| RELATED PARTY TRANSACTIONS |
NOTE
18 - RELATED PARTY TRANSACTIONS
SCHEDULE OF RELATED PARTY TRANSACTIONS
| | |
2025 | | |
2024 | |
| | |
For the Years ended | |
| | |
June 30, | |
| | |
2025 | | |
2024 | |
| Related party transactions: | |
| | | |
| | |
| Sales to: | |
| | | |
| | |
| Borneo Eco Food Sdn Bhd (1) | |
$ | - | | |
$ | 4,071 | |
| SB Resorts Sdn Bhd (2) | |
$ | - | | |
$ | 25,441 | |
| Sales | |
$ | - | | |
$ | 25,441 | |
| Rental income: | |
| | | |
| | |
| Mr. Jack Wong (3) | |
$ | 30,000 | | |
$ | 60,000 | |
| Rental income | |
$ | 30,000 | | |
$ | 60,000 | |
| Professional services provided by: | |
| | | |
| | |
| Warisan Khidmat Sdn Bhd (4) | |
$ | - | | |
$ | 17,905 | |
| Professional services provided | |
$ | - | | |
$ | 17,905 | |
| Interest expense paid to: | |
| | | |
| | |
| BOC (5) | |
$ | 1,738 | | |
$ | 13,536 | |
| Interest expense paid | |
$ | 1,738 | | |
$ | 13,536 | |
| Rental expense paid to: | |
| | | |
| | |
| SB Resorts Sdn Bhd (2) | |
$ | 3,431 | | |
$ | 1,918 | |
| Rental expense paid | |
$ | 3,431 | | |
$ | 1,918 | |
| Sale of property: | |
| | | |
| | |
| Mr. Jack Wong (3) | |
$ | 857,500 | | |
$ | - | |
| Sale of property | |
$ | 857,500 | | |
$ | - | |
| Settlement of debts by issuance of Company’s Common Stock | |
| | | |
| | |
| BOC (2) | |
$ | 675,888 | | |
$ | - | |
| Settlement of debts by issuance of company’s common stock | |
$ | 675,888 | | |
$ | - | |
Related party balances (other than those disclosed in Note 12 and Note 13)
SCHEDULE OF RELATED PARTY BALANCES
| | |
2025 | | |
2024 | |
| | |
As of June 30, | |
| | |
2025 | | |
2024 | |
| Accounts payable | |
| | | |
| | |
| Warisan Khidmat Sdn Bhd (4) | |
$ | - | | |
$ | 1,484 | |
| Accounts payable | |
$ | - | | |
$ | 1,484 | |
| (1) | | Borneo Oil Berhad
(“BOB”) is ultimate holding company of Borneo Eco Food Sdn. Bhd., and held 13.4% of the Company’s issued and outstanding
Common Stock as of June 30, 2025. |
| (2) | | SB Resorts Sdn
Bhd and Borneo Oil Corporation Sdn Bhd (“BOC”) are wholly owned subsidiaries of Borneo Oil Berhad (“BOB”) (holding
13.4% of the Company’s issued and outstanding Common Stock as of June 30, 2025). |
| (3) | | Mr.
Jack Wong is the Chief Executive Officer of the Company effective October 1, 2022. By Waiver and Consent of Shareholders, Mr. Jack
Wong was re-elected Director of the Company, effective March 30, 2024. This represents sale of the property located at 1138
Wildhorse Parkway Drive, Chesterfield, Missouri 63005 owned by VRI, for a current market value of $857,500.
A gain on disposal of $161,156
was recognized as a result of this transaction. |
| (4) | | Warisan Khidmat
Sdn. Bhd. is a company whose shareholdings is entirely held by a Director of Verde Malaysia. |
| (5) | | On August 16, 2024,
BOC and the Company entered into an arrangement to settle the debt of $675,888 owing to BOC by way of the issuance of 9,655,542 shares
of the Company’s Common Stock. The settlement was deemed to be a capital transaction which represented a distribution to an equity
holder and therefore was not charged in earnings. Refer Note 13 for further details regarding this transaction. |
Apart
from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other
significant or material related party transactions during the years presented.
VERDE
RESOURCES, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED JUNE 30, 2025 AND 2024
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
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