| AMOUNTS DUE TO/FROM RELATED PARTIES (INCLUDING CHAIRMAN AND CHIEF EXECUTIVE OFFICER) |
NOTE
12 – AMOUNTS DUE TO/FROM RELATED PARTIES (INCLUDING CHAIRMAN AND CHIEF EXECUTIVE OFFICER)
The
following breakdown of the balances due to/from related parties and director, consisted of:
SCHEDULE OF BREAKDOWN BALANCES DUE TO RELATED PARTIES
| | |
March
31, 2026 | | |
June
30, 2025 | |
| | |
| | |
| |
| Amount due to related
parties | |
| | | |
| | |
| Borneo Oil
Corporation Sdn (“BOC”) (#2) | |
$ | 72,818 | | |
$ | 72,869 | |
| Borneo Oil Berhad (“BOB”)
(#1) | |
| 3,007 | | |
| 3,007 | |
| Taipan International Limited
(#3) | |
| 119,153 | | |
| 119,153 | |
| Borneo Energy Sdn Bhd (#1) | |
| 16,298 | | |
| 16,356 | |
| Victoria Capital Sdn Bhd
(#4) | |
| 6,202 | | |
| 5,913 | |
| Makin Teguh Sdn Bhd (#1) | |
| - | | |
| 19,379 | |
| J. Ambrose & Partners
(#5) | |
| 64,981 | | |
| 75,904 | |
| SB Resorts Sdn Bhd (#2) | |
| 6,946 | | |
| 6,622 | |
| SB Supplies & Logistics
Sdn Bhd (#1) | |
| 4,837 | | |
| 4,612 | |
| Borneo
Eco Food Sdn. Bhd (#1) | |
| 1,215 | | |
| 1,159 | |
| Amount
due to related parties | |
$ | 295,457 | | |
$ | 324,974 | |
| | |
| | | |
| | |
| Amount due from a related
party | |
| | | |
| | |
| Vetrolysis
Limited (#6) | |
$ | - | | |
$ | 100 | |
| Amount due from a related
party | |
$ | - | | |
$ | 100 | |
| | |
| | | |
| | |
| Amount due to director | |
| | | |
| | |
| Mr.
Jack Wong (#7) | |
$ | 3,033 | | |
$ | 209,640 | |
| Amount due to director | |
$ | 3,033 | | |
$ | 209,640 | |
| (#1) | | BOB
is the ultimate holding company of Borneo Eco Food Sdn. Bhd., Borneo Energy Sdn. Bhd. and SB Supplies & Logistic Sdn. Bhd. and
held 12.95%
of the Company’s issued and outstanding common stock as of March 31, 2026. Makin Teguh Sdn Bhd is an associate of BOB. The
advances are related to ordinary business transactions and bear no interest or collateral and are repayable on demand. On March 26,
2026, Makin Teguh Sdn Bhd entered into a debt release agreement with the Company, pursuant to which all outstanding obligations owed
by the Company in the amount of $19,379 were fully extinguished. |
| (#2) | | SB Resorts Sdn.
Bhd. and BOC are wholly owned subsidiaries of BOB (holding 12.95% of the Company’s issued and outstanding common stock as of March
31, 2026). The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under
normal business advancement terms. |
| (#3) | | Taipan International
Limited is one of the shareholders of the Company and held 7.74% of the Company’s issued and outstanding common stock as of March
31, 2026. The advances are related to ordinary business transactions and bear no interest or collateral and are repayable on demand. |
| (#4) | | Victoria Capital
Sdn. Bhd. is one of the shareholders of the Company and held 0.2% of the Company’s issued and outstanding common stock as of March
31, 2026. The advances are related to ordinary business transactions and bear no interest or collateral and are repayable on demand. |
| (#5) | | J.
Ambrose & Partners is controlled by J Ambrose who is one of the shareholders of the Company, and he held 1.535%
of the Company’s issued and outstanding common stock as of March 31, 2026. Ambrose is also the managing director and a
substantial shareholder of BOB. The advances are related to ordinary business transactions and bear no interest or collateral and
are repayable on demand. On March 26, 2026, J. Ambrose & Partners entered into a debt release agreement with the Company,
pursuant to which $11,219 owed by the Company was fully extinguished. |
| (#6) | | Encik Anuar bin
Ismail, an indirect significant shareholder, is a director of Vetrolysis Limited. |
| (#7) | | This
amount represent expenses incurred and paid by Jack Wong on behalf of the Company. The balance as of June 30, 2025 represented the
remaining balance of the special bonus of $1.25
million to the Company’s Chairman and Chief Executive Officer Jack Wong, approved by the Board of the Company on December 9,
2024. On December 10, 2024, Mr. Wong entered into a Sale and Purchase Agreement to purchase the property located at 1138 Wildhorse
Parkway Drive, Chesterfield, Missouri 63005 owned by Verde Renewables, for a current market value of $857,500.
The Board also approved the option for this amount to be repaid through monthly installments deducted from the bonus over 26 pay
cycles starting from January 2025. This transaction was structured as a sale and purchase agreement between the Company and Mr. Wong,
with no cash exchange involved. The remaining balance of the bonus was allocated to cover any taxes associated with the bonus
on behalf of Mr. Wong and was fully settled as of March 31, 2026. |
|