6 unchanged sentences
Results of Operations
−Removed: We have generated $12,036 and $0 revenues for the year ended June 30, 2019 and 2020, respectively, and have recorded a gross loss of $11,105 and $0 for the year ended June 30, 2019 and 2020.
−Removed: We have incurred $162,886 and $309,402 in operating expenses through June 30, 2019 and June 30, 2020.
−Removed: We have other income $302,724 and $0 for the year ended June 30, 2019 and 2020.
The following table provides selected financial data about our company for the year ended June 30, 2021 and June 30, 2020.
2 unchanged sentences
Operating Expenses
+Added: Loss from operation
+Added: Interest expense
+Added: Net loss before income tax
+Added: Provision of Income Tax
+Added: Net loss attributable to non-controlling interests
+Added: Net loss attributable to shareholders of the group
The revenue derived from the sales of gold mineral to customers in Malaysia.
−Removed: The decrease of revenue for the year ended June 30, 2020 was mainly due to a decrease in gold production and gold sales during the period.
−Removed: The decrease of cost of revenue was mainly due to a decrease of gold mineral production.
+Added: We have generated $0 and $0 revenues for the year ended June 30, 2020 and 2021, respectively, and have recorded a gross profit of $0 and $0 for the year ended June 30, 2020 and 2021.
+Added: The Company did not generate any revenue for the year ended June 30, 2021 and 2020.
+Added: Cost of revenue
+Added: The cost of revenue was remain $nil mainly due to no revenue during the year ended June 30, 2021.
+Added: Operating Expenses
Operating expenses comprised mainly of salaries, office costs, legal and professional fees and travelling expenses.
−Removed: The increase in operating expenses for the period was mainly due to the weakness of average rate for MYR:USD as mentioned above, and an under provision of professional fees for last year.
−Removed: The decrease of other income was mainly due to the gains on disposal of the property and equipment for last year were not presented in this year.
+Added: We have incurred $309,402 and $574,174 in operating expenses through June 30, 2020 and June 30, 2021.
+Added: Operating expenses increased by 85.6%, or $264,772, primarily due to increase of professional fees charged for the potential acquisition and increase of directors’ emolument for the year ended June 30, 2021.
+Added: Interest expense
+Added: In May 2021, we issued the promissory notes for the acquisition of Bio Resources Limited.
+Added: The Company recorded $245,392 and $nil interest expense on the promissory notes for the year ended June 30, 2021 and 2020, respectively.
+Added: Other income We have other income $0 and $26,559 for the year ended June 30, 2020 and 2021.
+Added: We generated other income from the sales of wash sand to customers in Malaysia since January 2021.
Plan of Operation
11 unchanged sentences
The Company is in the process of negotiating with Malaysia state agency PKNP on a 2-year lease for a new mining location that is about 5 km from the current Merapoh mine site.
−Removed: The leasing premium has been paid but the mining lease certificate will only be issued upon clearance from the Malaysia Forest Department, which is expected in late 2020 subject to review on COVID-19 “Movement Control Order” by the Malaysian government.
+Added: The leasing premium has been paid but the mining lease certificate will only be issued upon clearance from the Malaysia Forest Department, which is expected in early 2022 subject to review on COVID-19 “Movement Control Order” by the Malaysian government.
+Added: For the current Site IV-1 of the Merapoh Gold Mine, our mining operation would focus on mining other resources such as limestones.
The Company believes that there are excellent growth opportunities for its business outside Malaysia.
3 unchanged sentences
Apart from the mining industry, the Company is taking steps to look into investment opportunities in the non-mining areas that include the bioenergy industry and the food & beverage sector.
+Added: The Company is diversifying into the green industry with its acquisition of Bio Resources Ltd (“BRL”), the beneficial and/or registered proprietor of the intellectual property known as “Catalytic Biofraction Process”, which is a slow pyrolysis process using a proprietary catalyst to depolymerise palm biomass wastes (empty fruit bunches or palm kernel shells) in temperature range of 350 degC to 500 degC to yield commercially valuable bio products:
+Added: bio-oil, wood vinegar (pyroligneous acid), biochar and bio-syngas.
+Added: The intellectual property is a second-generation pyrolysis process where non-food feedstock like the palm biomass wastes is used as feedstock.
+Added: The success of venturing into the green industry is dependent on the completion of the acquisition subject to auditing and due diligence exercise to ascertain the valuation of BRL.
+Added: Apart from the green industry, the Company is also working on a partnership with MRX Technologies, a market leader in commercial extraction systems for cannabis and hemp.
+Added: The partnership includes an agreement for Verde Resources to white-label THC-free CBD products from MRX Technologies.
Limited Operating History;
9 unchanged sentences
Cash Flow Date
−Removed: Net (Loss) / Profit from operation
−Removed: Net Cash (Used) / Generated from operating activities
−Removed: Net Cash Used from investing activities
−Removed: Net Cash Generated/(Used) from financing activities
+Added: Net Cash Used in operating activities
+Added: Net Cash Used in investing activities
+Added: Net Cash Generated from financing activities
+Added: Effect of exchange rate changes on cash and cash equivalents
+Added: Net increase in cash and cash equivalents
+Added: Cash and cash equivalents at beginning of year
+Added: Cash and cash equivalents at end of year
For the year ended June 30, 2021, the Company had incurred net loss from operation of $793,007 which posted a negative impact to the company’s cash flow.
−Removed: The reconciliation on non-cash items such as depreciation and amortization provides positive impact on cash.
−Removed: In the operation analysis, the net cash provided by operating activities decreased from $40,702 to ($213,763) for the years ended June 30, 2019 and 2020, respectively.
−Removed: The operation loss of $309,402 was partially offset by the noncash expenses such as $126 in depreciation and $6,055 in amortization.
−Removed: In the operating assets and liabilities, the net increase in current assets, such as deposits was $23,245 whereas the net increase in current liabilities, such as accrued liabilities, other payables, advanced from sub-contractor & related parties was $112,703, which provided $107,639 positive cash flow effect to offset the $309,402 loss in operation.
−Removed: The final result of the cash flow from operating activities was $213,763 negative cash flow effect.
−Removed: In the investing cash flow analysis, there was $828 negative cash flow for acquisition of plant and equipment for the year ended June 30, 2020.
−Removed: In financing analysis, $12,000 proceeds from the issuance of common stock offset by $190 repayments of bank loans end up with a positive cash flow of $11,810 for the year ended June 30, 2020, compared to $2,411 repaid to the bank for the year ended June 30, 2019.
+Added: The reconciliation on non-cash items such as share base compensation, interest expenses, depreciation and amortization provides positive impact on cash.
+Added: The net cash used by operating activities decreased from $213,763 to $126,011 for the years ended June 30, 2020 and 2021, respectively.
+Added: The operation loss of $793,007 was partially offset by the noncash expenses such as $170 in depreciation, $2,636 in amortization, $175,431 in stock-based compensation and $245,392 in interest expenses on promissory notes.
+Added: In the operating assets and liabilities, the net increase in current assets resulted from increase of other receivables at $26,559, net off with a decrease of $11,700 on other deposit and prepayment whereas the net increase in current liabilities resulted from $265,930 increase from advances from sub-contractor & related parties offset by $7,701 decrease of accrued liabilities and other payables.
+Added: The net cash used by investing activities increased from $828 to $905,575 for the years ended June 30, 2020 and 2021, respectively.
+Added: There was a negative cash flow of $905,575 from the payment of acquisition of equity interest, right of use assets, and fixed assets, and advanced to related parties was $6,691 for the year ended June 30, 2021,
+Added: There was a positive cash flow of $3,100,000 from the issuance of common stock for the year ended June 30, 2021, compared to $12,000 proceeds from the issuance of common stock offset by $190 repayments of bank loans end up with a positive cash flow of $11,810 for the year ended June 30, 2020.
The overall cash flow effect was positive.
−Removed: The net decrease in exchange rate effect of $216,146 also provided positive cash flow effect.
The cash and cash equivalents at the end of June 30, 2021, was increased by $2,093,595 with $2,117,622 as ending balance.
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.