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Segment Reporting
 9 Months Ended
Mar. 31, 2022
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 Operating Officer, who reviews the financial information of the separate operating segments when making decisions about allocating resources and assessing the performance of the group. As of March 31, 2022, the Company had two operating segments: (1) freight logistics services and (2) sales of crypto-mining machines. The Company also operated shipping agency and management services segment for the nine months ended March 31, 2021. The Company no longer operated shipping agency segment as the Company did not receive any new orders for its services due to the uncertainty of the shipping management market which was negatively impacted by the COVID-19 pandemic.

The following tables present summary information by segment for the three months ended March 31, 2022 and 2021, respectively:

 

   For the Three Months Ended March 31, 2022 
   Shipping
Agency and
Management
Services		   Freight
Logistics
Services		   Sale of crypto-mining
machines		   Total 
Net revenues  $
        -
   $971,747   $
            -
   $971,747 
Cost of revenues  $
-
   $901,275   $
-
   $901,275 
Gross profit  $
-
   $70,472   $
-
   $70,472 
Depreciation and amortization  $
-
   $150,118   $
-
   $150,118 
Total capital expenditures  $
-
   $151,021   $
-
   $151,021 
Gross margin%   
-
%   7.3%   
-
%   7.3%

 

   For the Three Months Ended March 31, 2021 
   Shipping
Agency and
Management
Services		   Freight
Logistics
Services		   Sale of crypto-mining
machines		   Total 
Net revenues  $
-
   $953,194   $
-
   $953,194 
Cost of revenues  $
-
   $1,098,922   $
-
   $1,098,922 
Gross profit  $
-
   $(145,728)  $
-
   $(145,728)
Depreciation and amortization  $88,407   $4,641   $
-
   $93,048 
Total capital expenditures  $
-
   $
-
   $922,438   $922,438 
Gross margin%   
-
%   (15.3)%   
-
%   (15.3)%

 

   For the Nine Months Ended March 31, 2022 
   Shipping
Agency and
Management
Services		   Freight
Logistics
Services		   Sale of
crypto-mining
machines		   Total 
Net revenues  $
          -
   $2,829,682   $
              -
   $2,829,682 
Cost of revenues  $
-
   $2,973,034   $
-
   $2,973,034 
Gross profit  $
-
   $(143,352)  $
-
   $(143,352)
Depreciation and amortization  $
-
   $428,635   $
-
   $428,635 
Total capital expenditures  $
-
   $775,107   $
-
   $775,107 
Gross margin%   0.0%   (5.1)%   
-
%   (5.1)%

 

   For the Nine Months Ended March 31, 2021 
   Shipping
Agency and
Management
Services		   Freight
Logistics
Services		   Sale of
crypto-mining
machines		   Total 
Net revenues  $206,845   $3,767,588   $
-
   $3,974,433 
Cost of revenues  $176,968   $3,705,644   $
-
   $3,882,612 
Gross profit  $29,877   $61,944   $
-
   $91,821 
Depreciation and amortization  $246,485   $11,691   $
-
   $258,176 
Total capital expenditures  $
-
   $
-
   $922,438   $922,438 
Gross margin%   14.4%   1.6%   
-
%   2.3%

 

Total assets as of:

 

       June 30, 
  

March 31,

2022

  

2021

(Restated)

 
Shipping Agency and Management Services  $33,242,889   $42,210,912 
Freight Logistic Services   16,199,858    5,947,235 
Sale of crypto-mining machines   39,982,311    
-
 
Total Assets  $89,425,058   $48,158,147 

 

The Company’s operations are primarily based in the PRC and U.S, where the Company derives all of its 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 Nine Months Ended 
   March 31,   March 31,   March 31,   March 31, 
   2022   2021   2022   2021 
PRC  $648,964   $953,194   $2,242,296   $3,767,588 
U.S.   322,783    
-
    587,386    206,845 
Total revenues  $971,747   $953,194   $2,829,682   $3,974,433