2024 Q1 Form 10-Q Financial Statement

#000164033424000290 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $79.00 $23.40K
YoY Change -99.7% -71.17%
Cost Of Revenue $264.00 $68.85K
YoY Change -99.4% 117.48%
Gross Profit -$185.00 -$45.45K
YoY Change -98.96% -191.85%
Gross Profit Margin -234.18% -194.26%
Selling, General & Admin $754.6K $523.6K
YoY Change -7.53% -39.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $104.4K $105.0K
YoY Change 7.4% 102.07%
% of Gross Profit
Operating Expenses $754.6K -$523.6K
YoY Change -192.47% -160.74%
Operating Profit -$754.8K -$569.0K
YoY Change -9.47% -29.97%
Interest Expense $45.18K $43.72K
YoY Change 233.46% -96.76%
% of Operating Profit
Other Income/Expense, Net -$111.0K $42.70K
YoY Change -161.18% -96.83%
Pretax Income -$865.8K -$526.3K
YoY Change 32.7% -75.64%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$865.8K -$526.3K
YoY Change 22.23% -75.64%
Net Earnings / Revenue -1095913.92% -2249.69%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 1.192B shares 1.176B shares
Diluted Shares Outstanding 1.184B shares 1.180B shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $567.4K $928.3K
YoY Change 135.07% 155.33%
Cash & Equivalents $567.4K $928.3K
Short-Term Investments
Other Short-Term Assets $279.5K $318.3K
YoY Change -56.43% -60.08%
Inventory $232.5K $230.4K
Prepaid Expenses
Receivables $9.290K $9.360K
Other Receivables $178.3K $184.5K
Total Short-Term Assets $1.267M $1.671M
YoY Change 27.31% 29.43%
LONG-TERM ASSETS
Property, Plant & Equipment $3.763M $3.902M
YoY Change -48.26% 64.95%
Goodwill
YoY Change
Intangibles $33.16M $33.24M
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $80.00K
YoY Change -34.52% -98.43%
Total Long-Term Assets $37.54M $37.80M
YoY Change -1.86% -1.43%
TOTAL ASSETS
Total Short-Term Assets $1.267M $1.671M
Total Long-Term Assets $37.54M $37.80M
Total Assets $38.81M $39.47M
YoY Change -1.12% -0.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $207.3K $95.45K
YoY Change 605.92% 96.87%
Accrued Expenses $625.3K $790.3K
YoY Change 4.36% 92.17%
Deferred Revenue
YoY Change
Short-Term Debt $211.4K $161.4K
YoY Change 111.44% 222.88%
Long-Term Debt Due $183.3K $177.7K
YoY Change 6.86% 4.84%
Total Short-Term Liabilities $1.549M $1.670M
YoY Change 41.43% 4.67%
LONG-TERM LIABILITIES
Long-Term Debt $1.129M $1.143M
YoY Change -0.63% 66.44%
Other Long-Term Liabilities $11.25K $17.60K
YoY Change -85.01% -56.37%
Total Long-Term Liabilities $1.140M $1.161M
YoY Change -2.64% 59.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.549M $1.670M
Total Long-Term Liabilities $1.140M $1.161M
Total Liabilities $2.689M $2.830M
YoY Change 16.6% 21.88%
SHAREHOLDERS EQUITY
Retained Earnings -$12.23M -$11.37M
YoY Change 16.31% 15.88%
Common Stock $1.193M $1.192M
YoY Change 2286.25% 1.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.12M $36.64M
YoY Change
Total Liabilities & Shareholders Equity $38.81M $39.47M
YoY Change -1.12% -0.42%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$865.8K -$526.3K
YoY Change 22.23% -75.64%
Depreciation, Depletion And Amortization $104.4K $105.0K
YoY Change 7.4% 102.07%
Cash From Operating Activities -$537.2K -$475.1K
YoY Change -0.98% 21.89%
INVESTING ACTIVITIES
Capital Expenditures $15.22K $1.400K
YoY Change 243.57% -96.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$15.22K -$1.400K
YoY Change -118.84% -93.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.36K 244.9K
YoY Change -78.37% 207.21%
NET CHANGE
Cash From Operating Activities -537.2K -475.1K
Cash From Investing Activities -15.22K -1.400K
Cash From Financing Activities 40.36K 244.9K
Net Change In Cash -512.1K -231.7K
YoY Change 86.1% -30.05%
FREE CASH FLOW
Cash From Operating Activities -$537.2K -$475.1K
Capital Expenditures $15.22K $1.400K
Free Cash Flow -$552.4K -$476.5K
YoY Change 1.0% 9.54%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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StockholdersEquity
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CY2023Q4 vrdr Share To Be Issued For Private Placement Amount
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ForeignCurrencyTranslationAdjustment
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StockholdersEquity
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StockholdersEquity
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StockholdersEquity
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CY2022Q4 vrdr Shares Issued For Private Placement Amount
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CY2022Q4 vrdr Shares Issued For Conversion Of Promissory Note Pn Amount
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the Securities and Exchange Commission include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In preparing these unaudited condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents, accounts receivable and related party receivables, advance to suppliers and other receivables and deposits. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management also assesses the financial strength and credit worthiness of any parties to which it extends funds or trades with, and as such, it believes that any associated credit risk exposures are limited.</p>
vrdr Risks And Uncertainties Policytextblock
RisksAndUncertaintiesPolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company is venturing into the production and distribution of renewable commodities that are subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with a production operation for renewable commodities, including the potential risk of business failure.</p>
us-gaap Depreciation
Depreciation
79907 usd
CY2023Q4 us-gaap Depreciation
Depreciation
104988 usd
CY2022Q4 us-gaap Depreciation
Depreciation
51955 usd
us-gaap Depreciation
Depreciation
207586 usd
us-gaap Depreciation
Depreciation
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CY2023Q4 vrdr Land And Building At Carrying Value
LandAndBuildingAtCarryingValue
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CY2023Q2 vrdr Land And Building At Carrying Value
LandAndBuildingAtCarryingValue
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CY2023Q4 vrdr Plant And Machinery At Carrying Value
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268275 usd
CY2023Q4 vrdr Motor Vehicles At Carrying Values
MotorVehiclesAtCarryingValues
575138 usd
CY2023Q2 vrdr Plant And Machinery At Carrying Value
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295701 usd
CY2023Q2 vrdr Motor Vehicles At Carrying Values
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CY2023Q4 us-gaap Notes Payable To Bank
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CY2022Q1 us-gaap Share Price
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0.0611
CY2022Q4 vrdr Issuance Shares Of Restricted Common Stock
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333142389 shares
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0611
CY2023Q4 vrdr Interest Expenses
InterestExpenses
25343 usd
CY2022Q4 vrdr Interest Expenses
InterestExpenses
1344745 usd
CY2023Q4 vrdr Interest Payable Attributable To Promissory Notes
InterestPayableAttributableToPromissoryNotes
3402 usd
vrdr Interest Expenses
InterestExpenses
49490 usd
vrdr Interest Expenses
InterestExpenses
1879660 usd
vrdr Interest Payable Attributable To Promissory Notes
InterestPayableAttributableToPromissoryNotes
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset
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571764 usd
CY2023Q4 vrdr Lease Liability Operating And Finance
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823997 usd
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FinanceLeaseRightOfUseAsset
633109 usd
CY2023Q2 vrdr Lease Liability Operating And Finance
LeaseLiabilityOperatingAndFinance
830890 usd
CY2023Q4 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
32775 usd
CY2022Q4 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
25714 usd
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
61345 usd
us-gaap Lease Income
LeaseIncome
720000 usd
vrdr Lease Term
LeaseTerm
P7Y
CY2023Q4 vrdr Lease Liability Accretion
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1990 usd
vrdr Lease Liability Accretion
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4204 usd
CY2022Q4 vrdr Lease Liability Accretion
LeaseLiabilityAccretion
2828 usd
vrdr Lease Liability Accretion
LeaseLiabilityAccretion
3813 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
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vrdr Lease Expense Operating And Finance
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vrdr Lease Expense Operating And Finance
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.24 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.24 pure
vrdr Income Tax Expense At Statutory Rate
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-73394 usd
CY2023Q4 vrdr Lease Liability Operating And Finance
LeaseLiabilityOperatingAndFinance
823997 usd
CY2023Q4 vrdr Operating And Finance Lease Labilities Current
OperatingAndFinanceLeaseLabilitiesCurrent
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CY2023Q4 vrdr Operating And Finance Lease Labilities Non Current
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CY2023Q4 vrdr Present Value Of Lease Liabilities
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823997 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
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10000000000 shares
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50000000 shares
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us-gaap Current State And Local Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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vrdr Deferred Tax Assets
DeferredTaxAssets
1202226 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
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vrdr Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance Three
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vrdr Loss Before Income Taxes
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vrdr Loss Before Income Taxes
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us-gaap Pension Contributions
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vrdr Income Tax Expense At Statutory Rate
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vrdr Non Deductible Items
NonDeductibleItems
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vrdr Non Deductible Items
NonDeductibleItems
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vrdr Operating Losses Unable To Carried Forward
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vrdr Operating Losses Unable To Carried Forward
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vrdr Valuation Allowance
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vrdr Valuation Allowance
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2023Q4 vrdr Us Tax Regime
UsTaxRegime
1202226 usd
CY2023Q2 vrdr Us Tax Regime
UsTaxRegime
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CY2023Q4 vrdr Malaysia Tax Regime
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd

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