v3.21.2

Segment Reporting | 12 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
SEGMENT REPORTING | Note 19. 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 consolidated financial statements for detailing the Company’s business segments. The Company’s chief operating decision maker is the Chief Executive 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 has determined that it has three operating segments: (1) shipping agency and management services; (2) freight logistics services and (3) container trucking services. The following tables present summary information by segment for the years ended June 30, 2021 and 2020, respectively:
|  | For the Year Ended June 30, 2021 |
|  | Shipping Agency and Management Services |  |  | Freight Logistics Services |  |  | Container Trucking Services |  |  | Total |
Net revenues |  | $ | 206,845 |  |  | $ | 4,944,187 |  |  | $ | - |  |  | $ | 5,151,032 |
Cost of revenues |  | $ | 176,968 |  |  | $ | 4,797,427 |  |  | $ | - |  |  | $ | 4,974,394 |
Gross profit |  | $ | 29,878 |  |  | $ | 146,760 |  |  | $ | - |  |  | $ | 176,638 |
Depreciation and amortization |  | $ | 299,934 |  |  | $ | 36,300 |  |  | $ | - |  |  | $ | 336,234 |
Total capital expenditures |  | $ | 136,076 |  |  | $ | 407,954 |  |  | $ | - |  |  | $ | 544,030 |
Gross margin% |  |  | 14.4 | % |  |  | 3.0 | % |  |  | - | % |  |  | 3.4 | %
|  | For the Year Ended June 30, 2020 |
|  | Shipping Agency and Management Services |  |  | Freight Logistics Services |  |  | Container Trucking Services |  |  | Total |
Net revenues |  | $ | 2,105,651 |  |  | $ | 4,368,596 | * |  | $ | 61,709 |  |  | $ | 6,535,956 |
Cost of revenues |  | $ | 827,690 |  |  | $ | 2,795,859 | * |  | $ | 55,314 |  |  | $ | 3,678,863 |
Gross profit |  | $ | 1,277,961 |  |  | $ | 1,572,737 |  |  | $ | 6,395 |  |  | $ | 2,857,093 |
Depreciation and amortization |  | $ | 340,421 |  |  | $ | 7,684 |  |  | $ | 54,189 |  |  | $ | 402,294 |
Total capital expenditures |  | $ | 6,984 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,984 |
Gross margin% |  |  | 60.7 | % |  |  | 36.0 | % |  |  | 10.4 | % |  |  | 43.7 | %
| * | For certain freight logistics contracts that the Company entered into with customers starting from first quarter of fiscal year 2020, the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, revenues related to these contracts are presented net of related costs. For the year ended June 30, 2020, gross revenues and gross cost of revenues related to these contracts amounted to approximately $25.8 million and $24.3 million, respectively. There was no such transaction for the year ended June 30, 2021.
Total assets as of:
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
Shipping Agency and Management Services |  | $ | 47,347,418 |  |  | $ | 2,531,074 |
Freight Logistic Services |  |  | 5,453,848 |  |  |  | 3,176,165 |
Container Trucking Services |  |  | 1,851 |  |  |  | 30,863 |
Total Assets |  | $ | 52,803,117 |  |  | $ | 5,738,102 |
The Company’s operations are primarily based in the PRC and U.S, where the Company derives all of their revenues. Management also review consolidated financial results by business locations. Disaggregated information of revenues by geographic locations are as follows:
|  | For the Years Ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |
PRC |  |  | 4,921,022 |  |  |  | 4,368,596 |
U.S. |  |  | 230,010 |  |  |  | 2,167,360 |
Total revenues |  | $ | 5,151,032 |  |  | $ | 6,535,956 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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