ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARTIES

12 Months Ended

Jun. 30, 2019

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARTIES

NOTE 6 - ACCOUNTS PAYABLE AND ADVANCED FROM RELATED PARTIES

Accounts Payable

Accounts payable at June 30, 2019 and June 30, 2018 consist of the following items:

	June 30, 2019		June 30, 2018
Due to Changxin Wanlin Technology Co Ltd(*)	$	1,560,032	$	1,595,488
Other accounts payable		3,070		6,406
	$	1,563,102	$	1,601,894

______________

(*) Due to Changxin Wanlin Technology Co Ltd are accounts payable derived from ordinary business transactions. One of the directors of Changxin Wanlin Technology Co. Ltd., Mr. Wu Ming Ding, has resigned as director of VRDR (as of February 20, 2016), GBL (as of February 11, 2016) and CSB (as of February 17, 2016). This accounts payable bears no interest or collateral, repayable and renewable under normal business accounts payable terms .

Advanced from related parties

Advanced from related parties at June 30, 2019 and June 30, 2018 consist of the following items:

	June 30, 2019		June 30, 2018
Advanced from BOG (#1)	$	266,218	$	488,631
Advanced from Federal Mining Resources Limited(#2)	$	173,465	$	173,465
Advanced from Federal Capital Investment Limited (#3)	$	126,000	$	114,000
Advanced from Yorkshire Capital Limited (#4)	$	27,000	$	27,000
	$	592,683	$	803,096

______________

(#1) BOG is one of the shareholders of the Company. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#2) One of the directors of Federal Mining Resources Limited, Mr. Chen Ching, has been appointed as director of the Company effective February 20, 2016. Another director of Federal Mining Resources Limited, Mr. Wu Ming Ding, has resigned as director of the Company effective February 20, 2016. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#3) One of the directors of Federal Capital Investment Limited, Mr. Wu Ming Ding, has resigned as director of the Company effective February 20, 2016. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.

(#4) One of the directors of Yorkshire Capital Limited, Mr. Lai Kui Shing, Andy, has resigned as director of CSB effective February 17, 2016. The advances are related to ordinary business transactions and bear no interest or collateral, repayable and renewable under normal business advancement terms.