Singularity Future Technology Ltd
For the period ended Mar 31, 2025. Filed May 15, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
SGLY$0.40-4.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-19.
0001213900-25-015071
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001213900-25-044191
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 73 current paragraphs.
36 unchanged; 27 reworded; 9 added; 27 removed; 6 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Our gross margin was 83.4% and negative 59.9% for the three months ended March 31, 2025 and 2024, respectively, mainly attributable to accounting reclassification and the engagement of lower-cost suppliers.
Current report
On February 19, 2024, we dissolved Thor Miner Inc. The total gain from the disposal was $322,240. This disposal was not presented as discontinued operations because it did not represent any strategic change in the Company’s operations.
Current report
Other Incomes, Net
Current report
Other incomes net was $171,068 for the three months ended March 31, 2025, as compared of $90,927 for the same period in fiscal 2024. The other incomes of current period primarily due to Exchange Gain of $315,289, offset in part by fixed asset disposal costs of $132,727
Current report
Comparison of the Nine Months Ended March 31, 2025 and 2024
Current report
Our gross margin was 3.1% and negative 16.9% for the nine months ended March 31, 2025 and 2024, respectively. It was mainly due to that our US subsidiary, Brilliant Warehouse with low profit margins has no revenue for the nine months ended March 31, 2025.
Current report
Gain from disposal of subsidiary
Current report
Other Incomes, Net
Current report
Net cash provided by financing activities for the Nine Months ended March 31, 2025 was $1.1 million which was due to proceeds from issuance of common stock.
Removed paragraphs (27)
Previous report
Overview
Previous report
We are a global logistics integrated solution provider that was founded in the United States in 2001. On September 18, 2007, the Company merged into a new corporation, Sino-Global Shipping America, Ltd. in Virginia. On January 3, 2022, the Company changed its corporate name to Singularity Future Technology Ltd. to reflect its expanded operations into the digital assets business. Currently, we primarily focus on providing freight logistics services, which mainly include shipping, warehouse services and other logistical support to steel companies.
Previous report
In 2017, we began exploring new opportunities to expand our business and generate more revenue. These opportunities ranged from complementary businesses to other new service and product initiatives. In the fiscal year 2022, while we continued to provide our traditional freight logistics business, we expanded our services to include warehousing services provided by our U.S. subsidiary Brilliant Warehouse Service Inc.
Previous report
We are currently operating through our subsidiary Trans Pacific Shipping Limited. As of July 31, 2024, we have terminated the operations of our subsidiaries Gorgeous Trading Ltd. and Brilliant Warehouse Service Inc. Our range of services are mainly transportation.
Previous report
As a holding company with no material operations, conduct substantially all of our operations through subsidiaries established in the United States, the People’s Republic of China (the “PRC” or “China”) and Hong Kong. However, neither the holding company nor any of the Company’s Chinese subsidiaries conduct any operations through contractual arrangements with a variable interest entity based in China. Investors in our common stock should be aware that they may never directly hold equity interests in the PRC operating entities, but rather equity interests solely in Singularity, our Virginia holding company. Furthermore, shareholders may face difficulties enforcing their legal rights under United States securities laws against our directors and officers who are located outside of the United States.
Previous report
Recent Developments
Previous report
On November 16, 2024, Mr. Ziyun Liu resigned from his position as the chief executive officer of the Company and as a director of the board of directors of the Company. Mr. Ziyun Liu’s resignation was for personal reasons and was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Previous report
On November 18, 2024, the Nominating and Corporate Governance Committee of the Board nominated and the Board appointed Ms. Jia Yang as the CEO of the Company and the chairwoman of the Board to fill the vacancy resulting from Mr. Ziyun Liu’s resignation. Ms. Yang has served as a vice president of the Company and a director of the Board since August 2024.
Previous report
On November 18, 2024, the Nominating and Corporate Governance Committee of the Board nominated and the Board appointed Mr. Jinhao Pang as the manager of the Technology Department of the Company and an executive director of the Board. There is no family relationship between Mr. Pang and any of our other officers and directors.
Previous report
COVID-19
Previous report
The outbreak of the COVID-19 virus (“COVID-19”) starting from late January 2020 in the PRC has spread rapidly to many parts of the world. In March 2020, the World Health Organization declared COVID-19 as a pandemic. Given the continually expanding nature of the COVID-19 pandemic in China and U.S., our business, results of operations, and financial condition are still adversely affected. The situation remains highly uncertain for any further outbreak or resurgence of COVID-19. It is therefore difficult for us to estimate the impact on our business or operating results that might be adversely affected by any further outbreak or resurgence of COVID-19.
Previous report
In early December 2022, the Chinese government eased its strict control measures for COVID-19, which led to a surge in increased infections and disruptions in our business operations. Any future impact of COVID-19 on the Company’s China operational results will depend on, to a large extent, future developments and new information that may emerge regarding the duration and resurgence of COVID-19 variants and the actions taken by government authorities to contain COVID-19 or treat its impact, almost all of which are beyond our control.
Previous report
The impacts of COVID-19 on our business, financial condition, and results of operations include, but are not limited to, the following:
Previous report
Although the impact of COVID-19 on our operations decreased in 2023, such impact still exists and may continue to exist for an unforeseeable period of time. The impact of any future spread of COVID-19 on the Company’s China operation will depend, to a large extent, on the duration and resurgence of COVID-19 variants and the actions taken by government authorities to contain COVID-19 or treat its impact, almost all of which is beyond our control.
Previous report
The following tables present summary information by segments for the three months ended December 31, 2024 and 2023:
Previous report
Stock-based Compensation
Previous report
Stock-based compensation was nil for the three months ended December 31, 2024 and 2023.
Previous report
Other Incomes (Expenses), Net
Previous report
Comparison of the Six Months Ended December 31, 2024 and 2023
Previous report
The following tables present summary information by segments for the six months ended December 31, 2024 and 2023:
Previous report
Our gross margin was (26.8%) and (6.6%) for the six months ended December 31, 2024 and 2023, respectively. This decrease in gross margin was mainly due to decreased revenue from our freight logistics business.
Previous report
Our total bad debt expenses amounted to nil and $55,610, for the six months ended December 31, 2024 and 2023, mainly due to the bad debt provision of $50,000 due the early termination of a lease agreement in Jericho, New York.
Previous report
Impairment Loss of Cryptocurrencies
Previous report
Stock-based Compensation
Previous report
Stock-based compensation was nil for the six months ended December 31, 2024 and 2023.
Previous report
Other Incomes (Expenses), Net
Previous report
We did not have any financing activities for the six months ended December 31, 2024.
Reworded paragraphs (27)
Previous wording
Revenues decreased by $881,140, or approximately 47.4%, to $976,026 for the six months ended December 31, 2024 from $1,857,166 for the same period in 2023. The decrease was mainly caused by shipping revenue decline from our U.S. subsidiary, Brilliant Warehouse, in $318,747 and from our PRC subsidiaries in $562,393 due to the business volume reduce.
Current wording
Revenues decreased by $83,505, or approximately 18.7%, to $363,070 for the three months ended March 31, 2025 from $446,575 for the same period in 2024. The decrease was mainly caused by shipping revenue decline from our U.S. subsidiary, Brilliant Warehouse, in $110,504 was due to the decline of business volume, offset in part to an increase of revenue from our PRC subsidiaries of approximately $26,999 was due to increase a new customer.
Previous wording
Cost of revenues for our freight logistics services segment mainly consisted of freight costs to various freight carriers, cost of labor, warehouse rent and other overhead and sundry costs. Cost of revenues for our freight logistics services segment was $1,237,417 for the six months ended December 31, 2024, a decrease of $742,408, or approximately 37.5%, as compared to $1,979,825 for the same period in 2023. The decrease was in line with the decline in revenue.
Current wording
Cost of revenues for our freight logistics services segment mainly consisted of freight costs to various freight carriers, cost of labor, warehouse rent and other overhead and sundry costs. Cost of revenues for our freight logistics services segment was $60,307 for the three months ended March 31, 2025, a decrease of $653,747, or approximately 91.6%, as compared to $714,054 for the same period in 2024. As our US subsidiary, Brilliant Warehouse generated no revenue, rental expenses for the period from July 1, 2024 to December 31, 2024 were reclassified into administrative expenses, this resulted in $641,774 reduction in costs. The cost from our PRC subsidiaries, were $364,960 and $376,933 for the three months ended March 31, 2025 and March 31, 2024 respectively, the decline in costs of domestic subsidiaries was mainly attributable to the introduction of lower priced suppliers during this period, resulting in a slight decrease in unit costs.
Previous wording
Operating costs and expenses decreased by $1,026,542 or approximately 47.0% from $2,185,673 for three months ended December 31, 2023 compared to for the same period in 2024. This decrease was mainly due to the decrease in general and administrative expenses as more fully discussed below.
Current wording
Operating costs and expenses decreased by $300,191 or approximately 16.3% from $1,845,025 for three months ended March 31, 2025 compared to for the same period in 2024. This decrease was mainly due to the decrease in cost.
Previous wording
Our general and administrative expenses consist primarily of salaries and benefits, travel expenses for our administration department, office expenses, and regulatory filing and professional service fees for auditing, legal and IT consulting. For the three months ended December 31, 2024, we had $632,262 of general and administrative expenses, as compared to $1,145,730 for the same period in 2023, representing a decrease of $513,468, or approximately 44.8%. The decrease was mainly due to the decreased employee and director remuneration of approximately $512,915 which mainly resulted in cost savings due to redundancy and salary reductions.
Current wording
Our general and administrative expenses consist primarily of salaries and benefits, travel expenses for our administration department, office expenses, and regulatory filing and professional service fees for auditing, legal and IT consulting. For the three months ended March 31, 2025, we had $1,052,018 of general and administrative expenses, as compared to $1,064,336 for the same period in 2024, representing a decrease of $12,318, or approximately 1.2% Overall, the changes were minimal.
Previous wording
Our selling expenses consisted primarily of salaries, meals and entertainment and travel expenses for our sales representatives. For the three months ended December 31, 2024, we had $62,769 of selling expenses as compared to $56,075 for the same period in 2023, which represents an increase of $6,694 or approximately 11.9%. The increase was mainly due to increased efforts to increase the revenues of our freight logistics segment in the PRC.
Current wording
Our selling expenses consisted primarily of salaries, meals and entertainment and travel expenses for our sales representatives. For the three months ended March 31, 2025, we had $62,030 of selling expenses as compared to $56,330 for the same period in 2024, which represents an increase of $5,700 or approximately 10.1%. The increase was mainly due to increased efforts to increase the revenues of our freight logistics segment in the PRC.
Previous wording
Our total bad debt expenses amounted to nil and $6,992 for the three months ended December 31, 2024 and 2023, mainly due to the provision for a few uncollectable accounts receivable.
Current wording
Our total bad debt expenses amounted to $370,479 and $10,305 for the three months ended March 31, 2025 and 2024, mainly due to the provision for a few uncollectable accounts receivable and prepaid expenses.
Previous wording
(Loss) Gain from disposal of subsidiary
Current wording
Gain from disposal of subsidiary
Previous wording
The Company’s operations in the U.S. incurred cumulative U.S. federal net operation losses (“NOL”) of approximately $48,200,000 as of September 30, 2024, which may reduce future federal taxable income. During the three months ended December 31, 2024, approximately $200,000 of NOL was generated and the tax benefit derived from such NOL was approximately $42,000. As of December 31, 2024, the Company’s cumulative NOL amounted to approximately $48,400,000, which may reduce future federal taxable income.
Current wording
The Company’s operations in the U.S. incurred cumulative U.S. federal net operation losses (“NOL”) of approximately $48,400,000 as of December 31, 2024, which may reduce future federal taxable income. During the three months ended March 31, 2025, approximately $5,400,000 of NOL was generated and the tax benefit derived from such NOL was approximately $1,134,000. As of March 31, 2025, the Company’s cumulative NOL amounted to approximately $53,800,000, which may reduce future federal taxable income.
Previous wording
The Company’s operations in China incurred a cumulative NOL of approximately $2,117,000 million as of September 30, 2024 which was mainly from net loss. During the three months ended December 31, 2024, additional NOL of approximately $81,000 was generated. As of December 31, 2024, the Company’s cumulative NOL amounted to approximately $2,198,000 which may reduce future taxable income which will expire by 2026.
Current wording
The Company’s operations in China incurred a cumulative NOL of approximately $2,198,000 as of December 31, 2024 which was mainly from net loss. During the three months ended March 31, 2025, additional NOL of approximately $536,000 was generated. As of March 31, 2025, the Company’s cumulative NOL amounted to approximately $2,734,000 which may reduce future taxable income which will expire by 2026.
Previous wording
The Company periodically evaluates the likelihood of the realization of deferred tax assets and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. The Company determined that it is more likely than not its deferred tax assets could not be realized due to uncertainty on future earnings as a result of the Company’s reorganization and venture into new businesses. The Company provided a 100% allowance for its deferred tax assets as of December 31, 2024. The net decrease in valuation for the three months ended December 31, 2024 amounted to approximately $10,000 million, based on management’s reassessment of the amount of the Company’s deferred tax assets that are more likely than not to be realized.
Current wording
The Company periodically evaluates the likelihood of the realization of deferred tax assets and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company’s future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. The Company determined that it is more likely than not its deferred tax assets could not be realized due to uncertainty on future earnings as a result of the Company’s reorganization and venture into new businesses. The Company provided a 100% allowance for its deferred tax assets as of March 31, 2025. The net increase in valuation for the three months ended March 31, 2025 amounted to approximately $390,000, based on management’s reassessment of the amount of the Company’s deferred tax assets that are more likely than not to be realized.
Previous wording
As a result of the foregoing, we had a net loss of $337,330 for the three months ended December 31, 2024 compared to a net loss of $1,168,543 for the same period in 2023. After the deduction of non-controlling interest, net loss attributable to us was $327,797 for the three months ended December 31, 2024 compared to $1,110,729 for the same period in 2023. Comprehensive loss attributable to us was $229,174 for the three months ended December 31, 2024 compared to $1,257,327 for the same period in 2023.
Current wording
As a result of the foregoing, we had a net loss of $1,010,696 for the three months ended March 31, 2025 compared to a net loss of $969,428 for the same period in 2024. After the deduction of non-controlling interest, net loss attributable to us was $1,670,409 for the three months ended March 31, 2025 compared to $949,759 for the same period in 2024. Comprehensive loss attributable to us was $2,213,137 for the three months ended March 31, 2025 compared to $890,844 for the same period in 2024.
Previous wording
Revenues decreased by $486,616, or approximately 50.6%, to $474,624 for the three months ended December 31, 2024 from $961,240 for the same period in 2023. The decrease was mainly caused by shipping revenue decline from our U.S. subsidiary, Brilliant Warehouse, in $123,477 and from our PRC subsidiaries in $363,139 due to the business volume reduce.
Current wording
Revenues decreased by $964,645, or approximately 41.9%, to $1,339,096 for the nine months ended March 31, 2025 from $2,303,741 for the same period in 2024. The decrease was mainly caused by shipping revenue decline from our U.S. subsidiary, Brilliant Warehouse, in $429,251 and from our PRC subsidiaries in $535,394 due to the business volume reduce.
Previous wording
Cost of revenues for our freight logistics services segment mainly consisted of freight costs to various freight carriers, cost of labor, warehouse rent and other overhead and sundry costs. Cost of revenues for our freight logistics services segment was $464,100 for the three months ended December 31, 2024, a decrease of $512,776, or approximately 52.5%, as compared to $976,876 for the same period in 2023. The decrease was in line with the decline in revenue.
Current wording
Cost of revenues for our freight logistics services segment mainly consisted of freight costs to various freight carriers, cost of labor, warehouse rent and other overhead and sundry costs. Cost of revenues for our freight logistics services segment was $1,297,724 for the nine months ended March 31, 2025, a decrease of $1,396,155, or approximately 51.8%, as compared to $2,693,879 for the same period in 2024. The decrease was in line with the decline in revenue.
Previous wording
Operating costs and expenses decreased by $2,733,440 to $2,685,985 in the six months ended December 31, 2024, or approximately 50.4% from $5,419,425 for six months ended December 31, 2023. This decrease was mainly due to the decrease in general and administrative expenses, provision for credit losses, net and impairment loss of cryptocurrencies as more fully discussed below.
Current wording
Operating costs and expenses decreased by $3,033,631 to $4,230,819 in the nine months ended March 31, 2025, or approximately 41.8% from $7,264,450 for the nine months ended March 31, 2024. This decrease was mainly due to the decrease in cost and general and administrative expenses.
Previous wording
Our general and administrative expenses consist primarily of salaries and benefits, travel expenses for our administration department, office expenses, and regulatory filing and professional service fees for auditing, legal and IT consulting. For the six months ended December 31, 2024, we had $1,322,818 of general and administrative expenses, as compared to $3,199,883 for the same period in 2023, representing a decrease of $1,877,065, or approximately 58.7%. It was mainly attributable to the decreased professional fees of $883,932 and the decreased employee compensations of $954,052 due to redundancy and salary reductions.
Current wording
Our general and administrative expenses consist primarily of salaries and benefits, travel expenses for our administration department, office expenses, and regulatory filing and professional service fees for auditing, legal and IT consulting. For the nine months ended March 31, 2025, we had $2,374,836 of general and administrative expenses, as compared to $4,264,219 for the same period in 2024, representing a decrease of $1,889,383, or approximately 44.3%. It was mainly attributable to the decreased professional fees of $581,711 and the decreased employee compensations of $1,232,531 due to redundancy and salary reductions.
Previous wording
Our selling expenses consisted primarily of salaries, meals and entertainment and travel expenses for our sales representatives. For the six months ended December 31, 2024, we had $125,750 in selling expenses, as compared to $111,928 for the same period in 2023, which represents an increase of $13,822 or approximately 12.3%. The increase was mainly due to increased efforts to increase the revenues of our freight logistics segment in the PRC.
Current wording
Our selling expenses consisted primarily of salaries, meals and entertainment and travel expenses for our sales representatives. For the nine months ended March 31, 2025, we had $187,780 in selling expenses, as compared to $168,258 for the same period in 2024, which represents an increase of $19,522 or approximately 11.6%. The increase was mainly due to increased efforts to increase the revenues of our freight logistics segment in the PRC.
Previous wording
We recorded impairments of nil and $72,179 for the six months ended December 31, 2024 and 2023, for the cryptocurrencies held by us as the ownership of the cryptocurrencies could not be verified.
Current wording
We recorded impairments of nil and $72,179 for the nine months ended March 31, 2025 and 2024, for the cryptocurrencies held by us as the ownership of the cryptocurrencies could not be verified.
Previous wording
Other income net was $348,207 for the three months ended December 31, 2024, as compared to other expense of $6,494 for the same period in fiscal 2023. Gain on disposal of ROU $354,108 is recognized due to the early termination of a lease agreement in Great Neck, New York,accordingly, the impairment of ROU recognized in previous years is reversed.
Current wording
Other income net was $540,392 for the nine months ended March 31, 2025, as compared to other income of $7,263 for the same period in fiscal 2024. Gain on disposal of ROU $354,108 is recognized due to the early termination of a lease agreement in Great Neck, New York, accordingly, the impairment of ROU recognized in previous years was reversed, Exchange Gain was $315,244, offset in part by the loss on disposal of fixed assets of $133,769.
Previous wording
We did not record any income tax expense for both the six months ended December 31, 2024 and 2023, respectively. See –Taxes above.
Current wording
We did not record any income tax expense for both the nine months ended March 31, 2025 and 2024, respectively. See –Taxes above.
Previous wording
As a result of the foregoing, we had a net loss of $1,341,665 for the six months ended December 31, 2024 compared to a net loss of $3,583,539 for the same period in 2023. After the deduction of non-controlling interest, net loss attributable to us was $1,289,586 for the six months ended December 31, 2024 compared to $3,400,914 for the same period in 2023. Comprehensive loss attributable to us was $1,301,228 for the six months ended December 31, 2024 compared to $3,424,530 for the same period in 2023.
Current wording
As a result of the foregoing, we had a net loss of $2,352,361 for the nine months ended March 31, 2025 compared to a net loss of $4,552,967 for the same period in 2024. After the deduction of non-controlling interest, net loss attributable to us was $2,959,995 for the nine months ended March 31, 2025 compared to $4,350,673 for the same period in 2024. Comprehensive loss attributable to us was $3,514,365 for the nine months ended March 31, 2025 compared to $4,315,374 for the same period in 2024.
Previous wording
As of December 31, 2024, we had $15,248,528 in cash (including cash on hand and cash in bank) and $3,016,913 in restricted cash. The majority of our cash is in banks located in the Djibouti a country in East Africa and the restricted cash is in banks located in U.S.
Current wording
As of March 31, 2025, we had $14,873,924 in cash (including cash on hand and cash in bank) and $3,048,227 in restricted cash. The majority of our cash is in banks located in the Djibouti a country in East Africa and the restricted cash is in banks located in U.S.
Previous wording
In assessing the liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. Our liquidity needs are to meet our working capital requirements, operating expenses and capital expenditure obligations. As of December 31, 2024, our working capital was $11,698,953 and we had cash and restricted cash of approximately $18,265,441 (including $15,248,528 in cash and $3,016,913 in restricted cash). We believe our current working capital is sufficient to support our operations and debt obligations as they become due for the next twelve months.
Current wording
In assessing the liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. Our liquidity needs are to meet our working capital requirements, operating expenses and capital expenditure obligations. As of March 31, 2025, our working capital was $11,338,873 and we had cash and restricted cash of approximately $17,922,151 (including $14,873,924 in cash and $3,048,227 in restricted cash). We believe our current working capital is sufficient to support our operations and debt obligations as they become due for the next twelve months.
Previous wording
Our net provided by in operating activities was $397,878 for the six months ended December 31, 2024. The operating cash inflow for the six months ended December 31, 2024 was primarily attributable to accrued expenses and other current liabilities increased $1,511,975 and partial offset by net loss cash outflow of $1,341,665.
Current wording
Our net used in operating activities was $347,366 for the nine months ended March 31, 2025. The operating cash outflow for the nine months ended March 31, 2025 was primarily attributable to net loss cash outflow of $2,352,361 and partial offset by accrued expenses and other current liabilities increased $1,188,209.
Previous wording
Our net cash used in operating activities was $5,887,757 for the six months ended December 31, 2023. The operating cash outflow for the six months ended December 31, 2023 was primarily attributable to our net loss of $3,583,539 and our long-term assets deposits of $2,496,197.
Current wording
Our net cash used in operating activities was $4.5 million for the nine months ended March 31, 2024. The operating cash outflow for the nine months ended March 31, 2024 was primarily attributable to our net loss of $4.6 million.
Previous wording
We did not have any investing activities for the six months ended December 31, 2024.
Current wording
We did not have any investing activities for the nine months ended March 31, 2025.
Previous wording
Net cash provided by investing activities was $25,951 for the six months ended December 31, 2023 due to repayments from related parties from Zhejiang Jinbang, which is owned by Mr. Qinggang Wang.
Current wording
Net cash used in investing activities was $0.1 million for the nine months ended March 31, 2024 due to repayments from related parties from Zhejiang Jinbang, which is owned by Mr. Qinggang Wang.
Previous wording
Net cash used in financing activities for the six months ended December 31, 2023 was $5,403,424 due to the repayment of $5,000,000 of convertible notes and accrued interest of $403,424.
Current wording
Net cash provided by financing activities for the Nine Months ended March 31, 2024 was $4.5 million due to proceeds from issuance of common stock of 9.9 million and the repayment of $5 million of convertible notes and accrued interest of $0.4 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our total bad debt expenses amounted to $370,479 and $65,915, for the nine months ended March 31, 2025 and 2024, mainly due to the provision for a few uncollectable accounts receivable and prepaid expenses.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
Our gross margin was 2.2% and (1.6%) for the three months ended December 31, 2024 and 2023, respectively. This increase in gross margin was mainly due to the introduction of lower priced suppliers during this period, resulting in a slight decrease in unit costs.
Previous report — wording carried elsewhere
We recorded impairments of nil for the three months ended December 31, 2024 and 2023, for the cryptocurrencies held by us as the ownership of the cryptocurrencies could not be verified.
Previous report — wording carried elsewhere
Other income net was $348,207 for the three months ended December 31, 2024, as compared to other expense of $6,494 for the same period in fiscal 2023. Gain on disposal of ROU of $354,108 is recognized this period due to the early termination of a lease agreement in Great Neck, New York, accordingly, the impairment of ROU recognized in previous years is reversed.
Previous report — wording carried elsewhere
(Loss) Gain from disposal of subsidiary
Previous report — wording carried elsewhere
On September 12, 2024, the Company dissolved its U.S. subsidiary SG link LLC. Total loss from disposal was approximately $1,030. This disposal was not presented as discontinued operations because it did not represent any strategic change in the Company’s operations.
Previous report — wording carried elsewhere
On October 24, 2023, the Company dissolved its Ningbo Saimeinuo Web Technology Ltd. subsidiary. Total gain from disposal was approximately $62,384. This disposal was not presented as discontinued operations because it did not represent any strategic change in the Company’s operations.