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VBHI - Verde Bio Holdings Inc News Story

$0.01 -0.0  -6.5%

Last Trade - 21/01/22

Market Cap £9.25m
Enterprise Value £9.12m
Revenue £189k
Position in Universe 6836th / 7395

Verde Bio Holdings, Inc. Updates on 10-K Late Filing

Mon 16th August, 2021 9:00pm
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Frisco, Texas, Aug. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire
(https://www.globenewswire.com/Tracker?data=ZOgJePmnxM92RQuM9I8PlNHAHhgCeJgMP-H-g8vcn2PaKCGpvX9q9EokKdPEU6kRRlj0EvieVwq-8T_gRCsm-D1E8j93XlNif-QWor1yBAs=)
-- Verde Bio Holdings, Inc. (OTC: VBHI) filed a Form 12b-25 Notification of
Late Filing with the U.S. Securities and Exchange Commission regarding its
Annual Report on Form 10-K for the fiscal year ended April 30, 2021.  In the
Company’s desire to maintain transparency, the Company is announcing that it
will not be able to file the 10-K by the due date afforded under the Extension
filed July 29, 2021.

In connection with the audit, Verde Bio Holdings, Inc. retained an accounting
group which specializes in oil and gas accounting to complete the estimation
calculations and tests and the related disclosures now needed as a result of
the Company’s fourth quarter acquisitions. 

“While the Company is disappointed in the timing, we need to make sure we
are compliant in our accounting and filings,” said Scott A. Cox, Verde CEO.

"To date, the Company has completed sixteen significant acquisitions; ten of
those in the fourth quarter," said Mr. Cox. "These transformative additions
have greatly expanded our capabilities and revenue base but have also added to
the complexity of our financial accounting and reporting, as we are now
subject to full SEC oil and gas accounting rules. These rules include reserve
reporting, estimation of revenues in suspense, impairment Ceiling Tests and
full SMOG Disclosures. Our accounting and audit groups are working to complete
all remaining matters and expect to file our Form 10-K as soon as practically
possible."

About Verde Bio Holdings, Inc. Verde Bio Holdings, Inc. (OTC: VBHI), is a
growing U.S. Energy Company based in Frisco, Texas, engaged in the acquisition
and management of Mineral and Royalty interests in lower risk, onshore oil and
gas properties within the major oil and gas plays in the U.S. The Company’s
dual-focused growth strategy relies primarily on leveraging management’s
expertise to grow through the strategic acquisition of revenue producing
royalty interest and strategic and opportunistic non-operated working
interests.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:

Statements in this press release that are not strictly historical are
“forward-looking” statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements involve a high degree of risk and
uncertainty, are predictions only and actual events or results may differ
materially from those projected in such forward-looking statements. Factors
that could cause or contribute to differences include the uncertainty
regarding viability and market acceptance of the Company’s products and
services, the ability to complete software development plans in a timely
manner, changes in relationships with third parties, product mix sold by the
Company and other factors described in the Company’s most recent periodic
filings with the Securities and Exchange Commission, including its 2019 Annual
Report on Form 10-K and quarterly reports on Form 10-Q.

Contact:

Paul Knopick E & E Communications

pknopick@eandecommunications.com

940.262.3584

(https://www.globenewswire.com/NewsRoom/AttachmentNg/66851c2f-ea03-44a1-a79e-7daf581423c1)



GlobeNewswire, Inc. 2021
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