CIS Acquisition Ltd.

CIK:0001543268|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 2,883,418	$ 765,094	$ 358,515
Cost of revenues	(5,621,730)	(450,310)	(180,214)
Gross (loss) profit	(2,738,312)	314,784	178,301
Operating expenses
General and administrative expenses	(39,470,964)	(10,408,530)	(8,779,594)
Total operating expenses	(39,470,964)	(10,408,530)	(8,779,594)
Other (expenses) income, net
Interest income (expenses), net	11,719	(62,715)	244,701
Change in fair value of warrants		65,576	275,055
Equity investment gain (loss)	9,209	(279,817)	(160,911)
Impairment of deposits for property and equipment	(54,091,570)	(2,561,110)
Impairment of long-term investments		(412,707)
Impairment loss of digital assets	(185,290)
Other (expenses) income	(341,947)	(2,585)	16,125
Total other (expenses) income, net	(54,597,879)	(3,253,358)	374,970
Net loss from continuing operations	(96,807,155)	(13,347,104)	(8,226,323)
Income tax expenses
Net loss from continuing operations	(96,807,155)	(13,347,104)	(8,226,323)
Net loss from discontinued operations
Gain (Loss) from discontinued operations	39,889	(12,476,571)	183,210
Gain from discontinued operations	4,526,387
Net income (loss) from discontinued operations	4,566,276	(12,476,571)	183,210
Net loss	(92,240,879)	(25,823,675)	(8,043,113)
Less: Net loss (income) attributable to non-controlling interests	82,153	1,497,967	(89,773)
Net loss attributable to Bit Brother Ltd. Shareholders	(92,158,726)	(24,325,708)	(8,132,886)
Other comprehensive loss
Foreign currency translation adjustment	(565,105)	(552,315)	(2,428,836)
Comprehensive loss	(92,723,831)	(24,878,023)	(10,561,722)
Less: Total comprehensive loss (income) attributable to non-controlling interests	82,153	1,497,967	(89,773)
Comprehensive loss attributable to Bit Brother Ltd. Shareholders	$ (92,641,678)	$ (23,380,056)	$ (10,651,495)
Loss per share- basic (in Dollars per share)	$ (0.65)	$ (0.33)	$ (0.79)
Net loss per share from continuing operations – basic and diluted (in Dollars per share)	(0.68)	(0.17)	(0.81)
Net (loss) income per share from discontinued operations – basic and diluted (in Dollars per share)	$ 0.03	$ (0.16)	$ 0.02
Weighted average shares outstanding-basic (in Shares)	141,739,601	79,385,028	10,151,051

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ (92,240,879)	$ (25,823,675)	$ (8,043,113)
Less: net income (loss)from discontinued operations	4,566,276	(12,476,571)	183,210
Net loss from continuing operations	(96,807,155)	(13,347,104)	(8,226,323)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrants		(65,576)	(275,055)
Share based compensation expenses	4,582,789	5,622,475	4,632,707
Depreciation of property and equipment	4,256,396	278,705	87,176
Loss from disposal of property and equipment	238,286	5,365	43,556
Impairment of property and equipment		69,566
Impairment loss of digital assets	185,290
Impairment of deposits for property and equipment	54,091,570	2,561,110
Amortization of intangible assets	8,191	8,352	8,423
Amortization of right of use assets	367,129	192,045	221,909
Equity investment (gain) loss	(9,209)	279,817	160,911
Impairment of long-term investments		412,707
Allowance for doubtful accounts	24,036,158	116,492
Provision of inventories	(324,903)	349,421
Digital assets mined	(1,773,684)
Changes in assets and liabilities:
Trade receivables	(10,372)	137	32,085
Inventories	302,965	(357,547)	16,155
Prepayments	(45,442)	5,610
Other current assets	(1,705,082)	22,087	(116,728)
Other noncurrent assets	8,002	12,235	78,892
Trade payable	(247,032)	273,895	379
Unearned income	3,785	(47,962)	(43,125)
Other current liabilities	2,059,506	(11,276)	(40,157)
Lease liabilities	(284,087)	(189,209)	(323,721)
Net cash used in operating activities – continuing	(11,066,899)	(3,808,655)	(3,742,916)
Net cash provided by (used in) operating activities – discontinued	1,109,954	(2,448,454)	336,451
Net cash used in operating activities	(9,956,945)	(6,257,109)	(3,406,465)
Cash flows from investing activities:
Purchases of property and equipment	(17,200,134)	(461,537)	(178,816)
Collection (Payment) of deposits in property and equipment	2,932,857	(47,492,778)	(8,730,822)
Purchases of intangible assets		(29,838)	(4,859)
Purchases of digital assets		(1,300,000)
Collection of short-term investments			1,962,916
Loans to third parties		(35,826,449)	(17,543,492)
Collection of loans from a third party	4,314,027	12,310,631	832,538
Collection (Lend out) of loans from related parties	655,096	(650,000)
Cash in connection with step acquisition of subsidiaries		477,246
Investments in equity investees		(1,227,070)	(1,501,798)
Net cash used in investing activities - continuing	(9,298,154)	(74,199,795)	(25,164,333)
Net cash (used in) provided by investing activities – discontinued	(1,152,495)	2,061,136	(1,697,588)
Net cash used in investing activities	(10,450,649)	(72,138,659)	(26,861,921)
Cash flows from financing activities:
Cash raised in private placement of ordinary shares		54,346,125	14,126,655
Cash raised in registered direct offering, net of transaction costs	7,062,498	20,810,000	34,067,715
Cash paid for repurchase of warrants		(6,439,200)
Capital injection from shareholders			150,994
Net cash provided by financing activities	7,062,498	68,716,925	48,345,364
Effect of exchange rate changes on cash and cash equivalents	5,678,644	1,555,211	(2,230,303)
Net decrease in cash from continuing operations	(7,622,375)	(7,734,920)	15,511,009
Net decrease in Cash from Discontinued Operations	(44,077)	(388,712)	335,666
Decrease in cash and cash equivalents	(7,666,452)	(8,123,632)	15,846,675
Cash and cash equivalents from continuing operations, beginning of year	12,990,659	20,725,579	5,214,570
Cash and cash equivalents from discontinued operations, beginning of year	44,077	432,789	97,123
Cash and cash equivalents at beginning of year	13,034,736	21,158,368	5,311,693
Cash and cash equivalents at end of year	5,368,284	13,034,736	21,158,368
Less: Cash and cash equivalents from discontinued operations, end of year		(44,077)	(432,789)
Cash and cash equivalents form continuing operations, end of year	5,368,284	12,990,659	20,725,579
Supplemental disclosures of cash flow information:
Interest paid
Tax paid
Major non-cash transactions:
Issuance of ordinary shares for professional services	4,582,789		4,632,707
Issuance of ordinary shares for earn-out payment			1,710,000
Lending digital assets to a related party		$ 1,300,000

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Current assets
Cash	$ 5,368,284	$ 12,990,659
Digital assets	1,588,394
Trade receivables	9,466
Inventories	188,384	217,516
Loans due from third parties		28,236,812
Due from related parties	1,306,895	1,950,000
Other current assets	1,845,871	250,277
Assets of disposal group		3,084,938
Total current assets	10,307,294	46,730,202
Non-current assets
Long-term investments	1,028,984	1,100,294
Goodwill	211,096	227,683
Property and equipment, net	15,062,730	2,619,696
Deposits for property and equipment	4,650,000	63,683,597
Intangible assets	70,807	84,858
Right of use assets	933,339	120,043
Other noncurrent assets		8,291
Total non-current assets	21,956,956	67,844,462
TOTAL ASSETS	32,264,250	114,574,664
Current liabilities
Trade payable	81,487	343,894
Unearned income	87,311	90,249
Other current liabilities	2,197,708	280,106
Lease liabilities, current	432,890	86,547
Warrants liabilities
Liabilities of disposal group		318,528
Total current liabilities	2,799,396	1,119,324
Non-current liabilities
Lease liabilities, noncurrent	565,865	17,820
Total non-current liabilities	565,865	17,820
TOTAL LIABILITIES	3,365,261	1,137,144
Shareholders’ Equity
Preferred shares, par value $0.0001 per share, 5,000,000 shares authorized; none issued or outstanding
Paid in capital	1,371,451	11,776
Additional paid-in capital	166,888,792	155,247,484
Accumulated deficit	(134,898,061)	(42,739,335)
Accumulated other comprehensive loss	(3,898,905)	(3,333,800)
Total Bit Brother Ltd. Shareholders’ Equity	29,463,277	109,186,125
Non-controlling interests	(564,288)	4,251,395
TOTAL EQUITY	28,898,989	113,437,520
TOTAL LIABILITIES AND EQUITY	32,264,250	114,574,664
Class A Ordinary Shares
Shareholders’ Equity
Ordinary shares value
Class B Ordinary Shares
Shareholders’ Equity
Ordinary shares value