v3.25.0.1
Segment Reporting
 6 Months Ended
Dec. 31, 2024
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 six months ended December 31, 2024, the Company operated in one segment, freight logistics services, which had operations in both the United States and PRC. For the six months ended December 31, 2024, the Company did not sell crypto-mining machines.

 

The following tables present summary information by segment for the three and six months ended December 31, 2024 and 2023, respectively:

 

   For the Three Months Ended
December 31, 2024		 
   Freight
Logistics
Services		   Crypto-
mining
equipment
sales		   Total 
Net revenues  $474,624   $
        -
   $474,624 
Cost of revenues  $464,100   $
-
   $464,100 
Gross profit  $10,524   $
-
   $10,524 
Depreciation and amortization  $18,504   $
-
   $18,504 
Total capital expenditures  $
-
   $
-
   $ 
Gross margin%   2.2%   
-
    2.2%
   For the Three Months Ended
December 31, 2023		 
   Freight
Logistics
Services		   Crypto-
mining
equipment
sales		   Total 
Net revenues  $961,240   $
-
   $961,240 
Cost of revenues  $976,876   $
-
   $976,876 
Gross profit  $(15,636)  $
-
   $(15,636)
Depreciation and amortization  $37,567   $357   $37,924 
Total capital expenditures  $589   $
-
   $589 
Gross margin%   (1.6)%   
-
    (1.6)%

 

   For the Six Months Ended
December 31, 2024		 
   Freight
Logistics
Services		   Crypto-
mining
equipment
sales		   Total 
Net revenues  $976,026   $
     -
   $976,026 
Cost of revenues  $1,237,417   $
-
   $1,237,417 
Gross profit  $(261,391)  $
-
   $(261,391)
Depreciation and amortization  $36,423   $
-
   $36,423 
Total capital expenditures  $
-
   $
-
   $
-
 
Gross margin%   (26.8)%   
-
    (26.8)%

 

   For the Six Months Ended
December 31, 2023		 
   Freight
Logistics
Services		   Crypto-
mining
equipment
sales		   Total 
Net revenues  $1,857,166   $
-
   $1,857,166 
Cost of revenues  $1,979,825   $
-
   $1,979,825 
Gross profit  $(122,659)  $
-
   $(122,659)
Depreciation and amortization  $75,338   $713   $76,051 
Total capital expenditures  $589   $
-
   $589 
Gross margin%   (6.6)%   
-
    (6.6)%

Total assets as of:

 

   December 31,   June 30, 
   2024   2024 
Freight Logistic Services  $19,119,339   $18,728,039 
Total Assets  $19,119,339   $18,728,039 

 

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   For the Six Months Ended 
   December 31,   December 31,   December 31,   December 31, 
   2024   2023   2024   2023 
PRC  $474,624   $837,763   $976,026   $1,538,419 
U.S.   
-
    123,477    
-
    318,747 
Total revenues  $474,624   $961,240   $976,026   $1,857,166