Wed, Oct 16, 1:39 PM (93 days ago)
**Verde Resources, Inc. (VRDR) 10-K Summary** For the fiscal year ending June 30, 2024, Verde Resources, Inc. reported revenues of $96.6K, a decrease of 4.2% from $100.8K in 2023. The cost of revenue significantly dropped by 73.6% to $63K, resulting in a gross profit of $33.6K compared to a gross loss of $137.4K the previous year. Operating expenses decreased to $3.1M from $3.2M, leading to a reduced net loss of $3.2M versus $4M in 2023. The company has shifted focus from mining to renewable energy, divesting its mining operations and discontinuing CBD product distribution. Future outlook includes commercialization of biochar-asphalt technology, with a partnership with CRH Ventures for scaling operations. The company faces risks including reliance on key personnel and potential market fluctuations. As of June 30, 2024, total assets were $40.2M, with an accumulated deficit of $13.5M. The company aims to enhance its market position via carbon credits and sustainable construction initiatives, but remains under substantial doubt regarding its ability to continue as a going concern without additional capital.