v3.22.4
Segment Reporting
 3 Months Ended
Sep. 30, 2022
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. As of September 30, 2022, the Company has determined that it had two operating segments: (1) freight logistics services and (2) sales of crypto mining machines.

 

The following tables present summary information by segment for the three months ended September 30, 2022 and 2021, respectively:

 

   For Three Months Ended
September 30, 2022		 
   Freight
Logistics
Services		   Sales of Crypto Mining
Machines		   Total 
Net revenues  $724,159   $497,045   $1,221,204 
Cost of revenues  $745,627   $
-
   $745,627 
Gross profit  $(21,468)  $497,045   $475,577 
Depreciation and amortization  $78,945   $-   $78,945 
Total capital expenditures  $150,966   $-   $150,966 
Gross margin%   (3.0)%   100.0%   38.9%

 

   For the Three Months Ended
September 30, 2021
(Restated)		 
   Freight
Logistics
Services		  

Sales of Crypto Mining
Machines

   Total 
Net revenues  $816,010   $
              -
   $816,010 
Cost of revenues  $1,046,868   $
-
   $1,046,868 
Gross profit  $(230,858)  $
-
   $(230,858)
Depreciation and amortization  $140,710   $
-
   $140,710 
Total capital expenditures  $617,147   $
-
   $617,147 
Gross margin%   (28.3)%   
-
    (28.3)%

 

Total assets as of:

 

  

September 30,

   June 30, 
   2022   2022 
Freight Logistic Services   30,853,177    44,058,444 
Sales of crypto mining machines   26,463,362    20,789,296 
Total Assets  $57,316,539   $64,847,740 

  

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, 2022   2021 (Restated) 
PRC  $248,210   $725,077 
U.S.   972,994    90,933 
Total revenues  $1,221,204   $816,010