Segment Reporting

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

Note 18. 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. The Company ceased to sell crypto-mining equipment since January 1, 2023. For the three months ended September 30, 2024, the Company operated in one segment, freight logistics services, which had operations in PRC. For the three months ended September 30, 2024, the Company did not sell crypto-mining machines.

The following tables present summary information by segment for the three months ended September 30, 2024 and 2023, respectively:

	For the Three Months Ended September 30, 2024
	Freight Logistics Services			Crypto-mining equipment sales		Total
Net revenues	$	501,402		$	-	$	501,402
Cost of revenues	$	773,317		$	-	$	773,317
Gross profit	$	(271,915	)	$	-	$	(271,915	)
Depreciation and amortization	$	17,919		$	-	$	17,919
Total capital expenditures	$	-		$	-	$	-
Gross margin%		(54.2	)%		-		(54.2	)%

	For the Three Months Ended September 30, 2023
	Freight Logistics Services			Crypto-mining equipment sales			Total
Net revenues	$	895,926		$	-		$	895,926
Cost of revenues	$	1,002,949		$	-		$	1,002,949
Gross profit	$	(107,023	)	$	-		$	(107,023	)
Depreciation and amortization	$	37,770		$	357		$	38,127
Total capital expenditures	$	-		$	-		$	-
Gross margin%		(11.9	)%		100.0	%		(11.9	)%

Total assets as of:

	September 30,		June 30,
	2024		2024
Freight Logistic Services	$	18,926,346	$	18,728,039
Total Assets	$	18,926,346	$	18,728,039

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
	September 30,		September 30,
	2024		2023
PRC	$	501,402	$	700,656
U.S.		-		195,270
Total revenues	$	501,402	$	895,926