Singularity Future Technology Ltd. has announced that their previously issued financial statements for the fiscal year ended June 30, 2021 should no longer be relied upon due to incorrect accounting treatment of approximately $4.5 million of accounts receivable. The company also discovered errors in revenue recognition for the quarters ended September 30, 2021 and December 31, 2021. The impact of these restatements will result in a decrease in recovery for doubtful accounts, an increase in net loss, and a decrease in related party loans receivable.