ORGANIZATION AND BUSINESS BACKGROUND

9 Months Ended

Mar. 31, 2023

ORGANIZATION AND BUSINESS BACKGROUND

ORGANIZATION AND BUSINESS BACKGROUND

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.