Verde Bio Holdings, Inc. Announces Notification of Late Filing

Rhea-AI Summary

Verde Bio Holdings (OTC: VBHI) has filed a Form 12b-25 Notification of Late Filing for its Annual Report on Form 10-K for the fiscal year ending April 30, 2021. This extension, requested due to complexities from 16 significant acquisitions—10 completed in the fourth quarter—will allow more time for financial statement preparations. CEO Scott A. Cox emphasized the importance of accuracy over speed to avoid potential errors and restatements, given the company’s new obligations under SEC oil and gas accounting rules.

Positive

• Completed sixteen significant acquisitions, enhancing capabilities and revenue base.
• Taking extra time to ensure accurate financial statements to avoid restatements.

Negative

• Late filing of Form 10-K may signal underlying financial complexities.
• Increased complexity in financial reporting due to new SEC accounting requirements.

Frisco, TX, July 29, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTC: VBHI) today announced that it has filed with the U.S. Securities and Exchange Commission (SEC) a Form 12b-25 Notification of Late Filing regarding its Annual Report on Form 10-K for the fiscal year ended April 30, 2021. 

“This will allow additional time to complete financial statements and related disclosures due to complexity connected with the Company's acquisitions in its fourth quarter,” said Scott A. Cox, Verde CEO.

"We have completed sixteen significant acquisitions to date, 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 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. In abundance of caution, we prefer to take the extra time now, rather than finding errors and being forced to restate our numbers. Our accounting and audit groups are working to complete all remaining matters and expect to file our Form 10-K within the 15-day extension period afforded by Rule 12b-25 under the Securities Exchange Act of 1934, as amended."

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

FAQ

What is the reason for Verde Bio Holdings (VBHI) late filing of its Form 10-K?

Verde Bio Holdings filed for a late Form 10-K due to complexities arising from recent acquisitions, necessitating additional time for accurate financial reporting.

How many acquisitions has Verde Bio Holdings completed?

Verde Bio Holdings has completed a total of sixteen significant acquisitions, with ten occurring in the fourth quarter.

What does the Form 12b-25 Notification of Late Filing mean for VBHI?

The Form 12b-25 Notification indicates that VBHI requires additional time to prepare its financial statements, reflecting complexities in its recent acquisitions.

When does Verde Bio Holdings expect to file its Form 10-K?

VBHI expects to file its Form 10-K within the 15-day extension period allowed by Rule 12b-25.