| Plant and equipment, net |
Note 8 – Plant and equipment, net Plant and equipment consist of the following: | | | June 30,
2026 | | | June 30,
2025 | | | | | | | | | | | Cryptocurrency mining equipment* | | $ | 17,670,000 | | | $ | 35,000,000 | | | Less: Accumulated depreciation | | | (3,926,667 | ) | | | (2,916,667 | ) | | Plant and equipment, net | | $ | 13,743,333 | | | $ | 32,083,333 | | | * | Management considered operational performance, historical results, and other indicators of impairment in assessing the recoverability of mining equipment. During the year ended June 30, 2026, the Company determined that the estimated fair value of its cryptocurrency mining equipment, based on market prices for similar assets, was less than its carrying value of $26,250,000, calculated as the original cost of $35,000,000 less accumulated depreciation of $8,750,000, and accordingly, recognized an impairment loss of $8,580,000. The impairment loss reduced the carrying amount of equipment to its estimated fair value of $17,670,000 on December 31, 2025. Following the impairment, the adjusted carrying amount of $17,670,000 became the new cost basis. Additional depreciation of $3,926,667 was recognized based on the new cost basis and the remaining life, resulting in a net carrying amount of $13,743,333 as of June 30, 2026. No impairment loss was recognized during the years ended June 30, 2025. | Depreciation expense was $9,760,000, $2,920,494 and nil for the years ended June 30, 2026, 2025 and 2024, respectively.
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