Verde Resources, Inc. Releases Q4 2023 10-Q Report Highlighting Strategic Shift and Financial Performance
2 minuti di lettura
Verde Resources, Inc., a company engaged in the distribution of THC-free cannabinoid (CBD) products, production and distribution of renewable commodities, holding of real property, and licensing of proprietary pyrolysis technology, has released its Form 10-Q report for the quarter ended December 31, 2023. The report provides insights into the company's financial performance and strategic operational shifts.
Financial Highlights
- Revenue, net: $23,396 for the three months ended December 31, 2023, and $41,874 for the six months ended December 31, 2023. The decrease in revenue compared to the previous year reflects a shift in business focus and market conditions.
- Gross (loss) profit: $(45,449) for the three months ended December 31, 2023, and $(97,487) for the six months ended December 31, 2023. The negative gross profit indicates higher costs relative to revenue.
- Loss from Operation: $(569,037) for the three months ended December 31, 2023, and $(1,077,669) for the six months ended December 31, 2023. This reflects increased operating expenses and lower revenue.
- Net Loss: $(526,338) for the three months ended December 31, 2023, and $(1,075,799) for the six months ended December 31, 2023. The net loss is primarily due to operating losses and interest expenses.
- Net loss per share - Basic: $0.00 for both the three and six months ended December 31, 2023. This indicates no earnings per share due to the net loss position.
Business Highlights
- Revenue Segments: The company operates in four main segments: distribution of THC-free cannabinoid (CBD) products, production and distribution of renewable commodities, holding of real property, and licensor of proprietary pyrolysis technology. For the three months ended December 31, 2023, revenue was primarily generated from the production and distribution of renewable commodities ($18,204) and holding property ($4,638).
- Geographical Performance: The company's operations are primarily based in the United States and Malaysia. For the three months ended December 31, 2023, the United States contributed $18,204 to the revenue, while Malaysia contributed $5,192.
- Operational Shift: The company has undergone a strategic shift by divesting its mining operations in Malaysia to focus on renewable energy and sustainable development. This includes the production and distribution of renewable commodities and THC-free cannabinoid products.
- Future Outlook: The company is restructuring to focus on renewable energy and sustainability development. It plans to expand its operations in the distribution of THC-free cannabinoid products and explore investment opportunities in the bioenergy industry and the food & beverage sector.