| RELATED PARTY TRANSACTIONS |
NOTE
18 - RELATED PARTY TRANSACTIONS
SCHEDULE OF RELATED PARTY TRANSACTIONS
| | |
2026 | | |
2025 | |
| | |
For the Years
ended June
30, | |
| | |
2026 | | |
2025 | |
| Related party transactions: | |
| | | |
| | |
| Rental income: | |
| | | |
| | |
| Mr. Jack Wong
(1) | |
$ | - | | |
$ | 30,000 | |
| Rental income | |
$ | - | | |
$ | 30,000 | |
| Sale of property: | |
| | | |
| | |
| Mr. Jack Wong (1) | |
$ | - | | |
$ | 857,500 | |
| Sale of property | |
$ | - | | |
$ | 857,500 | |
| Interest expense paid
to: | |
| | | |
| | |
| BOC (2) | |
$ | - | | |
$ | 1,738 | |
| Interest expense paid | |
$ | - | | |
$ | 1,738 | |
| Rental expense paid to: | |
| | | |
| | |
| SB Resorts Sdn Bhd (3) | |
$ | - | | |
$ | 3,431 | |
| Rental expense paid | |
$ | - | | |
$ | 3,431 | |
| 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 | |
| Creative and technical
services fee paid to: | |
| | | |
| | |
| Mr. Teo Zye Keun (4) | |
$ | 38,712 | | |
$ | - | |
| Creative and technical
services fee paid | |
$ | 38,712 | | |
$ | - | |
| Forgiveness of debts
by: | |
| | | |
| | |
| Makin Teguh Sdn Bhd (5) | |
$ | 19,379 | | |
$ | - | |
| J. Ambrose & Partners
(6) | |
$ | 11,293 | | |
$ | - | |
| Forgiveness of debts | |
$ | 11,293 | | |
$ | - | |
Related
party balances are disclosed in Note 12.
| |
(1) |
Jack Wong serves as CEO and
Chairman of the Company. The Company completed the sale of property located at 1138 Wildhorse Parkway Drive, Chesterfield, Missouri
63005, owned by Verde Renewables, for a current market value of $857,500 on December 19, 2024. A gain on disposal of $161,156 was recognized
for the year ended June 30, 2025. |
| |
|
|
| |
(2) |
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 15 for further details regarding this transaction. |
| |
|
|
| |
(3) |
SB Resorts Sdn Bhd and BOC
are wholly owned subsidiaries of BOB. |
| |
|
|
| |
(4) |
Teo Zye Keun is a Director
of The Wision Project Sdn Bhd, a subsidiary of the Company. |
| |
|
|
| |
(5) |
Makin Teguh Sdn Bhd is an
associate of BOB. BOB held approximately 12.94% of the Company’s issued and outstanding Common Stock as of June 30, 2026. |
| |
|
|
| |
(6) |
J. Ambrose & Partners
is controlled by J Ambrose who is one of the shareholders of the Company, and he held 1.533% of the Company’s issued and outstanding
Common Stock as of June 30, 2026. Ambrose is also the managing director and a substantial shareholder of BOB. |
VERDE
RESOURCES, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
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.
|