamic banks and bear no interest in the installment agreement. However, there are certain imprest charges equivalent to interests which are being calculated at an average annual rate of approximate 6.11% for the entire loans life and periods.
The scheduled maturities of the CSL's hire purchase installment loans are as follows:
December 31,
|
|
|
|
2015
|
|
|
30,454
|
|
2016
|
|
|
15,632
|
|
2017
|
|
|
2,381
|
|
2018
|
|
|
1,376
|
|
Later years
|
|
|
-
|
|
Total minimum hire purchase installment payment
|
|
$
|
49,843
|
|
Less: Amount representing imprest charges equivalent to interest (current portion: $1,536 and non-current portion: $590)
|
|
|
2,126
|
|
Present value of net minimum lease payments (#)
|
|
$
|
47,717
|
|
(#) Minimum payment reflected in the balance sheet as current and noncurrent obligations under hire purchases installment loans as at December 31, 2015.
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v3.3.1.900
INCOME TAX
|
6 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
INCOME TAX |
NOTE 9 – INCOME TAX
The Company and its subsidiaries are subject to income taxes on an entity basis on income arising in, or derived from, the tax jurisdiction in which they operate. The Company is a Nevada incorporated company and subject to United State Federal Income Tax. GBL is a British Virgin Islands incorporated company and not required to pay income tax on corporate income. CSB is a Malaysia incorporated company and required to pay corporate income tax at 25% of taxable income.
A reconciliation between the income tax computed at the relevant statutory rate and the Company's provision for income tax is as follows:
|
|
|
|
|
|
|
Period ended
|
|
|
December 31,
2015
|
|
June 30,
2015
|
US Federal Income Tax Rate.
|
|
34%
|
|
34%
|
Valuation allowance – US Rate
|
|
(34%)
|
|
(34%)
|
BVI Income Tax Rate
|
|
0%
|
|
0%
|
Valuation allowance – BVI Rate
|
|
(0%)
|
|
(0%)
|
Malaysia Income Tax Rate
|
|
25%
|
|
25%
|
Valuation allowance – Malaysia Rate
|
|
(25%)
|
|
(25%)
|
Provision for income tax
|
|
-
|
|
-
|
Summary of the Company's net deferred tax liabilities and assets are as follows:
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Deferred tax assets:
|
|
|
|
|
Tax attribute carryforwards
|
|
$
|
202,602
|
|
|
$
|
509,223
|
|
Valuation allowances
|
|
|
(202,602
|
)
|
|
|
(509,223
|
)
|
Total
|
|
$
|
-
|
|
|
$
|
-
|
|
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 recognized in the consolidated statement of operations. The Company did not have any interest and penalty provided or recognized in the income statements for period December 31, 2015 and June 30, 2015 or balance sheet as of December 31, 2015 and June 30, 2015. The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 10 - COMMITMENTS AND CONTINGENCIES
The Company is committed under an operating lease for office premises expiring May 2015, with fixed monthly rental. As at December 31, 2015, the Company has future minimum rental payment of $2,648 due for the year ended June 30, 2016.
As at December 31, 2015, the Company's hire purchase installment agreements are disclosed in Note 8. See Note 8 for the commitments for minimum installment payments under these agreements.
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v3.3.1.900
EARNINGS/(LOSS) PER SHARE
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
EARNINGS/(LOSS) PER SHARE |
NOTE 11 – EARNINGS/(LOSS) PER SHARE
The Company has adopted ASC Topic No. 260, "Earnings Per Share," ("EPS") which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.
The following table sets forth the computation of basic and diluted earnings per share:
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(204,553
|
)
|
|
$
|
(375,229
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.002
|
)
|
|
$
|
(0.004
|
)
|
|
|
|
Six Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(567,310
|
)
|
|
$
|
(766,707
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.006
|
)
|
|
$
|
(0.009
|
)
|
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.
|
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v3.3.1.900
CAPITAL STOCK
|
6 Months Ended |
Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] |
|
CAPITAL STOCK |
NOTE 12 - CAPITAL STOCK
Authorized Stock
The Company has authorized 250,000,000 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.
Share Issuance
On September 30, 2013, the Company issued 2,500,000 and 1,477,500 common shares at $0.01 and $0.04 per share, respectively, resulting in total cash proceeds of $84,100, being $3,978 for par value shares and $80,122 for capital in excess of par value.
On October 25, 2013, the Company issued 80,000,000 common shares at par value under the terms of the Assignment Agreement whereby FMR will assign its management rights of CSB's mining operation in the Mining Lease to VRDR, through its wholly-owned subsidiary GBL, in exchange for 80,000,000 shares of the Company's common stock.
On November 11, 2013, the Company issued 75,000 common shares at US$1.75 per share to Marketing Management International, LLC ("MMI"), a Florida Limited Liability Company, under the terms of the Consulting Agreement for the engagement of its consulting services.
On January 29, 2014, the Company issued a total of 643,229 common shares for $665,238, of which 288,288 common shares at US$1.25 per share, 183,661 common shares at US$0.83 per share and 171,280 common shares at US$0.89 per share, to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a Malaysia Limited Liability Company, under the terms of the Sub-Contractor Agreement for the engagement of its sub-contractor services.
On March 10, 2014, the Company issued a total of 693,180 common shares for $609,756, of which 179,340 common shares at US$0.85 per share and 513,840 common shares at US$0.89 per share, to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a Malaysia Limited Liability Company, under the terms of the Sub-Contractor Agreement for the engagement of its sub-contractor services.
On January 21, 2015, the Company issued 5,900,000 common shares at US$0.05 per share to Borneo Oil & Gas Corporation Sdn Bhd ("BOG"), a
Malaysia Limited Liability Company, under the terms of the Consultant Agreement for the additional services of its sub-contractor.
There were 91,288,909 common shares issued and outstanding at December 31, 2015 and June 30, 2015.
There are no preferred shares outstanding. The Company has issued no authorized preferred shares. The Company has no stock option plan, warrants, or other dilutive securities.
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v3.3.1.900
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 13 - RELATED PARTY TRANSACTIONS
As of December 31, 2015, advances were made by five companies of $2,170,216 related to ordinary business transactions. All advances related to ordinary business transactions, bear no interest or collateral, repayable and renewable under normal advancement terms. Details are disclosed in Note 6.
As of December 31, 2015, amounts due from one company of $3,311 related to ordinary business transactions. The receivable amounts related to ordinary business transactions bear no interest or collateral, repayable and renewable under normal advancement terms. Details are disclosed in Note 4.
During the period ended December 31, 2015, the Company sold $419 worth of gold to BOG.
During the period ended December 31, 2015, the Company incurred cost of revenue worth of $335,695 to BOG.
On January 21, 2015, the Company issued 5,900,000 common shares at US$0.05 per share to BOG, under the terms of the Consultant Agreement dated January 15, 2015.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
GOING CONCERN AND LIQUIDITY CONSIDERATIONS
|
6 Months Ended |
Dec. 31, 2015 |
Going Concern And Liquidity Considerations [Abstract] |
|
GOING CONCERN AND LIQUIDITY CONSIDERATIONS |
NOTE 14 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of and for the period ended December 31, 2015, the Company has a loss from operations of $595,890 and working capital deficiency of $2,311,073. The Company intends to fund operations through debt and equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the period ending December 31, 2015 and subsequently.
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.
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
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v3.3.1.900
CONCENTRATIONS
|
6 Months Ended |
Dec. 31, 2015 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATIONS |
NOTE 15 - CONCENTRATIONS
Suppliers
The Company's major suppliers for the period ended December 31, 2015 and 2014 are listed as following:
|
Subcontractors
|
|
|
Accounts Payable
|
|
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
Major Suppliers
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
|
|
|
|
|
|
Company A
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Customers
The Company's major customers for the period ended December 31, 2015 and 2014 are listed as following:
|
|
Sales |
|
|
Accounts Receivable |
|
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
Major Customers
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
|
December 31,
2015
|
|
|
December 31,
2014
|
|
Company M
|
|
|
0
|
%
|
|
|
52
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Company N
|
|
|
1
|
%
|
|
|
33
|
%
|
|
|
0
|
%
|
|
|
0
|
%
|
Company O
|
|
|
99
|
%
|
|
|
15
|
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
SUBSEQUENT EVENTS
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6 Months Ended |
Dec. 31, 2015 |
Subsequent Events [Abstract] |
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SUBSEQUENT EVENTS |
NOTE 16 -SUBSEQUENT EVENTS
The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined that there are no additional items to disclose.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
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Basis of Presentation |
Basis of Presentation
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). These condensed consolidated financial statements are expressed in United States dollars ($). Financial statements prepared in accordance with GAAP contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. These condensed consolidated audited financial statements include all adjustments that, in the opinion of management, are necessary in order to make the financial statements not misleading.
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Basis of Consolidation |
Basis of Consolidation
The condensed consolidated financial statements include the financial statements of Verde Resources, Inc., its wholly owned subsidiary Gold Billion Global Limited ("GBL") and the 85% subsidiary Champmark SDN BHD ("CSB"). All inter-company balances and transactions between the Company and its subsidiaries have been eliminated upon consolidation.
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Use of Estimates |
Use of Estimates
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.
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Cash and Cash Equivalents |
Cash and Cash Equivalents
Cash and cash equivalents include 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 $42,464 and $36,927 in cash and cash equivalents at December 31, 2015 and June 30, 2015, respectively.
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Concentrations of Credit Risk |
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 related party payables it will likely incur in the near future. 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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Risks and Uncertainties |
Risks and Uncertainties
The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure.
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Accounts Receivable |
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 and, the Company has no allowance for doubtful accounts, as per management's judgment based on their best knowledge. As of December 31, 2015 and June 30, 2015, the longest credit term for certain customers are 60 days.
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Provision for Doubtful Accounts |
Provision for Doubtful Accounts
The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables and reviews accounts receivable by amounts due by customers which are past due to identify specific customers with known disputes or collectability issues. In determining the amount of the reserve, the Company makes judgments about the creditworthiness of customers based on past collection experience and ongoing credit risk evaluations. At December 31, 2015 and June 30, 2015 there was no allowance for doubtful accounts.
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Fair Value |
Fair Value
ASC Topic 820 "Fair Value Measurement and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
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●
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Level 1—defined as observable inputs such as quoted prices in active markets;
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●
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Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
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●
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Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
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The Company's financial instruments consist of cash and cash equivalents, trade receivables, other receivables, payables, and short term and long term debt. The carrying values of cash and cash equivalents, trade receivables, other receivables, and payables approximate their fair value due to their short maturities. The carrying value of long term debt approximates the fair value of debt of similar terms and remaining maturities available to the company.
The Company's non-financial assets are measured on a recurring basis. These non-financial assets are measured for impairment annually on the Company's measurement date at the reporting unit level using Level 3 inputs. For most assets, ASC 820 requires that the impact of changes resulting from its application be applied prospectively in the year in which the statement is initially applied.
The Company's non-financial assets measured on a non-recurring basis include the Company's property, plant and equipment and finite-use intangible assets which are measured for recoverability when indicators for impairment are present. ASC 820 requires companies to disclose assets and liabilities measured on a non-recurring basis in the period in which the re-measurement at fair value is performed.
The Company did not have any convertible bonds as of December 31, 2015 and June 30, 2015.
|
Foreign Currency Translation |
Foreign Currency Translation
The Company's reporting currency is the United States dollar ("$") 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.
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 resulting exchange differences are recorded in the consolidated statement of operations.
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|
December 31,
2015
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|
|
June 30,
2015
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Period-end MYR : $1 exchange rate
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|
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0.2323
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|
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0.2644
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Average MYR : $1 exchange rate
|
|
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0.2375
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|
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0.2883
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|
|
Comprehensive Income |
Comprehensive Income
Comprehensive income is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. Among other disclosures, all items that are required to be recognized under current accounting standards as components of comprehensive income are required to be reported in a financial statement that is presented with the same prominence as other financial statements. Comprehensive income includes net income and the foreign currency translation changes.
|
Segment Reporting |
Segment Reporting
The Company currently engages in one operation segment: Gold Mining. The expenses incurred were consisting principally of management services. The Company's major operation is located in Malaysia.
|
Mineral Acquisition and Exploration Costs |
Mineral Acquisition and Exploration Costs
The Company has been in the exploration stage since its formation on April 22, 2010, and has not yet realized any revenue from its planned operations. It has been primarily engaged in the acquisition, exploration, and development of mining properties. The Company will no longer in the exploration stage after the reverse take-over with its subsidiary GBL.
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 |
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.
|
Revenue Recognition |
Revenue Recognition
In accordance with the ASC Topic 605, "Revenue Recognition", the Company recognizes revenue when persuasive evidence of an arrangement exists, transfer of title has occurred or services have been rendered, the selling price is fixed or determinable and collectibility is reasonably assured.
The Company derives revenues primarily from the sales of gold mineral to registered gold trading companies in Malaysia. The Company generally recognizes its revenues at the time of gold sales and its selling price is determined by the prevailing market value of gold bullion quoted by the leading registered gold trading company in Malaysia. Sales invoice will be duly presented to the trading companies when delivery is completed and revenue is then recognized.
|
Cost of Revenue |
Cost of Revenue
The cost of revenue consists of exploration cost, mine equipment depreciation, production cost, mine site management cost, sub-contractor cost, and royalty and tribute payment which are levied on the gross revenue at the rate of 18% on the invoiced value of gold sales.
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Advertising Expenses |
Advertising Expenses
Advertising costs are expensed as incurred under ASC Topic 720, "Advertising Costs". Advertising expenses incurred for the periods ended December 31, 2015 and June 30, 2015 were $0.
|
Income Taxes |
Income Taxes
The provision for income taxes is determined in accordance with the provisions of ASC Topic 740, "Accounting for Income Taxes" ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. As of December 31, 2015 and June 30, 2015, the Company did not have any significant unrecognized uncertain tax positions.
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Recent Accounting Pronouncements |
Recent Accounting Pronouncements
The FASB has issued Accounting Standards Update (ASU) No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.
The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards. The objective of the simplification initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements.
This ASU eliminates from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.
If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item.
The FASB heard from stakeholders that the concept of extraordinary items causes uncertainty because it is unclear when an item should be considered both unusual and infrequent. Additionally, some stakeholders said that although users find information about unusual or infrequent events and transactions useful, they do not find the extraordinary item classification and presentation necessary to identify those events and transactions. Other stakeholders noted that it is extremely rare in current practice for a transaction or event to meet the requirements to be presented as an extraordinary item.
This ASU will also align more closely U.S. GAAP income statement presentation guidance with IAS 1, Presentation of Financial Statements, which prohibits the presentation and disclosure of extraordinary items.
The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The effective date is the same for both public business entities and all other entities.
The FASB has issued an Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions).
The ASU focuses on the consolidation evaluation for reporting organizations (public and private companies and not-for-profit organizations) that are required to evaluate whether they should consolidate certain legal entities.
In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification™ and improves current GAAP by:
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¾ |
Placing more emphasis on risk of loss when determining a controlling financial interest. A reporting organization may no longer have to consolidate a legal entity in certain circumstances based solely on its fee arrangement, when certain criteria are met. |
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¾ |
Reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE). |
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¾ |
Changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. |
The ASU will be effective for periods beginning after December 15, 2015, for public companies. For private companies and not-for-profit organizations, the ASU will be effective for annual periods beginning after December 15, 2016; and for interim periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU.
For public business entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016.
Early adoption of the amendments is permitted for financial statements that have not been previously issued.
The amendments should be applied on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, an entity is required to comply with the applicable disclosures for a change in an accounting principle. These disclosures include the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (i.e., debt issuance cost asset and the debt liability).
The FASB has issued Accounting Standards Update (ASU) No. 2015-04, Compensation - Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this ASU provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. Employee benefit plans are not within the scope of the amendments.
If a contribution or significant event (such as a plan amendment, settlement, or curtailment that calls for a remeasurement in accordance with existing requirements) occurs between the month-end date used to measure defined benefit plan assets and obligations and an entity’s fiscal year-end, the entity should adjust the measurement of defined benefit plan assets and obligations to reflect the effects of those contributions or significant events. However, an entity should not adjust the measurement of defined benefit plan assets and obligations for other events
that occur between the month-end measurement and the entity’s fiscal year-end that are not caused by the entity (e.g., changes in market prices or interest rates).
If an entity applies the practical expedient and a contribution is made between the month-end date used to measure defined benefit plan assets and obligations and the entity’s fiscal year-end, the entity should not adjust the fair value of each class of plan assets for the effects of the contribution. Instead, the entity should disclose the amount of the contribution to permit reconciliation of the total fair value of all the classes of plan assets in the fair value hierarchy to the ending balance of the fair value of plan assets.
An entity is required to disclose the accounting policy election and the date used to measure defined benefit plan assets and obligations in accordance with the amendments in this ASU.
The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. The amendments should be applied prospectively.
IFRS does not have a practical expedient that permits an entity to measure defined benefit plan assets and obligations as of the month-end that is closest to the entity’s fiscal year-end (or the month-end that is closest to the date of a significant event that occurred in an interim period), whereas the amendments in this Update provide that practical expedient.
The amendments add guidance to Subtopic 350-40, Intangibles - Goodwill and Other - Internal-Use Software, which will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The guidance already exists in the FASB Accounting Standards Codification™ in paragraphs 985-605-55-121 through 55-123, but it is included in a Subtopic applied by cloud service providers to determine whether an arrangement includes the sale or license of software.
The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer’s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets.
For public business entities, the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities.
An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. For prospective transition, the only disclosure requirements at transition are the nature of and reason for the change in accounting principle, the transition method, and a qualitative description of the financial statement line items affected by the change. For retrospective transition, the disclosure requirements at transition include the requirements for prospective transition and quantitative information about the effects of the accounting change.
The amendments specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses)
differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required.
Current GAAP does not contain guidance for master limited partnerships that specifies how historical earnings per unit should be affected when a dropdown transaction occurs that is accounted for as a transaction between entities under common control.
The amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. The amendments should be applied retrospectively for all financial statements presented.
The FASB has issued Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient.
Topic 820, Fair Value Measurement, permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy.
The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient.
The amendments are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application is permitted.
The FASB has issued ASU No. 2015-08, Business Combinations (Topic 805): Pushdown Accounting-Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. This ASU amends various SEC paragraphs of the FASB Accounting Standards CodificationTM pursuant to the issuance of SEC Staff Accounting Bulletin No. 115.
The FASB has issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Improvements. The amendments cover a wide range of Topics in the FASB Accounting Standards Codification™ (Codification). The amendments generally fall into one of the types of amendments listed below.
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1. |
Amendments Related to Differences between Original Guidance and the Codification. These amendments arose because of differences between original guidance (e.g., FASB Statements, EITF Issues, and so forth) and the Codification. These amendments principally carry forward pre-Codification guidance or subsequent amendments into the Codification. Many times, either the writing style or phrasing of the original guidance did not directly translate into the Codification format and style. As a result, the meaning of the guidance might have been unintentionally altered. Alternatively, amendments in this section may relate to guidance that was codified without some text, references, or phrasing that, upon review, was deemed important to the guidance. |
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2. |
Guidance Clarification and Reference Corrections. These amendments provide clarification through updating wording, correcting references, or a combination of both. In most cases, the feedback suggested that, without these enhancements, guidance may be misapplied or misinterpreted. |
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3. |
Simplification. These amendments streamline or simplify the Codification through minor structural changes to headings or minor editing of text to improve the usefulness and understandability of the Codification. |
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4. |
Minor Improvements. These amendments improve the guidance and are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. |
The amendments represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. In addition, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification.
Transition guidance varies based on the amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon issuance.
The FASB has issued Accounting Standards Update (ASU) No, 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory.
Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin.
The amendments do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost.
An entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method.
The amendments more closely align the measurement of inventory in GAAP with the measurement of
inventory in International Financial Reporting Standards.
For public business entities, the amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.
The FASB has issued Accounting Standards Update (ASU) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09.
The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information.
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ACCOUNTS PAYABLE AND ADVANCED FROM SUB-CONTRACTOR AND RELATED PARTIES (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Payables and Accruals [Abstract] |
|
Schedule of accounts payable |
|
December 31,
2015
|
|
June 30,
2015
|
|
Due to Changxin Wanlin Technology Co Ltd(*)
|
|
$
|
1,497,539
|
|
|
$
|
1,704,474
|
|
Other accounts payable
|
|
|
46,114
|
|
|
|
24,830
|
|
|
|
$
|
1,543,653
|
|
|
$
|
1,729,304
|
|
(*) Due to Changxin Wanlin Technology Co Ltd are accounts payable derived from ordinary business transactions. One of the directors of Changxin Wanlin Technology Co. Ltd., Mr. Wu Ming Ding, is also the director of VRDR, GBL and CSB. This accounts payable bears no interest or collateral, repayable and renewable under normal business accounts payable terms.
|
Schedule of advanced from subcontractor & related parties |
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Advanced from BOG (#1)
|
|
$
|
268,212
|
|
|
$
|
186,057
|
|
Advanced from Federal Mining Resources Limited(#2)
|
|
$
|
173,465
|
|
|
$
|
173,465
|
|
Advanced from Federal Capital Investment Limited (#3)
|
|
$
|
168,000
|
|
|
$
|
120,000
|
|
Advanced from Yorkshire Capital Limited (#4)
|
|
$
|
63,000
|
|
|
$
|
45,000
|
|
|
|
$
|
672,677
|
|
|
$
|
524,522
|
|
(#1) BOG is one of the shareholders of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#2) One of the directors of Federal Mining Resources Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#3) One of the directors of Federal Capital Investment Limited, Mr. Wu Ming Ding, is also the director of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
(#4) One of the directors of Yorkshire Capital Limited, Mr. Lai Kui Shing, Andy, is also a director of CSB. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.
|
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v3.3.1.900
PROPERTY, PLANT AND EQUIPMENT (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Land and Building
|
|
$
|
913,603
|
|
|
$
|
1,039,848
|
|
Plant and Machinery
|
|
|
143,896
|
|
|
|
163,780
|
|
Office equipment
|
|
|
18,293
|
|
|
|
20,821
|
|
Project equipment
|
|
|
1,036,031
|
|
|
|
1,179,193
|
|
Computer
|
|
|
9,950
|
|
|
|
11,325
|
|
Motor Vehicle
|
|
|
107,104
|
|
|
|
121,904
|
|
Accumulated depreciation
|
|
|
(1,970,531
|
)
|
|
|
(2,058,646
|
)
|
|
|
$
|
258,346
|
|
|
$
|
478,225
|
|
X |
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v3.3.1.900
LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS) (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of the summary of loans from banks |
|
|
December 31,
2015
|
|
|
June 30,
2015
|
|
Loans from banks
|
|
$
|
28,918
|
|
|
$
|
39,585
|
|
Loans from banks(non-current)
|
|
|
18,799
|
|
|
|
37,207
|
|
Total
|
|
$
|
47,717
|
|
|
$
|
76,792
|
|
|
Schedule of hire purchase installment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
June 30,
|
|
|
|
Interest Rate
|
|
|
Monthly Due
|
|
|
2015
|
|
|
2015
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
$
|
262
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
564
|
|
|
|
-
|
|
|
|
655
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
257
|
|
|
|
2,888
|
|
|
|
5,085
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
921
|
|
|
|
927
|
|
|
|
7,387
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
1,462
|
|
|
|
28,782
|
|
|
|
43,105
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
254
|
|
|
|
5,840
|
|
|
|
8,461
|
|
Financial institution in Malaysia
|
|
|
N/A
|
*
|
|
|
181
|
|
|
|
8,518
|
|
|
|
11,050
|
|
Hire purchase loans payable to banks
|
|
|
|
|
|
|
|
|
|
$
|
49,843
|
|
|
$
|
80,828
|
|
(*) Hire purchase installment loans with Motor Vehicles as collateral. The financial institutions in Malaysia are Islamic banks and bear no interest in the installment agreement. However, there are certain imprest charges equivalent to interests which are being calculated at an average annual rate of approximate 6.11% for the entire loans life and periods.
|
Schedule of maturities of the CSL's hire purchase installment loans |
December 31,
|
|
|
|
2015
|
|
|
30,454
|
|
2016
|
|
|
15,632
|
|
2017
|
|
|
2,381
|
|
2018
|
|
|
1,376
|
|
Later years
|
|
|
-
|
|
Total minimum hire purchase installment payment
|
|
$
|
49,843
|
|
Less: Amount representing imprest charges equivalent to interest (current portion: $1,536 and non-current portion: $590)
|
|
|
2,126
|
|
Present value of net minimum lease payments (#)
|
|
$
|
47,717
|
|
(#) Minimum payment reflected in the balance sheet as current and noncurrent obligations under hire purchases installment loans as at December 31, 2015.
|
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v3.3.1.900
INCOME TAX (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Schedule of reconciliation between the income tax at statutory rate and the Company's provision for income tax |
|
|
|
|
|
|
|
Period ended
|
|
|
December 31,
2015
|
|
June 30,
2015
|
US Federal Income Tax Rate.
|
|
34%
|
|
34%
|
Valuation allowance – US Rate
|
|
(34%)
|
|
(34%)
|
BVI Income Tax Rate
|
|
0%
|
|
0%
|
Valuation allowance – BVI Rate
|
|
(0%)
|
|
(0%)
|
Malaysia Income Tax Rate
|
|
25%
|
|
25%
|
Valuation allowance – Malaysia Rate
|
|
(25%)
|
|
(25%)
|
Provision for income tax
|
|
-
|
|
-
|
|
Schedule of deferred tax liabilities and assets, net |
|
|
|
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
Deferred tax assets:
|
|
|
|
|
Tax attribute carryforwards
|
|
$
|
202,602
|
|
|
$
|
509,223
|
|
Valuation allowances
|
|
|
(202,602
|
)
|
|
|
(509,223
|
)
|
Total
|
|
$
|
-
|
|
|
$
|
-
|
|
|
X |
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v3.3.1.900
EARNINGS/(LOSS) PER SHARE (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of computation of basic and diluted earnings per share |
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(204,553
|
)
|
|
$
|
(375,229
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.002
|
)
|
|
$
|
(0.004
|
)
|
|
|
|
Six Months Ended
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
Net loss applicable to common shares
|
|
$
|
(567,310
|
)
|
|
$
|
(766,707
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
Options
|
`
|
|
|
-
|
|
|
|
-
|
|
Warrants
|
|
|
|
-
|
|
|
|
-
|
|
Weighted average common shares outstanding (Diluted)
|
|
|
|
91,288,909
|
|
|
|
85,388,909
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share (Basic and Diluted)
|
|
$
|
(0.006
|
)
|
|
$
|
(0.009
|
)
|
|
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v3.3.1.900
ORGANIZATION AND DESCRIPTION OF BUSINESS (Detail Textuals) - shares
|
1 Months Ended |
|
|
|
|
|
Mar. 17, 2014 |
Jul. 31, 2013 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Aug. 27, 2014 |
Apr. 01, 2014 |
Feb. 17, 2014 |
Variable Interest Entity [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
250,000,000
|
250,000,000
|
100,000,000
|
|
|
Gold Billion Global Limited |
|
|
|
|
|
|
|
Variable Interest Entity [Line Items] |
|
|
|
|
|
|
|
Equity interest ownership percentage |
|
|
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100.00%
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Champmark SDN BHD ("CSB") |
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|
|
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|
|
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Variable Interest Entity [Line Items] |
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|
|
|
|
|
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Variable interest, ownership percentage |
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85.00%
|
|
|
|
|
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Champmark SDN BHD ("CSB") | Gold Billion Global Limited |
|
|
|
|
|
|
|
Variable Interest Entity [Line Items] |
|
|
|
|
|
|
|
Non-controlling interest, percentage |
|
|
|
|
|
|
15.00%
|
Equity interest ownership percentage |
|
|
|
|
|
85.00%
|
85.00%
|
Champmark SDN BHD ("CSB") | Gold Billion Global Limited | Borneo Oil And Gas Corporation Sdn Bhd |
|
|
|
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Variable Interest Entity [Line Items] |
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ACCOUNTS PAYABLE AND ADVANCED FROM SUB-CONTRACTOR AND RELATED PARTIES - Summary of accounts payable (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Payables and Accruals [Abstract] |
|
|
|
Due to Changxin Wanlin Technology Co Ltd |
[1] |
$ 1,497,539
|
$ 1,704,474
|
Other accounts payable |
|
46,114
|
24,830
|
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|
$ 1,543,653
|
$ 1,729,304
|
|
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ACCOUNTS PAYABLE AND ADVANCED FROM SUB-CONTRACTOR AND RELATED PARTIES - Summary of advanced from subcontractor & related parties (Details 1) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Related Party Transaction [Line Items] |
|
|
|
Advanced from related parties |
|
$ 672,677
|
$ 524,522
|
Sub-contractor | Borneo Oil And Gas Corporation Sdn Bhd |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advanced from related parties |
[1] |
268,212
|
186,057
|
Director | Federal Mining Resources Limited |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advanced from related parties |
[2] |
173,465
|
173,465
|
Director | Federal Capital Investment Limited |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advanced from related parties |
[3] |
168,000
|
120,000
|
Director | Yorkshire Capital Limited |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Advanced from related parties |
[4] |
$ 63,000
|
$ 45,000
|
|
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PROPERTY, PLANT AND EQUIPMENT - Summary of property and equipment (Details) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Accumulated depreciation |
$ (1,970,531)
|
$ (2,058,646)
|
Property, plant and equipment, Net |
258,346
|
478,225
|
Land and Building |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
913,603
|
1,039,848
|
Plant and Machinery |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
143,896
|
163,780
|
Office equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
18,293
|
20,821
|
Project equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
1,036,031
|
1,179,193
|
Computer |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
9,950
|
11,325
|
Motor Vehicle |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 107,104
|
$ 121,904
|
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LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS)- Summary of hire purchase installment loans (Details 1) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Debt Instrument [Line Items] |
|
|
|
Hire purchase loans payable to banks |
|
$ 49,843
|
$ 80,828
|
Financial institution in Malaysia |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Hire purchase loans payable to banks |
|
$ 49,843
|
$ 80,828
|
Financial institution in Malaysia | Installment One |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
|
|
Monthly Due |
|
$ 262
|
|
Financial institution in Malaysia | Installment Two |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
|
$ 655
|
Monthly Due |
|
$ 564
|
|
Financial institution in Malaysia | Installment Three |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 2,888
|
$ 5,085
|
Monthly Due |
|
$ 257
|
|
Financial institution in Malaysia | Installment Four |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 2,888
|
$ 5,085
|
Monthly Due |
|
$ 257
|
|
Financial institution in Malaysia | Installment Five |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 927
|
$ 7,387
|
Monthly Due |
|
$ 921
|
|
Financial institution in Malaysia | Installment Six |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 28,782
|
$ 43,105
|
Monthly Due |
|
$ 1,462
|
|
Financial institution in Malaysia | Installment Seven |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 5,840
|
$ 8,461
|
Monthly Due |
|
$ 254
|
|
Financial institution in Malaysia | Installment Eight |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Interest Rate |
[1] |
|
|
Hire purchase loans payable to banks |
|
$ 8,518
|
$ 11,050
|
Monthly Due |
|
$ 181
|
|
|
|
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- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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LOANS FROM BANKS (HIRE PURCHASE INSTALLMENT LOANS) - maturities of CSL's hire purchase installment loans (Details 2) - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Debt Disclosure [Abstract] |
|
|
|
2015 |
$ 30,454
|
|
|
2016 |
15,632
|
|
|
2017 |
2,381
|
|
|
2018 |
$ 1,376
|
|
|
Later years |
|
|
|
Total minimum hire purchase installment payment |
$ 49,843
|
|
$ 80,828
|
Less: Amount representing imprest charges equivalent to interest (current portion: $1,536 and non-current portion: $590) |
2,126
|
|
4,036
|
Present value of net minimum lease payments |
$ 47,717
|
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$ 76,792
|
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v3.3.1.900
EARNINGS/(LOSS) PER SHARE - Computation of basic and diluted earnings per share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss applicable to common shares |
$ (204,553)
|
$ (375,229)
|
$ (567,310)
|
$ (766,707)
|
Weighted average common shares outstanding (Basic) |
91,288,909
|
85,388,909
|
91,288,909
|
85,388,909
|
Options |
|
|
|
|
Warrants |
|
|
|
|
Weighted average common shares outstanding (Diluted) |
91,288,909
|
85,388,909
|
91,288,909
|
85,388,909
|
Net loss per share (Basic and Diluted) |
$ (0.002)
|
$ (0.004)
|
$ (0.006)
|
$ (0.009)
|
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v3.3.1.900
CAPITAL STOCK (Detail Textuals) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
|
|
Mar. 10, 2014 |
Nov. 11, 2013 |
Jan. 21, 2015 |
Jan. 29, 2014 |
Oct. 25, 2013 |
Sep. 30, 2013 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Aug. 27, 2014 |
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
250,000,000
|
250,000,000
|
100,000,000
|
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
|
|
Number of vote entitled to each common shareholder |
|
|
|
|
|
|
Each common share entitles the holder to one vote
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
|
$ 84,100
|
|
|
|
Common stock, value |
|
|
|
|
|
3,978
|
$ 91,289
|
$ 91,289
|
|
Additional paid-in capital |
|
|
|
|
|
$ 80,122
|
$ 1,869,993
|
$ 1,869,993
|
|
Common stock, shares issued |
|
|
|
|
|
|
91,288,909
|
91,288,909
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
91,288,909
|
91,288,909
|
|
Federal Mining Resources Limited | Assignment Agreement |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued in exchange for mining lease |
|
|
|
|
80,000,000
|
|
|
|
|
Marketing Management International, LLC ("MMI") | Consultant Agreement |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
|
75,000
|
|
|
|
|
|
|
|
Common stock issued for services, Per share |
|
$ 1.75
|
|
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Consultant Agreement |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
|
|
5,900,000
|
|
|
|
|
|
|
Value of stock issued for services |
|
|
$ 0.05
|
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Sub-Contractor Agreement |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
693,180
|
|
|
643,229
|
|
|
|
|
|
Value of stock issued for services |
$ 609,756
|
|
|
$ 665,238
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Sub-Contractor Agreement | $1.25 |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
|
|
|
288,288
|
|
|
|
|
|
Common stock issued for services, Per share |
|
|
|
$ 1.25
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Sub-Contractor Agreement | $0.83 |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
|
|
|
183,661
|
|
|
|
|
|
Common stock issued for services, Per share |
|
|
|
$ 0.83
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Sub-Contractor Agreement | $0.85 |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
179,340
|
|
|
|
|
|
|
|
|
Common stock issued for services, Per share |
$ 0.85
|
|
|
|
|
|
|
|
|
Borneo Oil And Gas Corporation Sdn Bhd | Sub-Contractor Agreement | $0.89 |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Number of common stock issued for services (in shares) |
513,840
|
|
|
171,280
|
|
|
|
|
|
Common stock issued for services, Per share |
$ 0.89
|
|
|
$ 0.89
|
|
|
|
|
|
Equity issuance one |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Common shares issued for cash (in shares) |
|
|
|
|
|
2,500,000
|
|
|
|
Common shares issued for cash (in dollars per share) |
|
|
|
|
|
$ 0.01
|
|
|
|
Equity issuance two |
|
|
|
|
|
|
|
|
|
Stockholders Equity [Line Items] |
|
|
|
|
|
|
|
|
|
Common shares issued for cash (in shares) |
|
|
|
|
|
1,477,500
|
|
|
|
Common shares issued for cash (in dollars per share) |
|
|
|
|
|
$ 0.04
|
|
|
|
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v3.3.1.900
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Jan. 21, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Advances made by five companies |
|
$ 2,170,216
|
|
$ 2,170,216
|
|
Amount due from related parties |
|
3,311
|
|
3,311
|
|
Revenue on sold of gold |
|
201,748
|
$ 26,836
|
$ 526,197
|
$ 590,611
|
Sub-contractor | Borneo Oil And Gas Corporation Sdn Bhd |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Revenue on sold of gold |
|
419
|
|
|
|
Cost of revenue |
|
$ 335,695
|
|
|
|
Number of common stock issued for services (in shares) |
5,900,000
|
|
|
|
|
Common stock issued for services, Per share |
$ 0.05
|
|
|
|
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- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.3.1.900
GOING CONCERN AND LIQUIDITY CONSIDERATIONS (Detail Textuals) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Going Concern And Liquidity Considerations [Abstract] |
|
|
|
|
Loss from operations |
$ (220,020)
|
$ (412,765)
|
$ (595,890)
|
$ (851,004)
|
Working capital deficiency |
$ 2,311,073
|
|
$ 2,311,073
|
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CONCENTRATIONS - Summary of major suppliers and customers (Details)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Supplier Concentration Risk | Subcontractors | Company A |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
100.00%
|
100.00%
|
Supplier Concentration Risk | Accounts Payable | Company A |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
0.00%
|
0.00%
|
Customer Concentration Risk | Company M | Sales |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
0.00%
|
52.00%
|
Customer Concentration Risk | Company M | Accounts Receivable |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
0.00%
|
0.00%
|
Customer Concentration Risk | Company N | Sales |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
1.00%
|
33.00%
|
Customer Concentration Risk | Company N | Accounts Receivable |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
0.00%
|
0.00%
|
Customer Concentration Risk | Company O | Sales |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
99.00%
|
15.00%
|
Customer Concentration Risk | Company O | Accounts Receivable |
|
|
Concentration Risk [Line Items] |
|
|
Concentration risk, percentage |
0.00%
|
0.00%
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