[1]

As of March 31, 2023 and June 30, 2022, the Company advanced approximately $0.7 million to Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) which is owned by Mr. Qinggang Wang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The advance is non-interest bearing and due on demand. There has been no change in the balance other than changes as a result of changes in exchange rates. In December 2022, the Company further advanced approximately $0.4 million to Zhejiang Jinbang. During three months ended March 31, 2023, the Company further advanced approximately $0.4 million to Zhejiang Jinbang and Zhejiang Jinbang repaid approximately $0.5 million.

[2]

As of March 31, 2023, the Company advanced approximately $1.3 million to Shanghai Baoyin Industrial Co., Ltd. which is 30% owned by Qinggang Wang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The advance is non-interest bearing and due on demand. The Company provided full credit losses for the balance of the receivable. During three months ended March 31, 2023, the Company further advance approximately $38,000 to Shanghai Baoyin.

[3]

As of March 31, 2023, the Company advanced $570,000 to LSM Trading Ltd, which is 40% owned by the Company. The advance is non-interest bearing and due on demand. The Company provided full credit losses for the balance of the receivable.

[4]

On November 16, 2021, the Company entered into a project cooperation agreement with Rich Trading Co. Ltd USA (“Rich Trading”) for the trading of computer equipment. Rich Trading’s bank account was controlled by now-terminated members of the Company’s management and was, at the time, an undisclosed related party. According to the agreement, the Company was to invest $4.5 million in the trading business operated by Rich Trading and the Company would be entitled to 90% of profits generated by the trading business. The Company advanced $3,303,424 for this project, of which $3,200,000 has been returned to the Company. The Company provided allowance of $103,424 for the year ended June 30, 2022.

[5]

The amount represents business advance to Mr. Lei Cao, the former Chairman of the Board. During the three months ended March 31, 2023, Lei Cao repaid approximately $54,000, of which approximately $13,000 additional payment was recognized as nonoperating income. The Company provided full credit losses for the remaining balance of the receivable.