v3.26.1
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
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 
Rental income:          
Mr. Jack Wong (3)  $30,000   $60,000 
Professional services provided by:          
Warisan Khidmat Sdn Bhd (4)  $-   $17,905 
Interest expense paid to:          
BOC (5)  $1,738   $13,536 
Rental expense paid to:          
SB Resorts Sdn Bhd (2)  $3,431   $1,918 
Sale of property:          
Mr. Jack Wong (3)  $857,500   $- 
Settlement of debts by issuance of Company’s Common Stock          
BOC (2)  $675,888   $- 
SCHEDULE OF RELATED PARTY BALANCES

Related party balances (other than those disclosed in Note 12 and Note 13)

   2025   2024 
   As of June 30, 
   2025   2024 
Accounts payable          
Warisan Khidmat Sdn Bhd (4)  $-   $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.