NOTE
10 – ASSETS HELD FOR SALE
At
June 30, 2026 and 2025, assets held for sale are as follows:
SCHEDULE
OF ASSETS HELD FOR SALE
| | |
2026 | | |
2025 | |
| | |
As
of June 30, | |
| | |
2026 | | |
2025 | |
| Motor vehicles | |
$ | 9,866 | | |
$ | 9,866 | |
| Less: impairment | |
| (9,866 | ) | |
| (5,866 | ) |
| Total
assets held for sale | |
$ | - | | |
$ | 4,000 | |
| |
● |
June 27, 2024: The
Company, through its wholly-owned subsidiary, Verde Renewables, entered into a Consignment Contract with ED’s Machinery LLC (“EDM”)
to dispose of plant and machinery and motor vehicles with a combined carrying amount of $606,043. |
| |
|
|
| |
● |
June 30, 2024: As
the disposal had not yet been completed, the assets were classified and presented separately in the consolidated balance sheets as
assets held for sale. |
| |
|
|
| |
● |
June 30, 2025: The
disposal of assets with aggregate carrying values of $596,176 was completed. |
| |
|
|
| |
● |
Remaining asset: The
remaining asset consists of a vehicle that is expected to be sold for parts. Accordingly, impairment charges of $5,866 and $4,000 were
recognized during the years ended June 30, 2025 and June 30, 2026, respectively. |
VERDE
RESOURCES, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
|