VERDE RESOURCES, INC. [VRDR] Filings

10-Q 1 vrdr_10q.htm FORM 10-Q vrdr_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ________________

Commission file number: 000-55276

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.)

2 Cityplace Drive, Suite 200, St. Louis, MO 63141

(Address of principal executive offices)

(323) 538-5799

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☒
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 12, 2023 there were 1,176,200,278 shares of the issuer’s Common Stock, par value $0.001, outstanding.

VERDE RESOURCES, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023

TABLE OF CONTENTS

		PAGE

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements.	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	5

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	11

Item 4.	Controls and Procedures.	11

	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.	12

Item 1A.	Risk Factors.	12

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	12

Item 3.	Defaults Upon Senior Securities.	12

Item 4.	Mine Safety Disclosures.	12

Item 5.	Other Information.	12

Item 6.	Exhibits.	13

	SIGNATURES	14

Table of Contents

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical facts, included in this Form 10-Q including, without limitation, statements in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); expansion and growth of the Company’s business and operations; and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. However, whether actual results or developments will conform with the Company’s expectations and predictions is subject to a number of risks and uncertainties, including general economic, market and business conditions; the business opportunities (or lack thereof) that may be presented to and pursued by the Company; changes in laws or regulation; and other factors, most of which are beyond the control of the Company.

These forward-looking statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as “believes,” “anticipates,” “expects,” “estimates,” “plans,” “may,” “will,” or similar terms. These statements appear in a number of places in this filing and include statements regarding the intent, belief or current expectations of the Company, and its directors or its officers with respect to, among other things: (i) trends affecting the Company’s financial condition or results of operations for its limited history; (ii) the Company’s business and growth strategies; and, (iii) the Company’s financing plans. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such factors that could adversely affect actual results and performance include, but are not limited to, the Company’s limited operating history, potential fluctuations in quarterly operating results and expenses, government regulation, technological change and competition. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to our filings with the SEC under the Exchange Act and the Securities Act of 1933, as amended, including our Current Report on Form 10-K filed with the Securities and Exchange Commission on November 4, 2022.

Consequently, all of the forward-looking statements made in this Form 10-Q are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequence to or effects on the Company or its business or operations. The Company assumes no obligations to update any such forward-looking statements.

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Item Regulation S-X, Rule 10-01(c) Interim Financial Statements, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders’ equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2023 are not necessarily indicative of the results that can be expected for the year ended June 30, 2023.

VERDE RESOURCES, INC.

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD OF ENDED MARCH 31, 2023

		Page

Condensed Consolidated Balance Sheets as at March 31, 2023 (Unaudited) and June 30, 2022		F-1

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended March 31, 2023 and 2022 (Unaudited)		F-2

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2023 and 2022 (Unaudited)		F-3

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended March 31, 2023 and 2022 (Unaudited)		F-4

Notes to Condensed Consolidated Financial Statements (Unaudited)		F-6

Table of Contents

VERDE RESOURCES, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	March 31, 2023			June 30, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	241,371		$	418,917
Accounts receivable		13,760			21,028
Inventories		97,336			87,035
Amount due from related party		100			-
Prepayments		450,470			722
Other receivables and deposits		192,127			118,516

Total current assets		995,164			646,218

Non-current assets:
Property, plant and equipment, net		7,272,555			1,048,893
Right of use assets, net		663,455			685,714
Mining rights		-			27,088
Intangible asset		30,192,771			-
Security deposit		80,000			320,000
Deposit paid for acquisition of subsidiaries		22,609			25,935,550
Deposit paid for acquisition of property, plant and equipment		-			5,000,000

Total non-current assets		38,231,390			33,017,245

Assets of disposal group held for sale		19,570			-

TOTAL ASSETS	$	39,246,124		$	33,663,463

LIABILTIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	29,360		$	18,211
Accrued liabilities and other payables		579,374			283,656
Finance lease liabilities		171,538			75,224
Operating lease liability		19,851			-
Bank loan		100,000			-
Promissory notes		-			18,484,028
Amount due to director		16,776			-
Amounts due to related parties		178,492			555,527

Total current liabilities		1,095,391			19,416,646

Non-current liabilities:
Finance lease liabilities		654,979			97,900
Operating lease liability		35,032			-
Promissory notes		481,023			-

Total non-current liabilities		1,171,034			97,900

Liabilities of disposal group held for sale		40,007			-

TOTAL LIABILITIES		2,306,432			19,514,546

Commitments and contingencies		-			-

STOCKHOLDERS’ EQUITY
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.001 par value; 10,000,000,000 shares authorized; 1,174,290,939 and 819,188,055 shares issued and outstanding as of March 31, 2023 and June 30, 2022		1,174,291			819,188
Common stock, $0.001 par value; 1,717,032 and 0 shares to be issued as of March 31, 2023 and June 30, 2022		1,717			-
Additional paid-in capital		45,396,150			22,945,190
Accumulated other comprehensive income		886,003			742,459
Accumulated deficit		(10,518,469	)		(10,357,920	)
Stockholders’ equity		36,939,692			14,148,917

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	39,246,124		$	33,663,463

See accompanying notes to unaudited condensed consolidated financial statements.

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VERDE RESOURCES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	Three Months ended March 31,						Nine Months ended March 31,
	2023			2022			2023			2022

Revenue, net	$	26,586		$	16,712		$	134,038		$	16,712

Cost of revenue		(44,308	)		(86,701	)		(123,903	)		(86,701	)

Gross (loss)/profit		(17,722	)		(69,989	)		10,135			(69,989	)

Operating expenses:
General and administrative		(816,089	)		(498,774	)		(2,381,155	)		(1,221,875	)
Total operating expenses		(816,089	)		(498,774	)		(2,381,155	)		(1,221,875	)

LOSS FROM OPERATION		(833,811	)		(568,763	)		(2,371,020	)		(1,291,864	)

Other (expense) income:
Interest expense		(13,549	)		(486,977	)		(1,893,209	)		(1,441,911	)
Other income		194,917			99			196,514			12,214
Total other income (expense), net		181,368			(486,878	)		(1,696,695	)		(1,429,697	)

LOSS BEFORE INCOME TAXES		(652,443	)		(1,055,641	)		(4,067,715	)		(2,721,561	)

Income tax expense		-			-			-			-

Loss from continuing operation		(652,443	)		(1,055,641	)		(4,067,715	)		(2,721,561	)
Loss from discontinued operation		(55,884	)		-			(157,284	)		-
NET LOSS		(708,327	)		(1,055,641	)		(4,224,999	)		(2,721,561	)

Comprising:
Net profit attributable to noncontrolling interest		-			23,914			-			6,979
Net loss attributable to Verde Resources Inc., shareholders		(708,327	)		(1,079,555	)		(4,224,999	)		(2,728,540	)

	$	(708,327	)	$	(1,055,641	)	$	(4,224,999	)	$	(2,721,561	)

Other comprehensive income (loss) :
– Foreign currency adjustment income (loss)		154,912			11,600			143,544			15,171
Less: other comprehensive (loss) attributable to non-controlling interest		-			(13,285	)		-			(12,750	)
Add: other comprehensive income attributable to Verde Resources Inc., shareholders		154,912			24,885			143,544			27,921

COMPREHENSIVE LOSS	$	(553,415	)	$	(1,044,041	)	$	(4,081,455	)	$	(2,706,390	)

Net loss per share
– Basic	$	0.00		$	0.00		$	0.00		$	0.00
– Diluted	$	0.00		$	0.00		$	0.00		$	0.00

Weighted average Common Shares outstanding
– Basic		967,932,561			810,742,109			967,932,561			810,742,109
– Diluted		979,305,136			819,188,055			979,305,136			819,188,055

See accompanying notes to unaudited condensed consolidated financial statements.

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VERDE RESOURCES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars (“US$”))

	Nine Months ended March 31,
	2023			2022

Cash flows from operating activities:
Net loss	$	(4,224,999	)	$	(2,721,561	)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation of property, plant and equipment		177,074			9,831
Amortization		98,954			29,434
Stock-based compensation		448,123			284,249
Finance cost interest element of promissory notes (non-cash)		1,870,972			1,441,911
Lease interest expense		22,237			-
Fair value adjustment on convertible promissory note		(194,865	)
Gain on disposal of property, plant and equipment		(600	)		-
Changes in operating assets and liabilities:
Accounts receivable		7,196			(14,818	)
Other receivables, deposits and prepayments		(96,124	)		(85,132	)
Inventories		(10,600	)		(81,492	)
Accounts payables		25,970			(719	)
Accrued liabilities and other payables		183,312			24,774
Advanced from director		(5,761	)		-
Mining rights		-			16,142
Advanced from related parties		165,792			-
Net cash used in operating activities		(1,533,319	)		(1,097,381	)

Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment		23,000			-
Payments of deposit for property, plant and equipment		-			(240,000	)
Advanced to related parties		-			690
Proceed from disposal of discontinued operation, net		107,824			-
Payments of deposit for acquisition of subsidiary company		(22,609	)		-
Net cash flows on acquisition of subsidiary company		1,140			-
Purchase of property, plant and equipment		(473,895	)		(70,332	)
Net cash used in investing activities		(364,540	)		(309,642	)

Cash flows from financing activities:
Repayments to lease liabilities		(56,356	)		(5,220	)
Drawdown of bank loan		150,000			-
Repayment of bank loan		(50,000	)		-
Lease interest paid		(22,237	)		-
Advanced from related parties		-			9,417
Proceeds from issuance of Common Stock		1,556,280			1,000,000
Net cash provided by financing activities		1,577,687			1,004,197

Net change in cash and cash equivalent		(320,172	)		(402,826	)

Foreign currency translation adjustment		142,626			7,787

Net change in cash and cash equivalents		(177,546	)		(395,039	)

BEGINNING OF PERIOD		418,917			2,117,622

END OF PERIOD	$	241,371		$	1,722,583

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	-		$	-

See accompanying notes to unaudited condensed consolidated financial statements.

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VERDE RESOURCES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	No. of shares		Common Shares Stock		Shares to be issued Amount		Additional paid-in capital		Accumulated other comprehensive income			Accumulated losses			Accumulated other comprehensive income of disposal group held for sale		Total stockholders’ equity

Balance as of July 1, 2022		819,188,055	$	819,188	$	-	$	22,945,190	$	742,459		$	(10,357,920	)	$	-	$	14,148,917

Share issued to service provider		5,315,000		5,315		-		870,185		-			-			-		875,500
Shares issued for private placement		15,931,210		15,931		-		1,381,349		-			-			-		1,397,280
Shares issued for conversion of promissory note (“PN”)		333,142,389		333,142		-		20,021,858		-			-			-		20,355,000
Fair value adjustment on conversion of PN		-		-		-		-		-			4,064,450			-		4,064,450
Net loss for the period		-		-		-		-		-			(3,516,672	)		-		(3,516,672	)
Foreign currency translation adjustment		-		-		-		-		(11,368	)		-			-		(11,368	)

Balance as of December 31,2022		1,173,576,654	$	1,173,576	$	-	$	45,218,582	$	731,091		$	(9,810,142	)	$	-	$	37,313,107

Shares issued to service provider		714,285		715		-		49,285		-			-			-		50,000
Shares to be issued for private placement		1,717,032		-	1,717			128,283		-			-			-		130,000
Net loss for the period		-		-		-		-		-			(708,327	)		-		(708,327	)
Foreign currency translation adjustment		-		-		-		-		154,912			-			-		154,912
Reclassification arising from disposal group held for sale		-		-		-		-		(811,346	)		-			811,346		-

Balance as of March 31, 2023		1,176,007,971	$	1,174,291	$	1,717	$	45,396,150	$	74,657		$	(10,518,469	)	$	811,346	$	36,939,692

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VERDE RESOURCES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

	No. of shares		Common Shares Amount		Shares to be issued Amount		Additional paid-in capital		Accumulated other comprehensive income		Accumulated losses			Non- controlling interest			Total stockholders’ equity

Balance as of July 1, 2021		779,742,109	$	779,742		-	$	20,699,067	$	646,205	$	(5,913,255	)	$	(441,834	)	$	15,769,925

Shares issued for acquisition		31,000,000		31,000		-		899,000		-		-			-			930,000
Stock based compensation		-		-		-		191,222		-		-			-			191,222
Net loss for the period		-		-		-		-		-		(1,648,985	)		(16,935	)		(1,665,920	)
Foreign currency translation adjustment		-		-		-		-		3,036		-			535			3,571

Balance as of December 31, 2021		810,742,109	$	810,742	$	-	$	21,789,289	$	649,241	$	(7,562,240	)	$	(458,234	)	$	15,228,798
						-
Shares to be issued for private placement		8,445,946		-		8,446		991,554		-		-			-			1,000,000
Stock based compensation		-		-		-		93,027		-		-			-			93,027
Net loss for the period		-		-		-		-		-		(1,079,555	)		23,914			(1,055,641	)
Foreign currency translation adjustment		-		-		-		-		24,885		-			(13,285	)	11,600
Accretion of interest		-		-		-		-		202,628		(685,852	)		447,605			(35,619	)

Balance as of March 31, 2022		819,188,055	$	810,742	$	8,446	$	22,873,870	$	876,754	$	(9,327,647	)	$	-		$	15,242,165

See accompanying notes to unaudited condensed consolidated financial statements.

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VERDE RESOURCES, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2023 AND 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

Verde Resources, Inc. (the “We” or “Company” or “VRDR”) was incorporated on April 22, 2010, in the State of Nevada, U.S.A..

The Company currently is engaged in the distribution of THC-free cannabinoid (CBD) products, production and distribution of renewable commodities and real property holding. However, the Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainability development with the world faced with challenges of climate change and environmental dehydration. The Company has initiated the disposition of the mining business via the sale of the entire issued and paid-up share capital of CSB to focus on renewable energy and sustainability.

As of March 31, 2023, the Company has the following subsidiaries:-

Company name	Place of incorporation	Principal activities and place of operation	Effective interest held

Verde Resources Asia Pacific Limited (“VRAP”) (fka Gold Billion Global Limited)	British Virgin Islands	Investment holding	100%

Verde Resources (Malaysia) Sdn Bhd (“VRSB”)	Malaysia	Provision of consultation service and distribution of renewable agricultural commodities	100%

Verde Renewables, Inc. (“VRI”)	State of Missouri, U.S.A.	Management of a processing and packaging facility	100%

Verde Life Inc. (“VLI”)	State of Oregon, U.S.A.	Distribution of THC-free cannabinoid (CBD) products	100%

Champmark Sdn Bhd (“Champmark”)	Malaysia	Mining of minerals	100%*

The Wision Project Sdn Bhd (“Wision”)	Malaysia	Digital innovation, marketing & consulting service, PR, branding, influencer marketing, event management and media relations services	100%

Verde Estates LLC (“VEL”)	State of Missouri, U.S.A.	Holding real property	100%

Bio Resources Limited (“BRL”)	Labuan, Malaysia	Provision of proprietary pyrolysis technology and investment holding	100%**

* The disposition of Champmark was initiated on March 13, 2023 and subsequently completed on April 20, 2023.

** The acquisition of BRL was completed on October 12, 2022.

The Company and its subsidiaries are hereinafter referred to as (the “Company”).

On March 23, 2023, the Company initiated the acquisition of 60% equity interest in Vata VM Synergy (M) Sdn Bhd (“VATA”), a company incorporated in Malaysia and engaged in the provision of green technology and creating high quality compost using agricultural waste and biomass products. The initial deposit has been paid and the transaction is yet to be completed as of today.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed consolidated financial statements and notes.

·	Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

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In the opinion of management, the condensed consolidated balance sheet as of June 30, 2022 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year ending June 30, 2023 or for any future period.

These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended June 30, 2022, filed with the SEC on November 4, 2022.

·	Use of Estimates and Assumptions

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.

In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates.

·	Basis of Consolidation

The unaudited condensed consolidated financial statements include the financial statements of Verde Resources, Inc. and its subsidiaries. All significant inter-company balances and transactions within the Company and its subsidiaries have been eliminated upon consolidation. The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair market values at the acquisition date.

·	Segment Reporting

Accounting Standard Codification (“ASC”) Topic 280, Segment Reporting establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in consolidated financial statements. Currently, the Company operates in four reportable operating segments.

·	Concentrations of Credit Risk

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

·	Risks and Uncertainties

The Company operates in the resource exploration industry and the production and distribution of renewable commodities that are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business and a production operation for renewable commodities, including the potential risk of business failure.

·	Cash and Cash Equivalents

Cash and cash equivalents are carried at cost and represent cash in banks, money market funds, and certificates of term deposits with maturities of less than three months, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $241,371 and $418,917 in cash and cash equivalents at March 31, 2023 and June 30, 2022.

At March 31, 2023 and June 30, 2022, cash and cash equivalents consisted of bank deposits and petty cash on hands.

·	Accounts Receivable

Accounts receivable are recognized and carried at net realizable value. An allowance for doubtful accounts will be recorded in the period when a loss is probable based on an assessment of specific evidence indicating troubled collection, historical experience, accounts aging, ongoing business relation and other factors. Accounts are written off after exhaustive efforts at collection. If accounts receivable are to be provided for, or written off, they would be recognized in the consolidated statement of operations within operating expenses. At March 31, 2023 and June 30, 2022, the Company has no allowance for doubtful accounts, as per management’s judgment based on their best knowledge. As of March 31, 2023 and June 30, 2022, the longest credit term for certain customers are 60 days.

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·	Inventories

Inventories are stated at the lower of cost or market value (net realizable value), cost being determined on a first-in-first-out method. Costs include material, labor and overhead costs. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand.

As of March 31, 2023 and June 30, 2022, the Company did not record an allowance for obsolete inventories, nor have there been any write-offs.

·	Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

		Expected useful life
Land and buildings		3-27.5 years
Plant and machinery		5-10 years
Office equipment		3 years
Project equipment		5 years
Computer		5 years
Motor vehicle		5 years
Furniture & fittings		5 years

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterment which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the unaudited condensed consolidated statements of income and other comprehensive income in other income or expenses.

·	Intangible assets

Intangible assets acquired from third parties are measured initially at fair value, and have a finite lives of 10 years, which are reviewed for indicators of impairment at least annually. These intangible assets are to be amortized over these estimated useful lives on a straight-line basis, upon the success of its commercial operation.

·	Disposal group held for sale

Disposal group comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets or components of a disposal group, are remeasured at the lower of their carrying amount and fair value less costs of disposal. Mining rights and property, plant and equipment once classified as held for sale are not amortised or depreciated.

·	Impairment of Long-lived Assets

In accordance with the provisions of ASC Topic 360, Impairment or Disposal of Long-Lived Assets, all long-lived assets such as property and equipment and intangible assets owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

·	Revenue Recognition

ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers.

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

·	identify the contract with a customer;
·	identify the performance obligations in the contract;
·	determine the transaction price;
·	allocate the transaction price to performance obligations in the contract; and
·	recognize revenue as the performance obligation is satisfied.

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Revenue is recognized when the Company satisfies its performance obligation under the contract by transferring the promised product to its customer that obtains control of the product and collection is reasonably assured. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. Most of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct.

Product sales

Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.

Revenues from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts with the Company’s customers.

Product revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts, returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable as the amount is payable to the Company’s customer.

Gold mining

Revenue from the sales of gold mineral or other minerals to registered gold trading companies or other customers in Malaysia is recognized as revenue in accordance with the following core principles: at the time of gold or minerals sales, the contract with customers and the performance obligations are identified. The transaction and selling price is determined by the prevailing market value of gold bullion quoted by the leading registered gold trading company in Malaysia or at an agreed price. Sales invoice will be prepared to reflect the proper transaction price based on the performance obligation allocation. After delivery is completed and the performance obligation is satisfied, sales invoice will be presented to the customers and so revenue is then recognized accordingly.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use (“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC Topic 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.

ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities.

The Company recognized no impairment of ROU assets as of March 31, 2023 and June 30, 2022.

The operating lease is included in operating lease right-of-use assets and operating lease liabilities as current and non-current liabilities in the unaudited condensed consolidated balance sheets at March 31, 2023 and June 30, 2022.

Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, we as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to us, while the leased asset is depreciated in accordance with our depreciation policy if the title is to eventually transfer to us. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 842.

·	Income Taxes

The Company adopted the ASC Topic 740, Income tax provisions of paragraph 740-10-25-13, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the unaudited condensed consolidated financial statements. Under paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the unaudited condensed consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of paragraph 740-10-25-13.

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The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.

Uncertain Tax Positions

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC Topic 740 provisions of Section 740-10-25 for the three and nine months ended March 31, 2023 and 2022.

·	Foreign Currencies Translation

The Company’s reporting currency is the United States dollar (“US$”) and the accompanying unaudited condensed consolidated financial statements have been expressed in United States dollars. In addition, some of the Company’s subsidiaries operating in Malaysia maintain their books and records in the local currency, Malaysian Ringgit (“MYR”) which is their functional currency, being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Shareholders’ equity is translated using the historical rates. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholder’s equity.

Translation of MYR into U.S. dollars has been made at the following exchange rates for the following periods:-

	March 31, 2023		March 31, 2022
Period-end MYR:US$ exchange rate		0.22609		0.23784
Average period MYR:US$ exchange rate		0.22328		0.23898

·	Comprehensive Income

ASC Topic 220, Comprehensive Income, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying unaudited condensed consolidated statements of changes in stockholders’ equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

·	Net Loss per Share

The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share. Basic income per share is computed by dividing the net income by the weighted-average number of Common Shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional Common Shares that would have been outstanding if the potential Common Stock equivalents had been issued and if the additional Common Shares were dilutive.

·	Stock Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic 718-10, Compensation-Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options, restricted stock units, and stock appreciation rights are based on estimated fair values. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period.

The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.

·	Mineral Acquisition and Exploration Costs

Mineral property acquisition and exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserves.

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·	Environmental Expenditures

The operations of the Company have been, and may in the future be affected from time to time in varying degree by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

·	Related Parties

The Company follows the ASC 850-10, Related Party for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The unaudited condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

·	Commitments and Contingencies

The Company follows the ASC 450-20, Commitments to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

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·	Fair Value of Financial Instruments

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below:

Level 1	Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2	Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3	Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, accounts receivable, prepayments and other receivables, accounts payable, accrued liabilities and other payables, loans payable, and amounts due to related parties approximate their fair values because of the short maturity of these instruments.

·	Recent Accounting Pronouncements

During the period ended March 31, 2023, there have been no new, or existing, recently issued accounting pronouncements that are of significance, or potential significance, that impact the Company’s unaudited condensed consolidated financial statements.

NOTE 3 - GOING CONCERN UNCERTAINTIES

The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

The Company has generated recurring losses and suffered from an accumulated deficit of $10,518,469 at March 31, 2023 and recorded a net current liability position of $100,227 as of that date. The continuation of the Company as a going concern in the next twelve months is dependent upon the Company pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

The ability of the Company to survive is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings, and related party loans.

No assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

NOTE 4 – BUSINESS SEGMENT INFORMATION

Currently, the Company has four reportable business segments:

(i)	Distribution of THC-free cannabinoid (CBD) products;

(ii)	Production and distribution of renewable commodities;

(iii)	Holding of real property; and

(iv)	Licensor of proprietary pyrolysis technology

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In the following table, revenue is disaggregated by primary major product line, and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the reportable segments for the three and nine months ended March 31, 2023 and 2022:

	Three Months ended March 31, 2023
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Licensor of proprietary pyrolysis technology			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	10,215		$	15,896		$	-		$	475		$	26,586
Cost of revenue		-			-			(44,129	)		-			-			(179	)		(44,308	)
Gross profit/(loss)		-			-			(33,914	)		15,896			-			296			(17,722	)
Selling, general & administrative expenses		-			(300	)		(371,146	)		(47,630	)		(8,282	)		(388,731	)		(816,089	)
Loss from operations		-			(300	)		(405,060	)		(31,734	)		(8,282	)		(388,435	)		(833,811	)
Interest expenses		-			-			(13,549	)		-			-			-			(13,549	)
Other income		-			-			42			-			-			194,875			194,917
Loss before income tax		-			(300	)		(418,567	)		(31,734	)		(8,282	)		(193,560	)		(652,443	)
Income tax		-			-			-			-			-			-			-
Loss from continuing operation		-			(300	)		(418,567	)		(31,734	)		(8,282	)		(193,560	)		(652,443	)
Loss from discontinued operation		(55,884	)		-			-			-			-			-			(55,884	)
Net loss	$	(55,884	)	$	(300	)	$	(418,567	)	$	(31,734	)	$	(8,282	)	$	(193,560	)	$	(708,327	)

Total assets at March 31, 2023	$	19,570		$	315,929		$	1,519,462		$	1,245,906		$	30,195,135		$	5,950,122		$	39,246,124

	Three Months ended March 31, 2022
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	16,712		$	-		$	-		$	16,712
Cost of revenue		-			-			(86,701	)		-			-			(86,701	)
Gross loss		-			-			(69,989	)		-			-			(69,989	)
Selling, general & administrative expenses		(43,405	)		(1,378	)		(75,958	)		(180,497	)		(197,536	)		(498,774	)
Loss from operations		(43,405	)		(1,378	)		(145,947	)		(180,497	)		(197,536	)		(568,763	)
Interest expenses		-			-			-			-			(486,977	)		(486,977	)
Other income		(17	)		-			-			116			-			99
Loss before income tax		(43,422	)		(1,378	)		(145,947	)		(180,381	)		(684,513	)		(1,055,641	)
Income tax		-			-			-			-			-			-
Loss from continuing operation		(43,422	)		(1,378	)		(145,947	)		(180,381	)		(684,513	)		(1,055,641	)
Loss from discontinued operation		-			-			-			-			-			-
Net loss	$	(43,422	)	$	(1,378	)	$	(145,947	)	$	(180,381	)	$	(684,513	)	$	(1,055,641	)

Total assets as March 31, 2022	$	317,471		$	-		$	101,066		$	505,432			33,118,811		$	34,042,780

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	Nine Months ended March 31, 2023
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Licensor of proprietary pyrolysis technology			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	89,480		$	39,117		$	-		$	5,441		$	134,038
Cost of revenue		-			-			(122,758	)		-			-			(1,145	)		(123,903	)
Gross (loss)/profit		-			-			(33,278	)		39,117			-			4,296			10,135
Selling, general & administrative expenses		-			(2,875	)		(1,373,555	)		(134,880	)		(8,935	)		(860,910	)		(2,381,155	)
Loss from operations		-			(2,875	)		(1,406,833	)		(95,763	)		(8,935	)		(856,614	)		(2,371,020	)
Interest expenses		-			-			(22,237	)		-			-			(1,870,972	)		(1,893,209	)
Other income		-			-			678			-			-			195,836			196,514
Loss before income tax		-			(2,875	)		(1,428,392	)		(95,763	)		(8,935	)		(2,531,750	)		(4,067,715	)
Income tax		-			-			-			-			-			-			-
Loss from continuing operation		-			(2,875	)		(1,428,392	)		(95,763	)		(8,935	)		(2,531,750	)		(4,067,715	)
Loss from discontinued operation		(157,284	)		-			-			-			-			-			(157,284	)
Net loss	$	(157,284	)	$	(2,875	)	$	(1,428,392	)	$	(95,763	)	$	(8,935	)	$	(2,531,750	)	$	(4,224,999	)

Total assets at March 31, 2023	$	19,570		$	315,929		$	1,519,462		$	1,245,906		$	30,195,135		$	5,950,122		$	39,246,124

	Nine Months ended March 31, 2022
	Gold mineral mining			Distribution of THC-free cannabinoid (CBD) products			Production and distribution of renewable commodities			Holding property			Corporate unallocated			Consolidated

Revenue	$	-		$	-		$	16,712		$	-		$	-		$	16,712
Cost of revenue		-			-			(86,701	)		-			-			(86,701	)
Gross loss		-			-			(69,989	)		-			-			(69,989	)
Selling, general & administrative expenses		(150,781	)		(3,134	)		(93,598	)		(283,239	)		(691,123	)		(1,221,875	)
Loss from operations		(150,781	)		(3,134	)		(163,587	)		(283,239	)		(691,123	)		(1,291,864	)
Interest expenses		-			-			-			-			(1,441,911	)		(1,441,911	)
Other income		12,098			-			-			116			-			12,214
Loss before income tax		(138,683	)		(3,134	)		(163,587	)		(283,123	)		(2,133,034	)		(2,721,561	)
Income tax		-			-			-			-