UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark ~~one)~~One

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~For~~FOR ~~the~~THE ~~quarterly~~QUARTERLY ~~period~~PERIOD ~~ended~~ENDED ~~March~~SEPTEMBER 3130, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ~~____________~~_____ to ~~____________~~_____

Commission ~~file~~File ~~number~~No. ~~000~~333-~~05576~~227526

SHENGDA NETWORK TECHNOLOGY, INC. ~~(Exact name of registrant as specified in its charter)~~

Nevada		35-2606208
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

(Exact name of registrant as specified in its charter)

Floor 6, Building 6, LuGang WebMall Town, Chou Jiang, YiWu, Jinhau City, Zhejiang Province, China (Address of Principal Executive Offices, including zip code)

Nevada

35-2606208

(State or other jurisdiction

of incorporation or Organization

(IRS Employment

Identification No.)

(702) 979-5606 (Registrant’s telephone number, including area code)

Floor 6, Building 6
LuGang WebMall Town, Chou Jiang, YiWu
Jinhau City, Zhejiang Province China		322000
(Address of principal executive offices)		(Zip Code)

~~Not Applicable~~ (~~Former name, former address and former fiscal year, if changed since last report~~778) 888-2886

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of exchange on which registered ~~N/A~~Common ~~N/A~~Stock SOLQ N/A

Indicate by check mark whether the ~~Registrant~~registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the ~~Exchange~~Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the ~~Registrant~~registrant was required to file such reports), and (2) has been subject to such ~~filing~~fling requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the ~~Registrant~~registrant has submitted electronically every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the ~~Registrant~~registrant was required to submit such files.). Yes ☒ No ☐

Indicate by check mark whether the ~~Registrant~~registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See ~~definition~~the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large, ~~Accelerated~~accelerated ~~Filer~~filer. ☐ ~~Accelerated~~Non-accelerated ~~Filer~~filer ☐ ~~Non-accelerated~~Accelerated ~~Filer~~filer. ☐ Smaller ~~Reporting~~reporting ~~Company~~company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the ~~Registrant~~registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

AsAPPLICABLE ofONLY ~~May~~TO ~~19,~~ISSUERS ~~2022,~~INVOLVED ~~there~~IN ~~were 14,009,945 shares of the Company’s common stock issued and outstanding.~~BANKRUPTCY

~~SHENGDA~~PROCEEDINGS ~~NETWORK~~DURING ~~TECHNOLOGIES,~~THE ~~INC.~~PRECEDING FIVE YEARS:

~~Form~~Indicate ~~10-Q~~by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

~~For~~APPLICABLE ~~the~~ONLY ~~Quarter~~TO ~~Ended~~CORPORATE ~~March 31, 2022~~ISSUERS:

~~Index~~Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date

		PAGE
Class		Outstanding as of November 15, 2022
PART I - FINANCIAL INFORMATION		F-1
Common Stock: $0.001		14,009,945
Item 1.	Financial Statements (Unaudited)	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5
Item 4.	Controls and Procedures	6
PART II - OTHER INFORMATION		6
Item 1.	Legal Proceedings	6
Item 1A.	Risk Factors	6
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6
Item 3.	Defaults Upon Senior Securities	7
Item 4.	Mine Safety Disclosures	7
Item 5.	Other Information	7
Item 6.	Exhibits	7
SIGNATURES		8

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

PART 1 – FINANCIAL INFORMATION	F-1

Item 1. – Financial Statements (unaudited)	F-1

Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations	3

Item 3. – Quantitative and Qualitative Disclosures about Market Risk	5

Item 4. – Controls and Procedures	5

PART 2 – OTHER INFORMATION	6

Item 1. – Legal Proceedings	6

Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds	6

Item 3. – Default upon Senior Securities	6

Item 4. – Mine Safety Disclosures	6

Item 5. – Other Information	6

Item 6. – Exhibits	6

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

INDEX

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Contents	Page(s)
Condensed Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021	F-2
Condensed Consolidated Balance Sheets as of September 30, 2022, and June 30, 2022	F-2
Condensed Consolidated Statement of Operations for the Three and Nine Months ended March 31, 2022 and 2021	F-3
Condensed Consolidated Statements of Operations for the Three Months ended September 30, 2022, and 2021	F-3
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months ended March 31, 2022 and 2021	F-4
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the Three Months Ended September 30, 2022, and 2021	F-4
Condensed Consolidated Statements of Cash Flows for the Nine Months ended March 31, 2022 and 2021	F-5
Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2022, and 2021	F-5
Notes to Condensed Consolidated Financial Statements	F-6

F-1

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

~~UNAUDITED~~ CONDENSED CONSOLIDATED BALANCE SHEETS

		2022			2021
	September 30, 2022			June 30, 2022
	March 31, 2022			June 30, 2021
ASSETS		(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	43,636		$	143,933
Cash	$	608,550		$	405,786
Account receivable, net		2,~~090~~715,~~909~~697			2,~~602~~191,~~392~~278
Advance to suppliers, net		3,097,902			-
Account receivable - related parties, net		263,079			279,395
Other receivable		253,083			-
Inventories		559,245			98,831
Loan receivable, net		-			6,417,350
Advances to suppliers - current		2,458,417			3,725,143
Total Current Assets		5,485,530			9,163,675
Other receivable		61,018			-
Advance to suppliers - non-current portion		6,257,263			-
Other receivable from related party		196,809			209,014
Right of use asset - operating		4,607			2,813
Total Current Assets		6,862,815			6,909,447
Property and equipment, net		58,180			68,508
Advance to supplier - non-current		5,576,252			5,922,077
Total Assets	$	11,805,580		$	9,234,996
Right of use asset - operating		2,109			3,359
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Equipment, net		44,959			51,405
Total Assets	$	12,486,135		$	12,886,288
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1699,~~043~~185		$	~~526~~137,~~722~~418
Related party loans		-			19,974
Accrued expenses and other payables		236,809			303,553
Accrued expenses and other payables		269,069			98,354
Advance from customers		48,748			-
Advances and deposits		-			30,976
Advance from customers - related party		-			20,371
Operating lease liabilities		4,607			4,746
Total Current Liabilities		384,742			461,342
Total Current Liabilities		289,719			680,772
Total Liabilities		384,742			461,342
Total Liabilities		289,719			680,772
Commitments and Contingencies		-			-
Stockholders’ Equity (Deficit)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 20,000,000 shares authorized; 50,000 shares and 50,000 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively		50			50
Preferred Stock, $0.001 par value, 20,000,000 shares authorized; 50,000 shares issued and outstanding		50			50
Common Stock, $0.001 par value, 1,000,000,000 shares authorized; 14,009,945 shares and 14,009,945 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively		14,010			14,010
Common Stock, $0.001 par value, 1,000,000,000 shares authorized; 14,009,945 shares issued and outstanding		14,010			14,010
Additional paid-in capital		10,535,909			10,~~515~~535,~~935~~909
Retained earnings (Accumulated loss)		(42,004	)		(2,796,477	)
Retained earnings		1,941,278			1,527,422
Accumulated other comprehensive income (loss)		1(396,~~007,896~~003	)		~~820~~346,~~706~~846
Total Stockholders’ Equity (Deficit)		11,515,861			8,554,224
Total Shengda Stockholders’ Equity		12,095,244			12,424,237
Total Liabilities and Stockholders’ Equity	$	11,805,580		$	9,234,996
Non-controlling interests		6,149			709
Total Stockholders’ Equity		12,101,393			12,424,946
Total Liabilities and Stockholders’ Equity	$	12,486,135		$	12,886,288

~~The~~ The accompanying notes are an integral part of ~~unaudited~~these condensed consolidated financial statements.

F-2

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

		2022			2021			2022			2021
	For the Three Months Ended September 30,
	For the three months ended March 31,						For the nine months ended March 31,
	2022			2021
	2022			2021			2022			2021
Revenue - Products Sales	$	2,605,046		$	743,677
Revenue	$	1,412,849		$	765,616		$	2,759,820		$	8,499,788
Revenue - Service		297,968			-
Cost of Revenue		1,294,515			659,003			2,547,439			6,969,140
Total Revenue		2,903,014			743,677
Gross Profit		118,334			106,613			212,381			1,530,648
Cost of Revenue		2,378,556			702,858
Operating Expenses
Gross Profit		524,458			40,819
Professional expenses		26,858			20,789			83,461			55,464
Operating Expenses
General and administrative expenses		1,051,748			32,880			1,126,837			93,045
Professional fees		43,918			35,685
Total Operating Expenses		1,078,606			53,669			1,210,298			148,509
General and administrative		37,939			31,640
Income (Loss) from Operations		(960,272	)		52,944			(997,917	)		1,382,139
Total Operating Expenses		81,857			67,325
Other Income (Expense)
Income (Loss) from Operations		442,601			(26,506	)
Interest expense		-			(56	)		(60	)		(56	)
Other Income (Expense)		(300	)		(93	)
Interest income		703,238			395			703,362			20,808
Income (Loss) before Income Taxes		442,301			(26,599	)
Other income		102			(33	)		23,424			(33	)
Income Tax Expense		23,466			2,774
Recovery of uncollectible accounts		3,198,342			-			3,198,342			-
Net Income (loss) after Tax		418,835			(29,373	)
Bank charges		(361	)		(88	)		(588	)		(800	)
Less: Net Income (Loss) after Tax attributable to non-controlling interests		4,979			-
Total Other Income (Expense)		3,901,321			218			3,924,480			19,919
Net Income (Loss) after Tax attributable to Shengda Network Technology, Inc		413,856			(29,373	)
Income (Loss) before Income Taxes		2,941,049			53,162			2,926,563			1,402,058
Other Comprehensive Income
Income Tax Expense		169,300			7,955			172,090			377,008
Foreign currency translation gain (loss)		(742,388	)		17,406
Net Income (Loss) after Tax	$	2,771,749		$	45,207		$	2,754,473		$	1,025,050
Comprehensive Loss		(323,553	)		(11,967	)
Other comprehensive income
Less: Comprehensive Income after Tax attributable to non-controlling interests		461			-
Foreign currency translation gain		133,952			(63,276	)		187,190			782,206
Total Comprehensive Loss attributable to Shengda Network Technology, Inc	$	(324,014	)	$	(11,967	)
Total Comprehensive Income (Loss)	$	2,905,701		$	(18,069	)	$	2,941,663		$	1,807,256
Basic and Diluted Net Income (Loss) per Common Share	$	0.03		$	(0.00	)
Basic and Diluted Net Income (Loss) per Common Share	$	0.20		$	0.00		$	0.20		$	0.09
Weighted-average Number of Common Shares Outstanding		14,009,945			14,009,945
Weighted-average Number of Common Shares Outstanding		14,009,945			14,009,945			14,009,945			10,793,729

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY ~~(DEFICIT)~~

March 31, 2022	Shares		Am	ount	Shares			Amount		Capital		(Deficit)			Income (Loss)		(Deficit)
Three Months Ended	Preferred Stock				Common Stock				Additional Paid-in		Retained Earnings			Accumulated Other Comprehensive		Stockholders’ Equity
March 31, 2022	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income (Loss)		(Deficit)
Balance - December 31, 2021		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	(2,813,753	)	$	873,944	$	8,610,160
Net income		-		-		-		-		-		2,771,749			-		2,771,749
Foreign currency translation adjustment		-		-		-		-		-		-			133,952		133,952
Balance - March 31, 2022		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	(42,004	)	$	1,007,896	$	11,515,861

Three Months Ended September 30, 2022 and 2021

Nine Months Ended	Preferred Stock				Common Stock				Additional Paid-in		Retained Earnings			Accumulated Other Comprehensive			Stockholders’ Equity
Three Months Ended	Preferred Stock				Common Stock				Additional Paid-in		Retained Earnings			Accumulated Other Comprehensive			Total Shengda Stockholders’			Non-controlling		Total Stockholders’
March 31, 2022	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income (Loss)			(Deficit)
September 30, 2022	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income			Equity			Interests		Equity
Balance - June 30, 2021		50,000	$	50		14,009,945	$	14,010	$	10,515,935	$	(2,796,477	)	$	820,706		$	8,554,224
Balance - June 30, 2022		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	1,527,422		$	346,846		$	12,424,237		$	709	$	12,424,946
Forgiveness of debt		-		-		-		-		19,974		-			-			19,974
Net income		-		-		-		-		-		413,856			-			413,856			4,979		418,835
Net income		-		-		-		-		-		2,754,473			-			2,754,473
Foreign currency translation adjustment		-		-		-		-		-		-			(742,849	)		(742,849	)		461		(742,388	)
Foreign currency translation adjustment		-		-		-		-		-		-			187,190			187,190
Balance - September 30, 2022		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	1,941,278		$	(396,003	)	$	12,095,244		$	6,149	$	12,101,393
Balance - March 31, 2022		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	(42,004	)	$	1,007,896		$	11,515,861

Three Months Ended	Preferred Stock				Common Stock				Additional Paid-in		Retained Earnings			Accumulated Other Comprehensive			Total Shengda Stockholders’ Equity			Non-controlling		Total Stockholders’ Equity
March 31, 2021	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income (Loss)			(Deficit)
September 30, 2021	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income (Loss)			(Deficit)			Interest		(Deficit)
Balance - December 31, 2020		-	$	-		14,009,945	$	14,010	$	10,513,985	$	899,713		$	805,966		$	12,233,674
Balance - June 30, 2021		50,000	$	50		14,009,945	$	14,010	$	10,515,935	$	(2,796,477	)	$	820,706		$	8,554,174		$	-	$	8,554,174
Net income		-		-		-		-		-		45,207			-			45,207
Beginning balance, value		50,000	$	50		14,009,945	$	14,010	$	10,515,935	$	(2,796,477	)	$	820,706		$	8,554,174		$	-	$	8,554,174
Foreign currency translation adjustment												-			(63,276	)		(63,276	)
Forgiveness of debt		-		-		-		-		19,974		-			-			19,974			-		19,974
Balance - March 31, 2021		-	$	-		14,009,945	$	14,010	$	10,513,985	$	944,920		$	742,690		$	12,215,605
Net income		-		-		-		-		-		(29,373	)		-			(29,373	)		-		(29,373	)
Foreign currency translation adjustment		-		-		-		-		-		-			17,406			17,406			-		17,406
Balance - September 30, 2021		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	(2,825,850	)	$	838,112		$	8,562,181		$	-	$	8,562,181
Ending balance, value		50,000	$	50		14,009,945	$	14,010	$	10,535,909	$	(2,825,850	)	$	838,112		$	8,562,181		$	-	$	8,562,181

Nine Months Ended	Preferred Stock				Common Stock				Additional Paid-in		Retained Earnings			Accumulated Other Comprehensive			Stockholders’ Equity
March 31, 2021	Shares		Amount		Shares		Amount		Capital		(Deficit)			Income (Loss)			(Deficit)
Balance - June 30, 2020		-	$	-		6,960,000	$	6,960	$	16,310	$	(80,130	)	$	(39,516	)	$	(96,376	)
Balance, value		-	$	-		6,960,000	$	6,960	$	16,310	$	(80,130	)	$	(39,516	)	$	(96,376	)
Issuance of common shares for cash		-		-		7,049,945		7,050		10,497,675		-			-			10,504,725
Net income		-		-		-		-		-		1,025,050			-			1,025,050
Foreign currency translation adjustment		-		-		-		-		-		-			782,206			782,206
Balance - March 31, 2021		-	$	-		14,009,945	$	14,010	$	10,513,985	$	944,920		$	742,690		$	12,215,605
Balance, value		-	$	-		14,009,945	$	14,010	$	10,513,985	$	944,920		$	742,690		$	12,215,605

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of unaudited condensed consolidated financial statements.

F-4

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		2022			2021
	Three Months Ended September 30,
	For the nine months ended March 31,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	2,754,473		$	1,025,050
Net Income (Loss)	$	418,835		$	(29,373	)
Adjustments to Reconcile Net Cash (Used in) Provided by Operating Activities
Depreciation and amortization		144,~~341~~670			84,~~215~~692
Recovery of uncollectible accounts		(3,198,342	)		-
Forgiveness of debt		-			(19,974	)
Provision for uncollectible accounts		1,017,490			-
Forgiveness of debt		(19,974	)		-
Changes in Operating Assets and Liabilities:
Decrease (Increase) in account receivable		1,571,491			(3,470,436	)
Account receivable		(677,278	)		(840,354	)
(Increase) in advance to suppliers - current		(4,084,189	)		(622,291	)
Account receivable - related parties		-			772,809
(Increase) in other receivable		(32,238	)		-
Inventories		(483,977	)		-
Decrease in prepaid expenses		-			3,623
Advance to suppliers - current		1,089,233			-
(Decrease) increase in accounts payable		(514,613	)		122,015
Other receivable		(61,018	)		-
Increase in accrued expenses and other payables		168,684			327,023
Accounts payable		(38,040	)		38,422
(Decrease) in advances and deposits		(31,231	)		29,945
Accrued expenses and other payables		(55,818	)		(11,070	)
(Decrease) Increase in other payable - related party		-			(1,330	)
Advance from customers		50,609			-
Net Cash (Used in) Operating Activities		(2,354,108	)		(2,578,186	)
Advance from customers - related party		(19,914	)		-
CASH FLOWS FROM INVESTING ACTIVITIES
Advances and deposits		-			(30,912	)
Loan receivable		9,449,984			(8,085,285	)
Net Cash Provided by (Used in) Operating Activities		227,302			(115,760	)
(Increase) in advance to suppliers - non-current		(6,194,239	)		-
Effect of Exchange Rate Fluctuation on Cash		(24,538	)		14,855
Acquisition of plant and equipment		-			(77,234	)
Net Increase (Decrease) in Cash		202,764			(100,905	)
Net Cash Provided by (Used in) Investing Activities		3,255,745			(8,162,519	)
Cash - Beginning of Period		405,786			143,933
CASH FLOWS FROM FINANCING ACTIVITIES
Cash - End of Period	$	608,550		$	43,028
Proceeds for sale of common stock to related party		-			2,000
Proceeds for sale of common stock		-			6,230,225
Net Cash Provided by Financing Activities		-			6,232,225
Effect of Exchange Rate Fluctuation on Cash and Cash Equivalents		(1,001,934	)		554,244
Net (Decrease) Increase in Cash and Cash Equivalents		(100,297	)		(3,954,236	)
Cash - Beginning of Period		143,933			4,271,326
Cash - End of Period	$	43,636		$	317,090
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Income tax	$	-14,901		$	-10,544
Interest	$	-		$	-60

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-5

SHENGDA NETWORK TECHNOLOGY, INC. AND SUBSIDIARIES

NOTES TO ~~UNAUDITED~~ CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2022 and 2021

Note 1 – Organization and Operations, and Going Concern

In these notes, the terms “us”, “we”, “it”, “its”, “Shengda”, the “Company” or “our” refer to Shengda Network Technology, Inc. and ~~Subsidiaries~~its subsidiaries. Shengda was incorporated under the laws of the State of Nevada on March 14, 2018 under the name Soltrest, Inc. and changed its name to Shengda Network Technology Inc on October 16, 2020.

The Company’s principal business is to provide a portal for the sale of products offered by reliable manufacturers and merchants at ~~competitive~~ competitive prices. Products run the gamut from electronics to daily ~~consumable products~~consumables, food and clothing.

On April 20, 2020, the Company purchased 10,000 shares of common stock of Peaker International Trade Group Limited (“Peaker”) for ~~a total consideration of~~ $1,330. These shares comprised of 100% of the then issued and outstanding shares of common stock of Peaker. Peaker was formed in 2018 in Hong Kong. On May 15, 2020, Peaker formed a Company in China called Zhejiang Jingmai Electronic Commerce Ltd., of which Peaker is the sole shareholder.

On August 28, 2020, Zhejiang Jingmai Electronic Commerce Ltd set up a 99% owned subsidiary Zhejiang Xiaojing e-commerce Co., Ltd. On April 22, 2022, Zhejiang Jingmai Electronic Commerce Ltd received 99% ownership of Yiwu Tianqi Enterprise Management Co., Ltd which was incorporated on November 23, 2020 for no consideration. On April 22, 2022, Zhejiang Jingmai Electronic Commerce Ltd received 99% ownership of Zhejiang Jingmai e-commerce Co., Ltd which was incorporated on November 25, 2020 for no consideration. On April 22, 2022, Zhejiang Jingmai Electronic Commerce Ltd received 99% ownership of Zhejiang Jingtao Supply Chain Co., Ltd which was incorporated on November 24, 2020 for no consideration. On August 25, 2022, Zhejiang Jingmai Electronic Commerce Ltd received 99% ownership of Zhejiang Mengxiang Enterprise Management Co., Ltd which was incorporated on August 4, 2021 for no consideration. These companies plan to develop business in the following fields: wholesale and retail of wide range various products, management, marketing, consulting, import and export, network integration and IT service, and more fields.

On August 15, 2022, the Company’s Board was increased to five members. Mr. Yizhong Chen, Mr. Hanguo Li, Mr. Manu Ohri and Mr. Yanfeng Wang were appointed as independent directors of the Board, effective the same date. In addition, effective the same date, the Board created an Audit, Nominating, and Compensation Committees and also adopted a Code of Business Conduct and Ethics. The Company also adopted amended and restated bylaws.

Risk and Uncertainty Concerning COVID-19 Pandemic

~~In December 2019, an outbreak of a novel strain of coronavirus (~~COVID-19). in OnJanuary ~~March 11,~~ 2020, ~~the~~posed ~~World~~great ~~Health~~impact ~~Organization~~in ~~characterized COVID-19 as a pandemic~~China. ~~The~~However, ~~Company is currently monitoring~~ the ~~outbreak of~~ COVID-19 ~~and~~outbreak ~~the~~has ~~related~~had ~~business and travel restrictions~~ ~~and~~limited ~~changes~~impact toon ~~behavior~~our ~~intended~~businesses toand ~~reduce its spread~~operation. ~~While~~The ~~the~~ Company’s ~~operations~~mainly ~~are~~operates ~~principally located outside the United States, we utilize various consultants located~~ in ~~the~~Zhejiang ~~United~~Province ~~States~~China, wethat ~~participate~~had infew ~~a global supply chain, and the existence of a worldwide pandemic, the fear associated with~~ COVID-19, orcases since ~~any,~~January ~~pandemic,~~2020. ~~and~~None ~~the reactions~~ of ~~governments~~our ~~around~~staff ~~the~~was ~~world~~infected inwith ~~response to~~ COVID-19,. ~~or any~~Therefore, ~~pandemic, to regulate~~ the ~~flow~~Company ofdid ~~labor~~not ~~and~~encounter ~~products~~a ~~and~~shortage ~~impede the travel~~ of ~~personnel, may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity~~labor. ~~Disruptions to our supply~~As ~~chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from the closure~~ of ~~supplier and manufacturer facilities, interruptions in~~ the ~~supply~~date of ~~raw~~this ~~materials and components~~report, ~~personnel absences, or restrictions on~~ the ~~shipment~~Company’s ofis ~~our~~able orto ~~our~~fulfill ~~suppliers’ or~~ customers’ ~~products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule~~needs. ~~Any of these uncertainties could have a material adverse effect on our business, financial condition or results of operations.~~

FThere might be outbreaks of COVID-619 in various cities in China in the future, and the Chinese government may take measures to keep COVID-19 under control. If there is not a material recovery in the COVID-19 situation, or the situation further deteriorates in China, our business, results of operations and financial condition could be materially and adversely affected. While the potential downturn brought by and the duration of the COVID-19 outbreak is difficult to assess or predict and the full impact of the virus on our operations will depend on many factors beyond our control. Our business, results of operations, financial condition and prospects could be materially adversely affected to the extent that COVID-19 persists in China or harms the Chinese and global economy in general.

Since Anhui Province has been successful on its efforts containing the spread of the virus, we haven’t observed significant impacts concerning the matters relating to logistics, suppliers, and price of raw materials.

Note 2 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements included herein ~~have been~~ were prepared by Shengda Network Technology Inc. and Subsidiaries, including its consolidated subsidiaries, the “Company”, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) ~~have~~was ~~been~~ condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. For purposes of comparability, certain prior period amounts ~~have~~were ~~been~~ reclassified to conform to the current year presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, ~~2021~~2022, filed with the SEC on ~~September~~October 28, ~~2021~~2022.

F-6

The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (1) the reported amounts of assets; (2) liabilities and disclosure of contingent assets and liabilities at the date of the financial statements; and (3) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income or loss.

F-7

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Peaker International Trade Group Limited or “Peaker”, ~~and~~Peaker’s wholly owned subsidiary Jiangxi Zansheng Information Industry Co., Ltd, Peaker’s wholly owned subsidiary Zhejiang Jingmai Electronic Commerce Ltd or “Jingmai Electronic”, and Jingmai Electronic’s five 99% owned subsidiaries Zhejiang Xiaojing e-commerce Co., inLtd, Yiwu Tianqi Enterprise Management Co., Ltd, Zhejiang Jingtao Supply Chain Co., Ltd, Zhejiang Jingmai e-commerce Co., Ltd, Zhejiang Mengxiang Enterprise Management Co., Ltd and Zhejiang Shubei Supply Chain Co., Ltd, in China. All significant inter-company accounts and transactions ~~have~~were ~~been~~ eliminated in consolidation.

Non-Controlling Interest

Non-controlling interest represents the portion of equity that is not attributable to the Company. The net income (loss) attributable to non-controlling interests is separately presented in the accompanying statements of operations and comprehensive income (loss). Losses attributable to non-controlling interests in a subsidiary may exceed the interest in the subsidiary’s equity. The related non-controlling interest continues to be attributed its share of losses even if that attribution results in a deficit of the non-controlling interest balance.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the consolidated financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash

~~The Company~~Cash ~~considers~~consists ~~all highly liquid instruments with maturity~~ of ~~three~~petty ~~months~~cash oron ~~less~~hand and ~~at the time of issuance to be~~ cash ~~equivalents. The~~held ~~Company~~in ~~did~~banks, ~~not~~which ~~have~~are ~~any~~highly ~~cash~~liquid ~~equivalents~~and atare ~~March~~unrestricted ~~31,~~as ~~2022~~to ~~and~~withdrawal ~~June~~or ~~30, 2021, respectively~~use.

Accounts Receivable, net

Accounts receivable are generated primarily through sales to customers and are stated at invoiced amount, net of an allowance for doubtful accounts, and bear no interest. A provision for doubtful accounts is determined based on a specific review of outstanding customer balances and historical customer write-off amounts and is charged to operations at the time management determines these accounts may become uncollectible.

The Company establishes an individualized credit and collection policy based on each individual customer’s credit history. The Company does not have a uniform policy that applies equally to all customers. The collection period usually ranges from three months to twelve months. The Company grants extended payment terms only when the Company believes that the payment will be collectible at the end of the term. The Company grants extended payment terms to customers based on the following factors: (a) whether or not the Company views a real need, from the customer’s perspective for the extension, and (b) the Company’s relationship with the customer, and the Company’s longF-~~term business prospects.~~7

FThe Company establishes a credit and collection policy based on collection history. The collection period usually ranges from three to twelve months. The Company grants extended payment terms only when the Company believes the payment will be collectible at the end of the term. The Company grants extended payment terms to customers based on the following factors: (a) whether or not the Company views a real need, from the customer’s perspective for the extension, and (b) the Company’s relationship with the customer, and the Company’s long-8term business prospects.

The Company reviews the accounts receivable on a periodic basis and based on its reviews, the Company recorded an allowance for doubtful accounts of $~~685~~11,~~725~~598 and $112,~~640,389~~317 as of ~~March~~September 3130, 2022 and June 30, ~~2021~~2022, respectively.

Inventories

~~Inventory~~Inventories isare valued at the lower of cost or market. Inventories consist of finished goods. The Company reviews its inventories regularly for ~~possible~~ possible obsolete goods and establishes reserves when determined necessary. As of ~~March~~September 3130, 2022 and June 30, ~~2021~~2022 (audited), the Company had no ~~reserve~~ reserve for obsolete goods.

~~Property and~~ Equipment

~~Property~~Equipment ~~and~~is ~~equipment are~~ stated at cost. ~~The straight~~Straight-line depreciation ~~method~~ is used to compute depreciation over the estimated useful lives of the assets, as follows:

Schedule of Estimated Useful Lives Ofof Assets

Items		Useful life
Vehicles		5 years

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are ~~charged to~~ expense as incurred. Expenditures ~~for~~ for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the statement of income in other income and expenses.

Long-lived Assets

The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate ~~that~~ their carrying ~~amount~~amounts may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No impairment loss was recorded ~~during~~for the ~~nine~~three months ended ~~March~~September 3130, 2022 ~~and~~or 2021~~, respectively~~.

F-9

Leases

The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and lease ~~liabilities~~ liabilities are recognized at commencement based on the present value of lease payments over the lease term. As the implicit rate is typically not readily determinable in the Company’s lease agreements, the Company uses its incremental borrowing rate as of the lease commencement date to determine the present value of the lease payments. The incremental borrowing rate is based on the Company’s specific rate of interest to borrow on a collateralized basis, over a similar term and in a similar economic environment as the lease. Lease expense is recognized on a straight-line basis over the lease term. ~~Leases with an initial term of 12 months or less are not recognized on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.~~ Additionally, the ~~Company~~ Company accounts for lease and non-lease components as a single lease component for its identified asset classes. As of ~~March~~September 3130, 2022 and June 30, 2022, the Company did not have any finance lease.

~~Similar to other long~~F-lived assets, right-of-use assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. See Note 5, “Leases,” for additional information.8

Similar to other long-lived assets, right-of-use assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. See Note 8, “Leases,” for additional information.

Revenue Recognition

The Company isrecognizes ~~engaged~~revenues inwhen ~~generating~~control ~~revenue~~of ~~through~~the ~~online~~promised ~~networking~~goods ~~sales.~~or ~~Shengda~~services ~~Network~~is ~~Technology~~transferred isto ~~neither~~the ~~involved~~customer, in ~~production~~an amount that reflects ~~nor~~the ~~holding~~consideration ~~any~~the ~~inventory~~Company expects to be entitled for those goods or services. ~~The~~In ~~Company~~that ~~mainly~~determination, ~~sells~~under ~~products~~ASC ~~through~~606, Revenue From Contracts With Customers, the Company follows a ~~significant~~five-step ~~number~~model that includes: (1) determination of ~~registered~~whether ~~companies~~a tocontract, ~~members~~an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of ~~its~~the ~~sales~~performance obligations ~~portal.~~in ~~The~~the ~~Company~~contract; ~~intends~~(3) determination of the transaction price; (4) allocation of the transaction price to ~~offer~~the ~~products~~performance ~~through~~obligations ~~offline~~in the ~~stores~~contract; and ~~customer~~(5) ~~service~~recognition ~~centers~~of revenue when (or as) the performance obligation is satisfied. The Company records the revenue once all the above steps are completed.

~~The~~Online ~~Company~~Marketing recognizes revenues when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In that determination, under ASC 606, Revenue From Contracts With Customers, the Company follows a five-step model that includes: (1) determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and ~~obligations~~Sales, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and ~~(5)~~Technology ~~recognition~~Consulting ofService ~~revenue when (or as) the performance obligation is satisfied. The Company records the revenue once all the above steps are completed.~~

~~F-10~~The Company generates revenue through providing consulting services to customers. The consulting services provided include online marketing and sales consulting services and technology services. The Company typically satisfies its performance obligations in contracts with customers upon render of the services. Service revenue is recognized when promised services are transferred to the customer in an amount that reflects the consideration expected in exchange for those services. Revenues for services are recognized on a straight line basis over the contract.

Online Networking Sales

The Company generates revenue through online networking sales. Shengda Network Technology is not involved in production. The Company mainly sells products through a significant number of registered companies to members of its sales portal. The Company offers products through offline stores and customer service centers. When the customer receives the product, the control of the products is transferred to the customer.

Fair Value Measurements

The Company has established a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 Fair Value Measurement, prioritizes the inputs into three levels that may be used to measure fair value:

●	Level 1 – inputs are based upon unadjusted quoted prices for identical instruments in active markets.

●

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

●

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.

●

●	Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.

The Company’s other current financial assets and current financial liabilities have fair values that approximate their carrying values.

F-9

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash deposited with banks. Substantially all of the Company’s cash is held in bank accounts in the People’s Republic of China (“PRC”) and is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or any other similar insurance in the U.S.

The Company’s bank account in the United States is protected by FDIC insurance. As of ~~March~~September 3130, 2022 and June 30, ~~2021~~2022 (audited), the Company’s bank account in the United States had no balances exceeding FDIC insurance of $250,000.

The Company’s bank account in the PRC is protected by the People’s ~~Republic~~Bank of China Financial Stability Bureau (“~~PRC~~FSD”) ~~is protected by FSD~~ insurance. As of ~~March~~September 3130, 2022 and June 30, ~~2021~~2022 (audited), the Company’s bank account in PRC had $0 390,615 and $~~140~~247,~~277~~930, balances exceeding FSD insurance of RMB 500,000.

Major ~~Customer~~Customers

The Company has ~~three~~two ~~major~~ customers Company A and Company B that accounted for 3772% and 10% of revenues ~~totaling $1,015,827~~ for the ~~nine~~three months ended ~~March~~September 3130, 2022, respectively. The Company has nothree major ~~customer~~customers Company C, Company D and Company E that accounted for ~~more~~19%, ~~than~~19% 10and 17% of revenues for the three months ended September 30, 2021, respectively. The two major customers for the three months ended ~~March~~September 3130, 2022 does not include the three major customers for the three months ended September 30, 2021.

~~The~~Major Company has one major customer that accounted for 62% of revenues totaling $5,233,559 for the nine months ended March 31, 2021. The Company has one major customer that accounted for 19% of revenues totaling $145,293 for the three months ended March 31, 2021.Vendors

~~Major~~The ~~Vendor~~Company has four vendors Company A, Company B, Company C, and Company D that accounted for 18%, 15%, 12% and 11% of purchases for the three months ended September 30, 2022. The Company has one vendor Company A that accounted for 100% of purchases for the three months ended September 30, 2021.

The Company has three major vendors that accounted for 92% of purchase amount totaling $2,343,379 for the nine months ended March 31, 2022. The Company has two major vendors that accounted for 95% of purchase amount totaling $1,229,789 for the three months ended March 31, 2022.

F-11

The Company has two major vendors that accounted for 100% of purchase amount totaling $6,958,811 for the nine months ended March 31, 2021. The Company has one major vendor that accounted for around 100% of purchase amount totaling around $658,856 for the three months ended March 31, 2021.

Commitment and Contingencies

~~The~~In April ~~Company~~2022, isthe ~~committed~~Company agreed to ~~pay~~purchase ~~operating~~$25,303,999 (RMB ~~lease~~180 million) ~~costs~~from a supplier over the next three years. As of September 30, 2022, the Company had advance payment of $47,~~607~~011,558 (RMB ~~during~~50 million) to the ~~next~~supplier, of ~~twelve~~which ~~months~~$5,576,252 (RMB 39,666,667) is recorded as advance to supplier – non-current. The advance is interest free and without collateral. The reasons for making such advance are that the Company started to provide products to clients which are in the internet live broadcasting business. The Company carries minimal inventory, and the supplier directly delivers goods to customers according to purchase orders with the supplier. The advances are refundable and there is no penalty for the Company if it does not purchase the entire RMB 180 million of inventory.

The Company had fully paid for the operating lease and expects $0 lease payment during the next 12 months.

The Company has no legal proceedings and claims.

Events or operations that are uncertain may also result in a cash outflow or inflow for the Company are known as contingencies. Contingencies are not guaranteed, and they heavily rely on the occurrence or lack thereof, of uncertain future events.

Value Added Tax (“VAT”)

The Company is subject to VAT for providing services and sales of goods, ranging from 9% to 13%.

F-10

Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other payables. The Company reports revenue net of PRC’s VAT for all the periods presented in the Consolidated Statements of Operations and Comprehensive Income (loss).

VAT returns of the Company are subject to examination by the tax authorities for five years from the date of filing.

Income Tax

Income tax returns are filed in federal, state, local and foreign jurisdictions as applicable. Provisions for current income ~~tax~~taxes ~~liabilities~~ are calculated and accrued on income and expense amounts expected to be included in the income tax returns for the current year. Income taxes reported in earnings also include deferred income tax provisions and provisions for uncertain tax positions.

Deferred income tax assets and liabilities are computed on differences between the consolidated financial statement bases and tax bases of assets and liabilities at the enacted tax rates. Changes in deferred income tax assets and liabilities associated with components of other comprehensive ~~income~~ income are charged or credited directly to other comprehensive income. Otherwise, changes in deferred income tax assets and liabilities ~~are~~ are included as a component of income tax expense. The effect on deferred income tax assets and liabilities attributable to changes in ~~enacted~~ enacted tax rates are charged or credited to income tax expense in the period of enactment. Valuation allowances are established for ~~certain~~ certain deferred tax assets when realization is less than more likely than not.

Liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions, in our judgment, do not meet a more-likely-than-not threshold based on the technical merits of the positions. Additionally, liabilities may be established for uncertain tax positions when, in our judgment, the more-likely-than-not threshold is met, but the position does not rise to the level of ~~highly~~ certain based upon the technical merits of the position. ~~Estimated~~The Company did not incur any interest and penalties related to ~~uncertain~~ potential underpaid income tax ~~positions~~expenses ~~are~~for ~~included~~the asthree amonths ~~component~~ended ofSeptember ~~income~~30, 2022 and 2021, respectively, and also did not anticipate any significant increases or decreases in unrecognized tax ~~expense~~benefits in the next 12 months from September 30, 2022.

~~Currency~~The ~~Translation~~effective income tax rate (benefit) was 5.3% and (10.4)% for the three months ended September 30, 2022 and 2021, respectively. A reconciliation of the income tax (benefit) computed at federal statutory income tax rate and the effective income tax rate as a percentage of income (loss) before income taxes for the three months ended September 30, 2022 and 2021 is as follows:

Schedule of Effective Income Tax rate

	2022			2021
	Three Months Ended September 30,
	2022			2021
Net income (loss) before income tax	$	442,301		$	(26,599	)
Computed tax expense (benefit) at statutory rate		92,883			(5,586	)
Taxes in foreign jurisdictions with rates different than US		19,451			363
Effect of lower income tax rate of PRC entities		(98,104	)		503
Valuation allowance of US parent company		9,236			7,494
Income tax expense	$	23,466		$	2,774

Two of the Company’s subsidiairies in China is subject to preferrential income tax rate as being a small e-commerce company in China. The preferrential income tax rate is lower than the statutory income tax of 25%.

Foreign Currency Translation

The assets and liabilities of the Company’s subsidiaries outside the U.S. are translated into U.S. dollars at the rates of exchange in effect at the balance sheet dates, primarily from RMB. Income and expense items are translated at the average exchange rates prevailing during the period. Gains and losses resulting from currency transactions are recognized currently in income and those resulting from translation of consolidated financial statements are included in accumulated other comprehensive income (loss).

~~F-12~~The value of RMB against US$ fluctuates. Any significant revaluation of RMB may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency exchange rates used in creating the CFS in this report:

	September 30, 2022	June 30, 2022
		(audited)
Period-end spot rate	US $1=RMB 7.1135	US $1=RMB 6.6981

Three Months Ended

September 30,
2022

Three Months Ended

September 30,
2021

Average rate

US $1=RMB 6.8520

US $1=RMB 6.4699

F-11

Earnings (Loss) Per Share

The Company computes net earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted net earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2019-12, “Simplifying the Accounting for Income Taxes.” ASU 2019-12 eliminates certain exceptions within ASC 740, “Income Taxes,” and clarifies certain aspects of ASC 740 to promote consistency among reporting entities. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company ~~evaluated~~adopted ~~the impact that with the adoption of~~ ASU 2019-12, and it did not have any impact on its consolidated financial statements.

In ~~August~~March ~~2020~~2022, the FASB issued ASU ~~2020~~2022-0602, ~~Debt~~Financial Instruments—~~Debt~~Credit ~~with~~Losses ~~Conversion~~(Topic ~~and~~326): ~~Other~~Troubled ~~Options~~Debt ~~(Subtopic~~Restructurings ~~470-20)~~ and ~~Derivatives~~Vintage ~~and~~Disclosures. ~~Hedging—Contracts~~The amendments in ~~Entity’s~~this ~~Own~~Update ~~Equity~~eliminate (the accounting guidance for TDRs by creditors in Subtopic ~~815~~310-40):, ~~Accounting~~Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for ~~Convertible~~certain ~~Instruments~~loan refinancings and ~~Contracts~~restructurings by creditors inwhen ana ~~Entity’s~~borrower ~~Own~~is ~~Equity~~experiencing financial difficulty. Specifically, ~~which~~rather ~~simplifies~~than ~~accounting~~applying the re cognition and measurement guidance for TDRs, ~~convertible~~an ~~instruments~~entity bymust ~~removing~~apply ~~major~~the ~~separation~~loan ~~models~~refinancing ~~required~~and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether ~~under~~a ~~current~~modification ~~GAAP~~results in a new loan or a continuation of an existing loan. ~~The~~For ~~ASU~~public ~~also~~business ~~removes~~entities, ~~certain~~the ~~settlement~~amendments ~~conditions~~in this Update require that ~~are~~an ~~required~~entity ~~for~~disclose ~~equity~~current-period ~~contracts~~gross towrite ~~qualify~~offs by year of origination for ~~the~~financing ~~derivative~~receivables and net investments in leases within the scope ~~exception~~of ~~and~~Subtopic ~~simplifies~~326-20, ~~the~~Financial ~~diluted~~Instruments—Credit ~~earnings~~Losses—Measured ~~per~~at ~~share~~Amortized ~~calculation~~Cost. For entities that have adopted the amendments in ~~certain~~Update ~~areas.~~2016-13, ~~The~~the amendments in this ~~ASU~~Update are effective for ~~annual~~fiscal ~~and~~years beginning after December 15, 2022, including interim periods ~~beginning~~within ~~after~~those ~~December~~fiscal 15years. For entities that have not yet adopted the amendments in Update 2016-13, the ~~2023~~effective dates for the amendments in this Update are the same as the effective dates in Update 2016-13. The amendments in this Update should be applied prospectively, ~~although~~except ~~early~~as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption of the amendments in this Update is permitted. ~~The~~if ~~Company~~an isentity has adopted the amendments in Update 2016-13, including adoption in an interim period. If an entity elects to early adopt the ~~process~~amendments in this Update in an interim period, the guidance should be applied as of ~~evaluating~~the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company evaluated the impact of ~~this~~the ~~new~~adoption ~~guidance~~of ASU 2022-02, and it did not have any impact on its ~~financial~~consolidated financial statements. The Company will adopt ASU 2022-02 effective for fiscal years beginning after December 15, 2022.

Note 3 - Advance to Suppliers

Advance to suppliers – current, net of allowance amounted $3,097,902 and $0 as of March 31, 2022 and June 30, 2021, respectively. The Company has recorded an allowance for uncollectible amount of $1,017,490 as of March 31, 2022. Advance to suppliers – non-current amounted $6,257,263 and $0 as of March 31, 2022 and June 30, 2021, respectively. Advance to suppliers are mainly prepayment for suppliers. On February 2, 2022, the Company entered into a purchase agreement with an unrelated party, which is ~~also~~ the Company’s major supplier. The Company agreed to purchase $2825,~~394~~303,~~302~~ 999 (RMB ~~18,000~~ 180 million) from ~~the~~this ~~unrelated party~~supplier over the next three years. As of ~~March~~September 3130, 2022, the Company ~~has~~ made advance ~~payment~~ of $97,~~385~~011,~~894~~ 558 (RMB ~~5,950~~ 50 million) to ~~the~~this ~~unrelated party~~supplier, of which $65,~~257~~576,~~263~~252 (RMB 39,666,667) ~~are~~ ~~recorded~~is recorded as advance to suppliers – non-current. The payment is interest free and without collateral. The reasons for making such advance are that the Company started to provide products to clients ~~who~~which are in the internet live broadcasting business. The ~~company~~Company has no inventory, and the supplier directly delivers the goods to customers according to the order. The advances are refundable and there is no penalty for the Company if it does not purchase the entire RMB 180 million of inventory.

With advances to all suppliers, advance to suppliers – current was $2,458,417 and $3,725,143 as of September 30, 2022 and June 30, 2022, respectively; and advance to supplier – non-current was $5,576,252 and $5,922,077 as of September 30, 2022 and June 30, 2022, respectively. Advance to suppliers – second supplier was $1,020,140 and $1,427,420 as of September 30, 2022 and June 30, 2022, respectively.

F-12

Note 4 – Account Receivable, net and Account Receivable – Related Parties, net

As of September 30, 2022 and June 30, 2022, accounts receivable and accounts receivable from related parties consisted of the following:


	As of September 30, 2022			As of June 30, 2022
Accounts receivable and accounts receivable – related parties	$	2,990,374		$	2,482,990
Less: Allowance for doubtful accounts		(11,598	)		(12,317	)
Accounts receivable, net and accounts receivable – related parties, net	$	2,978,776		$	2,470,673

Note 5 – Other Receivable and Other Receivable from Related Party

Other receivable was $61,018 and $0 as of September 30, 2022 and June 30, 2022, respectively. Other receivable is money advanced to the Company’s financial advisor; the advance is used to pay the Company’s expenses related to professional service.

Other receivable from related party was $196,809 and $209,014 as of September 30, 2022 and June 30, 2022, respectively; resulting from payments made by the Company on behalf of Shengda Network Technology Co., Ltd., which is an entity 100% owned by the Company’s CEO.

Note 6 – Transfer of Business Ownership

On August 25, 2022, Zhejiang Jingmai Electronic Commerce Ltd received transfer of 99% ownership of Zhejiang Mengxiang Enterprise Management Co., Ltd which was incorporated on August 4, 2021 for no consideration.

This transferred entities had no operation or accounting record since its inception until the Company received the 99% ownership. This entity is used to develop business in business management, marketing, consulting, network integration and IT service, and more fields.

Note 7 – Equipment

Equipment consists of the following:

Schedule of Equipment


	As of			As of
	September 30, 2022			June 30, 2022
Vehicle	$	72,514		$	77,012
Less: Accumulated depreciation		(27,555	)		(25,607	)
Equipment, net	$	44,959		$	51,405

For the three months ended September 30, 2022 and 2021, depreciation expense including amortization of right of use assets was to $4,670 and $4,692, respectively.

F-13

Note 48 – Right-Of-Use ~~Loan~~Assets ~~Receivable~~And Operating Lease Liabilities

On ~~October~~January 255, ~~2020~~2021, ~~the~~Jingmai ~~Company~~Electronic ~~signed~~leased an ~~agreement~~office ~~with~~in ~~an unrelated party~~Zhejiang, ~~which~~China isfrom ~~also~~January ~~the~~5, ~~Company’s~~2021 ~~major customer. The Company agreed~~ to ~~loan~~April ~~the customer the $9~~5,~~415,309~~ ~~(RMB60,000,000) at an annual interest rate of 7~~2022.~~2%.~~ ~~The~~There ~~actual~~was ~~loan~~rent-free ~~amount shall prevail within~~period ~~the~~from ~~total~~January ~~amount. The loan is guaranteed by a Company’s supplier and due on October 25~~5, 2021. ~~The borrower is required~~ to ~~pay~~April ~~all the principal and the relevant interest in full amount on the due date. The Company has recorded an allowance for uncollectible amount of $0 as of March 31~~5, ~~2022~~2021. The ~~total~~monthly ~~loan~~rent ~~receivable,~~is ~~net of allowance amounted~~ $~~0 and $6,417,350 as of March 31, 2022 and June 30, 2021, respectively~~366. ~~The principal and the relevant interest in full amount have been paid off in February 2022.~~

~~The~~On ~~Company~~March ~~assessed~~20, ~~the~~2022, ~~implication~~Zhejiang onJingmai ~~ASC~~Electronic ~~606~~Commerce Ltd. leased an office in Zhejiang, ~~Revenue~~China. The lease is from ~~Contracts~~April 1, ~~with~~2022 ~~Customers~~to March 30, ~~and~~2023. ~~determined~~The ~~that~~monthly ~~the~~rent ~~terms~~is $351. As of ~~the~~September ~~loan are~~30, at2022, the ~~fair~~Company ~~market~~had ~~value~~paid ~~and~~rent ~~does~~up ~~not~~until ~~impact~~March ~~the~~30, ~~revenue~~2023. ~~recognition~~As of September 30, 2022 and June 30, 2022, operating lease right-of-use ~~the~~assets ~~Company~~was $2,109 and $3,359, respectively.

Note 5 – Property and Equipment

Property and equipment consisted of the cost of a vehicle. As of March 31, 2022 and June 30, 2021, property and equipment costs were $81,370 and $79,892, and accumulated depreciation of $23,191 and $11,384, respectively. For the nine months ended March 31, 2022 and 2021, depreciation expense including amortization of right of use assets amounted to $14,341 and $8,215, respectively.

Note 6 – Leases

The Company has an operating lease for the rental of office space. Rent expense for the operating lease amounted to $0 and $3,321 for nine months ended March 31, 2022 and 2021, respectively. The lease term was from May 11, 2020 and expired on December 10, 2020. The Company had paid rent up until December 10, 2020.

On January 5, 2021, Zhejiang Jingmai Electronic Commerce Ltd. leased an office in Zhejiang, China. The lease term of the office is from January 5, 2021 to April 5, 2022. There is rent-free period which is from January 5, 2021 to April 5, 2021. On March 20, 2022, the company renewed the one-year lease contract until March 30, 2023. The monthly rent is approximately $394.

The operating lease is listed as a separate line item on the Company’s consolidated financial statements. The operating lease represents the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as a separate line item on the Company’s consolidated financial statements.

Operating lease right-of-use assets and liabilities ~~commencing after January 1, 2021~~ are recognized at commencement date based on the present value of lease payments over the lease term. For the ~~nine~~three months ended ~~March~~September 3130, 2022 and 2021, the Company recorded $21,~~923~~095 inand $964 in total lease operating ~~costs.~~ ~~The Company had paid rent up until April 5~~costs, ~~2022~~respectively.

F-14

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

Information related to the Company’s operating right of use assets and related lease liabilities are as follows:

Schedule of Operating ROU Assets and Lease ~~Liability~~liability

	Nine months ended March 31, 2022
	Three Months ended September 30, 2022			Three Months ended September 30, 2021
Cash paid for operating lease liabilities	$	~~4,872~~-		$	4,822
Weighted-average remaining lease term		10.0050			0.75
Weighted-average discount rate		5	%		5	%
Minimum future lease payments	$	~~4,607~~-		$	-

~~The~~Note ~~following~~9 ~~table~~– ~~presents~~Accrued ~~the~~Expenses ~~amortization~~and ofOther ~~the Company’s lease liabilities under ASC 842 for each of the following years ending March 31:~~Payables

~~SCHEDULE~~Accrued expense OFand ~~AMORTIZATION~~other OFpayables ~~LEASE~~consists ~~LIABILITIES~~ of the following:

2023	$	4,732
2024		-
2025		-
2026		-
2027 and thereafter		-
Total undiscounted lease liabilities		4,732
Less: Amount representing interest		(126	)
Total present value of minimum lease payments	$	4,607

Note 7 – Advances and Deposits


	As of		As of
	September 30, 2022		June 30, 2022
Payroll payable	$	7,612	$	8,085
Tax payable		148,116		198,992
Other payable		81,081		96,476
Total accrued expense and other payables	$	236,809	$	303,553

~~Advances~~The accrued expenses and ~~deposits~~other ~~amounted~~payable toare $0mainly ~~and~~payroll ~~$30~~payable,~~976~~ astaxes ofpayable ~~March 31, 2022~~ and ~~June~~money ~~30,~~borrowed ~~2021,~~from ~~respectively.~~unrelated ~~Advances~~parties ~~are~~for ~~received~~operating ~~from~~purpose. ~~the~~These ~~customers~~payables ~~for~~are ~~the~~without ~~sale~~collateral, ofinterest ~~products~~free, ~~in the normal course of business~~ and ~~adjusted against the payments~~ due toon ~~them~~demand.

Note 810 – ~~Accrued~~Stockholders’ ~~Expenses and Other Payables~~Equity

As of March 31, 2022 and June 30, 2021, accrued expenses and other payables amounted to $269,069 and $98,354, respectively.

Note 9 – Stockholders’ Equity

The Company’s capitalization at March 31, 2022 was 1,000,000,000 authorized common shares with a par value of $0.001 per share, and 20,000,000 authorized preferred shares with a par value of $0.001 per share.

F-15

Common Stock

On July 1, 2021, the former President and Director of the Company ~~agreed~~forgave toa ~~forgive the~~ working capital advance of $19,974 given to the Company ~~as a loan~~ on March 20, 2020 ~~(Note 9)~~. The forgiveness of loan was credited to ~~the~~ additional paid in capital as of ~~March~~September 3130, ~~2022~~ 2021.

~~The Company did not issue any common stock during the nine months ended March 31, 2022. The total issued and outstanding shares of common stock were~~ F-14~~,009,945 shares and 14,009,945 shares as of March 31, 2022 and June 30, 2021, respectively.~~

~~Preferred~~Note ~~Stock~~11 – Related Party Transactions

On November 10, 2020, the Company adopted a resolution to designate 1,000,000 shares as Series A Preferred Stock. The original issue price of each share of Series A preferred Stock shall be $1.00.

Right to Receive Dividends

The holders of Series A Preferred Stock shall be entitled to receive dividends when, as and if declared by the Board of Directors of the corporation. The right to dividends on shares of Series A Preferred Stock shall be non-cumulative and no right shall accrue to holders of Series A Preferred Stock by reason of the fact that dividends on said shares are not declared in any prior period.

Liquidation Preference

In the event of any liquidation, dissolution, or winding up of the corporation, either voluntary or involuntary, the holders of Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the holders of Junior Securities but after distribution of such assets among, or payment thereof to holders of any Senior Preferred Stock, an amount equal to the Series A original issue price for each share of Series A Preferred Stock plus an amount equal to all declared but unpaid dividends on Series A Preferred Stock (the “Series A Liquidation Preference”).

After the payment of the full Series A Liquidation Preference, the remaining assets of the corporation legally available for distribution, if any, shall be distributed ratably to the holders of the Common Stock in an amount equal to the Series A Liquidation Preference; after such distribution to the holders of the Common Stock, the remaining assets of the corporation legally available for distribution, if any, shall be distributed ratably among the Series A Preferred Stock and the Common Stock. If the assets and funds legally available for distribution among the holders of Series A Preferred Stock shall be insufficient to permit the payment to the holders of the full Series A Liquidation Preference, then the assets and funds shall be distributed ratably among holders of Series A Preferred Stock in proportion to the number of shares of Series A Preferred Stock owned by each holder.

F-16

Voting Rights

Except as otherwise provided in the Certificate of Designation or required by law, the holders of the Series A Preferred Stock shall be entitled to vote, in the same manner and with the same effect as the holders of Common Stock, voting together with the holders of Common Stock as a single class. For this purpose, the holders of Series A Preferred Stock shall be given notice of any meeting of stockholders as to which the holders of Common Stock are given notice in accordance with the bylaws of the Corporation. As to any matter on which the holders of Series A Preferred Stock shall be entitled to vote, the holders of the outstanding Series A Preferred Stock shall have voting rights equal to an aggregate of seventy-five percent (75%) of the total shares entitled to vote by both (i) the holders of all of the then outstanding shares of Common Stock (whether or not such holders vote) and (ii) the holders of all of the then outstanding shares of voting shares of the Company.

Redemption

The Company shall have the right to redeem the Series A Preferred Stock, plus any accrued and unpaid dividends, in whole but not in part, at any time or from time to time (the “Redemption”), at a cash redemption price equal to the aggregate Series A original issue price the Series A Preferred Stock being redeemed (the “Redemption Amount”) plus an amount equal to the amount of the accrued and unpaid dividend thereon.

The total issued and outstanding shares of Preferred Stock were 50,000 shares and 50,000 shares, at March 31, 2022 and June 30, 2021, respectively.

Note 10 – Related Party Transactions

Related parties with whom the Company had transactions are:

Schedule of Related Party Transaction

Related Parties Relationship HangJin Chen President/CEO/CFO/Secretary/Director Youcheng Chen Father of CEO HangJin Chen Li Weiwei President/CEO/CFO/Secretary/Director (Former) Shengda Network Technology Co., Ltd Company controlled by management or affiliate Chengdu Tiantian Aixiu Culture Media Co., Ltd Company controlled by management or affiliate Zhejiang Malai Electronic Commerce Co., Ltd Company controlled by management or affiliate

~~Related~~Other ~~party~~receivable ~~loans~~from ~~represent~~Shengda ~~working~~Network ~~capital~~Technology ~~advances~~Co., toLtd. ~~the~~was ~~Company by former President and Director in the amount of~~ $0 196,809 and $19209,~~974~~014 as of ~~March~~September 3130, 2022 and June 30, ~~2021~~2022 (audited), respectively. The ~~loan~~receivable iswas ~~unsecured~~without collateral, ~~non-~~interest ~~bearing~~free, and due on demand.; ~~The Company has not recorded any imputed interest expense for~~ the ~~nine months ended March 31, 2022 and 2021. On July 1, 2021, the former President and Director agreed~~ toCompany ~~forgive~~made ~~the~~vendor ~~working~~payments ~~capital~~on ~~advance~~behalf of ~~$19,974~~Shengda ~~given~~Network toTechnology ~~the Company on March 20~~Co., ~~2020 (Note 9)~~Ltd.

~~Note~~Advances 11from –Chengdu ~~Subsequent~~Tiantian ~~Events~~Aixiu Culture Media Co., Ltd was $0 and $20,371 as of September 30, 2022 and June 30, 2022 (audited), respectively.

InSales ~~accordance~~were ~~with~~$0 and ~~ASC~~$0 to ~~855-10,~~Chengdu ~~the~~Tiantian ~~Company~~Aixiu ~~has~~Culture ~~analyzed~~Media ~~its operations subsequent to March 31~~Co., ~~2022~~Ltd tofor the ~~date~~three ~~these~~months ~~condensed~~ended ~~consolidated financial~~September ~~statements~~30, ~~were~~2022 ~~available~~and to2021, berespectively. ~~issued~~Due ~~and~~from Chengdu ~~has~~Tiantian ~~determined~~Aixiu ~~that~~Culture ~~the~~Media ~~following~~Co., ~~subsequent~~Ltd ~~events~~was or$263,073 and ~~transactions that~~$279,389 ~~would~~as ~~require~~of ~~recognition~~September or30, ~~disclosure~~2022 inand ~~the~~June ~~consolidated~~30, ~~financial~~2022 ~~statements~~(audited), respectively.

OnSales were ~~April~~$0 and ~~22,~~$0 to ~~2022~~Zhejiang Malai Electronic Commerce Co., Ltd for the ~~Company~~three ~~acquired~~months ~~99%~~ended ~~ownership of~~September ~~Yiwu~~30, ~~Tianqi~~2022 ~~Enterprise~~and ~~Management~~2021, respectively. Due from Zhejiang Malai Electronic Commerce Co., Ltd ~~for~~was no$6 and ~~consideration~~$6 as of September 30, 2022 and June 30, 2022 (audited), respectively.

~~On April 22, 2022, the Company acquired 99% ownership~~Note of12 ~~Zhejiang~~– ~~Jingmai~~Segment ~~e-commerce Co., Ltd for no consideration.~~Information

OnASC 280, ~~April~~“Segment 22Reporting,” ~~2022~~establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s ~~acquired~~business ~~99%~~segments. ~~ownership~~The Company uses the “management approach” ofin ~~Zhejiang~~determining ~~Jingtao~~reportable ~~Supply~~operating ~~Chain~~segments. CoThe management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, ~~Ltd~~including ~~for~~the nochief ~~consideration~~operating decision maker, reviews operation results by the revenue of different products. Based on management’s assessment, the Company has determined that it has two operating segments: products sales and service.

OnThe following ~~August~~tables ~~28,~~present ~~2020,~~summary ~~the~~information ~~Company set~~by upsegment afor ~~99%~~the ~~owned~~three ~~subsidiary~~months ~~Zhejiang~~ended ~~Xiaojing~~September ~~e-commerce~~30, ~~Co.~~2022 and 2021, ~~Ltd.~~respectively:

~~F-17~~Schedule of Segment Reporting Information

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations


	For the Three Months Ended September 30,
	2022		2021

Revenue - Products Sales	$	2,605,046	$	743,677
Revenue - Service		297,968		-
Total Revenue	$	2,903,014	$	743,677

Forward-Looking Statements


	For the Three Months Ended September 30, 2022
	Products Sales		Service		Total
Revenue	$	2,605,046	$	297,968	$	2,903,014
Cost of revenue		2,364,008		14,548		2,378,556
Gross profit	$	241,038	$	283,420	$	524,458
Depreciation and amortization	$	4,670	$	-	$	4,670

You should read this discussion together with the Financial Statements, related Notes and other financial information included elsewhere in this Form 10-Q. The following discussion contains assumptions, estimates and other forward-looking statements that involve a number of risks and uncertainties. These risks could cause our actual results to differ materially from those anticipated in these forward-looking statements. All references to “we,” “us,” “our” and the “Company” refer to Shengda Network Technology Inc., a Nevada corporation, and its consolidated subsidiaries unless the context requires otherwise.


	As of September 30, 2022		As of June 30, 2022
Total assets:				(audited)
Products Sales	$	12,158,074	$	12,839,205
Service		328,061		47,083
Total Assets	$	12,486,135	$	12,886,288

~~Overview~~Note 13 – Subsequent Events

~~Shengda~~In ~~Network~~accordance ~~Technology,~~with ~~Inc.~~ASC 855-10, ~~formerly~~the ~~known~~Company ashas ~~Soltrest,~~analyzed ~~Inc.,~~its ~~was~~operations ~~incorporated~~subsequent onto ~~March~~September 1430, ~~2018~~2022 ~~under~~to the ~~laws~~date ofthese ~~the~~consolidated ~~State of Nevada.~~financial Onstatements ~~March~~were ~~30,~~issued ~~2020,~~and ~~the~~has ~~Company~~determined there were ~~filed~~no ansignificant ~~amendment~~subsequent toevents ~~its~~or ~~Articles~~transactions ofthat ~~Incorporation~~would ~~changing~~require ~~its~~recognition ~~name~~or todisclosure in ~~Shengda~~the ~~Network~~consolidated ~~Technology,~~financial ~~Inc~~statements. ~~(the “Company”).~~

On April 20, 2020, we purchased 100% of the shares of Peaker International Trade Group Limited, (“Peaker”), located in Hong Kong, for a total purchase price of US$1,330. Thereafter, on May 15, 2020, Peaker incorporated its whollyF-~~owned subsidiary, Zhejiang Jingmai Electronic Commerce Ltd., (“Jingmai Electronic”) located in Zhejiang province, China, which serves as the operating company for our activities in China.~~15

~~Description~~ITEM of2. ~~Our~~MANAGEMENT’S ~~Business~~DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

~~The~~FORWARD ~~Company’s~~LOOKING principal business, through Jingmai Electronic, is providing an e-commerce portal (similar to Amazon or Wish) for the sale of products. We purchase goods according to market demand, directly from manufacturers that we have standing relationships with. The goods we source include, but are not limited to, electronic products, daily consumer goods such as shampoo and toothpaste, and various other items.STATEMENTS

WeStatements ~~then~~made ~~sell~~in ~~the~~this ~~goods~~Form we10-Q ~~purchase,~~that asare ~~well~~not ashistorical ~~products~~or ~~from~~current ~~other~~facts ~~reliable~~are ~~merchants,~~“forward-looking statements” made pursuant to ~~our~~the ~~various~~safe harbor ~~customers~~provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. ~~Our~~These ~~Company~~statements isoften ~~similar~~can be identified by the use of terms such as “may,” “will,” “expect,” to“believe,” a“anticipate,” ~~wholesaler~~“estimate,” in“approximate” or “continue,” or the negative thereof. We intend that ~~our~~such ~~customers~~forward-looking ~~purchase~~statements ~~goods~~be ~~from~~subject usto ~~bulk~~the safe harbors for such statements. We ~~aim~~wish to ~~effectively~~caution readers ~~organize~~not ~~suppliers~~to place undue reliance on any such forward-looking statements, ~~manufacturers~~which ~~and~~speak ~~distributors~~only as of the date made. Any forward-looking instatements ~~order~~represent management’s best judgment as to ~~minimize~~what ~~the~~may ~~costs~~occur ofin the ~~whole~~future. ~~supply~~However, ~~chain~~forward-looking ~~system~~statements are subject to risks, uncertainties and ~~offer~~important ~~competitive~~factors ~~prices.~~beyond ~~Our~~our ~~Company~~control ~~does~~that ~~not~~could ~~warehouse~~cause oractual ~~store~~results and events to differ materially from ~~any~~historical results of ~~the~~operations ~~good~~and weevents ~~purchase.~~and Ifthose ~~the~~presently ~~manufacturer~~anticipated weor ~~purchase~~projected. ~~from~~We isdisclaim ~~not~~any ~~able~~obligation subsequently to revise ~~ship~~any ~~the~~forward-looking ~~goods~~statements ~~directly~~ to ~~our~~reflect ~~customers,~~events ~~then~~or ~~our~~circumstances ~~Company manages~~after the ~~logistics~~date ~~and~~of ~~arranges~~such ~~for~~statement aor ~~third-party~~to ~~shipping~~reflect ~~company~~the occurrence of anticipated or unanticipated events.

~~Our~~Overview Company actively cooperates with other listed or state-owned enterprises. We currently have a commodity purchase contract with Kunming Pharmaceutical Group. We also engage with companies whose products we feel are of ~~good~~the quality and that also need new channels, specifically social e-commerce. We cooperate with these companies so that they can expand their sales and supplies by offering our products and services on their sitesBusiness

~~Target~~The ~~Market~~Company was incorporated on March 14, 2018, under the laws of the State of Nevada. The Company’s principal business is the development of internet and ~~Clients/Potential~~personal ~~Clients~~computer security software products. The Company is engaged in E-Commerce business.

Our current target market is China, where we engage in e-commerce services. In recent years, with the rapid rise of social e-commerce, the Company began to diversify. Our sales channels have gradually changed from offline to online and from a single product sales business into a more comprehensive business of supply chain management.

Other Events

In April 2022, Jingmai Electronic incorporated three (3) wholly owned subsidiaries. Jingmai Electronic has begun to supply goods to various social e-commerce platforms and merchants. Social e-commerce refers to the process of engaging customers at every point of their buying journey.

Jingmai Electronic is designed to provide high-quality supply chain resources and is quicky moving into live broadcast management services in order to provide sustainable development for the Company. Jingmai Electronic, and its subsidiaries, also intend to provide comprehensive services, such as supply chain management and live broadcasting resources to TikTok and other social e-commerce platforms.

Covid-19 Pandemic

On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. The Company is currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread.

While the Company’s operations are principally located outside the United States, we utilize various consultants located in the United States, we participate in a global supply chain, and the existence of a worldwide pandemic, the fear associated with COVID-19, or any, pandemic, and the reactions of governments around the world in response to COVID-19, or any, pandemic, to regulate the flow of labor and products and impede the travel of personnel, may impact our ability to conduct normal business operations, which could adversely affect our results of operations and liquidity. Disruptions to our supply chain and business operations, or to our suppliers’ or customers’ supply chains and business operations, could include disruptions from the closure of supplier and manufacturer facilities, interruptions in the supply of raw materials and components, personnel absences, or restrictions on the shipment of our or our suppliers’ or customers’ products, any of which could have adverse ripple effects on our manufacturing output and delivery schedule. Any of these uncertainties could have a material adverse effect on our business, financial condition or results of operations.

Results of Operations

Three ~~months~~Months ~~ended~~Ended ~~March~~September 3130, 2022, ~~compared~~Compared to the ~~three~~Three ~~months~~Months ~~ended~~Ended ~~March~~September 3130, 2021

~~Revenue~~The ~~and~~following ~~Cost~~table summarizes the results of ~~Sales~~our operations for the three months ended September 30, 2022 and 2021, respectively, and provides information regarding the dollar and percentage increase or (decrease) from the current three-month period to the prior three-month period:

Total revenues for the three months ended March 31, 2022 were $1,412,849 compared to $765,616 during the three months ended March 31, 2021. This increase was mainly due to some relief of the COVID-19 pandemic in China during the first quarter of 2022.

Line Item	Three months ended 9/30/22		Three months ended 9/30/21			Increase (Decrease)		Percentage Increase (Decrease)

Revenues	$	2,903,014	$	743,677		$	2,159,337		290	%
Operating expenses		81,857		67,325			14,532		22	%
Net (loss) income		418,835		(29,373	)		448,208		1,526	%
Income (Loss) per share of common stock		0.03		(0.00	)		0.03		1,526	%

~~Operating~~During ~~expenses~~the three months ended September 30, 2022, we had revenues of $2,903,014, compared to revenues of $743,677 for the three months ended September 30, 2021, an increase of $2,159,337, or 290.4%, due to the increase in sales volume and increased service income.

Operating expenses ~~were~~totaled $181,~~078,606~~857 for the three months ended ~~March~~September 3130, 2022, compared to $5367,~~669~~325 ~~during~~for the three months ended ~~March~~September 3130, 2021., ~~This~~an increase ~~was~~of ~~due~~$14,532, toor ~~the~~21.6%. ~~Company’s~~This ~~increased~~increase ~~products~~was ~~supply~~attributable to ~~clients who are in~~ the ~~online~~increase ~~live~~of ~~broadcasting business~~audit-related ~~and the corresponding increased personnel~~expenses.

~~Net~~We ~~Income~~recorded net income of $418,835 for the three months ended September 30, 2022, as compared to a net loss of $29,373 for the three months ended September 30, 2021. The increase in income resulted primarily due to the increase in revenue.

As a result of the forgoing, the net income for the three months ended March 31, 2021 was $2,771,749 as compared to net income of $45,207 for same period ended March 31, 2021. This increase was due to interest income.

Comparison of Results of Operations for the nine months ended March 31, 2022 and 2021

Revenue

Total revenues for the nine months ended March 31, 2021 were $2,759,820 compared to $8,499,788 during the nine months ended March 31, 2021. This decrease was due to the impact of the pandemic and the transition of the Company supplying products to clients in the internet live broadcasting business and e-commerce platforms, which caused reduced offline sales.

Operating expenses

Operating expenses were $1,210,298 for the nine months ended March 31, 2022, compared to $148,509 during the nine months ended March 31, 2021. This increase was due to increased labor costs and expenditures required for revenue channel expansion.

Net Income

As a result of the forgoing, the net income for the period ended March 31, 2022 was $2,754,473 compared to net income of $1,025,050 for same period ended March 31, 2021. This decrease was due to the Company’s shift from offline sales to online sales.

Liquidity and Capital Resources

As of ~~March~~September 3130, 2022, we had cash of $43608,~~636~~550, intotal assets of $12,486,135, working capital of $6,478,073 and total stockholders’ equity of $12,101,393. Net cash provided by operating activities was $227,302 for the three months ended September 30, 2022. As of June 30 30, 2022, we had cash of $405,786, total assets of $12,886,288, working capital of $6,448,105 and stockholders’ equity of $12,424,946. Our net cash ~~equivalents~~used in operating activities was $115,760 for the three months ended September 30, 2021. We recorded $2,903,014 in revenues for the three months ended September 30, 2022, while we reported $ $743,677 in revenues for the three months ended September 30, 2021.

AsManagement believes that the Company’s cash ofon ~~March~~hand ~~31,~~may ~~2022,~~not webe ~~had~~sufficient ~~total~~to ~~assets~~fund ofall ~~$11,805,580,~~Company ~~working~~obligations ~~capital~~and ofcommitments $5for the next twelve months; however,~~195,811~~ ~~and~~our anincome ~~accumulated~~from ~~stockholders’~~operations ~~equity~~will ofbe ~~$11,515,861.~~sufficient Asto ofrun ~~June~~the ~~30,~~Company ~~2021,~~for wethe ~~had~~next ~~total~~twelve ~~assets~~months offrom $9the date these consolidated financial statements were issued. Historically,~~234,996,~~ we have depended on loans from our principal shareholders and their affiliated companies to augment our working capital ofas ~~$8,482,903~~required. There is no guarantee that such funding will be available when required and anthere ~~accumulated~~can be no assurance that our stockholders’, ~~equity~~or any of $8them,~~554,224~~ will continue making loans or advances to us in the future.

WeOur current available cash will be sufficient to satisfy ~~believe~~our ~~that~~liquidity requirements with our ~~Company~~income from operations. Our capital requirements for the next twelve months will depend on numerous factors, including management’s evaluation of the timing of projects to pursue. Subject to our ability to generate revenues and cash onflow ~~hand~~from ~~will~~operations and our ability to raise additional capital (including through possible joint ventures and/or partnerships), we expect to incur substantial expenditures to carry out our business plan, as well as costs associated with our capital raising efforts, and being a public company. If we were unable to obtain additional financing, we may be ~~sufficient~~required to ~~fund~~reduce the scope of, delay or eliminate some or all ~~Company~~of ~~obligations~~our planned activities and ~~commitments~~limit ~~for~~our ~~the~~operations ~~next~~which ~~twelve~~could have a material adverse effect on our business, financial condition ~~months~~and results of operations.

~~Off-Balance Sheet Arrangements.~~3

~~None.~~Operating Activities

Net cash provided by operating activities for the three months ended September 30, 2022 was $227,302, primarily as a result of net income increase of $418,835, including depreciation and amortization expenses of $4,670, an increase in advance from customers of $50,609 and a decrease in advance to suppliers - current of $1,089,233 offset by increase in accounts receivable of $677,278, increase in inventories of $483,977 and increase in other receivable of $61,018.

Net cash used in operating activities for the three months ended September 30, 2021 was $115,760 primarily as a result of net loss of $29,373, depreciation and amortization expense of $4,692, forgiveness of debt by an officer and director of $19,974, and due to net increase in operating assets of $71,105 due to increase in accounts receivable of $840,354, decrease in accounts receivable - related parties of $772,809, increase in accounts payable of $38,422, decrease in advances and deposits of $30,912, and decrease in accrued expenses and other payable of $11,070.

Future Capital Requirements

Our capital requirements for the fiscal year ending June 30, 2023, will depend on numerous factors, including management’s evaluation of the timing of projects to pursue. Subject to our ability to generate revenues and cash flow from operations and our ability to raise additional capital (including through possible joint ventures and/or partnerships), we expect to incur substantial expenditures to carry out our business plan, as well as costs associated with our capital raising efforts, and being a public company.

Our plans to finance our operations include seeking equity and debt financing, alliances or other partnership agreements, or other business transactions, that would generate sufficient resources to ensure continuation of our operations. Management believes that the Company’s cash on hand will be sufficient to fund all Company obligations and commitments for the next twelve months. Historically, we have depended on loans from our principal shareholders and their affiliated companies to augment our working capital as required

The sale of additional equity or debt securities may result in additional dilution to our shareholders. If we raise additional funds through the issuance of debt securities or preferred stock, these securities could have rights senior to those of our common stock and could contain covenants that would restrict our operations. Any such required additional capital may not be available on reasonable terms, if at all. If we were unable to obtain additional financing, we may be required to reduce the scope of, delay or eliminate some or all of our planned activities and limit our operations which could have a material adverse effect on our business, financial condition and results of operations.

Inflation

The amounts presented in our financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Off Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity or capital expenditures or capital resources that is material to an investor in our securities.

Seasonality

Our operating results are not affected by seasonality.

Critical Accounting Policies

The Securities and Exchange Commission issued Financial Reporting Release No. 60, “Cautionary Advice Regarding Disclosure About Critical Accounting Policies” suggesting that companies provide additional disclosure and commentary on their most critical accounting policies. In Financial Reporting Release No. 60, the Securities and Exchange Commission has defined the most critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and operating results and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. The nature of our business generally does not call for the preparation or use of estimates. ~~Due to the fact that the Company does not have any operating business, we do not believe that we do not have any such critical accounting policies.~~

~~Item 3. Quantitative and Qualitative Disclosures About Market Risk~~4

~~Not~~ITEM ~~required~~3. ~~for~~QUANTITATIVE ~~smaller~~AND ~~reporting~~QUALITATIVE ~~companies.~~DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), as of September 30, 2022. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that our disclosure and controls are not designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) ineffective controls over period end financial disclosure and reporting processes and (4) lack of timely communications with vendors and proper accrual of expenses.

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors’ results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Changes in Internal Control Over Financial Reporting

There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the three months ended September 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~Item~~PART 4.II ~~Controls~~– ~~and~~OTHER ~~Procedures~~INFORMATION

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

With respect to the quarter ended March 31, 2022, under the supervision and with the participation of principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures. Based upon this evaluation, it was concluded that our disclosure controls and procedures were not effective as of March 31, 2022 due to the material weaknesses in our internal controls over financial reporting. The matters involving internal controls and procedures that we considered to be material weaknesses were: (1) lack of a functioning audit committee, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) ineffective controls over period end financial disclosure and reporting processes and (4) lack of timely communications with vendors and proper accrual of expenses.

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Changes in Internal Control over Financial Reporting:

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal quarter ended March 31, 2022 which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

~~Other~~Management ~~than~~is ~~ordinary~~not ~~routine~~aware ~~litigation~~of ~~incidental~~any tolegal ~~the~~proceedings ~~business,~~contemplated weby ~~know~~any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no ~~material~~director, ~~active~~officer or ~~pending~~affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

~~None~~No report required.

6Item 3. Default Upon Senior Securities

~~Item~~No 3.report ~~Defaults upon Senior Securities~~required.

~~None~~Item 4. Mine Safety Disclosures

~~Item~~No 4.report ~~Mine Safety Disclosure~~required.

Not applicable.

Item 5. Other Information

~~None~~No report required.

Item 6. Exhibits

31.1		Certification of Principal Executive Officer and Principal Financial Officer of Shengda Network Technology, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1		Certification of Principal Executive Officer and Principal Financial Officer of Certification of Principal Executive Officer and Principal Financial Officer of Shengda Network Technology, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS		Inline XBRL Instance Document*
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

(a) Exhibits.

* ** Filed herewith. Furnished herewith.

Exhibit		Item
31.1*		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101 PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted in IXBRL, and included in exhibit 101)

*	Filed with this Report
**	Furnished with this Report

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Beijing, China on November 21, 2022.

	SHENGDA NETWORK TECHNOLOGY, INC.

	By:	/s/ HangJin Chen
	Name:	HangJin Chen
	Title:	President, Secretary and Director
		(Principal Executive, Financial and Accounting Officer)

In accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the capacities and on the dates stated.

Signature	Title	Date

/s/ HangJin Chen
HangJin Chen	President, Secretary and Director (Principal Executive, Financial and Accounting Officer)	November 21, 2022

Signatures

Pursuant to the requirements of the Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Shengda Network Technology, Inc.
	(Registrant)
Date: May 20, 2022	By:	/s/ HangJin Chin
		HangJin Chin
		President, Chief Executive Officer and Secretary
		(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

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