The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in the report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors.
Overview
We previously focused on providing customized freight logistic services, but starting 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 years 2021 and 2022, while we continued to engage in our freight logistics business, we expanded our services to include warehousing services provided by our U.S. subsidiary Brilliant Warehouse Service Inc. On January 3, 2022, we changed our corporate name to Singularity Future Technology Ltd. to align with our entry into the digital assets business through our U.S. subsidiaries. During 2022, we were engaged in the purchase and sale of cryptocurrency mining machines through our U.S. subsidiary.
As of September 30, 2022, we operated in two operating segments, including (1) freight logistics services; (2) the purchase and sale of crypto mining machines through our subsidiary Thor Miner.
Restatement of previously issued financial statements
The Company discovered an error in the revenue recognition of its subsidiary, Sino-Global Shipping New York Inc., during the audit for the year ended June 30, 2022, where $980,200 of revenue recognized in freight logistics did not meet the revenue recognition criteria for the three months ended September 30, 2021.
In addition, in connection with the Company's restatement for the financial statements as of and for the year ended June 30, 2021, the Company also restated its recovery (provision) for doubtful accounts, net related to its other receivables.
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