![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verde Resources Inc (QB) | USOTC:VRDR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -2.50% | 0.39 | 0.35 | 0.40 | 0.40 | 0.365 | 0.365 | 3,725 | 19:21:40 |
|
Verde Resources, Inc.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
|
32-0457838
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Block B-5, 20/F, Great Smart Tower, 230 Wanchai Road, Wanchai, Hong Kong
|
(Address of principal executive offices)
|
|
(852) 21521223
|
(Registrant’s telephone number, including area code)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
x
|
(Do not check if a smaller reporting company)
|
|
|
|
PAGE
|
|||
|
||||
|
||||
|
3
|
|||
|
||||
|
31
|
|||
|
||||
|
39
|
|||
|
||||
|
39
|
|||
|
||||
|
||||
|
40
|
|||
|
||||
|
40
|
|||
|
||||
|
40
|
|||
|
||||
|
40
|
|||
|
||||
|
40
|
|||
|
||||
|
40
|
|||
|
||||
|
41
|
|||
|
|
42
|
2
|
|
|
Page
|
||
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
3 |
|
|
|
As at
December 31,
|
|
|
As at
June 30,
|
|
||
|
|
2019
|
|
|
2019
|
|
||
ASSETS
|
|
(Unaudited)
|
|
|
(Audited)
|
|
||
Current Assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$ | 38,358 |
|
|
$ | 10,662 |
|
Amount due from related parties
|
|
|
- |
|
|
|
- |
|
Inventories
|
|
|
- |
|
|
|
- |
|
Deposit & prepayment
|
|
|
25,559 |
|
|
|
974 |
|
Total Current Assets
|
|
$ | 63,917 |
|
|
$ | 11,636 |
|
Long Term Assets
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
$ | 826 |
|
|
$ | 1 |
|
Total Long Term Assets
|
|
$ | 826 |
|
|
$ | 1 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$ | 64,743 |
|
|
$ | 11,637 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ | 1,577,873 |
|
|
$ | 1,563,102 |
|
Advanced from related parties
|
|
|
667,845 |
|
|
|
592,683 |
|
Accrual and other payables
|
|
|
113,676 |
|
|
|
76,490 |
|
Taxation payable
|
|
|
- |
|
|
|
- |
|
Loans from banks
|
|
|
- |
|
|
|
193 |
|
Total Current Liabilities
|
|
$ | 2,359,394 |
|
|
$ | 2,232,468 |
|
Long term Liabilities
|
|
|
|
|
|
|
|
|
Loans from banks (non-current)
|
|
$ | - |
|
|
$ | - |
|
Total Long Term Liabilities
|
|
$ | - |
|
|
$ | - |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
$ | 2,359,394 |
|
|
$ | 2,232,468 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001, 50,000,000 shares authorized, none issued and outstanding
|
|
|
- |
|
|
|
- |
|
Common stock, par value $0.001, 10,000,000,000 shares authorized, 115,038,909 shares issued and outstanding as of December 31, 2019 & June 30, 2019 respectively
|
|
$ | 115,039 |
|
|
$ | 115,039 |
|
Additional paid-in capital
|
|
|
2,416,243 |
|
|
|
2,416,243 |
|
Accumulated deficit
|
|
|
(5,014,516 | ) |
|
|
(4,839,749 | ) |
Accumulated other comprehensive income (loss)
|
|
|
720,829 |
|
|
|
614,603 |
|
Non-controlled interest
|
|
|
(532,246 | ) |
|
|
(526,967 | ) |
Total Stockholders’ Deficit
|
|
$ | (2,294,651 | ) |
|
$ | (2,220,831 | ) |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
$ | 64,743 |
|
|
$ | 11,637 |
|
4 |
|
|
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
||||||||||
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue
|
|
|
- |
|
|
|
- |
|
|
$ | - |
|
|
$ | 8,879 |
|
Cost of revenue
|
|
|
- |
|
|
|
(1,539 | ) |
|
|
- |
|
|
|
(12,805 | ) |
Gross profit (loss)
|
|
|
- |
|
|
|
(1,539 | ) |
|
|
- |
|
|
|
(3,926 | ) |
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general & administrative expenses
|
|
|
(30,669 | ) |
|
|
(35,902 | ) |
|
|
(180,046 | ) |
|
|
(93,255 | ) |
PROFIT (LOSS) FROM OPERATIONS
|
|
|
(30,669 | ) |
|
|
(37,441 | ) |
|
$ | (180,046 | ) |
|
$ | (97,181 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME(EXPENSES)
|
|
|
- |
|
|
|
26,652 |
|
|
|
- |
|
|
|
300,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET PROFIT (LOSS) BEFORE INCOME TAX
|
|
|
(30,669 | ) |
|
|
(10,789 | ) |
|
$ | (180,046 | ) |
|
$ | 202,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision of Income Tax
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
NET PROFIT (LOSS)
|
|
|
(30,669 | ) |
|
|
(10,789 | ) |
|
$ | (180,046 | ) |
|
$ | 202,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled interest
|
|
|
2,730 |
|
|
|
(308 | ) |
|
|
5,279 |
|
|
|
(40,080 | ) |
Net profit (loss) contributed to the group
|
|
|
(27,939 | ) |
|
|
(11,097 | ) |
|
|
(174,767 | ) |
|
|
162,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation income(loss)
|
|
|
(49,531 | ) |
|
|
(2,315 | ) |
|
$ | 106,226 |
|
|
$ | 66,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income(loss)
|
|
$ | (77,470 | ) |
|
$ | (13,412 | ) |
|
$ | (68,541 | ) |
|
$ | 229,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Profit (Loss) per Common Share
|
|
$ | (0.0002 | ) |
|
$ | (0.0001 | ) |
|
$ | (0.0015 | ) |
|
$ | 0.0014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
5 |
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net profit (loss)
|
|
$ | (180,046 | ) |
|
$ | 202,838 |
|
Adjustments to reconcile loss to net cash used in operation
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
43 |
|
|
|
3,530 |
|
Gain on disposal of property, plant and equipment
|
|
|
- |
|
|
|
(245,581 | ) |
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
(Increase) decrease in:
|
|
|
|
|
|
|
|
|
Accounts receivable from related parties
|
|
|
- |
|
|
|
4,517 |
|
Deposits and prepayment
|
|
|
(24,171 | ) |
|
|
73 |
|
Inventory
|
|
|
- |
|
|
|
4,542 |
|
Increase (decrease) in:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
(1,132 | ) |
|
|
(4,695 | ) |
Accrued liabilities
|
|
|
37,115 |
|
|
|
(4,304 | ) |
GST payable
|
|
|
- |
|
|
|
(458 | ) |
Advanced from sub-contractor & related parties
|
|
|
(52,686 | ) |
|
|
(21,392 | ) |
Deposit received from customer
|
|
|
- |
|
|
|
- |
|
Net cash (used in) operating activities
|
|
|
(220,877 | ) |
|
|
(60,930 | ) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Repayments of bank loans
|
|
|
(192 | ) |
|
|
(1,188 | ) |
Net cash provided by (used in) financing activities
|
|
|
(192 | ) |
|
|
(1,188 | ) |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalent
|
|
|
(221,069 | ) |
|
|
(62,118 | ) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
248,765 |
|
|
|
58,271 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
27,696 |
|
|
|
(3,847 | ) |
Cash and cash equivalents at beginning of year
|
|
|
10,662 |
|
|
|
10,032 |
|
Cash and cash equivalents at end of year
|
|
$ | 38,358 |
|
|
$ | 6,185 |
|
|
|
|
|
|
|
|
|
|
Supplementary cash flow information
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
$ | - |
|
|
$ | - |
|
Interest paid
|
|
$ | 1 |
|
|
$ | 52 |
|
|
|
|
|
|
|
|
|
|
Supplementary non-cash information
|
|
|
|
|
|
|
|
|
Reorganization
|
|
|
- |
|
|
|
- |
|
Issuance of common stock
|
|
|
- |
|
|
|
- |
|
6 |
|
7 |
|
|
1.
|
Management Agreement, FMR entrusted the management rights of its subsidiary CSB to GBL that include:
|
|
|
i)
|
management and administrative rights over the day-to-day business affairs of CSB and the mining operation at Site IV-1 of the Merapoh Gold Mine;
|
|
|
ii)
|
final right for the appointment of members to the Board of Directors and the management team of CSB;
|
|
|
iii)
|
act as principal of CSB;
|
|
|
iv)
|
obligation to provide financial support to CSB;
|
|
|
v)
|
option to purchase an equity interest in CSB;
|
|
|
vi)
|
entitlement to future benefits and residual value of CSB;
|
|
|
vii)
|
right to impose no dividend policy;
|
|
|
viii)
|
human resources management.
|
|
|
2.
|
Debt Assignment, FMR assigned to GBL the sum of money in the amount of US Dollars One Hundred Nine Thousand Eight Hundred One And Cents Seventy-Two Only (US$ 109,801.72), now due to GBL from CSB under the financing obligation from the FMR to CSB.
|
8 |
|
|
●
|
Level 1—defined as observable inputs such as quoted prices in active markets;
|
|
●
|
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
|
|
●
|
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Period-end MYR : $1 exchange rate
|
|
|
0.2445 |
|
|
|
0.2420 |
|
Average MYR : $1 exchange rate
|
|
|
0.2404 |
|
|
|
0.2425 |
|
11 |
|
|
·
|
Providing an optional transition practical expedient that, if elected, would not require an organization to reconsider their accounting for existing land easements that are not currently accounted for under the old leases standard; and
|
|
·
|
Clarifying that new or modified land easements should be evaluated under the new leases standard, once an entity has adopted the new standard.
|
12 |
|
|
·
|
A description of the accounting policy for releasing income tax effects from AOCI;
|
|
·
|
Whether they elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and
|
|
·
|
Information about the other income tax effects that are reclassified.
|
|
·
|
Issue 1: Equity Securities without a Readily Determinable Fair Value— Discontinuation. The amendment clarifies that an entity measuring an equity security using the measurement alternative may change its measurement approach to a fair value method in accordance with Topic 820,Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic 820.
|
|
·
|
Issue 2: Equity Securities without a Readily Determinable Fair Value— Adjustments. The amendment clarifies that the adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place.
|
|
·
|
Issue 3: Forward Contracts and Purchased Options. The amendment clarifies that remeasuring the entire value of forward contracts and purchased options is required when observable transactions occur on the underlying equity securities.
|
|
·
|
Issue 4: Presentation Requirements for Certain Fair Value Option Liabilities. The amendment clarifies that when the fair value option is elected for a financial liability, the guidance in paragraph 825-10- 45-5 should be applied, regardless of whether the fair value option was elected under either Subtopic 815-15,Derivatives and Hedging— Embedded Derivatives, or 825-10,Financial Instruments— Overall.
|
|
·
|
Issue 5: Fair Value Option Liabilities Denominated in a Foreign Currency. The amendments clarify that for financial liabilities for which the fair value option is elected, the amount of change in fair value that relates to the instrument-specific credit risk should first be measured in the currency of denomination when presented separately from the total change in fair value of the financial liability. Then, both components of the change in the fair value of the liability should be remeasured into the functional currency of the reporting entity using end-of-period spot rates.
|
|
·
|
Issue 6: Transition Guidance for Equity Securities without a Readily Determinable Fair Value. The amendment clarifies that the prospective transition approach for equity securities without a readily determinable fair value in the amendments in ASU No. 2016-01 is meant only for instances in which the measurement alternative is applied. An insurance entity subject to the guidance in Topic 944,Financial Services— Insurance, should apply a prospective transition method when applying the amendments related to equity securities without readily determinable fair values. An insurance entity should apply the selected prospective transition method consistently to the entity’s entire population of equity securities for which the measurement alternative is elected.
|
13 |
|
|
·
|
Question 1:If the accounting for certain income tax effects of the Act is not completed by the time a company issues its financial statements that include the reporting period in which the Act was enacted, what amounts should a company include in its financial statements for those income tax effects for which the accounting under Topic 740 is incomplete?
|
|
·
|
Answer 1:In a company’s financial statements that include the reporting period in which the Act was enacted, a company must first reflect the income tax effects of the Act in which the accounting under Topic 740 is complete. These completed amounts would not be provisional amounts. The company would then also report provisional amounts for those specific income tax effects of the Act for which the accounting under Topic 740 will be incomplete, but a reasonable estimate can be determined. For any specific income tax effects of the Act for which a reasonable estimate cannot be determined, the company would not report provisional amounts and would continue to apply Topic 740 based on the provisions of the tax laws that were in effect immediately prior to the Act being enacted. For those income tax effects for which a company was not able to determine a reasonable estimate (such that no related provisional amount was reported for the reporting period in which the Act was enacted), the company would report provisional amounts in the first reporting period in which a reasonable estimate can be determined.
|
|
·
|
Question 2: If an entity accounts for certain income tax effects of the Act under a measurement period approach, what disclosures should be provided?
|
|
||
|
·
|
Answer 2:The staff believes an entity should include financial statement disclosures to provide information about the material financial reporting impacts of the Act for which the accounting under Topic 740 is incomplete, including:
|
|
a.
|
Qualitative disclosures of the income tax effects of the Act for which the accounting is incomplete;
|
|
b.
|
Disclosures of items reported as provisional amounts;
|
|
c.
|
Disclosures of existing current or deferred tax amounts for which the income tax effects of the Act have not been completed;
|
|
d.
|
The reason why the initial accounting is incomplete;
|
|
e.
|
The additional information that is needed to be obtained, prepared, or analyzed in order to complete the accounting requirements under Topic 740;
|
|
f.
|
The nature and amount of any measurement period adjustments recognized during the reporting period;
|
|
g.
|
The effect of measurement period adjustments on the effective tax rate; and
|
|
h.
|
When the accounting for the income tax effects of the Act has been completed.
|
14 |
|
|
·
|
Amendments to Subtopic 220-10,Income Statement— Reporting Comprehensive Income—Overall. The guidance in paragraph 220-10-45-10B(b) states that taxes not payable in cash are required to be reported as a direct adjustment to paid-in capital. This requirement conflicts with other guidance in Topic 740,Income Taxes, Subtopic 805-740,Business Combinations—Income Taxes, and Subtopic 852-740,Reorganizations—Income Taxes, which generally states that income taxes and adjustments to those accounts upon a business combination or a bankruptcy that is eligible for fresh-start reporting must be recognized in income. ASU No. 2018-09 clarifies the guidance in paragraph 220-10-45-10B by removing the generic phrase taxes not payable in cash and adding guidance that is specific to certain quasi-reorganizations.
|
|
·
|
Amendments to Subtopic 470-50,Debt—Modifications and Extinguishments. The guidance in paragraph 470-50-40-2 requires that the difference between the reacquisition price of debt and the net carrying amount of extinguished debt be recognized in income in the period of extinguishment. The guidance in that paragraph was not amended by FASB Statement No. 155, Accounting for Certain Hybrid Financial Instruments, or FASB Statement No. 159,The Fair Value Option for Financial Assets and Financial Liabilities; therefore, it does not specifically address extinguishments of debt when the fair value option is elected. ASU No. 2018-09 clarifies that:
|
|
1.
|
When the fair value option has been elected on debt that is extinguished, the net carrying amount of the extinguished debt equals its fair value at the reacquisition date, and
|
|
2.
|
Related gains or losses in other comprehensive income must be included in net income upon extinguishment of the debt.
|
|
·
|
Amendments to Subtopic 480-10,Distinguishing Liabilities from Equity—Overall. The guidance in paragraph 480-10-25-15 prohibits the combination of freestanding financial instruments within the scope of Subtopic 480-10 with noncontrolling interest, unless the combination is required by Topic 815,Derivatives and Hedging. The example in paragraphs 480-10-55-55 and 480-10-55-59 conflicts with that guidance by stating that freestanding option contracts with the terms in Derivative 2 should be accounted for on a combined basis with the noncontrolling interest. The source of the example in paragraph 480-10-55-59 is from EITF Issue No. 00-4, “Majority Owner’s Accounting for a Transaction in the Shares of a Consolidated Subsidiary and a Derivative Indexed to the Noncontrolling Interest in That Subsidiary.” Issue 00-4 was nullified by FASB Statement No. 150,Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, but a conforming amendment to the example in paragraph 480-10-55-59 was not made to align it with the guidance in Statement 150. The amendment in this Update conforms the guidance in paragraphs 480-10-55-55 and 480-10-55-59 with the guidance in Statement 150.
|
|
·
|
Amendments to Subtopic 718-740,Compensation—Stock Compensation—Income Taxes. The guidance in paragraph 718-740-35-2, as amended, is unclear on whether an entity should recognize excess tax benefits (or tax deficiencies) for compensation expense that is taken on the entity’s tax return. The amendment to paragraph 718-740-35-2 in ASU No. 2018-09 clarifies that an entity should recognize excess tax benefits (that is, the difference in tax benefits between the deduction for tax purposes and the compensation cost recognized for financial statement reporting) in the period when the tax deduction for compensation expense is taken on the entity’s tax return. This includes deductions that are taken on the entity’s return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether (1) the entity will receive a tax deduction and (2) the amount of the tax deduction is resolved.
|
|
·
|
Amendments to Subtopic 805-740,Business Combinations— Income Taxes. The amendments to paragraph 805-740-25-13 removes a list of three methods for allocating the consolidated tax provision to an acquired entity after acquisition that is inconsistent with guidance in Topic 740. The three methods for tax allocation described in paragraph 805-740-25-13 do not follow the broad principles of being systematic, rational, and consistent with Topic 740. The amendment removes the allocation methods in paragraph 805-740-25-13 and conforms the guidance in Subtopic 805-740 with the guidance in Topic 740.
|
|
·
|
Amendments to Subtopic 815-10,Derivatives and Hedging— Overall. The amendment to paragraphs 815-10-45-4 and 815-10-45-5 in ASU No. 2018-09 clarifies the circumstances in which derivatives may be offset. Under certain specific conditions, derivatives may be offset if three of the four criteria in paragraph 210-20-45-1 are met. One of the criteria—the intent to set off—is not required to offset derivative assets and liabilities for certain amounts arising from derivative instruments recognized at fair value and executed with the same counterparty under a master netting agreement.
|
|
·
|
Amendments to Subtopic 820-10,Fair Value Measurement— Overall. The amendments to paragraph 820-10-35-16D in ASU No. 2018-09 clarify the Board’s decisions about the measurement of the fair value of a liability or instrument classified in a reporting entity’s shareholder’s equity from the perspective of a market participant that holds an identical item as an asset at the measurement date. A technical inquiry questioned how transfer restrictions embedded in an asset should affect the fair value of the corresponding liability or equity instrument from the perspective of the issuer. The amendments correct the wording of paragraph 820-10-35-16D to clarify how an entity should account for those restrictions. The amendments are not intended to substantively change the application of GAAP. However, it is possible that the amendments may result in a change to existing practice for some entities.
|
15 |
|
|
·
|
Amendments to Subtopic 940-405,Financial Services—Brokers and Dealers—Liabilities. Paragraph 940-405-55-1 contains incomplete guidance about offsetting on the balance sheet. The current guidance focuses only on explicit settlement dates as a determining criterion for offsetting when, in fact, an entity should consider all the requirements in Section 210-20-45,Balance Sheet—Offsetting—Other Presentation Matters, to determine whether a right of offset exists. There is similar guidance in paragraph 942-210-45-3. Paragraphs 940-405-55-1 and 942-210-45- 3 originated from two different AICPA Audit and Accounting Guides and paraphrase the guidance in Subtopic 210-20, albeit each slightly differently. The Board decided to amend both paragraphs so that the industry Topic guidance refers to the complete guidance for offsetting.
|
|
·
|
Amendments to Subtopic 962-325,Plan Accounting—Defined Contribution Pension Plans—Investments—Other. The amendment to Subtopic 962-325 removes the stable value common collective trust fund from the illustrative example in paragraph 962-325-55-17 to avoid the interpretation that such an investment would never have a readily determinable fair value and, therefore, would always use the net asset value per share practical expedient. Rather, a plan should evaluate whether a readily determinable fair value exists to determine whether those investments may qualify for the practical expedient to measure at net asset value in accordance with Topic 820.
|
16 |
|
|
·
|
Issue 1: Residual Value Guarantees - Paragraph 460-10-60-32 in Topic 460, Guarantees - This paragraph incorrectly refers readers to the guidance in Topic 842 about sale-leaseback-sublease transactions, when, in fact, it should refer readers to the guidance about guarantees by a seller-lessee of the underlying asset’s residual value in a sale and leaseback transaction. The amendment corrects the cross-reference in paragraph 460-10-60-32.
|
|
·
|
Issue 2: Rate Implicit in the Lease - The amendment clarifies that a rate implicit in the lease of zero should be used when applying the definition of the term “rate implicit” in the lease results in a rate that is less than zero.
|
|
·
|
Issue 3: Lessee Reassessment of Lease Classification - The amendment consolidates the requirements about lease classification reassessments into one paragraph and better articulates that an entity should perform the lease classification reassessment on the basis of the facts and circumstances, and the modified terms and conditions, if applicable, as of the date the reassessment is required.
|
|
·
|
Issue 4: Lessor Reassessment of Lease Term and Purchase Option - The amendment clarifies that a lessor should account for the exercise by a lessee of an option to extend or terminate the lease or to purchase the underlying asset as a lease modification unless the exercise of that option by the lessee is consistent with the assumptions that the lessor made in accounting for the lease at the commencement date of the lease (or the most recent effective date of a modification that is not accounted for as a separate contract).
|
|
·
|
Issue 5: Variable Lease Payments That Depend on an Index or a Rate - The amendment clarifies that a change in a reference index or rate upon which some or all of the variable lease payments in the contract are based does not constitute the resolution of a contingency subject to the guidance in paragraph 842-10-35-4(b). Variable lease payments that depend on an index or a rate should be remeasured, using the index or rate at the remeasurement date, only when the lease payments are remeasured for another reason (that is, when one or more of the events described in paragraph 842-10-35- 4(a) or (c) occur or when a contingency unrelated to a change in a reference index or rate under paragraph 842-10-35-4(b) is resolved).
|
|
|
|
|
·
|
Issue 6: Investment Tax Credits - There is an inconsistency in terminology used about the effect that investment tax credits have on the fair value of the underlying asset between the definition of the term rate implicit in the lease and the lease classification guidance in paragraph 842-10-55-8. The amendment removes that inconsistency by clarifying that the period covered by a lessor-only option to terminate the lease is included in the lease term.
|
|
·
|
Issue 7: Lease Term and Purchase Option - The description in paragraph 842-10-55- 24 about lessor-only termination options is inconsistent with the description in paragraph 842-10-55- 23 about the noncancellable period of a lease. The amendment removes that inconsistency by clarifying that the period covered by a lessor-only option to terminate the lease is included in the lease term.
|
|
·
|
Issue 8: Transition Guidance for Amounts Previously Recognized in Business Combinations - The transition guidance for lessors in paragraph 842-10-65-1(h)(3) is unclear because it relates to leases classified as direct financing leases or sales-type leases under Topic 840, while the lead-in sentence to paragraph 842-10-65-1(h) provides transition guidance for leases classified as operating leases under Topic 840. The amendment clarifies that paragraph 842-10-65-1(h)(3) applies to lessors for leases classified as direct financing leases or sales-type leases under Topic 842, not Topic 840. In other words, paragraph 842- 10-65-1(h)(3) applies when an entity does not elect the package of practical expedients in paragraph 842-10-65-1(f), and, for a lessor, an operating lease acquired as part of a previous business combination is classified as a direct financing lease or a sales-type lease when applying the lease classification guidance in Topic 842. The amendment also cross-references to other transition guidance applicable to those changes in lease classification for lessors.
|
17 |
|
|
·
|
Issue 9: Certain Transition Adjustments - The amendments clarify whether to recognize a transition adjustment to earnings rather than through equity when an entity initially applies Topic 842 retrospectively to each prior reporting period.
|
|
·
|
Issue 10: Transition Guidance for Leases Previously Classified as Capital Leases under Topic 840 - Paragraph 842-10-65-1(r) provides guidance to lessees for leases previously classified as capital leases under Topic 840 and classified as finance leases under Topic 842. Paragraph 842-10-65-1(r)(4) provides subsequent measurement guidance before the effective date when an entity initially applies Topic 842 retrospectively to each prior reporting period, but it refers readers to the subsequent measurement guidance in Topic 840 about operating leases. It should refer them to the subsequent measurement guidance applicable to capital leases. The amendment corrects that reference.
|
|
·
|
Issue 11: Transition Guidance for Modifications to Leases Previously Classified as Direct Financing or Sales-Type Leases under Topic 840 - Paragraph 842-10-65-1(x) provides transition guidance applicable to lessors for leases previously classified as direct financing leases or sales-type leases under Topic 840 and classified as direct financing leases or sales-type leases under Topic 842. For modifications to those leases beginning after the effective date, paragraph 842-10-65-1(x)(4) refers readers to other applicable guidance in Topic 842 to account for the modification, specifically paragraphs 842-10-25-16 through 25- 17, depending on how the lease is classified after the modification. Stakeholders noted that it should refer to how the lease is classified before the modification to be consistent with the guidance provided in paragraphs 842-10-25-16 through 25-17. The amendment corrects that inconsistency.
|
|
·
|
Issue 12: Transition Guidance for Sale and Leaseback Transactions - The amendments clarify that the transition guidance on sale and leaseback transactions in paragraph 842-10-65-1(aa) through (ee) applies to all sale and leaseback transactions that occur before the effective date and corrects the referencing issues noted.
|
|
·
|
Issue 13: Impairment of Net Investment in the Lease - Paragraph 842-30-35-3 provides guidance to lessors for determining the loss allowance of the net investment in the lease and describes the cash flows that should be considered when the lessor determines that loss allowance. Stakeholders questioned whether the guidance, as written, would accelerate and improperly measure the loss allowance because the cash flows associated with the unguaranteed residual asset appear to be excluded from the evaluation. The amendment clarifies the application of the guidance for determining the loss allowance of the net investment in the lease, including the cash flows to consider in that assessment.
|
|
·
|
Issue 14: Unguaranteed Residual Asset - The amendment clarifies that a lessor should not continue to accrete the unguaranteed residual asset to its estimated value over the remaining lease term to the extent that the lessor sells substantially all of the lease receivable associated with a direct financing lease or a sales-type lease, consistent with Topic 840.
|
|
·
|
Issue 15: Effect of Initial Direct Costs on Rate Implicit in the Lease - The ordering of the illustration in Case C of Example 1 in paragraphs 842-30-55- 31 through 55-39 raised questions about how initial direct costs factor into determining the rate implicit in the lease for lease classification purposes for lessors only. The amendment more clearly aligns the illustration to the guidance in paragraph 842-10-25-4.
|
|
·
|
Issue 16: Failed Sale and Leaseback Transaction - The amendment clarifies that a seller lessee in a failed sale and leaseback transaction should adjust the interest rate on its financial liability as necessary to ensure that the interest on the financial liability does not exceed the total payments (rather than the principal payments) on the financial liability. This clarification is also reflected in the relevant illustration on failed sale and leaseback transactions that is contained in Subtopic 842-40.
|
18 |
|
|
·
|
The timing and pattern of transfer of the nonlease component(s) and associated lease component are the same.
|
|
·
|
The lease component, if accounted for separately, would be classified as an operating lease.
|
|
·
|
The practical expedient may be elected either in the first reporting period following the issuance of this ASU or at the original effective date of Topic 842 for that entity.
|
|
·
|
The practical expedient may be applied either retrospectively or prospectively.
|
19 |
|
|
·
|
The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy;
|
|
·
|
The policy for timing of transfers between levels;
|
|
·
|
The valuation processes for Level 3 fair value measurements; and
|
|
·
|
For nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period.
|
|
·
|
In lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities;
|
|
·
|
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and
|
|
·
|
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date.
|
|
·
|
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and
|
|
·
|
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements.
|
20 |
|
|
·
|
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year.
|
|
·
|
The amount and timing of plan assets expected to be returned to the employer.
|
|
·
|
The disclosures related to the June 2001 amendments to the Japanese Welfare Pension Insurance Law.
|
|
·
|
Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan.
|
|
·
|
For nonpublic entities, the reconciliation of the opening balances to the closing balances of plan assets measured on a recurring basis in Level 3 of the fair value hierarchy. However, nonpublic entities will be required to disclose separately the amounts of transfers into and out of Level 3 of the fair value hierarchy and purchases of Level 3 plan assets.
|
|
·
|
For public entities, the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits.
|
|
·
|
The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates
|
|
·
|
An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period.
|
|
·
|
The amendments also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed:
|
|
·
|
The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets.
|
|
·
|
The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets.
|
21 |
|
22 |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Amount due from Stable Treasure Sdn. Bhd. (*)
|
|
$ | - |
|
|
$ | - |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Inventories
|
|
$ | - |
|
|
$ | - |
|
23 |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Due to Changxin Wanlin Technology Co Ltd(*)
|
|
$ | 1,575,923 |
|
|
$ | 1,560,032 |
|
Other accounts payable
|
|
|
1,950 |
|
|
|
3,070 |
|
|
|
$ | 1,577,873 |
|
|
$ | 1,563,102 |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Advanced from BOG (#1)
|
|
$ | 335,380 |
|
|
$ | 266,218 |
|
Advanced from Federal Mining Resources Limited(#2)
|
|
$ | 173,465 |
|
|
$ | 173,465 |
|
Advanced from Federal Capital Investment Limited (#3)
|
|
$ | 132,000 |
|
|
$ | 126,000 |
|
Advanced from Yorkshire Capital Limited (#4)
|
|
$ | 27,000 |
|
|
$ | 27,000 |
|
|
|
$ | 667,845 |
|
|
$ | 592,683 |
|
24 |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Land and Building
|
|
$ | 961,423 |
|
|
$ | 951,728 |
|
Plant and Machinery
|
|
|
16,644 |
|
|
|
16,476 |
|
Office equipment
|
|
|
19,251 |
|
|
|
19,057 |
|
Project equipment
|
|
|
663,121 |
|
|
|
656,434 |
|
Computer
|
|
|
11,339 |
|
|
|
10,365 |
|
Motor Vehicle
|
|
|
36,242 |
|
|
|
35,877 |
|
Accumulated depreciation
|
|
|
(1,707,194 | ) |
|
|
(1,689,936 | ) |
|
|
$ | 826 |
|
|
$ | 1 |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Loans from banks
|
|
$ | - |
|
|
$ | 193 |
|
Loans from banks(non-current)
|
|
|
- |
|
|
|
- |
|
Total
|
|
$ | - |
|
|
$ | 193 |
|
|
|
Interest
|
|
Monthly
|
|
|
December 31,
|
|
|
June 30,
|
|
|||
|
|
Rate
|
|
Due
|
|
|
2019
|
|
|
2019
|
|
|||
Financial institution in Malaysia
|
|
N/A*
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Financial institution in Malaysia
|
|
N/A*
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Financial institution in Malaysia
|
|
N/A*
|
|
|
- |
|
|
|
- |
|
|
|
2,050 |
|
Hire purchase loans payable to banks
|
|
|
|
|
|
|
|
$ | - |
|
|
$ | 2,050 |
|
25 |
|
December 31,
|
|
|
|
|
2020
|
|
|
- |
|
2021
|
|
|
- |
|
2022
|
|
|
- |
|
2023
|
|
|
- |
|
Later years
|
|
|
- |
|
Total minimum hire purchase installment payment
|
|
$ | - |
|
Less: Amount representing imprest charges equivalent to interest (current portion: - and non-current portion: -)
|
|
|
- |
|
Present value of net minimum lease payments (#)
|
|
$ | - |
|
|
|
Period ended
|
|
|||||
|
|
December 31,
|
|
|
June 30,
|
|
||
|
|
2019
|
|
|
2019
|
|
||
US Federal Income Tax Rate.
|
|
|
21 | % |
|
|
21 | % |
Valuation allowance – US Rate
|
|
|
(21 | )% |
|
|
(21 | )% |
BVI Income Tax Rate
|
|
|
0 | % |
|
|
0 | % |
Valuation allowance – BVI Rate
|
|
|
(0 | )% |
|
|
(0 | )% |
Malaysia Income Tax Rate
|
|
|
25 | % |
|
|
25 | % |
Valuation allowance – Malaysia Rate
|
|
|
(25 | )% |
|
|
(25 | )% |
Provision for income tax
|
|
|
- |
|
|
|
- |
|
|
|
December 31,
2019
|
|
|
June 30,
2019
|
|
||
Deferred tax assets:
|
|
|
|
|
|
|
||
Tax attribute carryforwards
|
|
$ | - |
|
|
$ | - |
|
Valuation allowances
|
|
|
- |
|
|
|
- |
|
Total
|
|
$ | - |
|
|
$ | - |
|
26 |
|
|
|
Three Months Ended
December 31,
|
|
|||||
|
|
2019
|
|
|
2018
|
|
||
Net income(loss) applicable to common shares
|
|
$ | (30,669 | ) |
|
$ | (10,789 | ) |
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
Options
|
|
|
-
|
|
|
|
- |
|
Warrants
|
|
|
-
|
|
|
|
- |
|
Weighted average common shares outstanding (Diluted)
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
|
|
|
|
|
|
|
|
|
Net income(loss) per share (Basic and Diluted)
|
|
$ | (0.0002 | ) |
|
$ | (0.0001 | ) |
|
|
Six Months Ended
December 31,
|
|
|||||
|
|
2019
|
|
|
2018
|
|
||
Net income(loss) applicable to common shares
|
|
$ | (180,046 | ) |
|
$ | 202,838 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding (Basic)
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
Options
|
|
|
-
|
|
|
|
- |
|
Warrants
|
|
|
-
|
|
|
|
- |
|
Weighted average common shares outstanding (Diluted)
|
|
|
115,038,909 |
|
|
|
115,038,909 |
|
|
|
|
|
|
|
|
|
|
Net income(loss) per share (Basic and Diluted)
|
|
$ | (0.0015 | ) |
|
$ | 0.0014 |
|
27 |
|
28 |
|
29 |
|
|
|
Subcontractors
|
|
|
Accounts Payable
|
|
||||||||||
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
||||
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
||||
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
||||
Major Suppliers
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
||||
Company A
|
|
|
0 | % |
|
|
100 | % |
|
|
0 | % |
|
|
0 | % |
|
|
Other income
|
|
|
Sales
|
|
|
Accounts Receivable
|
|
|||||||||||||||
|
|
Six
|
|
|
Six
|
|
|
Six
|
|
|
Six
|
|
|
|
|
|
|
|
||||||
|
|
Months
|
|
|
Months
|
|
|
Months
|
|
|
Months
|
|
|
|
|
|
|
|
||||||
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
Ended
|
|
|
|
|
|
|
|
||||||
Major Customers
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
|
December 31,
2019
|
|
|
December 31,
2018
|
|
||||||
Company O
|
|
|
0 | % |
|
|
0 | % |
|
|
0 | % |
|
|
100 | % |
|
|
0 | % |
|
|
0 | % |
Company A
|
|
|
0 | % |
|
|
90 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
31 |
|
32 |
|
|
1.
|
Management Agreement, FMR entrusted the management rights of its subsidiary CSB to GBL that include:
|
|
|
i)
|
management and administrative rights over the day-to-day business affairs of CSB and the mining operation at Site IV-1 of the Merapoh Gold Mine;
|
|
|
ii)
|
final right for the appointment of members to the Board of Directors and the management team of CSB;
|
|
|
iii)
|
to act as principal of CSB;
|
|
|
iv)
|
an obligation to provide financial support to CSB;
|
|
|
v)
|
an option to purchase an equity interest in CSB;
|
|
|
vi)
|
an entitlement to future benefits and residual value of CSB;
|
|
|
vii)
|
a right to impose no dividend policy;
|
|
|
viii)
|
human resources management.
|
|
2.
|
Debt Assignment, FMR assigned to GBL the sum of money in the amount of US Dollars Three Hundred Nine Thousand Three Hundred Thirty One And Ninety Two cents (US$ 309,331.92), now due to GBL from CSB under the financing obligation from the FMR to CSB.
|
33 |
|
34 |
|
|
·
|
Identifying the resource
|
|
·
|
Creating access to the ore body
|
|
·
|
Removing the ore from the ore body
|
|
·
|
Refining of the concentrate
|
|
1.
|
The ore body is transported to the treatment plants in vehicles capable of hauling huge, heavy loads.
|
|
2.
|
The ore body is separated into Ore Type 1 Stockpile and Ore Type 2 Stockpile.
|
|
3.
|
The monitor washes finer gold bearing material off larger rocks which is screened on an inclined coarse wire screen.
|
|
4.
|
An excavator is used to turn over the rocks so wash is removed from all sides of the coarse material.
|
|
5.
|
A monitor pushes the rock down the inclined coarse screen where the course is removed and stockpiled at the bottom.
|
|
6.
|
Finer material passes through the mesh screen into the sluice system and runs over the sluice.
|
|
7.
|
The carpets are removed and taken to refining facility for gold recovery.
|
|
8.
|
A suction pipe recovers water of the fine tailings pond for use in the system.
|
|
1.
|
The carpets holding concentrate from the sluice are brought to a shed in the camp site where the gold refined.
|
|
2.
|
The first stage of the refining is to wash the gold containing concentrate into large bins. This is pumped to a jig and shaking table.
|
|
3.
|
Nuggets are handpicked from the coarse fraction and the fine fraction is amalgamated to remove the gold. After distillation gold from the amalgam and the coarse are melted with flux and the gold is poured into small bars.
|
35 |
|
Statement of Operation
|
|
12/31/2019
|
|
|
12/31/2018
|
|
|
Change
|
|
|||
|
|
Amount
|
|
|
Amount
|
|
|
%
|
|
|||
Revenue
|
|
$ | - |
|
|
$ | - |
|
|
|
-% |
|
Cost of revenue
|
|
$ | - |
|
|
$ | 1,539 |
|
|
|
(100 | )% |
Gross Income (Loss)
|
|
$ | - |
|
|
$ | (1,539 | ) |
|
|
(100 | )% |
Operating Income (Expenses)
|
|
$ | (30,669 | ) |
|
$ | (35,902 | ) |
|
|
(15 | )% |
Other Income(Expenses)
|
|
$ | - |
|
|
$ | 26,652 |
|
|
|
(100 | )% |
Statement of Operation
|
|
12/31/2019
|
|
|
12/31/2018
|
|
|
Change
|
|
|||
|
|
Amount
|
|
|
Amount
|
|
|
%
|
|
|||
Revenue
|
|
$ | - |
|
|
$ | 8,879 |
|
|
|
(80 | )% |
Cost of revenue
|
|
$ | - |
|
|
$ | 12,805 |
|
|
|
(72 | )% |
Gross Loss
|
|
$ | - |
|
|
$ | 3,926 |
|
|
|
54 | % |
Operating Income (Expenses)
|
|
$ | (180,046 | ) |
|
$ | (93,255 | ) |
|
|
(925 | )% |
Other Income(Expenses)
|
|
$ | - |
|
|
$ | 300,019 |
|
|
|
412 | % |
36 |
|
37 |
|
Cash Flow Date
|
|
12/31/2019
|
|
|
12/31/2018
|
|
||
Net Profit (Loss) from operation
|
|
$ | (180,046 | ) |
|
$ | 202,838 |
|
Net Cash Generated/(Used) from operating activities
|
|
$ | (220,877 | ) |
|
$ | (60,930 | ) |
Net Cash Generated/(Used) from investing activities
|
|
$ | - |
|
|
$ | - |
|
Net Cash Generated/(Used) from financing activities
|
|
$ | (192 | ) |
|
$ | (1,188 | ) |
38 |
|
39 |
|
40 |
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
41 |
|
|
VERDE RESOURCES, INC.
|
||
|
(Registrant)
|
||
|
|||
Dated: February 19, 2020
|
|
/s/ Balakrishnan B S Muthu
|
|
|
Balakrishnan B S Muthu
|
||
|
President
|
||
|
(Principal Executive Officer)
|
42 |
1 Year Verde Resources (QB) Chart |
1 Month Verde Resources (QB) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions