Segment Reporting

12 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 20. 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 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 June 30, 2022, the Company had two operating segments: (1) freight logistics services and (2) sales of crypto-mining machines. For the year ended June 30, 2021, the Company also engaged in shipping agency and management services, which were carried out by its subsidiary in the U.S. The Company no longer operates in the shipping agency segment because it 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 years ended June 30, 2022 and 2021, respectively:

	For the Year Ended June 30, 2022
	Shipping Agency and Management Services			Freight Logistics Services			Sale of Crypto-mining Machines			Total
Net revenues	$	-		$	3,830,615		$	157,800		$	3,988,415
Cost of revenues	$	-		$	4,136,474		$	-		$	4,136,474
Gross profit	$	-		$	(305,859	)	$	157,800		$	(148,059	)
Depreciation and amortization	$	-		$	512,586		$	21,052		$	533,638
Total capital expenditures	$	-		$	840,319		$	34,199		$	874,518
Gross margin%		-	%		(8.0	)%		100.0	%		(3.7	)%

	For the Year Ended June 30, 2021
	Shipping Agency and Management Services			Freight Logistics Services			Sales of Crypto-mining Machines			Total
Net revenues	$	206,845		$	4,944,187		$	-		$	5,151,032
Cost of revenues	$	176,968		$	4,797,426		$	-		$	4,974,394
Gross profit	$	29,877		$	146,761		$	-		$	176,638
Depreciation and amortization	$	299,934		$	36,300		$	-		$	336,234
Total capital expenditures	$	136,076		$	407,954		$	-		$	544,030
Gross margin%		14.4	%		3.0	%		-	%		3.4	%

Total assets as of:

	June 30,		June 30,
	2022		2021 (Restated)
Shipping Agency and Management Services	$	-	$	42,210,912
Freight Logistic Services		44,058,444		5,947,235
Sales of crypto-mining machines		20,789,296		-
Total Assets	$	64,847,740	$	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 Years Ended
	June 30,		June 30,
	2022		2021
PRC	$	2,982,691	$	4,921,022
U.S.		1,005,724		230,010
Total revenues	$	3,988,415	$	5,151,032