Company: STAK
Filing Date: 2025-11-05
Form Type: 20-F
Source: 0001493152-25-020818
Chunk: 84

Company: STAK Inc.
Filing Date: 2025-11-05
Form: 20-F
Item: Item 5
Chunk 84
---
 million for the year ended June 30, 2025 from $0.13 million for the year ended June 30, 2024 due to increase in bank borrowings. While government subsidies decreased by $26,644, or 58.38%, to $18,994 for the year ended June 30, 2025 from $45,638 for the year ended June 30, 2024. Our government subsidies received in cash were not contingent upon our further actions or performance. We are not expecting to receive government subsidies continuously.
 
Income tax benefit (expense)
 
The PRC EIT is calculated based on the taxable income determined under the applicable EIT Law and its implementation rules. Our income tax benefit of $0.3 million for the year ended June 30, 2025 changed from an income tax expense of $0.3 million for the year ended June 30, 2024. The change resulted from the change in our taxable income.
 
Net (loss) income
 
As a result of the foregoing, we recorded net loss of $5.7 million for the year ended June 30, 2025 and a net income of $2.4 million for the year ended June 30, 2024.
 
Comparison of Years Ended June 30, 2024 and 2023
 
Revenues
 
A detailed breakdown of revenues for the years ended June 30, 2024 and 2023 is set forth below:
 

                                                           For the Years Ended June 30,                              Variance                     
--------------------------------------------------------------------------------------------------------------------------------------------------
                                           2024                           2023                       Amount                      %                
Sales of specialized oilfield equipment               $8,877,804                       $13,919,600   $(5,041,796         )             (36.22   )%
Sales of specialized oilfield vehicle                  5,406,586                         6,361,812           (955,226    )             (15.01   )%
Service income from automation solutions               1,763,018                           271,462           1,491,556           549.45         % 
Others                                                 2,871,439                           593,589           2,277,850           383.74         % 
Total                                                $18,918,847                       $21,146,463   $(2,227,616         )             (10.53   )%
 
Our revenues for the years ended June 30, 2024 and