Singularity Future Technology Ltd. Segments Disclosure

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 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 nine months ended March 31, 2024, the Company operated in one segment, freight logistics services, which had operations in both the United States and PRC. For the nine months ended March 31, 2024, the Company did not sell crypto-mining machines.

 

The following tables present summary information by segment for the years ended June 30, 2024 and 2023, respectively:

 

		For the Year Ended June 30, 2024
		Freight Logistics Services				Sale of Crypto-mining Machines				Total
Net revenues		$	3,136,681			$	-			$	3,136,681
Cost of revenues		$	3,614,947			$	-			$	3,614,947
Gross profit		$	(478,266	)		$	-			$	(478,266	)
Depreciation and amortization		$	131,125			$	1,070			$	132,195
Total capital expenditures		$	(589	)		$	-			$	(589	)
Gross margin%			(15.2	)%			-				(15.2	)%

 

		For the Year Ended June 30, 2023
		Freight Logistics Services				Sales of Crypto-mining Machines				Total
Net revenues		$	3,806,158			$	732,565			$	4,538,723
Cost of revenues		$	3,990,654			$	-			$	3,990,654
Gross (loss) profit		$	(184,496	)		$	732,565			$	548,069
Depreciation and amortization		$	163,635			$	713			$	164,348
Total capital expenditures		$	(38,440	)		$	2,852			$	(35,588	)
Gross margin%			(4.8	)%			100	%			12.1	%

 

Total assets as of:

 

		June 30,				June 30,
		2024				2023
Freight Logistic Services			18,728,039				19,075,202
Sales of crypto-mining machines			-				162,605
Total Assets			18,728,039			$	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 Years Ended
		June 30,				June 30,
		2024				2023
PRC		$	2,686,303			$	2,529,449
U.S.			450,378				2,009,274
Total revenues		$	3,136,681			$	4,538,723