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Verde Resources, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net profit of $354,715 for the quarter, a significant improvement from a net loss of $549,461 in the same quarter the previous year. This change is attributed to increased revenue from the sale of Biochar Asphalt Premix and a gain from insurance claims.
Revenue for the quarter was $125,570, up from $2,582 in the previous year, primarily due to the new business line in Biochar Asphalt Premix. The company reported a gross profit of $75,974 compared to a gross loss of $67,934 in the prior year.
Selling, general, and administrative expenses increased to $812,563 from $456,594, largely due to share-based compensation to nonemployees and employees.
Cost of revenue decreased to $49,596 from $70,516, reflecting a shift in the company's operations.
The company recorded other income of $1,244,253, including a gain of $481,513 from insurance claims and an unrealized foreign exchange gain of $718,701.
Interest expense for the quarter was $97,831, up from $41,206, due to early conversion of promissory notes.
Cash used in operating activities was $437,197, compared to $350,484 in the previous year, influenced by changes in accounts receivable and accrued liabilities.
Net cash provided by investing activities was $1,290,963, primarily from proceeds from the disposal of assets held for sale and insurance recoveries.
Verde Resources continues to focus on its transition to the green technology sector, leveraging its BioFraction™ technology to produce biochar and develop Net Zero building materials. The company is engaged in several strategic partnerships to advance its sustainability agenda.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Verde Resources Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.