UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) | Virginia | 11-3588546 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | Incorporation or organization) | Identification No.) | | 48 Wall Street, Suite 1100 | | | New York, NY | 10005 | | (Address of principal executive offices) | (Zip Code) | (718) 888-1814 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ☒ QUARTERLY REPORT PURSUA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (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, 2024 ☐ 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 ...

New York, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Singularity Future Technology Ltd. (Nasdaq: SGLY) (“Singularity” or the “Company”), today announced that it has entered into securities purchase agreements with several institutional investors to purchase an aggregate of 700,000 shares of the Company’s common stock (the “Common Stock”) in a registered direct offering. The shares of Common Stock are being sold at an offering price of $1.63 per share. The gross proceeds to the Company from the registered direc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Virginia 11-3588546 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value SGLY NASDAQ Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUAN ...

Financial Performance - For the fiscal year ended June 30, 2024, revenues decreased by $1,402,042, or approximately 30.9%, to $3,136,681 from $4,538,723 in the previous year[115] - Revenue from logistics services decreased by $669,477, or approximately 17.6%, to $3,136,681 for the year ended June 30, 2024[117] - The Company ceased selling crypto-mining equipment since January 1, 2023, contributing to the revenue decline[117] - The gross margin for the year ended June 30, 2024 was reported at (15.2)%, a significant decrease from 12.1% in the previous year[115] - Total revenues for the year ended June 30, 2024, were $3,136,681, a decrease of approximately 17.6% from $3,806,158 for the year ended June 30, 2023[121] - Revenue from the PRC operation increased by approximately $156,854 due to the acquisition of several new customers, while U.S. subsidiary revenue decreased by approximately $826,331[121] Costs and Expenses - Total costs and expenses for the year ended June 30, 2024 were $9,058,885, a decrease of $10,074,632 or 52.7% from $19,133,517 in 2023[115] - Cost of revenues for freight logistics services was $3,614,947 for the year ended June 30, 2024, a decrease of approximately 9.4% from $3,990,654 for the year ended June 30, 2023[123] - General and administrative expenses decreased by approximately 56.5% to $5,031,852 for the year ended June 30, 2024, down from $11,572,888 for the year ended June 30, 2023[127] Net Loss and Cash Position - The net loss for the year ended June 30, 2024, was $5,471,774, compared to a net loss of $23,098,342 for the year ended June 30, 2023[139] - Cash position improved to $14,641,967 as of June 30, 2024, due to the receipt of $9.8 million from a year-end private placement[140] - Net cash used in operating activities was approximately $4.4 million for the year ended June 30, 2024, significantly reduced from $33.6 million for the year ended June 30, 2023[143] Assets and Working Capital - Total current assets as of June 30, 2024, were $18,247,523, a slight increase of 0.3% from $18,192,716 as of June 30, 2023[141] - Working capital decreased by approximately 1.9% to $12,904,522 as of June 30, 2024, compared to $13,160,947 as of June 30, 2023[141] - The company recorded no impairment loss for fixed assets and right of use assets for the year ended June 30, 2024, compared to $33,469 for the year ended June 30, 2023[129] Internal Controls and Governance - As of June 30, 2024, the company's internal control over financial reporting was not effective due to material weaknesses identified, including lack of segregation of duties and insufficient supervision[150] - The company plans to hire additional accounting staff and recruit qualified professionals to improve internal controls and ensure timely financial reporting[151] - The company has adopted a code of business conduct and ethics applicable to all employees, officers, and directors[165] - The company intends to strengthen corporate governance and improve procedures for related party transactions[151] - There were no changes in internal control over financial reporting during the quarter ended June 30, 2024, that materially affected the controls[152] Board and Committees - The board consists of 5 directors, with 2 females and 3 males, reflecting a diverse gender representation[164] - The Chief Executive Officer, Ziyuan Liu, has been in position since April 2023, bringing experience from various roles in market development and operations[155] - The Chief Financial Officer, Ying Cao, has been with the company since August 2023, previously working in accounting and quality control[156] - The Audit Committee consists of three independent members, with Mr. Zhongliang Xie serving as the chair and qualifying as the financial expert[168] - The Compensation Committee is composed of three independent directors, with Ms. Yangyang Xu as the chair, focusing on compensation arrangements for management and stock incentive plans[170] - The Nominating and Corporate Governance Committee includes three independent directors, chaired by Xu Zhao, responsible for identifying board member candidates and developing corporate governance guidelines[170] Audit and Compensation - The Audit Committee is authorized to review the company's financial reporting and accounting standards, including significant changes and key accounting decisions[168] - The Compensation Committee aims to attract and retain superior talent while rewarding individual performance to achieve financial goals[170] - The Audit Committee will review the independence of the independent auditor and assess their performance annually[168] - The Audit Committee is responsible for discussing the company's risk assessment and management policies, focusing on major financial risk exposure[168] - The Compensation Committee reviews and determines stock incentive and purchase plans to align with the company's objectives[170] Miscellaneous - The Company executed a 1-for-10 reverse stock split to meet the $1.00 minimum bid price requirement for NASDAQ listing on February 9, 2024[106] - The Company received a formal notification from NASDAQ on March 12, 2024, confirming compliance with the bid price requirement[108] - The Company entered into a joint venture agreement on August 22, 2024, to engage in commodity trading and expand into solar panel sales[110] - The audit committee concluded that approximately $4.6 million of related party loan receivable was incorrectly accounted for in the fiscal year ended June 30, 2021[109] - The impact of COVID-19 resulted in a revenue decline of approximately $1.2 million, or 22.6%, for the year ended June 30, 2022[112] - The Compensation Committee has no members who have been officers or employees of the company or participated in related-party transactions in the last two fiscal years[171] - No disagreements with accountants on accounting and financial disclosure have been reported[148]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ 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 | 1 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (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, 2023 ☐ 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ 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 (Address of principal executive offices) (Zip Code) (718) 888-1814 (Registrant's telephone number, i ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ 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. (718) 888-1814 (Registrant's telephone number, including area code) S ...