Frisco, Texas - 
(NewMediaWire) - August 16, 2021 - 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
