Related Party Balance and Transactions (Tables)

12 Months Ended

Jun. 30, 2023

Related Party Balance and Transactions [Abstract]

Schedule of Company’s Advances to Suppliers – Related Party

The Company’s advances to suppliers – related party are as follows:

	June 30,		June 30,
	2023		2022
Bitcoin mining hardware and other equipment (1)	$	-	$	6,153,546
Total Advances to suppliers-related party	$	-	$	6,153,546

(1) On January 10, 2022, the Company’s joint venture, Thor Miner, entered into a Purchase and Sales Agreement (“PSA”) with HighSharp. Pursuant to the Purchase Agreement, Thor Miner agreed to purchase certain cryptocurrency mining equipment. In January and April 2022, Thor Miner made total prepayment of $35,406,649 for the order and no prepayment as of June 30, 2023.

Schedule of Outstanding Amounts due from Related Parties

As of June 30, 2023 and June 30, 2022, the outstanding amounts due from related parties consist of the following:

	June 30,			June 30,
	2023			2022
Zhejiang Jinbang Fuel Energy Co., Ltd (1)		458,607			415,412
Shanghai Baoyin Industrial Co., Ltd (2)		1,068,014			1,306,004
LSM Trading Ltd (3)		570,000			570,000
Rich Trading Co. Ltd (4)		103,424			103,424
Cao Lei (5)		13,166			54,860
Less: allowance for doubtful accounts		(2,138,276	)		(2,449,700	)
Total	$	74,935		$	-

(1) As of June 30, 2023 and 2022, the Company advanced $458,607 and  $415,412 to Zhejiang Jinbang Fuel Energy Co., Ltd (“Zhejiang Jinbang”) which is 30% owned by Mr. Wang Qinggang, CEO and legal representative of Trans Pacific Shanghai. The advance is non-interest bearing and due on demand. The Company provided allowance of $383,672 and $415,412 for the year ended June 30, 2023 and 2022, and the allowance changes as a result of changes in exchange rates.

(2) As of June 30, 2023 and 2022, the Company advanced approximately $1.1 million and $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.

(3) As of June 30, 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, 2023 and 2022.

(5) The amount represents business advance to Mr. Lei Cao, the former Chairman of the Board. During the six months ended June 30, 2023, Lei Cao repaid approximately $54,000, of which approximately $13,000 additional payment was recognized as non-operating income. The Company provided full credit losses for the remaining balance of the receivable.

Schedule of Outstanding Loan Receivable From Related Parties

As of June 30, 2023 and June 30, 2022, the outstanding loan receivable from related parties consists of the following:

	June 30,	June 30,
	2023	2022
Wang, Qinggang (1)	$	$	552,285

(1) On June 10, 2021, the Company entered into a loan agreement with Wang Qinggang, CEO and legal representative of Trans Pacific Logistic Shanghai Ltd. The loan is non-interest bearing for loan amount up to  $630,805 (RMB 4 million). In February 2022, Wang Qinggang, borrowed and repaid $232,340 of the loan amount. In June 2022, additional $552,285 (RMB 3,700,000) was loaned to Wang Qinggang with due date of June 7, 2024. The outstanding loan was fully repaid in December 2022.