Property and Equipment, Net

6 Months Ended

Dec. 31, 2024

Property and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

Note 9. PROPERTY AND EQUIPMENT, NET

The Company’s net property and equipment as follows:

	December 31,			June 30,
	2024			2024
Motor vehicles	$	383,213		$	383,213
Computer equipment		52,591			82,421
Office equipment		58,889			59,015
Furniture and fixtures		28,654			96,013
System software		102,392			102,843
Leasehold improvements		58,390			58,648
Mining equipment		-			922,439
Total		684,129			1,704,592
Less: Impairment reserve		(90,758	)		(997,209	)
Less: Accumulated depreciation and amortization		(447,222	)		(523,744	)
Property and equipment, net	$	146,149		$	183,639

Movement of impairment for property and equipment is as follows:

	December 31,			June 30,
	2024			2024
Beginning balance	$	997,209		$	1,233,521
Less: Write-off		(906,451	)		(236,312	)
Ending balance	$	90,758		$	997,209

Depreciation and amortization expenses for the three months ended December 31, 2024 and 2023 were $18,504 and $37,924, respectively. Depreciation and amortization expenses for the six months ended December 31, 2024 and 2023 were $36,423 and $76,051, respectively. No impairment loss was recorded for the three and six months ended December 31, 2024 and 2023.

A batch of fixed assets were disposed of for the six months ended December 31, 2024, the original value of this batch of fixed assets is $ 1,019,161, the amount of accumulated depreciation is $111,668. Most of the fixed assets has been fully impaired in previous periods, therefore, the impairment reserve of $906,451 was written off, and the loss on disposal of fixed assets was $1,042.