10 unchanged sentences
Operating expenses
+Added: Goodwill impairment
Loss from operation
4 unchanged sentences
Net loss attributable to shareholders of the group
−Removed: The revenue derived from the sales of gold mineral to customers in Malaysia.
−Removed: 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.
−Removed: The Company did not generate any revenue for the year ended June 30, 2021 and 2020.
+Added: $ (3,947,435 )
+Added: The revenue derived from the sales production and distribution of renewable commodities of gold mineral to customers in Malaysia.
+Added: We have generated $38,169 and $0 revenues for the years ended June 30, 2022 and 2021, respectively, and have recorded a gross loss of 107,187 and $0 for the year ended June 30, 2022 and 2021.
Cost of revenue
−Removed: The cost of revenue was remain $nil mainly due to no revenue during the year ended June 30, 2021.
+Added: We incurred cost of revenue of $145,356 in the production and distribution of renewable commodities during the year ended June 30, 2022.
+Added: No cost of revenue was incurred during the year ended June 30, 2021.
Operating Expenses
3 unchanged sentences
Interest expense
−Removed: In May 2021, we issued the promissory notes for the acquisition of Bio Resources Limited.
−Removed: The Company recorded $245,392 and $nil interest expense on the promissory notes for the year ended June 30, 2021 and 2020, respectively.
−Removed: Other income We have other income $0 and $26,559 for the year ended June 30, 2020 and 2021.
−Removed: We generated other income from the sales of wash sand to customers in Malaysia since January 2021.
+Added: The Company recorded interest expense of $1,948,086 and $245,392 on the promissory notes for the years ended June 30, 2022 and 2021, respectively.
+Added: Lease interest amounted to $1,065 and $0 for the years ended June 30, 2022 and 2021, respectively.
+Added: We have other income of $12,104 and $26,559 for the year ended June 30, 2022 and 2021.
+Added: We generated other income from the sales of wash sand to customers in Malaysia since January 2021 to September 2021.
+Added: We recorded a net loss of $3,954,414 and $793,007 for the years ended June 30, 2022 and 2021, respectively.
Plan of Operation
4 unchanged sentences
Subcontractor
−Removed: In an effort to enhance the efficiency of mine operations at the Merapoh Gold Mine, Champmark Sdn Bhd (“CSB”) entered into an Operation Term Sheet (“OTS”) agreement in July 2013, to outsource the exploitation works of alluvial gold resources at Site IV-1 of the Merapoh Gold Mine to a third party subcontractor Borneo Oil & Gas Corporation Sdn Bhd (“BOG”).
+Added: In an effort to enhance the efficiency of mine operations at the Merapoh Gold Mine, Champmark Sdn Bhd (“CSB”) entered into an Operation Term Sheet (“OTS”) agreement in July 2013, to outsource the exploitation works of alluvial gold resources at Site IV-1 of the Merapoh Gold Mine to subcontractor, Borneo Oil & Gas Corporation Sdn Bhd (“BOG”), who throughout the financial years 2022 and 2021 was a related party via its holding company Borneo Oil Berhad, a substantial shareholder of the Company..
BOG has the experience and local knowledge in managing the exploitation of alluvial gold at the Merapoh Gold Mine.
−Removed: The Company currently intends to continue to outsource the exploitation of alluvial gold at our mine site to BOG as our third party subcontractor.
−Removed: The Company will provide necessary disclosure when any significant agreements have been made with the sub-contractor in the future.
−Removed: BOG became the Company’s shareholder in January 29, 2014, and was no longer a third party subcontractor.
+Added: The Company currently intends to continue to outsource the exploitation of alluvial gold at our mine site to BOG and will provide necessary disclosure when any significant agreements have been made with the sub-contractor in the future.
Expansion Plans
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 early 2022 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 mid 2023 subject to review on COVID-19 “Movement Control Order” by the Malaysian government.
For the current Site IV-1 of the Merapoh Gold Mine, our mining operation would focus on mining other resources such as limestones.
7 unchanged sentences
The intellectual property is a second-generation pyrolysis process where non-food feedstock like the palm biomass wastes is used as feedstock.
−Removed: 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.
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.
9 unchanged sentences
Liquidity and Capital Resources
+Added: Our primary sources of liquidity are cash generated from private placements.
+Added: Cash generated from operations is highly dependent on the sale of our products, which are still under development stage.
+Added: Cash and cash equivalents totaled $0.4 million as of June 30, 2022, and $2.1 million as of June 30, 2021
The following table provides selected cash flow data about our company for the year ended June 30, 2022 and 2021.
1 unchanged sentence
Net cash used in operating activities
+Added: $ (1,595,961 )
Net cash used in investing activities
+Added: $ (1,348,823 )
Net cash generated from financing activities
1 unchanged sentence
Net increase in cash and cash equivalents
+Added: $ (1,698,705 )
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
−Removed: 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 share base compensation, interest expenses, depreciation and amortization provides positive impact on cash.
−Removed: The net cash used by operating activities decreased from $213,763 to $126,011 for the years ended June 30, 2020 and 2021, respectively.
−Removed: 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.
−Removed: 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.
−Removed: The net cash used by investing activities increased from $828 to $905,575 for the years ended June 30, 2020 and 2021, respectively.
−Removed: 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,
−Removed: 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.
−Removed: The overall cash flow effect was positive.
−Removed: 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.
+Added: Net Cash Used In Operating Activities.
+Added: Cash used in operating activities reflects net loss adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, asset impairments, and stock-based compensation, and the effects of changes in operating assets and liabilities.
+Added: The increase in cash used in operating activities for the year ended June 30, 2022 as compared to 2021 was primarily due to higher net loss adjusted for non-cash interest expense of promissory notes and the increase of other deposits and prepayments.
+Added: Net Cash Used In Investing Activities.
+Added: For the year ended June 30, 2022, net cash used for investing activities consisted primarily of $1.1 million of expenditures for property, plant, and equipment.
+Added: For the year ended June 30, 2021, net cash used for investing activities consisted primarily of $0.9 million from the payment of acquisition of equity interest, right of use assets and property and equipment.
+Added: Net Cash Generated From Financing Activities.
+Added: For the year ended June 30, 2022, net cash generated from financing activities included $1.0 million for the issuance of our common stock under private placement.
+Added: For the year ended June 30, 2021, net cash generated from financing activities included $3.1 million for the issuance of our common stock under private placement.
The cash flow situation will not allow for operations in the coming next 12 months by self-generated cash provided from operating activities.
8 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.