Segment Reporting

6 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 19. SEGMENT REPORTING

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in unaudited condensed consolidated financial statements for detailing the Company’s business segments. 

The Company’s chief operating decision maker is the Chief Executive Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. The Company has determined that it has three operating segments: (1) shipping agency and management services; (2) freight logistics services.

The following tables present summary information by segment for the three months ended December 31, 2021 and 2020, respectively:

	For the Three Months Ended December 31, 2021
	Shipping Agency and Management Services			Freight Logistics Services			Total
Net revenues	$	-		$	1,041,925		$	1,041,925
Cost of revenues	$	-		$	1,024,891		$	1,024,891
Gross profit	$	-		$	17,034		$	17,034
Depreciation and amortization	$	-		$	133,088		$	133,088
Total capital expenditures	$	-		$	24,793		$	24,793
Gross margin%		0.0	%		1.6	%		1.6	%

	For the Three Months Ended December 31, 2020
	Shipping Agency and Management Services			Freight Logistics Services			Total
Net revenues	$	-		$	1,884,440		$	1,884,440
Cost of revenues	$	-		$	1,688,464		$	1,688,464
Gross profit	$	-		$	195,976		$	195,976
Depreciation and amortization	$	77,809		$	3,600		$	81,409
Total capital expenditures	$	-		$	-		$	-
Gross margin%		-	%		10.4	%		10.4	%

	For the Six Months Ended December 31, 2021
	Shipping Agency and Management Services			Freight Logistics Services			Container Trucking Services			Total
Net revenues	$	-		$	2,838,135		$	-		$	2,838,135
Cost of revenues	$	-		$	2,651,759		$	-		$	2,651,759
Gross profit	$	-		$	186,376		$	-		$	186,376
Depreciation and amortization	$	-		$	255,358		$	-		$	255,358
Total capital expenditures	$	-		$	658,999		$	-		$	658,999
Gross margin%		0.0	%		6.6	%		-	%		6.6	%

	For the Six Months Ended December 31, 2020
	Shipping Agency and Management Services			Freight Logistics Services			Container Trucking Services			Total
Net revenues	$	206,845		$	2,814,394		$	-		$	3,021,239
Cost of revenues	$	176,968		$	2,606,722		$	-		$	2,783,690
Gross profit	$	29,877		$	207,672		$	-		$	237,549
Depreciation and amortization	$	158,078		$	7,050		$	-		$	165,128
Total capital expenditures	$	-		$	-		$	-		$	-
Gross margin%		14.4	%		7.4	%		-	%		7.9	%

Total assets as of:

	December 31,		June 30,
	2021		2021
Shipping Agency and Management Services	$	41,680,583	$	47,347,418
Freight Logistic Services		23,625,660		5,455,699
Total Assets	$	65,306,245	$	52,803,117

The Company’s operations are primarily based in the PRC and U.S, where the Company derives all of their revenues. Management also reviews consolidated financial results by business locations.

Disaggregated information of revenues by geographic locations are as follows:

	For the Three Months Ended				For the Six Months Ended
	December 31,		December 31,		December 31,		December 31,
	2021		2020		2021		2020
PRC	$	868,255		1,884,440		1,593,332		2,814,394
U.S.		173,670		-		1,244,803		206,845
Total revenues	$	1,041,925	$	1,884,440	$	2,838,135	$	3,021,239