| Schedule of Sale Transaction |
As of June 30, 2025, the major of assets and liabilities from discontinued operation included the following: | | | As of
June 30,
2025 | | | ASSETS: | | | | | Current Assets: | | | | | Cash | | $ | 141,188 | | | Accounts receivable – third parties, net | | | 1,488,660 | | | Accounts receivable – related party, net | | | 396,331 | | | Prepaid expenses and other assets– third parties | | | 227,984 | | | Other receivable – related parties | | | 869,430 | | | Contract assets | | | 119,054 | | | Loan receivable – Related parties | | | 277,741 | | | Current assets from discontinued operation | | $ | 3,520,388 | | | | | | | | | Non-current Assets: | | | | | | Long-term investment | | $ | 15,741 | | | Property and equipment, net | | | 228,819 | | | Right of use operating lease assets, net | | | 2,886,929 | | | Right of use financing lease assets, net | | | 93,797 | | | Prepaid expenses and other assets | | | 65,000 | | | Non-current assets from discontinued operation | | $ | 3,290,286 | | | | | | | | | LIABILITIES | | | | | | Current liabilities | | | | | | Accounts payable– third parties | | $ | 1,475,989 | | | Accounts payable– related party | | | 65,237 | | | Accrued expenses and other liabilities | | | 958,130 | | | Obligations under operating leases | | | 2,214,473 | | | Obligations under financing leases | | | 47,035 | | | Other loan payable | | | 1,037,242 | | | Tax payable | | | 79,825 | | | Current liabilities from discontinued operation | | $ | 5,877,931 | | | | | | | | | Non-current liabilities | | | | | | Other loan payable | | $ | 60,398 | | | Loan payable to related party | | | 124,176 | | | Obligations under operating leases | | | 1,408,959 | | | Obligations under financing leases | | | 66,267 | | | Non-current liabilities from discontinued operation | | $ | 1,659,800 | |
Results of Discontinued Operations Net income (loss) from discontinued operations details is as follows: | | | For the
Period from
July 1,
2025 to Date
of Disposal | | | For the
Year Ended
June 30,
2025 | | | Revenue | | $ | 10,678,106 | | | $ | 15,027,960 | | | Cost of revenue | | | 9,768,331 | | | | 13,699,648 | | | Operating expenses | | | 2,661,614 | | | | 4,797,033 | | | Loss from operation | | | (1,751,839 | ) | | | (3,468,721 | ) | | Gain on sale of ABL Chicago | | | 2,556,315 | | | | - | | | Other expense, net | | | (150,088 | ) | | | 210,948 | | | Net income (loss) from discontinued operations, before tax | | | 654,388 | | | | (3,257,773 | ) | | Income tax expense | | | - | | | | 89,581 | | | Income (loss) from discontinued operations, net of tax provision | | $ | 654,388 | | | $ | (3,347,354 | ) | The following table includes supplemental cash flow and non-cash information related to leases: | | | For the
Period from
July 1,
2025 to Date
of Disposal | | | For the
Year Ended
June 30,
2025 | | | Cash paid of amounts included in the measurement of lease liabilities: | | | | | | | | Operating cash flows from discontinued operation - operating leases | | $ | 1,599,276 | | | $ | 1,448,064 | | | Operating cash flows from discontinued operation - finance leases | | $ | 4,466 | | | $ | 5,859 | | | Financing cash flows discontinued operation - from finance leases | | $ | 20,980 | | | $ | 30,779 | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | | | | Operating lease liabilities | | $ | - | | | $ | 1,105,533 | | | Finance lease liabilities | | | - | | | $ | 89,003 | |
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| Schedule of Accounts Receivable Prepayment, Deposit and Other Receivable |
Accounts receivable, net consists of the following: | | | June 30,
2025 | | | Accounts receivable – third-party customers | | $ | 1,543,349 | | | Less: allowance for credit loss – third-party customers | | | (54,689 | ) | | Accounts receivable from third-party customers, net | | $ | 1,488,660 | | | | | | | | | Accounts receivable – related party customers | | $ | 396,331 | | | Less: allowance for credit loss – related party customers | | | - | | | Total accounts receivable– related party customers, net | | $ | 396,331 | | Prepayment, deposit and other receivable – third party | | | June 30,
2025 | | | Prepayment and other deposits | | $ | 33,212 | | | Rent deposits | | | 259,772 | | | Total | | | 292,984 | | | Less: non-current portion | | | (65,000 | ) | | Current portion | | $ | 227,984 | | Accrued liabilities and other payables comprise the following amounts relating to the discontinued operation: | | | June 30,
2025 | | | Credit card payables | | $ | 323,382 | | | Payroll liabilities | | | 112,076 | | | Accrued expense | | | 220,823 | | | Other payables | | | 301,849 | | | Total | | $ | 958,130 | | The loan balance consists of the following: | | | June 30,
2025 | | | Equipment loans (a) | | $ | 34,645 | | | Vehicle loans (b) | | | 88,762 | | | Other loans (c) | | | 974,233 | | | Total | | | 1,097,640 | | | Less: loan payable, current | | | (1,037,242 | ) | | Loan payable, non-current | | $ | 60,398 | | Other receivable from related parties consists of balances with the parties listed below, arising from interest receivable, storage income, rental income, contractor salaries charged by related parties, other expenses paid on their behalf: | | | June 30,
2025 | | | Other receivable from Weship | | $ | 753,116 | | | Other receivable from Intermodal | | | 99,635 | | | Other receivable from ABL LAX | | | 18,291 | | | Other payable to ABL Shenzhen | | | (1,612 | ) | | Total | | $ | 869,430 | | b) Summary of balances payable to related parties | | | June 30,
2025 | | | Account payable to Weship | | $ | 35,003 | | | Account payable to ABL Wuhan | | | 9,012 | | | Account payable to Intermodal | | | 21,222 | | | Total | | $ | 65,237 | | c) Summary of balances receivable from related parties | | | June 30,
2025 | | | Accounts receivable from Weship | | $ | 8,853 | | | Accounts receivable from ABL Shenzhen | | | 129,588 | | | Accounts receivable from ABL Wuhan | | | 257,890 | | | Total | | $ | 396,331 | | d) Loan receivable from related parties | | | June 30,
2025 | | | Loan receivable from Weship | | $ | 148,000 | | | Loan receivable from ABL LAX | | | 129,741 | | | Total | | $ | 277,741 | | e) Summary of related parties’ transactions
| | | For the
Period from
July 1,
2025 to Date
of Disposal | | | For The
Year Ended
June 30,
2025 | | | Revenue from Weship (a) | | $ | 15,435 | | | $ | 8,241 | | | Revenue from ABL Wuhan (a) | | $ | 831,021 | | | $ | 1,196,119 | | | Revenue from ABL Shenzhen (a) | | $ | 530,888 | | | $ | 698,371 | | | Revenue from ABL LAX (a) | | $ | 2,585 | | | $ | 3,084 | | | Rental income from Weship (c) | | $ | 155,344 | | | $ | 331,665 | | | Rental income from Intermodal (d) | | $ | 8,199 | | | $ | 20,021 | | | Cost of revenue charged by Weship (b) | | $ | 402,846 | | | $ | 869,975 | | | Cost of revenue charged by Intermodal (e) | | $ | 386,468 | | | $ | 673,823 | | | Cost of revenue charged by ABL Wuhan (f) | | $ | 96,310 | | | $ | 133,403 | | | Cost of revenue charged by ABL LAX (f) | | $ | - | | | $ | 2,737 | | | Interest expenses charged by ABL Shenzhen | | $ | 6,448 | | | $ | 2,418 | | During the years ended June 30, 2026 and 2025, the Company had the following transactions with its related parties — Weship, ABL Wuhan, ABL Shenzhen, ABL LAX and Intermodal | | (a) | The Company provides logistic forwarding services to Weship, ABL Wuhan and ABL Shenzhen and charges Weship, ABL Wuhan and ABL Shenzhen at its regular market rate for the services provided. | | | (b) | Weship is one of the Company’s vendors for truck delivery service. | | | (c) | The Company subleased portion of its warehouse space to Weship for rental income. The Company subleased its warehouse in Chicago to Weship in July 2023 and again for the period from January 2024 to February 12, 2026. The Company also subleased another warehouse with monthly rent of $6,500 from August 01, 2023 to October 31, 2024. | | | (d) | The Company subleased portion of its warehouse space to Intermodal for year ended February 12, 2026. | | | | | | | (e) | Intermodal is one of the Company’s vendors, providing truck delivery service and provides labor forces. | | | (f) | ABL Wuhan provides labor force and certain cross-border freight consolidation and forwarding services and is one of our cross-border freight consolidation and forwarding service providers. | f) Salaries and employee benefits paid to major shareholders
| | | For the
Period from
July 1,
2025 to Date
of Disposal | | | For The
Year Ended
June 30,
2025 | | | Mr. Henry Liu | | $ | 56,782 | | | $ | 110,205 | | | Mr. Shuai Li | | | 65,065 | | | | 115,282 | | | Total | | $ | 121,847 | | | $ | 225,487 | |
|
| Schedule of Sale Transaction |
The Company recorded a gain on the sale of the ABL Chicago business in the amount of $2,556,315 as follows: | Cash consideration for sale of ABL Chicago | | $ | 1 | | | | | | | | | Less: book value of assets sold: | | | | | | Cash | | | 167,536 | | | Accounts receivable – third parties, net | | | 1,078,847 | | | Accounts receivable – related party, net | | | 358,246 | | | Prepaid expenses and other as sets | | | 337,616 | | | Other receivable – related parties | | | 1,141,959 | | | Loan receivable – related parties | | | 386,541 | | | Contract assets | | | 43,365 | | | Investment in other entity | | | 15,741 | | | Property and equipment, net | | | 132,366 | | | Right of use operating lease assets, net | | | 1,697,873 | | | Right of use financing lease assets, net | | | 71,692 | | | Net book value of assets sold | | | 5,431,782 | | | | | | | | | Add: Liabilities assumed by buyer | | | | | | Accounts payable– third parties | | | 1,907,730 | | | Accounts payable– related party | | | 153,353 | | | Accrued expenses and other liabilities | | | 794,091 | | | Obligations under operating leases | | | 2,150,449 | | | Obligations under financing leases | | | 92,323 | | | Tax payable | | | 79,825 | | | Other loan payable | | | 2,243,159 | | | Amounts duo related party | | | 260,144 | | | Amounts due to shareholder | | | 182,846 | | | Amounts due to ultimate holding company | | | 3,402,808 | | | Loan payable to related party | | | 124,176 | | | Total liabilities assumed | | | 11,390,904 | | | | | | | | | Less: Amounts due from ABL Chicago | | | 3,402,808 | | | | | | | | | Gain on Sale of ABL Chicago | | $ | 2,556,315 | |
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