1. ORGANIZATION AND PRINCIPAL ACTIVITIES
\n\n\u00a0
\n\nIspire Technology Inc. (the \u201cCompany\u201d)\nwas incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through its subsidiaries, the Company is engaged in the\nresearch and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products.
\n\n\u00a0
\n\nIspire owns a 100% equity interest in Ispire\nInternational Limited, a business company incorporated under the laws of the British Virgin Islands (\u201cBVI\u201d) (\u201cIspire\nInternational\u201d) on July\u00a06, 2022.
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\n\nPrior to July 29, 2022, all of the equity of\nAspire North America LLC, a California limited liability company (\u201cAspire North America\u201d), was owned by Aspire Global Inc.\n(\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (\u201cAspire\nScience\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned subsidiary of Aspire Global.
\n\n\u00a0
\n\nAspire Global and the Company are related parties\nsince the same individual was the chief executive officer of both companies, the chief executive officer and his wife are directors of\nboth companies and, prior to the transfer of equity described below, owned 66.5% and 5.0%, respectively, of the equity of both Aspire\nGlobal and the Company. At the time of the transfer, the Company had the same stockholders as Aspire Global and the Company\u2019s stockholders\nheld the same percentage interest in the Company as they had in Aspire Global. Because the transfer of the equity in Aspire North America\nand Aspire Science is a transfer between related parties, the historical financial information of the subsidiaries is carried forward\nas the historical financial information of the Company and the 50,000,000 shares that were issued at or about the time of the Company\u2019s\norganization are treated as being outstanding on July 1, 2020.
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\n\nOn July\u00a029, 2022:
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\n\n| \u00a0 | \u25cf | Aspire Global transferred 100% of the equity interest in Aspire North America to the Company |
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\n\n| \u00a0 | \u25cf | Aspire Holdings transferred 100% of the equity of Aspire Science to Ispire International. |
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\n\nThe following table sets forth information concerning\nthe Company and its subsidiaries as of June\u00a030, 2023:
\n\n\u00a0
\n\n| Name of Entity | \n\u00a0 | \nDate of Organization | \n\u00a0 | \nPlace of Organization | \n\u00a0 | \n% of Ownership | \n \u00a0 | \nPrincipal Activities |
| Ispire Technology Inc. | \n\u00a0 | \nJune\u00a013, 2022 | \n\u00a0 | \nDelaware | \n\u00a0 | \nParent\u00a0Company | \n\u00a0 | \nHolding Company |
| Ispire International | \n\u00a0 | \nJuly\u00a06, 2022 | \n\u00a0 | \nBVI | \n\u00a0 | \n100% | \n\u00a0 | \nHolding Company |
| Aspire North America | \n\u00a0 | \nFebruary\u00a022,\u00a02020 | \n\u00a0 | \nCalifornia | \n\u00a0 | \n100% | \n\u00a0 | \nSales and Marketing |
| Aspire Science | \n\u00a0 | \nDecember\u00a09, 2016 | \n\u00a0 | \nHong Kong | \n\u00a0 | \n100% | \n\u00a0 | \nSales and Marketing |
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\n\nIspire is a holding company and does not engage\nin any active operations. Its business is conducted by its two operating subsidiaries, Aspire North America, which is engaged in the\ndevelopment, marketing and sales of cannabis vapor products, which were introduced in mid-2020, and Aspire Science, which is engaged\nin the development, marketing and sales of tobacco vaping products.
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In October 2022, the directors and stockholders\nof the Company approved the 2022 Equity Incentive Plan (the \u201cPlan\u201d) pursuant to which up to 15,000,000 shares of common stock\nmay be issued pursuant to options or restricted stock grants. The Plan will be administered by the Compensation Committee. Awards under\nthe Plan may be granted to officers, directors, employees and those consultants who qualify as a consultant or advisor under the instructions\nto Form S-8. Awards are made at the discretion of the Board of Directors; provided that any options shall be exercisable at the fair market\nvalue on the date of grant. As of June 30, 2023, no awards had been granted since the Plan was approved.
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\n\nImpact of COVID-19
\n\n\u00a0
\n\nIn December 2019, coronavirus disease 2019 (COVID-19)\nwas first reported to have surfaced in Wuhan, China. During 2020, the disease spread to many parts of the world. The epidemic has resulted\nin quarantines, travel restrictions, and the temporary closure of stores and facilities in much of the world, most of which are no longer\nin effect. The World Health Organization ended the global emergency status for COVID-19 on May 5, 2023, and the United States Department\nof Health and Human Services declared that the public health emergency from COVID-19 expired at the end of the day on May 11, 2023.
\n\n\u00a0
\n\nThe extent to which COVID-19 impacts the Company\u2019s\noperations on an ongoing basis is highly uncertain. Since the Company\u2019s products are presently manufactured in China by a related\nparty, any changes in the outbreak in China and any changes in the Chinese government\u2019s policy may affect the Company\u2019s supplier\u2019s\noperations which could affect its ability to manufacture and deliver product in a timely manner.
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\n\nSupply Chain Risks
\n\n\u00a0
\n\nOne of effects of the COVID-19 has been delays\nresulting from supply chain issues, which relate to the difficulty that companies have in having their products manufactured, shipped\nto the country of destination, and delivered from the port of entry to the customer\u2019s location. As the port delays have significantly\ndecreased, the Company does not believe that the supply chain issues that affected its operations are currently affecting the Company.\nThe Company cannot assure you that delays will not affect its business in the future.
\n\n\u00a0
\n\nIn 2021, Shenzhen Yi Jia, the Company\u2019s\nprincipal supplier of products, suffered a chip shortage resulting in a slowdown in delivery of its products to the Company from April\nto August 2021. To secure the supply of chips, Shenzhen Yi Jia has advised the Company that it has obtained a supply of chips to meet\nits production needs and the chip shortage no longer affects its production. In 2022, a slowdown in the delivery of components to Shenzhen\nYi Jia resulting from supply chain slowdowns as a result of the effects of mainland China\u2019s COVID policy resulted in an increase\nin cost of revenue during the period. The Company cannot assure you that it will not suffer from a chip shortage or that the effects\nof China\u2019s COVID policy will not affect Shenzhen Yi Jia\u2019s ability or the ability of its suppliers to delivery products in\na timely manner.
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\n\nMarket and Economic Conditions\u00a0
\n\n\u00a0
\n\nIn recent years, the United States and other\nmarkets have experienced cyclical or episodic downturns, and worldwide economic conditions remain uncertain, including, as a result of\nthe COVID-19 pandemic, supply chain disruptions, the Russian invasion of Ukraine, instability in the U.S. and global banking systems,\nrising fuel prices, increasing interest rates or foreign exchange rates and increased inflation and the possibility of a recession. A\nsignificant downturn in economic conditions may affect the market for the Company\u2019s products and its supplier\u2019s ability to\nprovide products on acceptable terms.
\n\n\u00a0
\n\nThe Company cannot predict the timing, strength,\nor duration of any future economic slowdown or any subsequent recovery generally, or in any industry. If the conditions in the general\neconomy and the markets in which the Company operates worsen from present levels, its business, financial condition, operating results\ncould be adversely affected.
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E-cigarette regulation
\n\n\u00a0
\n\nRegulation regarding e-cigarette varies across\ncountries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But as e-cigarettes\nhave become more and more popular recently, many countries are considering imposing more stringent law and regulations to regulate this\nmarket. Changes in existing law and regulations and the imposition of new laws, regulation in countries and regions that our major customers\nlocated in may adversely affect the Company\u2019s business.
\n\n\u00a0
\n\nThe Federal Food, Drug, and Cosmetic Act requires\nall Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the United States to submit\nPremarket Tobacco Product Applications (\u201cPMTAs\u201d) to the FDA. For ENDS products that were on the U.S. market on August\u00a08,\n2016, a PMTA was required to be submitted to the FDA by September\u00a09, 2020; for ENDS products that were not on the U.S. market prior\non August\u00a08, 2016, and for which a PMTA was not filed by September 9, 2020, a PMTA a premarket authorization issued in response\nto a PMTA is required before the subject product may enter the U.S. market. The Company has submitted a PMTA filing for one ENDS product,\nand, under apparent FDA policies, the agency will not enforce the premarket review requirements for that product pending review of its\nPMTA. However, even with submission of the PMTA application, the FDA may reject the Company\u2019s application and may prevent the Company\u2019s\nENDS products from being sold in U.S., which will adversely affect the Company\u2019s business.
\n\n\u00a0
\n\nAmendments to the Prevent All Cigarette Trafficking\n(\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping products, and place significant\nburdens on sellers of vaping products in the United States which may make it difficult to operate profitably in the United States. Because\nof tighter government regulations, the Company has stopped marketing tobacco vaping products in the United States, as the volume of sales\nfrom the one tobacco vaping product which the Company may sell in the United States does not justify the marketing and regulatory costs\ninvolved.
\n\n\u00a0
\n\nIn the United States, cannabis vaping products\nare governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis, and no\nstates permit the sale of recreational cannabis products to minors. As a result of the reduced revenue to states resulting from the effects\nof the COVID 19 pandemic, states may seek to raise revenue by permitting and taxing the use of cannabis products. The Company cannot\npredict what action states will take or the nature and amount of taxes they may impose. However, the extent the PACT Act applies to cannabis\nproducts that aerosolize liquids, it may be more difficult to sell our products in states that permit the sale of cannabis.
\n\n\u00a0
\n\nHowever, cannabis and its derivatives containing\nmore than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under U.S. federal law, meaning\nthat federal law generally prohibits their manufacture and distribution. United States federal law also deems it unlawful to sell, offer\nfor sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes \u201cany equipment,\nproduct, or material of any kind which is primarily intended or designed for use in manufacturing, compounding, converting, concealing,\nproducing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body a controlled substance\u201d\nthe possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions exist, most notably when\nstate or local law authorizes these items\u2019 manufacture, possession, or distribution.
\n\n\u00a0
\n\nThe European Commission issued the Tobacco Products\nDirective (the \u201cTPD\u201d), which became effective on May\u00a019, 2014 and became applicable in the European Union member states\non May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on the European Union\nmarket, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns. Member states\nof the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no promotion shall\nbe made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020, 2016, TPD requires\ne-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and ensure their products\ncan meet the TPD requirements before they can be released. The Company has complied with TPD requirement that for all its tobacco products\nsold in Europe.
\n\n\u00a0
\n\nThe sale of cannabis vaping products is illegal\nin the European Union and the United Kingdom.
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| Ispire Technology Inc. | \n\u00a0 | \nJune\u00a013, 2022 | \n\u00a0 | \nDelaware | \n\u00a0 | \nParent\u00a0Company | \n\u00a0 | \nHolding Company |
| Ispire International | \n\u00a0 | \nJuly\u00a06, 2022 | \n\u00a0 | \nBVI | \n\u00a0 | \n100% | \n\u00a0 | \nHolding Company |
| Aspire North America | \n\u00a0 | \nFebruary\u00a022,\u00a02020 | \n\u00a0 | \nCalifornia | \n\u00a0 | \n100% | \n\u00a0 | \nSales and Marketing |
| Aspire Science | \n\u00a0 | \nDecember\u00a09, 2016 | \n\u00a0 | \nHong Kong | \n\u00a0 | \n100% | \n\u00a0 | \nSales and Marketing |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\n\n\u00a0
\n\nBasis of presentation
\n\n\u00a0
\n\nThe accompanying consolidated financial statements\nare prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d).
\n\n\u00a0
\n\nCertain items for June 30, 2022 have been reclassified to conform to\nthe June 30, 2023 presentation.
\n\n\u00a0
\n\nEmerging growth company
\n\n\u00a0
\n\nThe Company is an \u201cemerging growth company,\u201d\nas defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the \u201cJOBS\nAct\u201d), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public\ncompanies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered\npublic accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations\nregarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding\nadvisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
\n\n\u00a0
\n\nFurther, Section\u00a0102(b)(1)\u00a0of the JOBS\nAct exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private\ncompanies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities\nregistered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides\nthat an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to\nnon-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended\ntransition period, which means that when a standard is issued or revised and it has different application dates for public or private\ncompanies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the\nnew or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that is neither\nan emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible\nbecause of the potential differences in accounting standards used.
\n\n\u00a0
\n\nBasis of consolidation
\n\n\u00a0
\n\nThe consolidated financial statements include\nthe financial statements of the Company and its subsidiaries as if the subsidiaries were acquired by the Company as of July 1, 2020.\nAll inter-company transactions and balances have been eliminated upon consolidation.
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\n\nUse of estimates
\n\n\u00a0
\n\nThe preparation of the consolidated financial\nstatements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets\nand liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts\nof revenue and expenses during the reporting period. Significant estimates include allowance for doubtful accounts, the useful lives\nof property and equipment and intangible asset, impairment of long-lived assets, and deferred cost. Actual results could differ from\nthose estimates.
\n\n\u00a0
\n\nCash and cash equivalents
\n\n\u00a0
\n\nCash includes currency on hand, deposits held\nby banks that can be added or withdrawn without limitation and highly liquid investments with maturities of three months or less when\npurchased.
\n\n\u00a0
\n\nFair value measurement
\n\n\u00a0
\n\nThe Company applies ASC Topic 820, Fair Value\nMeasurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement\ndisclosure requirements for fair value measurements.
\n\n\u00a0
\n\nASC Topic 820 defines fair value as the price\nthat would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly\ntransaction between market participants in the principal or most advantageous market for the asset or liability.
\u00a0
ASC Topic 820 specifies a hierarchy of valuation\ntechniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
\n\n\u00a0
\n\n| \u25cf | Level 1 inputs to the valuation methodology are quoted prices\n(unadjusted) for identical assets or liabilities in active markets. | \n
\u00a0
\n\n| \u25cf | Level 2 inputs to the valuation methodology include quoted\nprices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly\nor indirectly, for substantially the full term of the financial instruments. | \n
\u00a0
\n\n| \u25cf | Level 3 inputs to the valuation methodology are unobservable\nand significant to the fair value. Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions\nabout the assumptions that market participants would use in pricing an asset or liability. | \n
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\n\nAccounts receivable
\n\n\u00a0
\n\nAccounts receivable are recognized and carried\nat the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful accounts is made\nwhen collection of the full amount is no longer probable. Past due accounts are generally written off against the allowance for bad debts\nonly after all collection attempts have been exhausted and the potential for recovery is considered remote.
\n\n\u00a0
\n\nThe\nCompany have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of\nsales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored\npayment term are designed for each customer, based on business relationship, order size and other considerations. The Company maintains\nan allowance for potential credit losses on accounts receivable. The Company reviews accounts receivable on a periodic basis. For tobacco\nvaping business, the Company makes provisions of 80% for accounts receivable aged between 1.5 years to 2 years, and 100% for balances\naged over 2 years. For cannabis business, the Company makes provisions of 10% for accounts receivable aged over 3 months. Additionally,\nspecific provisions are made when there is doubt as to collectability of individual balances. In evaluating the collectability of individual\nreceivable balances, the Company considers many factors, including the age of the balance, the customer\u2019s payment history, the\ncustomer\u2019s current credit-worthiness and current economic trends. The\nCompany write-off accounts receivable against the provision when they are deemed uncollectible.
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\n\nInvestment
\n\n\u00a0
\n\nThe investment represents a certificate of deposit\nthat the Company holds in HSBC bank. The entire balance of the investment presented on the balance sheet as of June 30, 2023 is $9,133,707\nand it matures on February 8, 2024.
\u00a0
Inventories \u00a0
\n\n\u00a0
\n\nInventories mainly consist of finished goods purchased from suppliers.\nInventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using the weighted average\nmethod.
\n\n\u00a0
\n\nWhen management determines that certain inventories\nmay not be saleable, or when inventory costs exceed expected market value due to obsolescence or damage, the Company will record the difference\nbetween the cost and the net realizable value as a write down of inventories. The net realizable value is determined based on the estimated\nselling price, in the ordinary course of business, less estimated costs necessary to make the sale. These writedowns are recorded based\non estimates. The Company did not write down any inventory during the years ended June 30, 2022 and 2023. When there is an indicator,\nthe Company evaluates the ability to realize the value of inventories based on a combination of factors such as forecasted sales, estimated\ncurrent and future market value.
\n\n\u00a0
\n\nProperty, plant and equipment, net
\n\n\u00a0
\n\nProperty, plant and equipment are stated at cost\nless accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets from the time the\nassets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing\nuse. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
\n\n\u00a0
\n\nWhen assets are retired or disposed of, the cost\nand accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year\nof disposition. Estimated useful lives are as follows:
\n\n\u00a0
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and\n other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
\u00a0
\n\nLeases
\n\n\u00a0
\n\nA contract is, or contains, a lease if the contract\nconveys a right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where\nthe customer has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to\ndirect the use of the identified asset. All leases with an initial term of more than 12 months are recognized as assets representing\nthe right-of-use of the underlying asset and liabilities representing the obligation to make lease payments. Both the assets and the\nliabilities are initially measured as present value of the discounted lease payments over the lease term. As the Company\u2019s leases\ntypically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available\nat the lease commencement date to determine the discount rate. Right-of-use assets are measured at cost less any accumulated depreciation\nand impairment losses and adjusted for any re-measurement of the lease liabilities. Right-of-use assets are depreciated on a straight-line\nbasis over the shorter of the useful lives of the assets or the lease terms. Lease liabilities are initially measured at the present\nvalue of the lease payments to be made under the lease terms and subsequently adjusted by the effect of the interest on and the settlement\nof the lease liabilities, and the re-measurement arising from any reassessment of the lease liabilities or lease modifications.
\n\n\u00a0
\n\nLease\npayments on leases with an initial term of twelve months or less and leases of low-value assets are recognized as an expense on a straight-line\nbasis over the lease term and are not treated as right of use assets.
\n\n\u00a0
\n\nAccounts payable
\n\n\u00a0
\n\nAccounts payable represents payables to suppliers.\nThe Company\u2019s major supplier is a related party to the Company. See Note 13.
\u00a0
Contract liabilities
\n\n\u00a0
\n\nContract liabilities represent advanced deposits\nreceived from customers after an order has been placed but before a product has been shipped. The Company\u2019s normal policy is to\nrequire a customer deposit in the range of 25% to 30% of the purchase price upon placement of a sales order, although the Company exempts\ncertain customers from this requirement. Contract liabilities are realized as revenue when the conditions to revenue recognition are\nmet, primarily when control of goods has transferred to customers.
\n\n\u00a0
\n\nImpairment of long-lived assets
\n\n\u00a0
\n\nIn accordance with ASC Topic 360-10, Impairment\nand Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate\nthat the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected\nundiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference\nbetween the asset\u2019s estimated fair value and its book value. The Company did not record any impairment charge for the years ended\nJune\u00a030, 2022 and 2023.\u00a0
\n\n\u00a0
\n\nRevenue recognition
\n\n\u00a0
\n\nThe Company sells its products to customers around\nthe world and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Revenue\nis recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer arrangements, control\ntransfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the customer or a forwarder\nappointed by the customer, as that is generally when legal title, physical possession and risks and rewards of goods transfer to the\ncustomer.
\n\n\u00a0
\n\nRevenue is recognized at the transaction price\nbased on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction\nprice, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources\nof variable consideration for the Company are customer rebates, trade promotion funds, and cash discounts. These sales incentives are\nrecorded as a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount\nmethod is based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration\noutcomes is primarily derived from the following inputs: sales terms, historical experience, trend analysis, and projected market conditions\nin the various markets served. Because the Company serves numerous markets, the sales incentive programs offered vary across businesses,\nbut the most common incentive relates to amounts paid or credited to customers for achieving defined volume levels or growth objectives.
\n\n\u00a0
\n\nThere are no material instances where variable\nconsideration is constrained and not recorded at the initial time of sale. Product returns are recorded as a reduction of revenue based\non anticipated sales returns that occur in the normal course of business. The Company has elected to present revenue net of sales taxes\nand other similar taxes.
\n\n\u00a0
\n\nThe\nCompany\u2019s warranties are of an assurance-type and come standard with all Company products\nto cover repair or replacement should a product not perform as expected by\na reasonable customer. The Company offers warranty for all major products, including all types of E-vapor kits, atomizers, replacement\ncoils and mods, but no warranty for accessories such as spare parts or packaging consumables. The Company generally offers a 90 day warranty\nperiod from date of purchase for products sold to all regions, but from May\u00a02019, the Company offers a six month warranty period\nfrom date of purchase for products sold in the UK and France. The Company offers refund or replacement of products for defects in manufacture,\ndead on arrival items and items that do not appear the same as listed on the Company\u2019s or distributors\u2019 website, and excludes\ndamaged goods caused by misuse or unauthorized repair. Provisions for estimated expenses related to product warranties are made at the\ntime products are sold. These estimates are established using historical information about the nature, frequency and average cost of\nwarranty claim settlements as well as product manufacturing and recovery from suppliers. Management actively studies trends of warranty\nclaims and takes action to improve product quality and minimize warranty costs. The Company estimates the actual historical warranty\nclaims coupled with an analysis of unfulfilled claims to record a liability for specific warranty purposes. As of June\u00a030, 2022\nand 2023, products returned for repair or replacement have been immaterial. Accordingly, a warranty liability has not been deemed necessary.
\u00a0
Disaggregated Revenue
\n\n\u00a0
\n\nIn accordance with ASC 606-10-50-5, the Company\nhas taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate\nits net sales of tobacco vaping products and cannabis vaping products. The net sales disaggregated by products for the years ended June\u00a030,\n2022 and 2023 were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| Net sales by products branded | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | \n$ | 68,116,810 | \u00a0 | \u00a0 | \n$ | 75,562,711 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 19,978,608 | \u00a0 | \u00a0 | \n\u00a0 | 40,042,825 | \u00a0 |
| Total | \u00a0 | \n$ | 88,095,418 | \u00a0 | \u00a0 | \n$ | 115,605,536 | \u00a0 |
\u00a0
\n\nCost of revenue
\n\n\u00a0
\n\nCost of revenue for the years ended June\u00a030,\n2022 and 2023 consisted primarily of the cost of purchasing vaping products, which were purchased from a related party. See Note 13.
\n\n\u00a0
\n\nShipping and handling costs
\n\n\u00a0
\n\nShipping and handling costs for the years ended\nJune 30, 2022 and 2023 are $335,677 and $298,703, respectively. They are included in the sales and marketing expenses.
\n\u00a0
\n\nInterest income
\n\n\u00a0
\n\nFor the years ended June\u00a030, 2022 and 2023,\ninterest income related to interest on bank deposits.
\n\n\u00a0
\n\n\n\n
Income taxes
\n\n\u00a0
\n\nThe Company accounts for income taxes under ASC\n740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated\nfinancial statement carrying amounts of existing assets and liabilities and their respective tax bases.
\n\n\u00a0
\n\nDeferred tax assets and liabilities are measured\nusing enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered\nor settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including\nthe enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be\nrealized.
\n\n\u00a0
\n\nThe provisions of ASC 740-10 prescribe a more-likely-than-not\nthreshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax\nreturn. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current\nand deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.\nThe Company classifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2022 and\n2023, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there\nwas any uncertain tax positions as of June\u00a030, 2022 and 2023.
\n\u00a0
\n\nForeign currency translation
\n\n\u00a0
\n\nThe reporting currency of the Company is the\nU.S. dollar (\u201cUSD\u201d). The functional currency of Aspire Science, which is located in Hong Kong, is the Hong Kong Dollar (\u201cHKD\u201d).\nFor the entities whose functional currency is the HKD, results of operations and cash flows are translated at average exchange rates\nduring the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated\nat historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not\nnecessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process\nof translating the local currency financial statements into USD are included in determining comprehensive income/loss. Transactions denominated\nin foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and\nliabilities denominated in foreign currencies are translated into the functional currencies at the exchange rates prevailing at the balance\nsheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency\nother than the functional currency included in the results of operations as incurred.
\u00a0
Translations of amounts from HKD into USD were\nmade at the following exchange rates for the respective dates and periods:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAt June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Consolidated balance sheets: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8478 | \u00a0 | \u00a0 | \n\u00a0 | 7.8373 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Consolidated statements of operations and comprehensive loss: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8045 | \u00a0 | \u00a0 | \n\u00a0 | 7.8367 | \u00a0 |
\u00a0
\n\nEarnings per share
\n\n\u00a0
\n\nThe Company computes earnings per share (\u201cEPS\u201d)\nin accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted\nEPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar\nto basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options\nand warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The Company has no\ndilutive securities as of and for the years ended June\u00a030, 2022 and 2023.
\n\n\u00a0
\n\nComprehensive loss
\n\n\u00a0
\n\nComprehensive loss consists of two components,\nnet loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting from translation of the financial\nstatements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements of income and comprehensive\nloss.
\n\n\u00a0
\n\nCommitments and contingencies
\n\n\u00a0
\n\nIn the normal course of business, the Company\nis subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities\nfor contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably\nestimated.
\n\n\u00a0
\n\nIf the assessment of a contingency indicates\nthat it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is\naccrued in the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not\nprobable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with\nan estimate of the range of possible loss, if determinable and material, is disclosed.
\n\n\u00a0
\n\nLoss contingencies considered remote are generally\nnot disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
\n\n\u00a0
\n\nSegment reporting
\n\n\u00a0
\n\nThe Company uses the management approach to determine\noperating segments. The management approach considers the internal organization and reporting used by the Company\u2019s chief operating\ndecision maker (\u201cCODM\u201d) for making decisions, allocating resources, and assessing performance. The Company\u2019s CODM has\nbeen identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and\nassessing performance of the Company.
\n\n\u00a0
\n\nThe Company\u2019s CODM reviews the consolidated\nfinancial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined\nthat the Company has only one reportable segment. Notwithstanding that the Company has customers located around the world and the Company\u2019s\nHong Kong subsidiary serves as one of the sales and marketing centers, the Company\u2019s long-lived assets and management are located\nsubstantially in the U.S. and management operates its business as a single segment.
\u00a0
Related parties
\n\n\u00a0
\n\nParties are considered to be related to the Company\nif the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with\nthe Company. Related parties also include principal owners of the Company, its management, immediate family members of principal owners\nof the Company and other parties with which the Company may deal with if one party controls or can significantly influence the management\nor operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate\ninterests. The Company discloses all significant related party transactions in Note 13.
\n\n\u00a0
\n\nRecent accounting pronouncements
\n\n\u00a0
\n\nAs an emerging growth company, the Company can\ndelay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends\nto take advantage of the benefits of this extended transition period.
\n\n\u00a0
\n\nAccounting pronouncements adopted during the\nyear ended June\u00a030, 2023
\n\n\u00a0
\n\nIn November\u00a02018, the Financial Accounting\nStandards Boards (\u201cFASB\u201d) issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between\nTopic 808 and Topic 606, which clarifies that elements of collaborative arrangements could qualify as transactions with customers in\nthe scope of ASC 606. The amendments require the application of existing guidance to determine the units of account in collaborative\narrangement for purposes of identifying transactions with customers. For transactions outside the scope of ASC 606, companies can apply\nelements of ASC 606 or other relevant guidance by analogy, or apply a reasonable accounting policy if there is no appropriate analogy.\nASU 2018-18 is effective retrospectively for us for the year ended June\u00a030, 2023. The adoption of this guidance had no material\nimpact on our financial position, results of operations and cash flows.
\n\n\u00a0
\n\nIn\u00a0March 2020,\u00a0the FASB issued ASU\u00a02020-04,\u00a0Reference\nRate Reform (Topic\u00a0848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU\u00a02020-04,\nwhich provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects\nof) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London\nInterbank Offered Rate (\u201cLIBOR\u201d). Specifically, to the extent the Company\u2019s debt agreements are modified to replace LIBOR\nwith another interest rate index, ASU\u00a02020-04\u00a0will permit the Company to account for the modification as a continuation\nof the existing contract without additional analysis. Companies\u00a0may\u00a0generally elect to apply the guidance for periods that\ninclude\u00a0March 12, 2020\u00a0through\u00a0December 31, 2022.\u00a0The Company did not elect retrospective application. The adoption\nof this update had no material impact on the Company\u2019s consolidated financial statements.
\n\n\u00a0
\n\n\n\n
Accounting pronouncements not yet effective
\n\n\u00a0
\n\nAs the Company is an emerging growth company,\nthe effective dates of the pronouncements applicable to us are the same as those applicable to private companies.
\n\n\u00a0
\n\nIn June\u00a02016, the FASB amended guidance\nrelated to the impairment of financial instruments as part of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement\nof Credit Losses on Financial Instruments. The guidance replaces the incurred loss impairment methodology with an expected credit loss\nmodel for which a company recognizes an allowance based on the estimate of expected credit loss. For public business entities that meet\nthe definition of a U.S. Securities and Exchange Commission (\u201cSEC\u201d) filer (\u201cSEC filer\u201d), excluding entities eligible\nto be smaller reporting companies as defined by the SEC, ASU No.\u00a02016-13 is effective for fiscal years beginning after December\u00a015,\n2019, including interim periods within those fiscal years. For all other entities, including smaller reporting companies, ASU No.\u00a02016-13\nis effective for fiscal years beginning after December\u00a015, 2022, including interim periods within those fiscal years. As an emerging\ngrowth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private\ncompanies. The Company intends to take advantage of the benefits of this extended transition period. The Company is in the process of\nevaluating the impact that this guidance will have on its consolidated financial statements.
\u00a0
On September 29, 2022, FASB issued ASU 2022-04:\nLiabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. This update requires that a\nbuyer in a supplier finance program disclose additional information about the program to allow financial statement users to better understand\nthe effect of the programs on an entity\u2019s working capital, liquidity, and cash flows. This update will be effective for the Company\nfor fiscal years beginning after December 15, 2022, except for the amendment on roll forward information, which is effective for fiscal\nyears beginning after December 15, 2023. Early adoption is permitted. The Company does not expect this standard will have a material effect\non its consolidated financial statements.
\n\u00a0
\n\nConcentration and risks
\n\n\u00a0
\n\nRisks and Uncertainties
\n\n\u00a0
\n\nThe Company\u2019s business, financial condition\nand results of operations may be negatively impacted by risks related to government regulations, natural disasters, extreme weather conditions,\nhealth epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
\n\n\u00a0
\n\nCustomer and Supplier Concentration
\n\n\u00a0
\n\n(a)\u00a0Customers
\n\n\u00a0
\n\nFor the years ended June\u00a030, 2022 and 2023,\nthe Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 32 | % |
\u00a0
\n\n(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor the years ended June\u00a030, 2022 and 2023,\nthe Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 99 | % | \u00a0 | \n\u00a0 | 92 | % |
\u00a0
\n\n| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s chief executive officer and principal stockholder. See Note 13. |
\u00a0
Credit Risk
\n\n\u00a0
\n\nThe Company is subject to credit risk from\ncash and cash equivalents, account receivables, financial assets included in prepayments and deposits and amounts due from related\nparties. All the Company\u2019s cash and cash equivalents are held in major financial institutions located in Hong Kong and the\nUnited States, which management believes are of high credit quality. At June 30, 2022 and 2023, the Company had credit risk exposure\nof uninsured cash in banks of $74,000,991 and $39,792,081, respectively. The Company has policies in place to evaluate credit risk\nwhen accepting new business and to limit its credit exposure to individual customers. The management considers the Company does not\nhave a significant concentration of credit risk. The Company does not require collateral to support financial instruments that are\nsubject to credit risk.
"}]},{"name":"rpt:f-238","factDimensions":{"xbrl:concept":"us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Basis of presentation
The accompanying consolidated financial statements\nare prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d).
Certain items for June 30, 2022 have been reclassified to conform to\nthe June 30, 2023 presentation.
"}]},{"name":"rpt:f-239","factDimensions":{"xbrl:concept":"ispr:EmergingGrowthCompanyPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Emerging growth company
The Company is an \u201cemerging growth company,\u201d\nas defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the \u201cJOBS\nAct\u201d), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public\ncompanies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered\npublic accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations\nregarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding\nadvisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section\u00a0102(b)(1)\u00a0of the JOBS\nAct exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private\ncompanies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities\nregistered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides\nthat an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to\nnon-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended\ntransition period, which means that when a standard is issued or revised and it has different application dates for public or private\ncompanies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the\nnew or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that is neither\nan emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible\nbecause of the potential differences in accounting standards used.
"}]},{"name":"rpt:f-240","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Basis of consolidation
The consolidated financial statements include\nthe financial statements of the Company and its subsidiaries as if the subsidiaries were acquired by the Company as of July 1, 2020.\nAll inter-company transactions and balances have been eliminated upon consolidation.
"}]},{"name":"rpt:f-241","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of estimates
The preparation of the consolidated financial\nstatements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets\nand liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts\nof revenue and expenses during the reporting period. Significant estimates include allowance for doubtful accounts, the useful lives\nof property and equipment and intangible asset, impairment of long-lived assets, and deferred cost. Actual results could differ from\nthose estimates.
"}]},{"name":"rpt:f-242","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Cash and cash equivalents
Cash includes currency on hand, deposits held\nby banks that can be added or withdrawn without limitation and highly liquid investments with maturities of three months or less when\npurchased.
"}]},{"name":"rpt:f-243","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair value measurement
The Company applies ASC Topic 820, Fair Value\nMeasurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement\ndisclosure requirements for fair value measurements.
ASC Topic 820 defines fair value as the price\nthat would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly\ntransaction between market participants in the principal or most advantageous market for the asset or liability.
\u00a0
ASC Topic 820 specifies a hierarchy of valuation\ntechniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
| \u25cf | Level 1 inputs to the valuation methodology are quoted prices\n(unadjusted) for identical assets or liabilities in active markets. | \n
| \u25cf | Level 2 inputs to the valuation methodology include quoted\nprices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly\nor indirectly, for substantially the full term of the financial instruments. | \n
| \u25cf | Level 3 inputs to the valuation methodology are unobservable\nand significant to the fair value. Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions\nabout the assumptions that market participants would use in pricing an asset or liability. | \n
Accounts receivable
Accounts receivable are recognized and carried\nat the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful accounts is made\nwhen collection of the full amount is no longer probable. Past due accounts are generally written off against the allowance for bad debts\nonly after all collection attempts have been exhausted and the potential for recovery is considered remote.
The\nCompany have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of\nsales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored\npayment term are designed for each customer, based on business relationship, order size and other considerations. The Company maintains\nan allowance for potential credit losses on accounts receivable. The Company reviews accounts receivable on a periodic basis. For tobacco\nvaping business, the Company makes provisions of 80% for accounts receivable aged between 1.5 years to 2 years, and 100% for balances\naged over 2 years. For cannabis business, the Company makes provisions of 10% for accounts receivable aged over 3 months. Additionally,\nspecific provisions are made when there is doubt as to collectability of individual balances. In evaluating the collectability of individual\nreceivable balances, the Company considers many factors, including the age of the balance, the customer\u2019s payment history, the\ncustomer\u2019s current credit-worthiness and current economic trends. The\nCompany write-off accounts receivable against the provision when they are deemed uncollectible.
"}]},{"name":"rpt:f-245","factDimensions":{"xbrl:concept":"us-gaap:SaleLeasebackTransactionImputedInterestRate","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-246","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockPercentageOfOwnershipBeforeTransaction","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.70","decimals":2}]},{"name":"rpt:f-247","factDimensions":{"xbrl:concept":"us-gaap:HealthCareOrganizationAllowanceForDoubtfulAccountsPercentageOfAccountsReceivable","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.80","decimals":2}]},{"name":"rpt:f-248","factDimensions":{"xbrl:concept":"ispr:AccountReceivableAgedPeriod","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P1Y6M"}]},{"name":"rpt:f-249","factDimensions":{"xbrl:concept":"ispr:AccountReceivableAgedPeriod","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-250","factDimensions":{"xbrl:concept":"ispr:ConcentrationRiskPercentage","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-251","factDimensions":{"xbrl:concept":"ispr:PercentageOfAccountReceivable","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-252","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Investment
The investment represents a certificate of deposit\nthat the Company holds in HSBC bank. The entire balance of the investment presented on the balance sheet as of June 30, 2023 is $9,133,707\nand it matures on February 8, 2024.
\u00a0
"}]},{"name":"rpt:f-253","factDimensions":{"xbrl:concept":"us-gaap:OtherShortTermInvestments","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9133707","decimals":0}]},{"name":"rpt:f-254","factDimensions":{"xbrl:concept":"us-gaap:InvestmentMaturityDate","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"2024-02-08"}]},{"name":"rpt:f-255","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories \u00a0
Inventories mainly consist of finished goods purchased from suppliers.\nInventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using the weighted average\nmethod.
When management determines that certain inventories\nmay not be saleable, or when inventory costs exceed expected market value due to obsolescence or damage, the Company will record the difference\nbetween the cost and the net realizable value as a write down of inventories. The net realizable value is determined based on the estimated\nselling price, in the ordinary course of business, less estimated costs necessary to make the sale. These writedowns are recorded based\non estimates. The Company did not write down any inventory during the years ended June 30, 2022 and 2023. When there is an indicator,\nthe Company evaluates the ability to realize the value of inventories based on a combination of factors such as forecasted sales, estimated\ncurrent and future market value.
"}]},{"name":"rpt:f-256","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Property, plant and equipment, net
Property, plant and equipment are stated at cost\nless accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets from the time the\nassets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing\nuse. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or disposed of, the cost\nand accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year\nof disposition. Estimated useful lives are as follows:
| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and\n other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and\n other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
Leases
A contract is, or contains, a lease if the contract\nconveys a right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where\nthe customer has both the right to obtain substantially all of the economic benefits from use of the identified asset and the right to\ndirect the use of the identified asset. All leases with an initial term of more than 12 months are recognized as assets representing\nthe right-of-use of the underlying asset and liabilities representing the obligation to make lease payments. Both the assets and the\nliabilities are initially measured as present value of the discounted lease payments over the lease term. As the Company\u2019s leases\ntypically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available\nat the lease commencement date to determine the discount rate. Right-of-use assets are measured at cost less any accumulated depreciation\nand impairment losses and adjusted for any re-measurement of the lease liabilities. Right-of-use assets are depreciated on a straight-line\nbasis over the shorter of the useful lives of the assets or the lease terms. Lease liabilities are initially measured at the present\nvalue of the lease payments to be made under the lease terms and subsequently adjusted by the effect of the interest on and the settlement\nof the lease liabilities, and the re-measurement arising from any reassessment of the lease liabilities or lease modifications.
Lease\npayments on leases with an initial term of twelve months or less and leases of low-value assets are recognized as an expense on a straight-line\nbasis over the lease term and are not treated as right of use assets.
"}]},{"name":"rpt:f-262","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts payable
Accounts payable represents payables to suppliers.\nThe Company\u2019s major supplier is a related party to the Company. See Note 13.
\u00a0
"}]},{"name":"rpt:f-263","factDimensions":{"xbrl:concept":"us-gaap:ContingentLiabilityReserveEstimatePolicy","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Contract liabilities
Contract liabilities represent advanced deposits\nreceived from customers after an order has been placed but before a product has been shipped. The Company\u2019s normal policy is to\nrequire a customer deposit in the range of 25% to 30% of the purchase price upon placement of a sales order, although the Company exempts\ncertain customers from this requirement. Contract liabilities are realized as revenue when the conditions to revenue recognition are\nmet, primarily when control of goods has transferred to customers.
"}]},{"name":"rpt:f-264","factDimensions":{"xbrl:concept":"us-gaap:InvestmentSoldNotYetPurchasedPercentOfNetAssets","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-265","factDimensions":{"xbrl:concept":"us-gaap:InvestmentSoldNotYetPurchasedPercentOfNetAssets","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-266","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Impairment of long-lived assets
In accordance with ASC Topic 360-10, Impairment\nand Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate\nthat the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected\nundiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference\nbetween the asset\u2019s estimated fair value and its book value. The Company did not record any impairment charge for the years ended\nJune\u00a030, 2022 and 2023.\u00a0
"}]},{"name":"rpt:f-267","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue recognition
The Company sells its products to customers around\nthe world and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Revenue\nis recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer arrangements, control\ntransfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the customer or a forwarder\nappointed by the customer, as that is generally when legal title, physical possession and risks and rewards of goods transfer to the\ncustomer.
Revenue is recognized at the transaction price\nbased on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction\nprice, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources\nof variable consideration for the Company are customer rebates, trade promotion funds, and cash discounts. These sales incentives are\nrecorded as a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount\nmethod is based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration\noutcomes is primarily derived from the following inputs: sales terms, historical experience, trend analysis, and projected market conditions\nin the various markets served. Because the Company serves numerous markets, the sales incentive programs offered vary across businesses,\nbut the most common incentive relates to amounts paid or credited to customers for achieving defined volume levels or growth objectives.
There are no material instances where variable\nconsideration is constrained and not recorded at the initial time of sale. Product returns are recorded as a reduction of revenue based\non anticipated sales returns that occur in the normal course of business. The Company has elected to present revenue net of sales taxes\nand other similar taxes.
The\nCompany\u2019s warranties are of an assurance-type and come standard with all Company products\nto cover repair or replacement should a product not perform as expected by\na reasonable customer. The Company offers warranty for all major products, including all types of E-vapor kits, atomizers, replacement\ncoils and mods, but no warranty for accessories such as spare parts or packaging consumables. The Company generally offers a 90 day warranty\nperiod from date of purchase for products sold to all regions, but from May\u00a02019, the Company offers a six month warranty period\nfrom date of purchase for products sold in the UK and France. The Company offers refund or replacement of products for defects in manufacture,\ndead on arrival items and items that do not appear the same as listed on the Company\u2019s or distributors\u2019 website, and excludes\ndamaged goods caused by misuse or unauthorized repair. Provisions for estimated expenses related to product warranties are made at the\ntime products are sold. These estimates are established using historical information about the nature, frequency and average cost of\nwarranty claim settlements as well as product manufacturing and recovery from suppliers. Management actively studies trends of warranty\nclaims and takes action to improve product quality and minimize warranty costs. The Company estimates the actual historical warranty\nclaims coupled with an analysis of unfulfilled claims to record a liability for specific warranty purposes. As of June\u00a030, 2022\nand 2023, products returned for repair or replacement have been immaterial. Accordingly, a warranty liability has not been deemed necessary.
\u00a0
"}]},{"name":"rpt:f-268","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Disaggregated Revenue
In accordance with ASC 606-10-50-5, the Company\nhas taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate\nits net sales of tobacco vaping products and cannabis vaping products. The net sales disaggregated by products for the years ended June\u00a030,\n2022 and 2023 were as follows:
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| Net sales by products branded | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | \n$ | 68,116,810 | \u00a0 | \u00a0 | \n$ | 75,562,711 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 19,978,608 | \u00a0 | \u00a0 | \n\u00a0 | 40,042,825 | \u00a0 |
| Total | \u00a0 | \n$ | 88,095,418 | \u00a0 | \u00a0 | \n$ | 115,605,536 | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| Net sales by products branded | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | \n$ | 68,116,810 | \u00a0 | \u00a0 | \n$ | 75,562,711 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 19,978,608 | \u00a0 | \u00a0 | \n\u00a0 | 40,042,825 | \u00a0 |
| Total | \u00a0 | \n$ | 88,095,418 | \u00a0 | \u00a0 | \n$ | 115,605,536 | \u00a0 |
Cost of revenue
Cost of revenue for the years ended June\u00a030,\n2022 and 2023 consisted primarily of the cost of purchasing vaping products, which were purchased from a related party. See Note 13.
"}]},{"name":"rpt:f-277","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCostsPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Shipping and handling costs
Shipping and handling costs for the years ended\nJune 30, 2022 and 2023 are $335,677 and $298,703, respectively. They are included in the sales and marketing expenses.
"}]},{"name":"rpt:f-278","factDimensions":{"xbrl:concept":"us-gaap:CostsAndExpenses","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"335677","decimals":0}]},{"name":"rpt:f-279","factDimensions":{"xbrl:concept":"us-gaap:CostsAndExpenses","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"298703","decimals":0}]},{"name":"rpt:f-280","factDimensions":{"xbrl:concept":"us-gaap:InterestExpensePolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Interest income
For the years ended June\u00a030, 2022 and 2023,\ninterest income related to interest on bank deposits.
"}]},{"name":"rpt:f-281","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income taxes
The Company accounts for income taxes under ASC\n740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated\nfinancial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured\nusing enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered\nor settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including\nthe enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be\nrealized.
The provisions of ASC 740-10 prescribe a more-likely-than-not\nthreshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax\nreturn. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current\nand deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.\nThe Company classifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2022 and\n2023, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there\nwas any uncertain tax positions as of June\u00a030, 2022 and 2023.
"}]},{"name":"rpt:f-282","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Foreign currency translation
The reporting currency of the Company is the\nU.S. dollar (\u201cUSD\u201d). The functional currency of Aspire Science, which is located in Hong Kong, is the Hong Kong Dollar (\u201cHKD\u201d).\nFor the entities whose functional currency is the HKD, results of operations and cash flows are translated at average exchange rates\nduring the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated\nat historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not\nnecessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process\nof translating the local currency financial statements into USD are included in determining comprehensive income/loss. Transactions denominated\nin foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and\nliabilities denominated in foreign currencies are translated into the functional currencies at the exchange rates prevailing at the balance\nsheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency\nother than the functional currency included in the results of operations as incurred.
\u00a0
Translations of amounts from HKD into USD were\nmade at the following exchange rates for the respective dates and periods:
| \u00a0 | \u00a0 | \nAt June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Consolidated balance sheets: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8478 | \u00a0 | \u00a0 | \n\u00a0 | 7.8373 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Consolidated statements of operations and comprehensive loss: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8045 | \u00a0 | \u00a0 | \n\u00a0 | 7.8367 | \u00a0 |
| \u00a0 | \u00a0 | \nAt June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Consolidated balance sheets: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8478 | \u00a0 | \u00a0 | \n\u00a0 | 7.8373 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Consolidated statements of operations and comprehensive loss: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| HKD to $1.00 | \u00a0 | \n\u00a0 | 7.8045 | \u00a0 | \u00a0 | \n\u00a0 | 7.8367 | \u00a0 |
Earnings per share
The Company computes earnings per share (\u201cEPS\u201d)\nin accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted\nEPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar\nto basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options\nand warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. The Company has no\ndilutive securities as of and for the years ended June\u00a030, 2022 and 2023.
"}]},{"name":"rpt:f-293","factDimensions":{"xbrl:concept":"us-gaap:ComprehensiveIncomePolicyPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Comprehensive loss
Comprehensive loss consists of two components,\nnet loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting from translation of the financial\nstatements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements of income and comprehensive\nloss.
"}]},{"name":"rpt:f-294","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Commitments and contingencies
In the normal course of business, the Company\nis subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities\nfor contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably\nestimated.
If the assessment of a contingency indicates\nthat it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is\naccrued in the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not\nprobable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with\nan estimate of the range of possible loss, if determinable and material, is disclosed.
Loss contingencies considered remote are generally\nnot disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
"}]},{"name":"rpt:f-295","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Segment reporting
The Company uses the management approach to determine\noperating segments. The management approach considers the internal organization and reporting used by the Company\u2019s chief operating\ndecision maker (\u201cCODM\u201d) for making decisions, allocating resources, and assessing performance. The Company\u2019s CODM has\nbeen identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and\nassessing performance of the Company.
The Company\u2019s CODM reviews the consolidated\nfinancial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined\nthat the Company has only one reportable segment. Notwithstanding that the Company has customers located around the world and the Company\u2019s\nHong Kong subsidiary serves as one of the sales and marketing centers, the Company\u2019s long-lived assets and management are located\nsubstantially in the U.S. and management operates its business as a single segment.
\u00a0
"}]},{"name":"rpt:f-296","factDimensions":{"xbrl:concept":"srt:SummaryOfInvestmentsOtherThanInvestmentsInRelatedPartiesTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Related parties
Parties are considered to be related to the Company\nif the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with\nthe Company. Related parties also include principal owners of the Company, its management, immediate family members of principal owners\nof the Company and other parties with which the Company may deal with if one party controls or can significantly influence the management\nor operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate\ninterests. The Company discloses all significant related party transactions in Note 13.
"}]},{"name":"rpt:f-297","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent accounting pronouncements
As an emerging growth company, the Company can\ndelay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends\nto take advantage of the benefits of this extended transition period.
Accounting pronouncements adopted during the\nyear ended June\u00a030, 2023
In November\u00a02018, the Financial Accounting\nStandards Boards (\u201cFASB\u201d) issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between\nTopic 808 and Topic 606, which clarifies that elements of collaborative arrangements could qualify as transactions with customers in\nthe scope of ASC 606. The amendments require the application of existing guidance to determine the units of account in collaborative\narrangement for purposes of identifying transactions with customers. For transactions outside the scope of ASC 606, companies can apply\nelements of ASC 606 or other relevant guidance by analogy, or apply a reasonable accounting policy if there is no appropriate analogy.\nASU 2018-18 is effective retrospectively for us for the year ended June\u00a030, 2023. The adoption of this guidance had no material\nimpact on our financial position, results of operations and cash flows.
In\u00a0March 2020,\u00a0the FASB issued ASU\u00a02020-04,\u00a0Reference\nRate Reform (Topic\u00a0848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU\u00a02020-04,\nwhich provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects\nof) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London\nInterbank Offered Rate (\u201cLIBOR\u201d). Specifically, to the extent the Company\u2019s debt agreements are modified to replace LIBOR\nwith another interest rate index, ASU\u00a02020-04\u00a0will permit the Company to account for the modification as a continuation\nof the existing contract without additional analysis. Companies\u00a0may\u00a0generally elect to apply the guidance for periods that\ninclude\u00a0March 12, 2020\u00a0through\u00a0December 31, 2022.\u00a0The Company did not elect retrospective application. The adoption\nof this update had no material impact on the Company\u2019s consolidated financial statements.
Accounting pronouncements not yet effective
As the Company is an emerging growth company,\nthe effective dates of the pronouncements applicable to us are the same as those applicable to private companies.
In June\u00a02016, the FASB amended guidance\nrelated to the impairment of financial instruments as part of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement\nof Credit Losses on Financial Instruments. The guidance replaces the incurred loss impairment methodology with an expected credit loss\nmodel for which a company recognizes an allowance based on the estimate of expected credit loss. For public business entities that meet\nthe definition of a U.S. Securities and Exchange Commission (\u201cSEC\u201d) filer (\u201cSEC filer\u201d), excluding entities eligible\nto be smaller reporting companies as defined by the SEC, ASU No.\u00a02016-13 is effective for fiscal years beginning after December\u00a015,\n2019, including interim periods within those fiscal years. For all other entities, including smaller reporting companies, ASU No.\u00a02016-13\nis effective for fiscal years beginning after December\u00a015, 2022, including interim periods within those fiscal years. As an emerging\ngrowth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private\ncompanies. The Company intends to take advantage of the benefits of this extended transition period. The Company is in the process of\nevaluating the impact that this guidance will have on its consolidated financial statements.
\u00a0
On September 29, 2022, FASB issued ASU 2022-04:\nLiabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. This update requires that a\nbuyer in a supplier finance program disclose additional information about the program to allow financial statement users to better understand\nthe effect of the programs on an entity\u2019s working capital, liquidity, and cash flows. This update will be effective for the Company\nfor fiscal years beginning after December 15, 2022, except for the amendment on roll forward information, which is effective for fiscal\nyears beginning after December 15, 2023. Early adoption is permitted. The Company does not expect this standard will have a material effect\non its consolidated financial statements.
"}]},{"name":"rpt:f-298","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration and risks
Risks and Uncertainties
The Company\u2019s business, financial condition\nand results of operations may be negatively impacted by risks related to government regulations, natural disasters, extreme weather conditions,\nhealth epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
Customer and Supplier Concentration
(a)\u00a0Customers
For the years ended June\u00a030, 2022 and 2023,\nthe Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follow:
| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 32 | % |
(b)\u00a0Suppliers
For the years ended June\u00a030, 2022 and 2023,\nthe Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 99 | % | \u00a0 | \n\u00a0 | 92 | % |
| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s chief executive officer and principal stockholder. See Note 13. |
\u00a0
Credit Risk
The Company is subject to credit risk from\ncash and cash equivalents, account receivables, financial assets included in prepayments and deposits and amounts due from related\nparties. All the Company\u2019s cash and cash equivalents are held in major financial institutions located in Hong Kong and the\nUnited States, which management believes are of high credit quality. At June 30, 2022 and 2023, the Company had credit risk exposure\nof uninsured cash in banks of $74,000,991 and $39,792,081, respectively. The Company has policies in place to evaluate credit risk\nwhen accepting new business and to limit its credit exposure to individual customers. The management considers the Company does not\nhave a significant concentration of credit risk. The Company does not require collateral to support financial instruments that are\nsubject to credit risk.
"}]},{"name":"rpt:f-299","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the years ended June\u00a030, 2022 and 2023,\nthe Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follow:| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 32 | % |
| \u00a0 | \u00a0 | \nYear Ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 99 | % | \u00a0 | \n\u00a0 | 92 | % |
| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s chief executive officer and principal stockholder. See Note 13. |
\u00a0
"}]},{"name":"rpt:f-305","factDimensions":{"xbrl:concept":"ispr:PercentageOfTotalPurchase","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-306","factDimensions":{"xbrl:concept":"ispr:PercentageOfTotalPurchase","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-307","factDimensions":{"xbrl:concept":"ispr:ConcentrationRiskPercentage","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:SupplierConcentrationRiskMember"},"factValues":[{"value":"0.99","decimals":2}]},{"name":"rpt:f-308","factDimensions":{"xbrl:concept":"ispr:ConcentrationRiskPercentage","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:SupplierConcentrationRiskMember"},"factValues":[{"value":"0.92","decimals":2}]},{"name":"rpt:f-309","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.95","decimals":2}]},{"name":"rpt:f-310","factDimensions":{"xbrl:concept":"us-gaap:CreditRiskDerivativesAtFairValueNet","xbrl:period":"2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"74000991","decimals":0}]},{"name":"rpt:f-311","factDimensions":{"xbrl:concept":"us-gaap:CreditRiskDerivativesAtFairValueNet","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"39792081","decimals":0}]},{"name":"rpt:f-312","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsDisclosureTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"3. CASH AND CASH EQUIVALENTS
\n\n\u00a0
\n\nBelow is a breakdown of the Company\u2019s cash\nbalances in banks for both years, both by geography and by currencies (translated into U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| By Geography: | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 71,221,649 | \u00a0 | \u00a0 | \n$ | 25,841,880 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 3,259,002 | \u00a0 | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 |
| Total | \u00a0 | \n$ | 74,480,651 | \u00a0 | \u00a0 | \n$ | 40,300,573 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | \n$ | 64,187,756 | \u00a0 | \u00a0 | \n$ | 39,835,636 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 415,930 | \u00a0 | \u00a0 | \n\u00a0 | 363,416 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 4,097 | \u00a0 | \u00a0 | \n\u00a0 | 59,702 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 24,680 | \u00a0 | \u00a0 | \n\u00a0 | 22,143 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,848,188 | \u00a0 | \u00a0 | \n\u00a0 | 19,676 | \u00a0 |
| Total | \u00a0 | \n$ | 74,480,651 | \u00a0 | \u00a0 | \n$ | 40,300,573 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d refers to Hong Kong dollars,\n\u201cGBP\u201d refers to British pounds, and \u201cEUR\u201d refers to Euros.
"}]},{"name":"rpt:f-313","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the Company\u2019s cash\nbalances in banks for both years, both by geography and by currencies (translated into U.S. dollars):| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| By Geography: | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 71,221,649 | \u00a0 | \u00a0 | \n$ | 25,841,880 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 3,259,002 | \u00a0 | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 |
| Total | \u00a0 | \n$ | 74,480,651 | \u00a0 | \u00a0 | \n$ | 40,300,573 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | \n$ | 64,187,756 | \u00a0 | \u00a0 | \n$ | 39,835,636 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 415,930 | \u00a0 | \u00a0 | \n\u00a0 | 363,416 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 4,097 | \u00a0 | \u00a0 | \n\u00a0 | 59,702 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 24,680 | \u00a0 | \u00a0 | \n\u00a0 | 22,143 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,848,188 | \u00a0 | \u00a0 | \n\u00a0 | 19,676 | \u00a0 |
| Total | \u00a0 | \n$ | 74,480,651 | \u00a0 | \u00a0 | \n$ | 40,300,573 | \u00a0 |
4. FAIR VALUE MEASUREMENT
\n\n\u00a0
\n\nAs of June\u00a030, 2022 and 2023, information\nabout inputs into the fair value measurement of the Company\u2019s assets and liabilities that are measured at fair value on a recurring\nbasis in periods subsequent to their initial recognition is as follows:
\n\n\u00a0
\n\nCash and cash equivalents, accounts receivable,\nprepaid expenses, other current assets, due from related parties and held-to-maturity investment are financial assets with carrying values\nthat approximate fair value due to their short-term nature. Accounts payable, account payable \u2013 related party, contract liabilities,\naccrued liabilities and other payables and due to related parties are financial liabilities with carrying values that approximate fair\nvalue due to their short-term nature.
"}]},{"name":"rpt:f-333","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"5. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2022 and 2023, accounts receivable\nconsisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 8,260,574 | \u00a0 | \u00a0 | \n$ | 26,025,068 | \u00a0 |
| Allowance for doubtful accounts | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,498,806 | ) | |
| Accounts receivable, net | \u00a0 | \n$ | 8,260,574 | \u00a0 | \u00a0 | \n$ | 24,526,262 | \u00a0 |
\u00a0
\n\nThe\u00a0Company\nrecorded bad debt expense of and $3,332,825 for years ended\nJune\u00a030, 2022 and 2023 respectively.
"}]},{"name":"rpt:f-334","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2022 and 2023, accounts receivable\nconsisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 8,260,574 | \u00a0 | \u00a0 | \n$ | 26,025,068 | \u00a0 |
| Allowance for doubtful accounts | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,498,806 | ) | |
| Accounts receivable, net | \u00a0 | \n$ | 8,260,574 | \u00a0 | \u00a0 | \n$ | 24,526,262 | \u00a0 |
6. PREPAID EXPENSES AND OTHER CURRENT ASSETS
\n\n\u00a0
\n\nAs of June\u00a030, 2022 and 2023, prepaid expenses\nand other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Prepaid inventories | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 3,209,413 | \u00a0 | |
| Other receivable | \u00a0 | \n\u00a0 | 127,423 | \u00a0 | \u00a0 | \n\u00a0 | 127,595 | \u00a0 |
| Prepayment | \u00a0 | \n\u00a0 | 50,460 | \u00a0 | \u00a0 | \n\u00a0 | 26,974 | \u00a0 |
| Deposit paid | \u00a0 | \n\u00a0 | 14,616 | \u00a0 | \u00a0 | \n\u00a0 | 14,635 | \u00a0 |
| Total | \u00a0 | \n$ | 192,499 | \u00a0 | \u00a0 | \n$ | 3,378,617 | \u00a0 |
\u00a0
\n\nPrepayments primarily consist of prepayment for\nraw materials and consulting services provided by suppliers.
"}]},{"name":"rpt:f-342","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2022 and 2023, prepaid expenses\nand other current assets consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Prepaid inventories | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 3,209,413 | \u00a0 | |
| Other receivable | \u00a0 | \n\u00a0 | 127,423 | \u00a0 | \u00a0 | \n\u00a0 | 127,595 | \u00a0 |
| Prepayment | \u00a0 | \n\u00a0 | 50,460 | \u00a0 | \u00a0 | \n\u00a0 | 26,974 | \u00a0 |
| Deposit paid | \u00a0 | \n\u00a0 | 14,616 | \u00a0 | \u00a0 | \n\u00a0 | 14,635 | \u00a0 |
| Total | \u00a0 | \n$ | 192,499 | \u00a0 | \u00a0 | \n$ | 3,378,617 | \u00a0 |
7. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2022 and 2023, property,\nequipment and leasehold improvement consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Leasehold improvement | \u00a0 | \n$ | 433 | \u00a0 | \u00a0 | \n$ | 518,854 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 146,798 | \u00a0 | \u00a0 | \n\u00a0 | 339,155 | \u00a0 |
| Furniture and fixture | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 147,231 | \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (33,206 | ) | \u00a0 | \n\u00a0 | (79,868 | ) |
| Total | \u00a0 | \n$ | 114,025 | \u00a0 | \u00a0 | \n$ | 1,088,131 | \u00a0 |
\u00a0
\n\nFor\nthe years ended June\u00a030, 2022 and 2023, depreciation expense amounted to $11,437 and $46,629, respectively.
"}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2022 and 2023, property,\nequipment and leasehold improvement consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Leasehold improvement | \u00a0 | \n$ | 433 | \u00a0 | \u00a0 | \n$ | 518,854 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 146,798 | \u00a0 | \u00a0 | \n\u00a0 | 339,155 | \u00a0 |
| Furniture and fixture | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 147,231 | \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (33,206 | ) | \u00a0 | \n\u00a0 | (79,868 | ) |
| Total | \u00a0 | \n$ | 114,025 | \u00a0 | \u00a0 | \n$ | 1,088,131 | \u00a0 |
8. INTANGIBLE ASSETS
\n\n\u00a0
\n\nOn September 30, 2022, an intellectual property\ntransfer agreement and an exclusive license agreement was signed such that all patents, trademarks, Know-how and Know-how Documentation\nrelated to cannabis vaping products and tobacco vaping products were transferred from Tuanfang Liu, Aspire Global and Shenzhen Yi Jia\nto Aspire North America and Aspire Science. As the intangible assets were transferred from Tuanfang Liu, the controlling stockholder,\nthe Company recorded the assets at his cost, which is $0, in accordance with ASC 805-50-30-5 and SEC Staff Accounting Bulletin Topic 5.\nThe Company engaged a third party firm to perform a valuation on the fair values of the intangible assets on the date of transfer and\nthe estimated fair values were $74,259,915, in accordance with ASC 350.
"}]},{"name":"rpt:f-368","factDimensions":{"xbrl:concept":"us-gaap:OtherIntangibleAssetsNet","xbrl:period":"2022-10-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-369","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfAssetsAcquired","xbrl:period":"2022-09-30T00:00:00/2022-10-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"74259915","decimals":0}]},{"name":"rpt:f-370","factDimensions":{"xbrl:concept":"us-gaap:OtherLiabilitiesDisclosureTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"9. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs of June 30, 2022 and 2023, the Company had\ntotal contract liabilities of $1,672,051 and $988,556, respectively. These liabilities are advance deposits received from customers after\nan order has been placed. The balance of $1,672,051 as of June 30, 2022 was recognized as revenue during 2023. As of June 30 2023, the\nCompany expects all of the contract liabilities to be settled in less than one year. The decrease in balance at June 30, 2023 was due\nto less orders on hand on that date.
"}]},{"name":"rpt:f-371","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1672051","decimals":0}]},{"name":"rpt:f-372","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiability","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"988556","decimals":0}]},{"name":"rpt:f-373","factDimensions":{"xbrl:concept":"us-gaap:DeferredRevenueRevenueRecognized1","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1672051","decimals":0}]},{"name":"rpt:f-374","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"10. LEASES
\n\n\u00a0
\n\nThe Company has operating lease arrangements\nfor office premises for HK and California. These leases typically have terms of two to five years.
\n\n\u00a0
\n\nLeases with an initial term of 12 months or less\nare not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term. All other lease assets\nand lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date.
\n\n\u00a0
\n\nThe balances for the right-of-use assets where\nthe Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Right-of-use assets | \u00a0 | \n$ | 295,804 | \u00a0 | \u00a0 | \n$ | 4,061,617 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Lease liabilities - current | \u00a0 | \n$ | 347,541 | \u00a0 | \u00a0 | \n$ | 944,525 | \u00a0 |
| Lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | |
| Total | \u00a0 | \n$ | 347,541 | \u00a0 | \u00a0 | \n$ | 4,300,757 | \u00a0 |
\u00a0
\n\nAs of June 30, 2023, the maturities of our lease\nliabilities (excluding short-term leases) are as follows:
\n\n\u00a0
\n\n| \u00a0 | \nAs of June\u00a030, 2023 | \u00a0 | ||
| Year Ended June 30, | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 1,260,719 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 1,338,878 | \u00a0 |
| 2026 | \u00a0 | \n\u00a0 | 1,383,636 | \u00a0 |
| 2027 | \u00a0 | \n\u00a0 | 968,111 | \u00a0 |
| 2028 | \u00a0 | \n\u00a0 | 80,676 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 5,032,020 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (731,263 | ) |
| Total lease liabilities | \u00a0 | \n\u00a0 | 4,300,757 | \u00a0 |
\u00a0
\n\nThe Company incurred lease costs, which includes\nthe amortization of the right-of-use assets and the payment of short-term leases, of $667,712 and $1,237,868 on the Company\u2019s consolidated\nstatements of operations and comprehensive loss for the years ended June 30, 2022 and 2023, respectively.
\u00a0
The Company made payments of $304,291 and $1,141,142\nunder the lease agreements during the years ended June 30, 2022 and 2023, respectively.
\n\n\u00a0
\n\nThe weighted-average remaining lease term related\nto the Company\u2019s lease liabilities as of June 30, 2022 and 2023 was 1 and 3.8 years, respectively.
\n\n\u00a0
\n\nThe discount rate related to the Company\u2019s\nlease liabilities as of both June 30, 2022 and June 30, 2023 was 5.8% and 8.1%. The discount rates are generally based on estimates of\nthe Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily determined.
\n\n\u00a0
\n\nAs of June 30, 2023, the Company had $0.2 million of future payments\nunder additional leases, primarily for office, which had not yet commenced. This lease, which has a two-year term, will commence in July\n2023.
"}]},{"name":"rpt:f-375","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-376","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfVariableInterestEntitiesTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use assets where\nthe Company is the lessee are presented as follow:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Right-of-use assets | \u00a0 | \n$ | 295,804 | \u00a0 | \u00a0 | \n$ | 4,061,617 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Lease liabilities - current | \u00a0 | \n$ | 347,541 | \u00a0 | \u00a0 | \n$ | 944,525 | \u00a0 |
| Lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | |
| Total | \u00a0 | \n$ | 347,541 | \u00a0 | \u00a0 | \n$ | 4,300,757 | \u00a0 |
| \u00a0 | \nAs of June\u00a030, 2023 | \u00a0 | ||
| Year Ended June 30, | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 1,260,719 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 1,338,878 | \u00a0 |
| 2026 | \u00a0 | \n\u00a0 | 1,383,636 | \u00a0 |
| 2027 | \u00a0 | \n\u00a0 | 968,111 | \u00a0 |
| 2028 | \u00a0 | \n\u00a0 | 80,676 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 5,032,020 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (731,263 | ) |
| Total lease liabilities | \u00a0 | \n\u00a0 | 4,300,757 | \u00a0 |
11. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of June\u00a030, 2022 and 2023, accrued liabilities\nand other payables consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accrued salaries and related benefits | \u00a0 | \n$ | 43,487 | \u00a0 | \u00a0 | \n$ | 97,314 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 81,226 | \u00a0 | \u00a0 | \n\u00a0 | 148,197 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 34,583 | \u00a0 | \u00a0 | \n\u00a0 | 35,850 | \u00a0 |
| Total | \u00a0 | \n$ | 159,296 | \u00a0 | \u00a0 | \n$ | 281,361 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accrued salaries and related benefits | \u00a0 | \n$ | 43,487 | \u00a0 | \u00a0 | \n$ | 97,314 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 81,226 | \u00a0 | \u00a0 | \n\u00a0 | 148,197 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 34,583 | \u00a0 | \u00a0 | \n\u00a0 | 35,850 | \u00a0 |
| Total | \u00a0 | \n$ | 159,296 | \u00a0 | \u00a0 | \n$ | 281,361 | \u00a0 |
12. DIVIDENDS PAYABLE
\n\n\u00a0
\n\nDividends payable represent a dividend declared\nby the Company\u2019s HK subsidiary, Aspire Science, in the year ended June 30, 2020, which was payable to Aspire Science\u2019s then\nsole stockholder, who was the Company\u2019s chief executive officer and is co-chief executive officer. The dividend was declared prior\nto the transfer of the equity interest in Aspire Science to Aspire Holdings, which subsequently transferred the equity interest to Ispire\nInternational. Set forth below is the information relating to the dividend payable at June 30, 2022 and 2023.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 3,832,272 | \u00a0 | \u00a0 | \n$ | 3,362,639 | \u00a0 |
| Dividends declared | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Dividends paid | \u00a0 | \n\u00a0 | (469,633 | ) | \u00a0 | \n\u00a0 | (3,362,639 | ) |
| At the end of the year | \u00a0 | \n$ | 3,362,639 | \u00a0 | \u00a0 | \n$ | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 3,832,272 | \u00a0 | \u00a0 | \n$ | 3,362,639 | \u00a0 |
| Dividends declared | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Dividends paid | \u00a0 | \n\u00a0 | (469,633 | ) | \u00a0 | \n\u00a0 | (3,362,639 | ) |
| At the end of the year | \u00a0 | \n$ | 3,362,639 | \u00a0 | \u00a0 | \n$ | \u00a0 |
13. RELATED PARTY TRANSACTIONS
\n\n\u00a0
\n\n| a) | The table below sets forth the major related parties and\ntheir relationships with the Company: | \n
\u00a0
\n\n| Name\n of related parties and Relationship with the Company |
| -Tuanfang Liu is the Chairman of the Company. |
| -Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| -Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned subsidiary of Aspire Global. |
| -Aspire Global is a company controlled by the Chairman of the Company. |
| -Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s chairman and 5% by the chairman\u2019s cousin. |
\u00a0
\n\n| b) | Tuanfang Liu is also Aspire Global\u2019s chief executive\nofficer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director of both companies. At June\n30, 2023, Mr. Liu and Ms. Zhu beneficially owned 66.5% and 5.0%, 61.3% and 4.6%, respectively, of the outstanding shares of both Aspire\nGlobal and the Company. See Note 15. | \n
\n\n
\u00a0
\n\n| c) | The Company had the following balances due from related parties: | \n
\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Shenzhen Yi Jia | \u00a0 | \n$ | 1,872,035 | \u00a0 | \u00a0 | \n$ | \u00a0 | |
| Tuanfang Liu | \u00a0 | \n\u00a0 | 62,820 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total | \u00a0 | \n$ | 1,934,855 | \u00a0 | \u00a0 | \n$ | \u00a0 |
\u00a0
\n\nThe balances represent payment on behalf of these\nrelated parties, such as freight and tariff charges and others. These balances as of June 30, 2022 were all non-interest bearing, unsecured,\nhave no due date and are repayable on demand and the balances were fully settled in November 2022.
\n\n\u00a0
\n\n| d) | The balances in due to related parties at June 30, 2022 and\n2023 represent amount due to Eigate of $40,672,768 and amount due to Shenzhen Yi Jia of $710,910, respectively. These balances were all\nnon-interest bearing, unsecured, have no due date and are repayable on demand. | \n
\u00a0
\n\n| e) | For the years ended June 30, 2022 and 2023, substantially\nall of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June\u00a030, 2022 and 2023,\nthe accounts payable - related party was $41,982,373 and $55,769,526, respectively, which was payable to Shenzhen Yi Jia. For the years\nended June\u00a030, 2022 and 2023, the purchases from Shenzhen Yi Jia were $74,787,679 and $83,060,957, respectively. | \n
| Name\n of related parties and Relationship with the Company |
| -Tuanfang Liu is the Chairman of the Company. |
| -Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| -Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned subsidiary of Aspire Global. |
| -Aspire Global is a company controlled by the Chairman of the Company. |
| -Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s chairman and 5% by the chairman\u2019s cousin. |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Shenzhen Yi Jia | \u00a0 | \n$ | 1,872,035 | \u00a0 | \u00a0 | \n$ | \u00a0 | |
| Tuanfang Liu | \u00a0 | \n\u00a0 | 62,820 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total | \u00a0 | \n$ | 1,934,855 | \u00a0 | \u00a0 | \n$ | \u00a0 |
14. INCOME TAXES
\n\n\u00a0
\n\nBritish Virgin Islands (\u201cBVI\u201d)
\n\n\u00a0
\n\nUnder the current laws of the BVI, the Company\u2019s\nBVI subsidiary, Ispire International, is not subject to income or capital gains taxes. In addition, dividend payments are not subject\nto withholding tax in the BVI.
\n\n\u00a0
\n\nHong Kong
\n\n\u00a0
\n\nUnder\nthe two-tiered profits tax rates regime for Hong Kong, the first 2 million HKD of profits of the qualifying entity will be taxed at 8.25%,\nand profits above HKD 2 million will be taxed at 16.5%.
\n\n\u00a0
\n\nUnited States
\n\n\u00a0
\n\nThe\nCompany and Aspire North America LLC are each subject to\nthe federal income tax rate if in a taxable position.
\n\n\u00a0
\n\nFor the years ended June\u00a030, 2022 and 2023,\nloss before income taxes consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| HK | \u00a0 | \n$ | 6,679,431 | \u00a0 | \u00a0 | \n$ | 7,444,203 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (7,482,487 | ) | \u00a0 | \n\u00a0 | (12,297,503 | ) |
| Total | \u00a0 | \n$ | (803,056 | ) | \u00a0 | \n$ | (4,853,300 | ) |
\u00a0
The reconciliation of the actual income taxes\nto the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax income is as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Expected taxation at HK statutory rate | \u00a0 | \n$ | (132,504 | ) | \u00a0 | \n$ | (800,795 | ) |
| Tax effect of two-tiered profits tax regime | \u00a0 | \n\u00a0 | (21,142 | ) | \u00a0 | \n\u00a0 | (21,055 | ) |
| Effect of income tax rate difference in other jurisdictions | \u00a0 | \n\u00a0 | (336,712 | ) | \u00a0 | \n\u00a0 | (553,388 | ) |
| Non-deductible expenses | \u00a0 | \n\u00a0 | 116,287 | \u00a0 | \u00a0 | \n\u00a0 | 61,208 | \u00a0 |
| Non-taxable income | \u00a0 | \n\u00a0 | (10,764 | ) | \u00a0 | \n\u00a0 | (22,378 | ) |
| Change in valuation allowance | \u00a0 | \n\u00a0 | 1,455,390 | \u00a0 | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 542 | \u00a0 | \u00a0 | \n\u00a0 | (7,047 | ) |
| Income tax expense | \u00a0 | \n$ | 1,071,097 | \u00a0 | \u00a0 | \n$ | 1,245,303 | \u00a0 |
\u00a0
\n\nFor the years ended June\u00a030, 2022 and 2023,\nthere are net operating losses of $8,519,617 and $14,584,702 that arose from Aspire North America LLC, which can be carried forward indefinitely\nto offset up to 80% of each year\u2019s taxable income, until fully utilized. At June 30, 2022 and 2023, these net operating loss carryforwards\nmay result in future income tax benefits of $1,789,120 and $3,062,787, respectively.
\n\u00a0
\n\nValuation allowances provided against the deferred\ntax assets are related to the net operating loss carryforwards, as the Company\u2019s management does not believe that sufficient positive\nevidence exists to conclude that the benefits of such deferred tax assets are more likely than not to be realized in full. The amount\nof the valuation allowance as of June 30, 2022 and 2023 was $1,925,780 and $4,500,444, respectively.
\n\n\u00a0
\n\nDeferred tax assets and liabilities represent\nthe future effects on income taxes that result from temporary differences and carryforwards that exist at the balance sheet date, and\nare measured using enacted rates and provisions of the tax law. Deferred tax assets are recognized for deductible temporary differences\nas well as tax attributes.
\n\n\u00a0
\n\nSignificant components of the Company\u2019s\ndeferred tax liabilities and assets as of June 30, 2022 and 2023 are as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| Deferred tax assets: | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | \n$ | 1,789,120 | \u00a0 | \u00a0 | \n$ | 3,062,787 | \u00a0 |
| Foreign payables | \u00a0 | \n\u00a0 | 160,009 | \u00a0 | \u00a0 | \n\u00a0 | 981,956 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 508,980 | \u00a0 | |
| Property, plant and equipment | \u00a0 | \n\u00a0 | (23,349 | ) | \u00a0 | \n\u00a0 | (53,279 | ) |
| Total deferred tax assets | \u00a0 | \n\u00a0 | 1,925,780 | \u00a0 | \u00a0 | \n\u00a0 | 4,500,444 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \n\u00a0 | (1,925,780 | ) | \u00a0 | \n\u00a0 | (4,500,444 | ) |
| Net deferred tax asset | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
\u00a0
\n\nMovement of valuation allowance:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 375,307 | \u00a0 | \u00a0 | \n$ | 1,925,780 | \u00a0 |
| Current year addition | \u00a0 | \n\u00a0 | 1,550,473 | \u00a0 | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 |
| At the end of the year | \u00a0 | \n$ | 1,925,780 | \u00a0 | \u00a0 | \n$ | 4,500,444 | \u00a0 |
\u00a0
\n\nThe Company is subject to income taxes in the\nU.S. federal, state, and various foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of\nthe related tax laws and regulations and require significant judgment to apply. All of the Company\u2019s tax years will remain open\nfor examination by the US federal and state tax authorities from the date the returns are filed or are due, whichever is later. The Company\ndoes not have any tax audits or other issues pending.
"}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.0825","decimals":4}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.165","decimals":3}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the years ended June\u00a030, 2022 and 2023,\nloss before income taxes consists of:| \u00a0 | \u00a0 | \nYears ended \n June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| HK | \u00a0 | \n$ | 6,679,431 | \u00a0 | \u00a0 | \n$ | 7,444,203 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (7,482,487 | ) | \u00a0 | \n\u00a0 | (12,297,503 | ) |
| Total | \u00a0 | \n$ | (803,056 | ) | \u00a0 | \n$ | (4,853,300 | ) |
\u00a0
"}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"6679431","decimals":0}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"7444203","decimals":0}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"-7482487","decimals":0}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"-12297503","decimals":0}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2021-07-01T00:00:00/2022-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-803056","decimals":0}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-4853300","decimals":0}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The reconciliation of the actual income taxes\nto the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax income is as follows:| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Expected taxation at HK statutory rate | \u00a0 | \n$ | (132,504 | ) | \u00a0 | \n$ | (800,795 | ) |
| Tax effect of two-tiered profits tax regime | \u00a0 | \n\u00a0 | (21,142 | ) | \u00a0 | \n\u00a0 | (21,055 | ) |
| Effect of income tax rate difference in other jurisdictions | \u00a0 | \n\u00a0 | (336,712 | ) | \u00a0 | \n\u00a0 | (553,388 | ) |
| Non-deductible expenses | \u00a0 | \n\u00a0 | 116,287 | \u00a0 | \u00a0 | \n\u00a0 | 61,208 | \u00a0 |
| Non-taxable income | \u00a0 | \n\u00a0 | (10,764 | ) | \u00a0 | \n\u00a0 | (22,378 | ) |
| Change in valuation allowance | \u00a0 | \n\u00a0 | 1,455,390 | \u00a0 | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 542 | \u00a0 | \u00a0 | \n\u00a0 | (7,047 | ) |
| Income tax expense | \u00a0 | \n$ | 1,071,097 | \u00a0 | \u00a0 | \n$ | 1,245,303 | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| Deferred tax assets: | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | \n$ | 1,789,120 | \u00a0 | \u00a0 | \n$ | 3,062,787 | \u00a0 |
| Foreign payables | \u00a0 | \n\u00a0 | 160,009 | \u00a0 | \u00a0 | \n\u00a0 | 981,956 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 508,980 | \u00a0 | |
| Property, plant and equipment | \u00a0 | \n\u00a0 | (23,349 | ) | \u00a0 | \n\u00a0 | (53,279 | ) |
| Total deferred tax assets | \u00a0 | \n\u00a0 | 1,925,780 | \u00a0 | \u00a0 | \n\u00a0 | 4,500,444 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \n\u00a0 | (1,925,780 | ) | \u00a0 | \n\u00a0 | (4,500,444 | ) |
| Net deferred tax asset | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 375,307 | \u00a0 | \u00a0 | \n$ | 1,925,780 | \u00a0 |
| Current year addition | \u00a0 | \n\u00a0 | 1,550,473 | \u00a0 | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 |
| At the end of the year | \u00a0 | \n$ | 1,925,780 | \u00a0 | \u00a0 | \n$ | 4,500,444 | \u00a0 |
15. STOCKHOLDERS\u2019 EQUITY
\n\n\u00a0
\n\nOn April 6, 2023, the Company completed the public\noffering of 2,700,000 shares of common stock at a public offering price of $7.00 per share, par value $0.0001 per share, with option for\nunderwriters to purchase up to an additional 405,000 at the initial public offering price as over-allotment. On April 25, 2023, the underwriters\nfully exercised their over-allotment option, and 405,000 shares were issued at public offering price of $7.00 per share, par value $0.0001\nper share. These two transactions altogether generated proceeds of $21,735,000, offset by offering costs of $3,475,171, which contributed\nan increase of share capital of $311 and additional paid in capital of $18,259,518.
\n\n\u00a0
\n\nOn June 26, 2023, pursuant to purchase agreements\ndated June 26, 2023, the Company sold to three investors in a private placement an aggregate of 1,117,420 shares of common stock, at a\npurchase price of $7.1318 per share. This private replacement generated proceeds of $7,969,221, offset by offering cost of $543,153, which\ncontributed an increase of share capital of $111 and additional paid in capital of $7,425,957.
"}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesAuthorized","xbrl:period":"2023-04-07T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"2700000","decimals":0}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:SharePrice","xbrl:period":"2023-04-07T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"7","decimals":2}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2023-04-07T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.0001","decimals":4}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"ispr:PublicOfferingPrice","xbrl:period":"2023-04-06T00:00:00/2023-04-07T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"405000","decimals":0}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"ispr:PublicOfferingPrice","xbrl:period":"2023-04-25T00:00:00/2023-04-26T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"405000","decimals":0}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:SharePrice","xbrl:period":"2023-04-26T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"7","decimals":2}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2023-04-26T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.0001","decimals":4}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromOtherDebt","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21735000","decimals":0}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:DeferredOfferingCosts","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3475171","decimals":0}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:InvestmentCompanyIncreaseDecreaseFromShareTransaction","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"311","decimals":0}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:AdditionalPaidInCapitalPreferredStock","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18259518","decimals":0}]},{"name":"rpt:f-508","factDimensions":{"xbrl:concept":"ispr:PrivatePlacement","xbrl:period":"2023-06-26T00:00:00/2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1117420","decimals":0}]},{"name":"rpt:f-509","factDimensions":{"xbrl:concept":"us-gaap:NetAssetValuePerShare","xbrl:period":"2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"7.1318","decimals":4}]},{"name":"rpt:f-510","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromOtherDebt","xbrl:period":"2023-06-26T00:00:00/2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7969221","decimals":0}]},{"name":"rpt:f-511","factDimensions":{"xbrl:concept":"us-gaap:DeferredOfferingCosts","xbrl:period":"2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"543153","decimals":0}]},{"name":"rpt:f-512","factDimensions":{"xbrl:concept":"us-gaap:InvestmentCompanyIncreaseDecreaseFromShareTransaction","xbrl:period":"2023-06-26T00:00:00/2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"111","decimals":0}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:AdditionalPaidInCapitalPreferredStock","xbrl:period":"2023-06-27T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7425957","decimals":0}]},{"name":"rpt:f-514","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerShareTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"16. EARNINGS PER SHARE
\n\n\u00a0
\n\nThe following table presents a reconciliation\nof basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (1,874,153 | ) | \u00a0 | \n$ | (6,098,603 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,725,814 | \u00a0 | |
| \u00a0 | \n$ | (0.04 | ) | \u00a0 | \n$ | (0.12 | ) |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (1,874,153 | ) | \u00a0 | \n$ | (6,098,603 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,725,814 | \u00a0 | |
| \u00a0 | \n$ | (0.04 | ) | \u00a0 | \n$ | (0.12 | ) |
17. LEGAL PROCEEDINGS
\n\n\u00a0
\n\nFrom time to time, we may be subject to legal\nor regulatory proceedings, investigations and claims incidental to the conduct of our business.
\n\n\u00a0
\n\nOther than disclosed below, we are not a party\nto, nor are we aware of, any legal or regulatory proceedings, investigations or claims which, in the opinion of our management, are likely\nto have a material adverse effect on our business, financial condition or results of operations.
\n\n\u00a0
\n\nOn March 17, 2021, the FDA sent a letter to Aspire\nNorth America requesting that Aspire North America submit documents relating to its marketing practices for Aspire products. Specifically,\nthe FDA requested documents related to youth exposure to Aspire North America\u2019s social media marketing of Aspire as well as Aspire\nNorth America\u2019s use of influencers in social media marketing. This request applied to all of Aspire electronic nicotine delivery\nsystem (ENDS) products and their components or parts. The FDA requested these documents based on the epidemic of youth ENDS use and based\non Aspire North America\u2019s marketing of Aspire products on social media platforms (e.g., Facebook, YouTube, and Instagram). The FDA\nrequested that Aspire North America respond within 60 days but granted a 30-day extension. On June 15, 2021, Aspire North America provided\nthe required information to the FDA. To date, the FDA has not substantively responded or taken any further action in the matter. However,\nwe cannot assure you that the FDA will consider the response adequate and will not initiate regulatory or enforcement action based on\nan alleged failure to comply with the request or that the FDA will not initiate regulatory or enforcement action on other grounds based\non the contents of the documents produced in the response. Either result could materially and adversely affect our business, financial\ncondition, and results of operations.
"}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:SubsequentEventsTextBlock","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"18. SUBSEQUENT EVENTS
\n\u00a0
\n\nIn July 2023, the Company registered the grant\nof up to 15,000,000 shares of common stock, par value $0.0001 per share, to certain employees of and consultants to the Company either\nas stock grants, stock options or other equity-based incentives, and the subsequent exercise of any stock options pursuant to the 2022\nEquity Incentive plan (the \u201cPlan\u201d).
\n\n\u00a0
\n\nOn September 4, 2023, the Board, as administrator\nof the Plan, granted pursuant to the Plan non-qualified stock options to its executive officers, and other employees to purchase an aggregate\nof 2,605,000 shares of common stock, at exercise price of $9.76 per share, being the fair market value on the date of grant. These options\nshall vest cumulative as to 25% of the shares subject to the options over four years on the annual anniversary of date of grant.
\n\u00a0
\n\nOn September 4, 2023, the Board also issued 587,235\nrestricted stock units to its executive officers, and other employees, pursuant to the Plan. The restricted stock units vest cumulatively\nas to one-third of the restricted stock units over three years on the annual anniversary of the date of grant.
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