v3.23.3
Segment Reporting
 3 Months Ended
Sep. 30, 2023
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. The Company ceased to sell crypto-mining equipment since January 1, 2023. For the three months ended September 30, 2023, the Company operated in freight logistics services, which were operated by its subsidiaries in both the United States and PRC. For the three months ended September 30, 2023, the Company did not sell crypto-mining machines. On March 30, 2023, the board of directors of the Company authorized the Company to conduct an e-commerce business in China, including but not limited to the marketing approach of media redirecting.

 

The following tables present summary information by segment for the three months ended September 30, 2023 and 2022, respectively:

 

   For the Three Months Ended
September 30, 2023		 
   Freight
Logistics
Services		   Crypto-mining
equipment
sales		   Total 
Net revenues  $895,926   $
-
   $895,926 
Cost of revenues  $1,002,949   $
-
   $1,002,949 
Gross profit  $(107,023)  $
-
   $(107,023)
Depreciation and amortization  $37,770   $357   $38,127 
Total capital expenditures  $
-
   $
-
   $
-
 
Gross margin%   (11.9)%   100.0%   (11.9)%

 

   For the Three Months Ended
September 30, 2022		 
   Freight
Logistics
Services		   Crypto-mining
equipment
sales		   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%

 

Total assets as of:

 

   September 30,   June 30, 
   2023   2023 
Freight Logistic Services  $11,548,365   $19,075,202 
Sale of crypto mining machines   1,783    162,605 
Total Assets  $11,550,148   $19,237,807 

 

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, 
   2023   2022 
PRC  $700,656   $248,210 
U.S.   195,270    972,994 
Total revenues  $895,926   $1,221,204