| SCHEDULE OF BREAKDOWN BALANCES DUE TO RELATED PARTIES |
The
following breakdown of the balances due to related parties and director, consisted of:-
SCHEDULE OF BREAKDOWN BALANCES DUE TO RELATED PARTIES
| | |
2025 | | |
2024 (revised) | |
| | |
As of June 30, | |
| | |
2025 | | |
2024 (revised) | |
| Amount due to related parties | |
| | | |
| | |
| Borneo Oil Corporation Sdn. Bhd (“BOC”) (2) | |
$ | 72,869 | | |
$ | 70,677 | |
| Borneo Oil Berhad (“BOB”) (1) | |
| 3,007 | | |
| 3,007 | |
| Taipan International Limited (3) | |
| 119,153 | | |
| 119,153 | |
| Borneo Energy Sdn Bhd (1) | |
| 16,356 | | |
| 14,599 | |
| Victoria Capital Sdn Bhd (4) | |
| 5,913 | | |
| 93,270 | |
| UnitiMart Sdn Bhd (1) | |
| - | | |
| 7,782 | |
| Makin Teguh Sdn Bhd (1) | |
| 19,379 | | |
| 19,379 | |
| J. Ambrose & Partners (5) | |
| 75,904 | | |
| 48,588 | |
| SB Resorts Sdn Bhd (2) | |
| 6,622 | | |
| 2,120 | |
| SB Supplies & Logistics Sdn Bhd (1) | |
| 4,612 | | |
| 5,936 | |
| Borneo Eco Food Sdn. Bhd. (1) | |
| 1,159 | | |
| 1,039 | |
| Total due to related parties | |
$ | 324,974 | | |
$ | 385,550 | |
| Amount
due to related parties | |
$ | 324,974 | | |
$ | 385,550 | |
| | |
| | | |
| | |
| Amount due from a related party | |
| | | |
| | |
| Vetrolysis Limited (6) | |
$ | 100 | | |
$ | 100 | |
| Amount due from a related parties | |
$ | 100 | | |
$ | 100 | |
| | |
| | | |
| | |
| Amount due to director | |
| | | |
| | |
| Mr. Jack Wong (7) | |
$ | 209,640 | | |
$ | 4,188 | |
| Amount due to director | |
$ | 209,640 | | |
$ | 4,188 | |
| (1) | | Borneo Oil Berhad
(“BOB”) is the ultimate holding company of Borneo Eco Food Sdn. Bhd., Borneo Energy Sdn. Bhd., SB Supplies & Logistic
Sdn. Bhd. and UnitiMart Sdn. Bhd., (holding 13.4% of the Company’s issued and outstanding Common Stock as of June 30, 2025). 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. |
| (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). 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 15.4% of the Company’s issued and outstanding Common Stock as of June
30, 2025. 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 BOB (holding 7.8% if BOB’s shares) and also is a direct shareholder of Company, holding
0.2% of the Company’s issued and outstanding Common Stock as of June 30, 2025. 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 1.6% of the Company’s issued and
outstanding Common Stock as of June 30, 2025. He is also a substantial shareholder of BOB. The advances are related to ordinary business
transactions and bear no interest or collateral and are repayable on demand. |
| (6) | | Encik Anuar bin
Ismail, an indirect significant shareholder, is a director of Vetrolysis Limited. |
| (7) | | Mr.
Jack Wong is the Chief Executive Officer of the Company effective October 1, 2022. Further, Jack Wong was re-elected Director of the
Company by Waiver and Consent of Shareholders, effective March 30, 2024. This represents remaining balance of the special bonus of
$1.25
million to CEO Jack Wong approved by the Board of the Company on December 9, 2024. On December 10, 2024, CEO Jack Wong entered into
the Wong Agreement to purchase the Property located at 1138 Wildhorse Parkway Drive, Chesterfield, Missouri 63005 owned by VRI, 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 shall be structured as a sale and purchase agreement between the Company and CEO Jack
Wong, with no cash exchange involved. The remaining balance of the bonus shall be allocated to cover any taxes associated with the
bonus on behalf of CEO Jack Wong |
|