The disposal of Technology Assets and Intellectual Property Rights by subsidiary Borneo Energy Sdn Bhd to Gold Billion Global Limited, a subsidiary of Verde Resources Inc. is USD 5 million, by way of allotment of shares in Verde Resources Inc. How does that translate into a fair value accounting profit of RM48 million under "other income" is not clearly explained.
Verde Resources is an OTC counter, trading at USD 0.0525 last I checked. It has an annual revenue of USD14k ( yes, 14 thousands). Based on Form 10-Q/A ending 3/31/21, it has total asset of $51,683 ( yes fifty one thousand), and shareholder DEFICIT of $(-2.545)million.
Fair value gain in accounting is not cold hard cash.
Stock: [BORNOIL]: BORNEO OIL BHD
2021-09-01 10:30 | Report Abuse
The disposal of Technology Assets and Intellectual Property Rights by subsidiary Borneo Energy Sdn Bhd to Gold Billion Global Limited, a subsidiary of Verde Resources Inc. is USD 5 million, by way of allotment of shares in Verde Resources Inc. How does that translate into a fair value accounting profit of RM48 million under "other income" is not clearly explained.
Verde Resources is an OTC counter, trading at USD 0.0525 last I checked. It has an annual revenue of USD14k ( yes, 14 thousands). Based on Form 10-Q/A ending 3/31/21, it has total asset of $51,683 ( yes fifty one thousand), and shareholder DEFICIT of $(-2.545)million.
Fair value gain in accounting is not cold hard cash.