| Schedule of Discontinued Operation Consolidated Balance Sheet |
|
The
following is a summary of assets and liabilities as of June 30, 2025 and a reconciliation of assets and liabilities disclosed in the
notes to financial statements that are presented as a discontinued operation on the consolidated balance sheet as of June 30, 2024 and
2023:
| | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2025 | | |
2024 | | |
2023 | |
| ASSETS OF DISCONTINUED OPERATION | |
| | |
| | |
| |
| CURRENT ASSETS: | |
| | |
| | |
| |
| Cash and cash equivalents | |
$ | - | | |
$ | 40,692 | | |
$ | 4,005 | |
| Accounts receivable, net | |
| - | | |
| 1,558,227 | | |
| 875,281 | |
| Due from related parties | |
| - | | |
| 6,400 | | |
| 7,299 | |
| Deposits, prepayments and other current assets, net | |
| - | | |
| 16,102 | | |
| 19,466 | |
| Total current assets | |
| - | | |
| 1,621,421 | | |
| 906,051 | |
| NON - CURRENT ASSETS: | |
| | | |
| | | |
| | |
| Property, planty and equipment, net | |
| - | | |
| 11,216 | | |
| 17,787 | |
| Deferred tax assets | |
| - | | |
| 104,857 | | |
| 264,736 | |
| Total non - current assets | |
| - | | |
| 116,073 | | |
| 282,523 | |
| TOTAL ASSETS | |
$ | - | | |
$ | 1,737,494 | | |
$ | 1,188,574 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES OF DISCONTINUED OPERATION | |
| | | |
| | | |
| | |
| CURRENT LIABILITIES: | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | - | | |
$ | 206,407 | | |
$ | 10,343 | |
| Accrued expenses and other payables | |
| - | | |
| 295,504 | | |
| 191,618 | |
| Advances from customers | |
| - | | |
| 1,009 | | |
| 1,520 | |
| Due to related parties | |
| - | | |
| 402,202 | | |
| - | |
| Tax payable | |
| - | | |
| 102,029 | | |
| 53,546 | |
| Total current liabilities | |
| - | | |
| 1,007,151 | | |
| 257,027 | |
| NON - CURRENT LIABILITIES: | |
| | | |
| | | |
| | |
| Amount due to related parties - non-current | |
| - | | |
| - | | |
| 419,583 | |
| Total non - current liabilities | |
| - | | |
| - | | |
| 419,583 | |
| TOTAL LIABILITIES | |
$ | - | | |
$ | 1,007,151 | | |
$ | 676,610 | |
|
| Schedule of Discontinued Operation Consolidated Statements of Net (Loss)/Income |
The
aggregated financial results of the discontinued operations, after intercompany elimination, for the six months ended June 30, 2024 are
as follows:
| | |
For the Six
Months Ended
December 31, | |
| | |
2024 | |
| | |
| US$ | |
| Net revenue | |
| 1,328,203 | |
| Cost of revenue | |
| (702,230 | ) |
| Taxes and other surcharges | |
| (5,623 | ) |
| Gross profit | |
| 620,350 | |
| Operating expenses | |
| (285,038 | ) |
| Other income/(expenses).net | |
| 1,325 | |
| (Loss)/income before income tax | |
| 336,637 | |
| Income tax expense | |
| (65,589 | ) |
| (Loss)/income from discontinued operation, net of income tax | |
| 271,048 | |
|
The
following is a reconciliation of the major classes of financial statement line items constituting net (loss)/income from discontinued
operations from Guangzhou Sanyi Network and Guangzhou 3E Network, our discontinued operation, that is disclosed in the notes to the financial
statements and presented in the consolidated statements of net (loss)/income for the years ended June 30, 2025, 2024 and 2023:
| | |
Years Ended June 30, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| 1,825,288 | | |
| 3,702,619 | | |
| 1,634,221 | |
| Cost of revenues | |
| (1,121,174 | ) | |
| (2,216,444 | ) | |
| (389,022 | ) |
| Taxes and other surcharges | |
| (5,598 | ) | |
| (9,934 | ) | |
| (3,788 | ) |
| Gross profit | |
| 698,516 | | |
| 1,476,241 | | |
| 1,241,411 | |
| Operating expenses | |
| (551,578 | ) | |
| (471,218 | ) | |
| (194,476 | ) |
| Other income/(expenses).net | |
| 1,501 | | |
| 10,178 | | |
| 7,929 | |
| (Loss)/income before income tax | |
| 148,439 | | |
| 1,015,201 | | |
| 1,054,864 | |
| Income tax expense | |
| 19,381 | | |
| (169,458 | ) | |
| (72,729 | ) |
| (Loss)/income from discontinued operation, net of income tax | |
| 167,820 | | |
| 845,743 | | |
| 982,135 | |
|