UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-34024 SINGULARITY FUTURE TECHNOLOGY LTD. (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Revenue Performance - For the nine months ended March 31, 2023, the Company's revenue from freight logistics services in China decreased by $546,438, or 24.37%, from $2,242,296 for the same period in 2022 to $1,695,858[194]. - Revenues decreased by $211,842, or approximately 21.8%, from $971,747 for the three months ended March 31, 2022, to $759,905 for the same period in 2023, primarily due to decreases in freight logistic services[195]. - Revenues from freight logistics services were $759,905 for the three months ended March 31, 2023, a decrease of $211,842, or approximately 21.8%, from $971,747 for the same period in 2022, mainly due to reduced customer demand for international e-commerce[197]. - Total revenues for the nine months ended March 31, 2023, increased by $642,358, or approximately 22.7%, from $2,829,682 for the same period in 2022 to $3,472,040, primarily due to increased revenue from the sale of crypto mining equipment[215]. - Revenues from freight logistics services decreased by $90,207, or 3.2%, to $2,739,475 for the nine months ended March 31, 2023, primarily due to decreased demand from a major customer in the PRC[219]. - Revenues from sales of crypto mining machines were $732,565 for the nine months ended March 31, 2023, compared to nil in the same period of 2022[220]. Expenses and Losses - Operating costs and expenses decreased by $5,861,198 or approximately 56.6%, from $10,358,558 for the three months ended March 31, 2022, to $4,497,360 for the same period in 2023[198]. - General and administrative expenses increased by $1,355,498, or approximately 63.3%, from $2,140,749 for the three months ended March 31, 2022, to $3,496,247 for the same period in 2023[202]. - The company recorded a net loss of $12,042,627 for the three months ended March 31, 2023, compared to a net loss of $9,422,520 for the same period in 2022[214]. - The company recorded a net loss of $18,739,820 for the nine months ended March 31, 2023, an improvement from a net loss of $23,455,465 in the same period of 2022[235]. - The company recorded $128,370 in impairment losses related to investments for the three months ended March 31, 2023, due to impairment of its investment in LSM Trading Ltd.[205]. - The company incurred $8,400,491 in lawsuit settlement expenses for the three months ended March 31, 2023, compared to nil in the same period in 2022[207]. - The company recorded $8,400,491 in lawsuit settlement expenses for the nine months ended March 31, 2023, compared to nil in the same period of 2022[230]. Compliance and Governance - The Company has been granted a compliance period until July 5, 2023, to regain compliance with Nasdaq's minimum bid price requirement of $1[188]. - The Company received a notice from Nasdaq on March 8, 2023, indicating non-compliance with audit committee requirements following the resignation of a board member[190]. - The Company regained compliance with Nasdaq Listing Rule 5250(c)(1) on March 16, 2023, confirming timely filing of required periodic financial reports[191]. - The Company appointed Heng Wang as non-executive chairman of the Board on March 30, 2023, following the resignation of John Levy[184]. Cash and Assets - As of March 31, 2023, the company had $21,609,701 in cash, with the majority held in U.S. banks[236]. - Total current assets decreased by 63.9% to $22.8 million as of March 31, 2023, compared to $63.2 million in June 2022[238]. - Working capital decreased by 67.3% to $12.4 million as of March 31, 2023, from $38.0 million in June 2022[238]. - Cash at the end of the period was $21.6 million as of March 31, 2023, down from $60.3 million at the end of the previous year[238]. - Current ratio decreased to 2.20 as of March 31, 2023, from 2.51 in June 2022, reflecting a decline of 12.4%[238]. - Net cash used in operating activities was approximately $32.3 million for the nine months ended March 31, 2023, primarily due to a net loss of approximately $18.7 million, which included an $8.4 million lawsuit settlement[239]. Operational Developments - The Company expanded its services to include warehousing through its US subsidiary, Brilliant Warehouse Service Inc., starting in fiscal year 2022[171]. - The Company has authorized the conduct of e-commerce business in China as of March 30, 2023[172]. - The Company experienced delays in fulfilling customer orders for crypto mining machines due to supply chain issues exacerbated by COVID-19[194].

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Commission File Number 001-34024 Singularity Future Technology Ltd. (Exact name of registrant as specified in its charter) | Virginia ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ SINGULARITY FUTURE TECHNOLOGY LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorpo ...

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended December 31, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________. Commission File Number 001-34024 Singularity Future Technology Ltd. (Exact name of registrant as specified in its charter) | Virginia | 11-3588546 | | --- | --- | | ...

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended September 30, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ___________ to ___________. Commission File Number 001-34024 Sino-Global Shipping America, Ltd. (Exact name of registrant as specified in its charter) | Virginia | 11-3588546 | | --- | --- ...

[PART I](index=6&type=section&id=PART%20I) [Business](index=6&type=section&id=Item%201.%20Business) Sino-Global, a non-asset based logistics provider, operates four segments and recently diversified into cryptocurrency amid regulatory and pandemic-related challenges - The company operates in four segments: shipping agency and management services, inland transportation management services, freight logistics services, and container trucking services[17](index=17&type=chunk) - In March 2021, the company entered the cryptocurrency sector by accepting Bitcoin as payment and purchasing **2,783 digital currency mining servers for $4.6 million**[34](index=34&type=chunk)[35](index=35&type=chunk) - Due to changes in Chinese regulatory policy, a purchase agreement for mining servers was restructured in September 2021, reducing the price from **RMB 30 million to RMB 6 million** and reallocating computing power to the U.S[36](index=36&type=chunk)[56](index=56&type=chunk) - The company's strategic plan includes diversifying its service mix, expanding its business footprint in the U.S, and applying technology to modernize logistics services[42](index=42&type=chunk) Customer and Supplier Concentration (FY 2021) | Category | Concentration Details | | :--- | :--- | | **Customers** | One customer accounted for 89.7% of revenues | | | One customer accounted for 87.6% of accounts receivable | | **Suppliers** | Two suppliers accounted for 55.4% and 28.6% of total costs of revenue | - The COVID-19 pandemic materially impacted business in 2020, causing operational disruptions and reduced demand, with the risk of resurgence posing an ongoing threat[57](index=57&type=chunk)[58](index=58&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) This item is not applicable as the company is classified as a smaller reporting company - Item 1A is not applicable because the registrant is a smaller reporting company[59](index=59&type=chunk) [Unresolved Staff Comments](index=14&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved or outstanding staff comments - The Company has no unresolved staff comments[60](index=60&type=chunk) [Properties](index=15&type=section&id=Item%202.%20Properties) The company does not own any real estate and rents eight office and warehouse facilities across the United States and the PRC Leased Office and Warehouse Facilities | Location | Country | Number of Facilities | | :--- | :--- | :--- | | New York | USA | 3 | | Texas | USA | 3 | | Shanghai | PRC | 1 | | Ningbo | PRC | 1 | [Legal Proceedings](index=15&type=section&id=Item%203.%20Legal%20Proceedings) As of the report date, the company is not a party to any material pending legal proceedings - The company is not aware of any material pending legal proceedings to which it or its subsidiaries are a party[63](index=63&type=chunk) [Mine Safety Disclosures](index=15&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the Company[64](index=64&type=chunk) [PART II](index=16&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=16&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on NASDAQ, and it has conducted several sales of unregistered securities to raise capital while not anticipating paying dividends - The company's common stock is traded on the NASDAQ Stock Market under the symbol **SINO**[66](index=66&type=chunk) - A **1-for-5 reverse stock split** was effected on July 7, 2020, to regain compliance with NASDAQ's minimum bid price rule[67](index=67&type=chunk)[68](index=68&type=chunk) - The company has never declared or paid cash dividends and does not expect to in the foreseeable future, intending to retain earnings for growth[70](index=70&type=chunk) - The company conducted multiple offerings of common stock, preferred stock, and warrants between September 2020 and February 2021, raising significant capital[72](index=72&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) [Selected Financial Data](index=17&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable as the company is classified as a smaller reporting company - The Company is not required to provide this information as it is a smaller reporting company[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) FY2021 revenues decreased 21.2%, but the net loss improved to $6.8 million, while the company's cash position strengthened significantly from financing activities [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Revenues decreased 21.2% in FY2021, but the net loss narrowed to $6.8 million, driven by a significant reduction in the provision for doubtful accounts Financial Performance Summary (FY2021 vs. FY2020) | Metric | FY 2021 | FY 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Net Revenues | $5,151,032 | $6,535,956 | (21.2)% | | Gross Profit | $176,638 | $2,857,093 | (93.8)% | | Gross Margin | 3.4% | 43.7% | (40.3) p.p. | | Operating Loss | ($6,261,000) | ($17,738,104) | 64.7% | | Net Loss | ($6,773,047) | ($17,928,647) | 62.2% | Revenue by Segment (FY2021 vs. FY2020) | Segment | FY 2021 Revenue | FY 2020 Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Shipping Agency & Management | $206,845 | $2,105,651 | (90.2)% | | Freight Logistics | $4,944,187 | $4,368,596 | 13.2% | | Container Trucking | $0 | $61,709 | (100.0)% | - Cost of revenues increased by 35.2% to $4.97 million, causing the **gross profit margin to decrease from 43.7% to 3.4%**[99](index=99&type=chunk) - General and administrative expenses increased by 65.5% to $5.6 million, driven by higher professional fees and increased employee and office costs[101](index=101&type=chunk) - An **impairment loss of $855,230** was recorded in FY2021 for mining equipment following a change in Chinese regulations[102](index=102&type=chunk) - Provision for doubtful accounts saw a **net recovery of $321,168** in FY2021, a stark contrast to the $14.9 million provision in FY2020[103](index=103&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved dramatically, with cash increasing to $44.8 million, primarily driven by $54.2 million in net cash from financing activities Cash and Working Capital (as of June 30) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Cash | $44,837,317 | $131,182 | | Working Capital (Deficit) | $41,523,701 | ($3,895,546) | Summary of Cash Flows (for the year ended June 30) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($4,150,112) | ($3,896,534) | | Net cash used in investing activities | ($6,040,185) | ($1,358) | | Net cash provided by financing activities | $54,200,082 | $1,220,601 | - Net cash from financing activities of **$54.2 million in FY2021** was primarily due to proceeds from the issuance of common and preferred stock[119](index=119&type=chunk) [Critical Accounting Policies](index=25&type=section&id=Critical%20Accounting%20Policies) Key accounting policies include the consolidation of a VIE, point-in-time revenue recognition, and significant management estimates for allowances and impairments - The company consolidates Sino-Global Shipping Agency Ltd, a PRC corporation, as a Variable Interest Entity (VIE)[122](index=122&type=chunk)[123](index=123&type=chunk) - Significant accounting estimates include revenue recognition, allowance for doubtful accounts, impairment loss, and deferred income taxes[125](index=125&type=chunk) - Revenue is recognized at a point in time based on a five-step model after all performance obligations are satisfied[126](index=126&type=chunk)[127](index=127&type=chunk) - The company provided a **100% valuation allowance** for its deferred tax assets as of June 30, 2021, due to uncertainty on future earnings[110](index=110&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This item is not applicable - This item is not applicable[143](index=143&type=chunk) [Financial Statements and Supplementary Data](index=28&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The company's financial statements and the report from its independent auditor are included following the signature pages of the report - The Company's financial statements and the report of Audit Alliance LLP are set forth following the signature pages of this Report[144](index=144&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=28&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[145](index=145&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were not effective as of June 30, 2021, due to several material weaknesses in internal control - Management concluded that as of June 30, 2021, the Company's **disclosure controls and procedures were not effective**[147](index=147&type=chunk) - Material weaknesses identified include lack of segregation of duties, insufficient U.S. GAAP personnel, and inadequate management control reviews[149](index=149&type=chunk) - The company's remediation plan includes hiring additional accounting staff, improving the internal audit function, and conducting personnel training[153](index=153&type=chunk) [Other Information](index=29&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[152](index=152&type=chunk) [PART III](index=30&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=30&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details the company's leadership, board structure, risk oversight, and the composition of its independent audit committee - The report lists the key executive officers and directors, including **Lei Cao (CEO and Director)**, Tuo Pan (Acting CFO), Jing Shan (COO), and Xintang You (CTO)[156](index=156&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - CEO Lei Cao also serves as the Chairman of the Board, a structure the company believes enables decisive leadership[165](index=165&type=chunk) - The company has an audit committee consisting of independent directors, with **Mr. Tieliang Liu qualifying as the audit committee financial expert**[171](index=171&type=chunk) [Executive Compensation](index=33&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation for fiscal 2021 was heavily weighted towards securities-based awards, with the board also approving a one-time stock award Executive Compensation Summary (FY 2021) | Name and Title | Salary | Bonus | Securities-based Compensation | Total Compensation | | :--- | :--- | :--- | :--- | :--- | | Lei Cao, CEO | $425,000 | $300,000 | $1,722,000 | $2,447,000 | | Tuo Pan, Acting CFO | $171,454 | $100,000 | $574,000 | $845,454 | | Zhikang Huang, VP | $125,000 | $50,000 | $459,200 | $634,200 | - On August 13, 2021, the Board approved a **one-time award of 1,020,000 shares** of common stock to officers and directors[176](index=176&type=chunk) - The company has employment agreements with its named executive officers that include five-year terms and specific severance provisions[181](index=181&type=chunk)[182](index=182&type=chunk) [Security Ownership of Certain Beneficial Owners and Management](index=36&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) CEO Lei Cao is the largest insider shareholder with 6.32% ownership, while all officers and directors as a group own 10.18% of the company Beneficial Ownership of Key Insiders (as of Sept 28, 2021) | Name | Shares Owned | Percentage Ownership | | :--- | :--- | :--- | | Lei Cao (CEO) | 1,021,008 | 6.32% | | All Officers and Directors (as a group) | 1,643,808 | 10.18% | - The company has three equity compensation plans, with **10,000,000 shares available for future issuance** under the 2021 Incentive Plan[186](index=186&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=37&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The Board of Directors maintains a majority of independent directors, and the company discloses minor payables to executives for business expenses - The Board of Directors maintains a **majority of independent directors**[191](index=191&type=chunk) - As of June 30, 2021, the Company had payables to the CEO ($10,303) and Acting CFO ($2,314) for reimbursement of business expenses[193](index=193&type=chunk) [Principal Accountant Fees and Services](index=38&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Audit Alliance LLP was appointed as the independent auditor in October 2020, with audit fees totaling $225,000 for fiscal year 2021 - **Audit Alliance LLP was appointed** as the Company's independent auditor on October 26, 2020, replacing Friedman LLP[195](index=195&type=chunk) Accountant Fees | Fiscal Year | Firm | Audit Fees | Tax Fees | | :--- | :--- | :--- | :--- | | 2021 | Audit Alliance LLP | $225,000 | - | | 2020 | Friedman LLP | $254,000 | $24,779 | | 2020 | Rich and Bander LLP | - | $25,000 | [Exhibits, Financial Statement Schedules](index=39&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) [Exhibits](index=39&type=section&id=Exhibits) This section lists all exhibits filed with the Form 10-K, including corporate documents, agreements, incentive plans, and executive certifications - The exhibits include foundational corporate documents, securities purchase agreements, employment agreements, and the company's stock incentive plans[205](index=205&type=chunk) - Certifications from the CEO and CFO pursuant to Sarbanes-Oxley Act Sections 302 and 906 are included as exhibits[205](index=205&type=chunk) [Financial Statements and Supplementary Data](index=42&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Consolidated Financial Statements](index=44&type=section&id=Consolidated%20Financial%20Statements) The company's balance sheet strengthened significantly in FY2021 due to financing activities, while the net loss improved from the prior year Consolidated Balance Sheet Highlights (as of June 30) | Account | 2021 | 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $44,837,317 | $131,182 | | Total Current Assets | $46,867,349 | $1,913,319 | | Total Assets | $52,803,116 | $5,738,102 | | **Liabilities & Equity** | | | | Total Current Liabilities | $5,343,648 | $5,808,865 | | Total Liabilities | $5,733,974 | $6,096,002 | | Total Equity (Deficiency) | $47,069,142 | ($357,900) | Consolidated Statement of Operations Highlights (for the year ended June 30) | Account | 2021 | 2020 | | :--- | :--- | :--- | | Net Revenues | $5,151,032 | $6,535,956 | | Gross Profit | $176,638 | $2,857,093 | | Operating Loss | ($6,261,000) | ($17,738,104) | | Net Loss | ($6,773,047) | ($17,928,647) | | Loss Per Share (Basic & Diluted) | ($0.79) | ($4.78) | [Notes to the Consolidated Financial Statements](index=50&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, the impact of the new cryptocurrency venture, significant financing activities, and major customer concentrations - The company entered the cryptocurrency mining business in March 2021 but recorded an **impairment of approximately $0.9 million** on mining equipment due to restrictive Chinese regulations[251](index=251&type=chunk)[253](index=253&type=chunk) - A **1-for-5 reverse stock split** was effected on July 7, 2020, to maintain NASDAQ listing compliance, with all share data retroactively adjusted[246](index=246&type=chunk) - The company consolidates Sino-Global Shipping Agency Ltd as a Variable Interest Entity (VIE)[259](index=259&type=chunk) - Cryptocurrencies are accounted for as **indefinite-lived intangible assets**, recorded at cost and assessed for impairment[271](index=271&type=chunk) - The company raised significant capital through multiple issuances of common stock, preferred stock, and warrants between September 2020 and February 2021[327](index=327&type=chunk)[328](index=328&type=chunk)[333](index=333&type=chunk) - For FY2021, **one customer accounted for 89.7% of revenues**, and two suppliers accounted for a combined 84% of cost of revenues, indicating significant concentration risk[358](index=358&type=chunk)[359](index=359&type=chunk)

U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the period ended March 31, 2021 | Virginia | 11-3588546 | | --- | --- | | (State or other jurisdiction of | (I.R.S. employer | | Incorporation or organization) | identification number) | | 1044 Northern Boulevard, Suite 305 | | | Roslyn, New York | 11576-1514 | | (Address of principal executive offices) | (Zip Code) | (718) 888-1814 (Registrant' ...

Revenue Performance - Revenue for the three months ended December 31, 2020, decreased by approximately $136,684, or 6.8%, to $1,884,440 compared to $2,021,124 for the same period in 2019[156]. - Revenue from shipping agency and management services dropped to nil for the three months ended December 31, 2020, representing a 100% decrease from $500,000 in the same period in 2019[161]. - Revenue from freight logistics services increased by $380,940, or approximately 25.3%, during the three months ended December 31, 2020, primarily due to the execution of delayed contracts[162]. - Revenues decreased by $786,111, or approximately 20.6%, from $3,807,350 for the six months ended December 31, 2019, to $3,021,239 for the same period in 2020[181]. - Revenues from shipping agency and management services decreased by approximately 79.3% to $206,845 for the six months ended December 31, 2020, compared to $1,000,000 for the same period in 2019[185]. - Revenues from container trucking services were nil for the six months ended December 31, 2020, a decrease of 100.0% from $61,709 for the same period in 2019[188]. Profitability and Margins - Gross profit for the three months ended December 31, 2020, was $195,976, down by $1,069,503, or 84.5%, from $1,265,479 in the same period in 2019[155]. - The gross margin percentage decreased from approximately 62.6% for the three months ended December 31, 2019, to approximately 10.4% for the same period in 2020, a decline of 52.2%[168]. - Gross profit margin decreased from approximately 62.2% for the six months ended December 31, 2019, to approximately 7.9% for the same period in 2020[192]. Operating Costs and Expenses - Operating costs and expenses rose by $706,151, or approximately 30.0%, from $2,354,119 for the three months ended December 31, 2019, to $3,060,270 for the same period in 2020[166]. - Cost of revenues increased by $932,819, or approximately 123.4%, to $1,688,464 for the three months ended December 31, 2020, compared to $755,645 in the same period in 2019[168]. - Operating costs and expenses decreased by $944,212 or approximately 16.0%, from $5,890,425 for the six months ended December 31, 2019, to $4,946,213 for the same period in 2020[190]. - Selling expenses decreased by approximately 44.4% to $142,392 for the six months ended December 31, 2020, compared to $256,154 for the same period in 2019[193]. - General and administrative expenses surged by $612,171, or approximately 87.2%, from $702,064 for the three months ended December 31, 2019, to $1,314,235 for the same period in 2020[171]. - General and administrative expenses increased by approximately 12.5% to $2,017,669 for the six months ended December 31, 2020, primarily due to a $606,000 increase in professional expenses[195]. Losses and Financial Condition - Operating loss increased to $1,175,830 for the three months ended December 31, 2020, compared to $332,995 for the same period in 2019[174]. - Net loss was $1,093,560 for the three months ended December 31, 2020, compared to $363,355 for the same period in 2019[180]. - Operating loss improved to $1,924,974 for the six months ended December 31, 2020, compared to $2,083,075 for the same period in 2019[199]. - Net loss decreased to $1,842,016 for the six months ended December 31, 2020, compared to $2,111,979 for the same period in 2019[205]. Cash and Assets - Cash at the end of the period increased to $4,473,000 as of December 31, 2020, compared to $119,667 at the end of the previous period[206]. - Net cash provided by financing activities was approximately $6.9 million for the six months ended December 31, 2020, primarily from the issuance of common and preferred stock[214]. - Total current assets increased by approximately 255.9% to $6,808,881 as of December 31, 2020, compared to $1,913,319 as of June 30, 2020[206]. - Working capital improved to $1,057,611 as of December 31, 2020, compared to a deficit of $3,895,546 as of June 30, 2020[206]. Strategic Initiatives - The company plans to integrate traditional logistics with modern technology and pursue Bitcoin mining as part of its strategy to diversify revenue streams[151]. - The ongoing COVID-19 pandemic continues to adversely affect the company's operations and financial condition, leading to uncertainty in future performance[152]. - Provision for doubtful accounts decreased by $294,567, or approximately 105.7%, to $14,282 for the three months ended December 31, 2020, compared to $278,676 for the same period in 2019[172]. - Stock-based compensation was nil for the three months ended December 31, 2020, a decrease of $491,609 or 100.0%, compared to the same period in 2019[173]. - Provision for doubtful accounts decreased by approximately 99.8% to $45,091 for the six months ended December 31, 2020, compared to $1,285,592 for the same period in 2019[197].