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v3.25.2

Discontinued Operations (Tables) | 3 Months Ended
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Mar. 31, 2025 | Dec. 31, 2024
Discontinued Operations [Abstract] |  |
Schedule of Condensed Consolidated Balance Sheets | The following tables present the balance sheets and the results of operations of the Company classified as discontinued operations for the periods presented:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  | (Audited) |
ASSETS |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14,533 |  |  | $ | 148,679 |
Customer custodial funds |  |  | 1,260,839 |  |  |  | 811,265 |
Customer digital currency assets |  |  | 813,165 |  |  |  | 22,930 |
Digital assets |  |  | 407 |  |  |  | 550 |
Due from affiliates |  |  | - |  |  |  | 50,768 |
Other current assets |  |  | 38,176 |  |  |  | 54,860 |
TOTAL CURRENT ASSETS |  |  | 2,127,120 |  |  |  | 1,089,052 |
NON-CURRENT ASSETS: |  |  |  |  |  |  |  |
Intangible assets, net |  |  | 11,646 |  |  |  | 14,887 |
TOTAL NON-CURRENT ASSETS |  |  | 11,646 |  |  |  | 14,887 |
TOTAL ASSETS |  | $ | 2,138,766 |  |  | $ | 1,103,939 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 526,045 |  |  | $ | 504,249 |
Customer custodial cash liabilities |  |  | 2,221,182 |  |  |  | 972,941 |
Customer digital currency liabilities |  |  | 9,057 |  |  |  | 10,514 |
Due to affiliates |  |  | 515,406 |  |  |  | 479,608 |
Loans payable - related parties, current |  |  | 704,043 |  |  |  | 682,875 |
Interest payable - related parties, current |  |  | 245,008 |  |  |  | 203,755 |
Accrued expenses and other current liabilities |  |  | 214,495 |  |  |  | 308,567 |
TOTAL CURRENT LIABILITIES |  |  | 4,435,236 |  |  |  | 3,162,509 |
NON-CURRENT LIABILITIES: |  |  |  |  |  |  |  |
Loan payable - related parties, net of current portion |  |  | 17,906 |  |  |  | 17,368 |
TOTAL NON-CURRENT LIABILITIES |  |  | 17,906 |  |  |  | 17,368 |
TOTAL LIABILITIES |  |  | 4,453,142 |  |  |  | 3,179,877 |
| The following tables presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the Company classified as discontinued operations as of the periods presented:
|  | December 31, |  |  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2024 |  |  | 2023 |
Cash |  | $ | 148,679 |  |  | $ | 3,305 |  |  | $ | 11,470 |
Customer custodial funds |  |  | 811,265 |  |  |  | 31,781 |  |  |  | 672,500 |
Customer digital currency assets |  |  | 22,930 |  |  |  | 615,362 |  |  |  | — |
Due from affiliates |  |  | 50,768 |  |  |  | 35,046 |  |  |  | 2,039,274 |
Notes receivable, related parties, net |  |  | — |  |  |  | — |  |  |  | 162,820 |
Other classes of current assets that are not major |  |  | 55,410 |  |  |  | 35,756 |  |  |  | 26,644 |
Total current assets |  |  | 1,089,052 |  |  |  | 721,250 |  |  |  | 2,912,708 |
Other classes of non-current assets that are not major |  |  | 14,887 |  |  |  | 19,290 |  |  |  | 33,000 |
Total assets |  | $ | 1,103,939 |  |  | $ | 740,540 |  |  | $ | 2,945,708 |
|  | December 31, |  |  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2024 |  |  | 2023 |
Accounts payable |  | $ | 504,249 |  |  | $ | 448,307 |  |  | $ | 138,666 |
Customer custodial cash liabilities |  |  | 972,941 |  |  |  | 827,589 |  |  |  | 1,443,011 |
Customer digital currency liabilities |  |  | 10,514 |  |  |  | 23,605 |  |  |  | — |
Due to affiliates |  |  | 479,608 |  |  |  | 537,053 |  |  |  | 5,552,931 |
Loan payable, related parties, current |  |  | 682,875 |  |  |  | 720,515 |  |  |  | — |
Interest payable, related parties, current |  |  | 203,755 |  |  |  | 169,052 |  |  |  | — |
Accrued expenses and other current liabilities |  |  | 308,567 |  |  |  | 357,835 |  |  |  | 208,228 |
Total current liabilities |  |  | 3,162,509 |  |  |  | 3,083,956 |  |  |  | 7,342,836 |
Loan payable – related parties, net of current portion |  |  | 17,368 |  |  |  | 26,362 |  |  |  | 150,619 |
Interest payable – related parties, net of current portion |  |  | — |  |  |  | 2,474 |  |  |  | 1,208 |
Total liabilities |  | $ | 3,179,877 |  |  | $ | 3,112,792 |  |  | $ | 7,494,663 |
Schedule of Consolidated Statements of Operations and Comprehensive Loss |
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
REVENUES |  |  |  |  |  |
Revenue - financial services |  | $ | 187,469 |  |  |  | 259,757 |
Total revenues |  |  | 187,469 |  |  |  | 259,757 |
COSTS OF REVENUES |  |  |  |  |  |  |  |
Cost of revenue - financial services |  |  | 22,132 |  |  |  | 63,196 |
Total costs of revenues |  |  | 22,132 |  |  |  | 63,196 |
GROSS PROFIT (LOSS) |  |  |  |  |  |  |  |
Gross profit (loss) - financial services |  |  | 165,337 |  |  |  | 196,561 |
Total gross profit (loss) |  |  | 165,337 |  |  |  | 196,561 |
OPERATING EXPENSES: |  |  |  |  |  |  |  |
Advertising |  |  | - |  |  |  | 20,568 |
Professional fees |  |  | 105,227 |  |  |  | 206,660 |
Compensation and related benefits |  |  | 134,640 |  |  |  | 239,848 |
Amortization of intangible assets |  |  | 3,275 |  |  |  | 3,466 |
Other general and administrative |  |  | 74,210 |  |  |  | 60,693 |
Total operating expenses |  |  | 317,352 |  |  |  | 531,235 |
LOSS FROM OPERATIONS |  |  | (152,015 | ) |  |  | (334,674 | )
OTHER (EXPENSE) INCOME: |  |  |  |  |  |  |  |
Interest expense - related parties |  |  | (80,703 | ) |  |  | (308 | )
Other income (expense) |  |  | 49,963 |  |  |  | 766 |
Total other income (expense), net |  |  | (30,740 | ) |  |  | 458 |
LOSS BEFORE INCOME TAXES |  |  | (182,755 | ) |  |  | (334,216 | )
INCOME TAXES |  |  | - |  |  |  | - |
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS |  | $ | (182,755 | ) |  | $ | (334,216 | )
| The following table presents the results of operations of the Company classified as discontinued operations for the periods presented:
|  | Three months ended December 31, |  |  | For the Years Ended September 30, |
|  | 2024 |  |  | 2024 |  |  | 2023 |
REVENUES |  |  |  |  |  |  |  |  |
Revenue - general support services - related party |  | $ | — |  |  | $ | 4,800,000 |  |  | $ | 19,200,000 |
Revenue - financial services |  |  | 403,558 |  |  |  | 1,113,461 |  |  |  | 2,097,642 |
Total revenues |  |  | 403,558 |  |  |  | 5,913,461 |  |  |  | 21,297,642 |
COSTS OF REVENUES |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenue - general support services - related party |  |  | — |  |  |  | 4,650,000 |  |  |  | 18,775,000 |
Cost of revenue - financial services |  |  | 42,944 |  |  |  | 264,945 |  |  |  | 2,865,783 |
Total costs of revenues |  |  | 42,944 |  |  |  | 4,914,945 |  |  |  | 21,640,783 |
GROSS PROFIT (LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Gross profit - general support services - related party |  |  | — |  |  |  | 150,000 |  |  |  | 425,000 |
Gross profit (loss) - financial services |  |  | 360,614 |  |  |  | 848,516 |  |  |  | (768,141 | )
Total gross profit (loss) |  |  | 360,614 |  |  |  | 998,516 |  |  |  | (343,141 | )
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Advertising |  |  | 91 |  |  |  | 44,488 |  |  |  | 15,243 |
Professional fees |  |  | 187,006 |  |  |  | 747,252 |  |  |  | 857,364 |
Compensation and related benefits |  |  | 159,240 |  |  |  | 825,315 |  |  |  | 702,625 |
Amortization of intangible assets |  |  | 3,370 |  |  |  | 13,813 |  |  |  | 8,549 |
Bad debt expense – related parties |  |  | — |  |  |  | 6,141,000 |  |  |  | 650,285 |
Other general and administrative |  |  | 75,534 |  |  |  | 300,071 |  |  |  | 226,262 |
Impairment loss |  |  | — |  |  |  | — |  |  |  |  |
Total operating expenses |  |  | 425,241 |  |  |  | 8,071,939 |  |  |  | 2,460,328 |
LOSS FROM OPERATIONS |  |  | (64,627 | ) |  |  | (7,073,423 | ) |  |  | (2,803,469 | )
OTHER (EXPENSE) INCOME: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - related parties |  |  | (82,186 | ) |  |  | (162,621 | ) |  |  | (1,213 | )
Loss on extinguishment of vendor obligations |  |  | — |  |  |  | — |  |  |  |  |
Gain on extinguishment of vendor obligations |  |  | — |  |  |  | — |  |  |  |  |
Gain on termination of GSS GSA – related party |  |  | — |  |  |  | 6,082,962 |  |  |  |  |
Gain on extinguishment of due to affiliates |  |  | — |  |  |  | — |  |  |  |  |
Other (expense) income |  |  | (11,162 | ) |  |  | 12,161 |  |  |  | 36,568 |
Total other (expense) income, net |  |  | (93,348 | ) |  |  | 5,932,502 |  |  |  | 35,355 |
NET LOSS |  | $ | (157,975 | ) |  | $ | (1,140,921 | ) |  | $ | (2,768,114 | )

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