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Discontinued Operations | 3 Months Ended
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Mar. 31, 2025 | Dec. 31, 2024
Discontinued Operations [Abstract] |  |
DISCONTINUED OPERATIONS | NOTE 4 – DISCONTINUED OPERATIONS In accordance with ASC 205-20 Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major impact on an entity’s operations and financial results when the components of an entity meets the criteria in ASC paragraph 205-20-45-10. In the period in which the component meets the held for sale or discontinued operations criteria the major assets, other assets, current liabilities and non-current liabilities shall be reported as a component of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the income (loss) of continuing operations. Disposition of a Subsidiary: On November 8, 2024, the Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with a shareholder of the Company and a subsidiary of the Company to sell the subsidiary to the shareholder or his nominee subject to the Company obtaining shareholder approval. As required by the Settlement Agreement, a Share Purchase Agreement was entered into between the same parties dated December 23, 2024 providing that the Company, subject to it obtaining shareholder approval, will sell the subsidiary to the officer of the Company in consideration of GBP 1,000 (approximately $1,294 at March 31, 2025). The subsidiary comprises our financial services operating segment. As a result of the planned disposition of the subsidiary, the financial services operating segment meets the held for sale criteria of ASC 205-20. Accordingly, the historical results of operations of the financial services operating segment has been reflected as discontinued operations in our consolidated financial statement for all periods prior to the Settlement Agreement on November 8, 2024. General Support Services Reporting Segment: In connection with a securities and purchase agreement and call option the Company entered into on December 15, 2024 to acquire a business (see Note 12) and the disposition of a subsidiary, the Company’s business will be focused on the defense sector. As of December 15, 2024, the Company determined that it would cease operations of its General Support Services operating segment. As a result, the general support services operating segment meets the discontinued operations criteria of ASC 205-20. Accordingly, the historical results of operations of the financial services operating segment has been reflected as discontinued operations in our consolidated financial statement for all periods prior to December 15, 2024. Summary Reconciliation of Discontinued Operations 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 |
|  | 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 | )
| NOTE 5 – DISCONTINUED OPERATIONS In accordance with ASC 205-20 Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major impact on an entity’s operations and financial results when the components of an entity meets the criteria in ASC paragraph 205-20-45-10. In the period in which the component meets the held for sale or discontinued operations criteria the major assets, other assets, current liabilities and non-current liabilities shall be reported as a component of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the income (loss) of continuing operations. Disposition of a Subsidiary: On November 8, 2024, the Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with a shareholder of the Company and a subsidiary of the Company to sell the subsidiary to the shareholder or his nominee subject to the Company obtaining shareholder approval. As required by the Settlement Agreement, a Share Purchase Agreement was entered into between the same parties dated December 23, 2024 providing that the Company, subject to it obtaining shareholder approval, will sell the subsidiary to the officer of the Company in consideration of GBP 1,000 (approximately $1,255 at December 31, 2024). The subsidiary comprises our financial services operating segment. As a result of the planned disposition of the subsidiary, the financial services operating segment meets the held for sale criteria of ASC 205-20. Accordingly, the historical results of operations of the financial services operating segment has been reflected as discontinued operations in our consolidated financial statement for all periods prior to the Settlement Agreement on November 8, 2024. General Support Services Reporting Segment: In connection with a securities and purchase agreement and call option the Company entered into on December 15, 2024 to acquire a business (see Note 15) and the disposition of a subsidiary, the Company’s business will be focused on the defense sector. As of December 15, 2024, the Company determined that it would cease operations of its General Support Services operating segment. As a result, the general support services operating segment meets the discontinued operations criteria of ASC 205-20. Accordingly, the historical results of operations of the financial services operating segment has been reflected as discontinued operations in our consolidated financial statement for all periods prior to December 15, 2024. Summary Reconciliation of Discontinued Operations 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 | )
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 |
The above tables exclude intercompany payables that are eliminated within our consolidated balance sheets.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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