1. ORGANIZATION AND PRINCIPAL ACTIVITIES
\n\n\u00a0
\n\nIspire Technology Inc. (the \u201cCompany\u201d\nor \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through its subsidiaries, the\nCompany is engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes\nand cannabis vaping products.
\n\n\u00a0
\n\nIspire owns a 100% equity interest in Ispire International\nLimited, a business company incorporated under the laws of the British Virgin Islands (\u201cBVI\u201d) (\u201cIspire International\u201d)\non July\u00a06, 2022.
\n\n\u00a0
\n\nPrior to July 29, 2022, all of the equity of Aspire\nNorth America LLC, a California limited liability company (\u201cAspire North America\u201d), was owned by Aspire Global Inc. (\u201cAspire\nGlobal\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (\u201cAspire Science\u201d),\nwas 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 since the same individual\nis the chief executive officer of both companies. As of December 31, 2023, the chief executive officer and his wife, being directors of\nboth companies, owned 66.5% and 5.0% of the equity of Aspire Global, respectively. As of December 31, 2023, they owned 61.3% and 4.6%\nof the equity of the Company, respectively. On July 29, 2022, Aspire Global transferred 100% of the equity interest in Aspire North America\nto the Company. On the same day, Aspire Holdings transferred 100% of the equity of Aspire Science to Ispire International. At the time\nof transfer of the equity in Aspire North America and Aspire Science, the Company had the same stockholders as Aspire Global and the Company\u2019s\nstockholders held the same percentage interest in the Company as they had in Aspire Global. Because the transfer of the equity in Aspire\nNorth America and Aspire Science is a transfer between related parties, the historical financial information of the subsidiaries is carried\nforward as the historical financial information of the Company and the 50,000,000 shares that were issued at or about the time of the\nCompany\u2019s organization are treated as being outstanding on July 1, 2020.
\n\n\u00a0
\n\nIn September 2023, the Company established a\nwholly-owned subsidiary, Ispire Malaysia Sdn Bhd (\u201cIspire Malaysia\u201d) under the laws of the Federation of Malaysia, in order\nto establish manufacturing operations in Southeast Asia. Ispire Malaysia was formed by Tuanfang Liu, the Company\u2019s Chairman and\nCo-Chief Executive Officer on September 1, 2023, and assigned to the Company on September 22, 2023, at a consideration of 100 Malaysian\nringgits.
\n\n\u00a0
\n\nThe following table sets forth information concerning\nthe Company and its subsidiaries as of December 31, 2023:
\n\n\u00a0
\n\n| Name of Entity | \u00a0 | \nDate of Organization | \u00a0 | \u00a0 | \nPlace of Organization | \u00a0 | \n% of Ownership | \u00a0 | \u00a0 | \nPrincipal Activities | ||
| Ispire Technology Inc. | \u00a0 | \n\u00a0 | June\u00a013, 2022 | \u00a0 | \u00a0 | \nDelaware | \u00a0 | \n\u00a0 | Parent\u00a0Company | \u00a0 | \u00a0 | \nHolding Company |
| Ispire International | \u00a0 | \n\u00a0 | July\u00a06, 2022 | \u00a0 | \u00a0 | \nBVI | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nHolding Company |
| Aspire North America | \u00a0 | \n\u00a0 | February\u00a022,\u00a02020 | \u00a0 | \u00a0 | \nCalifornia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nResearch and Development, Sales and Marketing |
| Aspire Science | \u00a0 | \n\u00a0 | December\u00a09, 2016 | \u00a0 | \u00a0 | \nHong Kong | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nSales and Marketing |
| Ispire Malaysia | \u00a0 | \n\u00a0 | September\u00a01, 2023 | \u00a0 | \u00a0 | \nMalaysia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nManufacturing |
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\n\nIspire is a holding company and does not engage in any active operations.\nIts business is conducted by its two operating subsidiaries, Aspire North America, which is engaged in the development, marketing and\nsales of cannabis vapor products, which were introduced in mid-2020, and Aspire Science, which is engaged in the marketing and sales of\ntobacco vaping products, and the products are mainly sold in Europe and Asia Pacific (excluding PRC).
\u00a0\u00a0
Restatement of Unaudited Condensed Consolidated Financial Statements\n- December 31, 2022
\n\n\u00a0
\n\nIn audit of financial statements for the year ended June 30, 2023,\nthe Company identified errors related to the recording of the intellectual property rights transferred to the Company by a control party\nduring the three months ended December 31, 2022, as disclosed in Form 8-K, filed with the SEC on September 15, 2023. The Company determined\nthat the intangible assets were incorrectly recorded in the unaudited financial statements, and that intellectual property rights which\nwere transferred to the Company by a control party should be recorded at the transferor\u2019s book value, which was , rather than\nthe valuation result from an independent third party valuer. As a result of the restatement, as of December 31, 2022, the restated intangible\nasset balance should be $0, instead of $73,487,283. For the three months ended December 31, 2022, the net loss decreased from $902,874,\nor $0.02 per share (basic and diluted), to the net loss of $130,242, or $0.01 per share (basic and diluted). For the six months ended\nDecember 31, 2022, the net loss decreased from $2,950,921, or $0.06 per share (basic and diluted), to $2,131,996, or $0.04 per share (basic\nand diluted).
\n\n\n\n\u00a0
\n\nIn preparing the unaudited condensed consolidated statement of cash\nflows, the Company identified an additional error related to the presenting of operating leases. The Company determined\nthat cash payments arising from operating leases were incorrectly classified under financing activities instead of operating activities.\nAs a result of the restatement, the Company\u2019s principal portion of lease payment of $449,638 in unaudited condensed consolidated\nstatements of cash flows for the six months ended December 31, 2022 was reclassified to operating activities. The Company\nalso omit to present the noncash activities in relation to leased assets obtained in exchange for operating lease liabilities. During\nthe review of unaudited condensed consolidated financial statements for the three and six months ended December 31, 2022 and 2023, the\nCompany has added disclosure of $3,714,979 of leased assets obtained in exchange for operating lease liabilities in the unaudited condensed\nconsolidated statements of cash flows for the six months ended December 31, 2022.
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\n\nRisk\nand Uncertainties
\n\n\n\n\u00a0
\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 pandemic 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.
\n\n\u00a0
\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 2022, a slowdown in the delivery of components\nto Shenzhen Yi Jia resulting from supply chain slowdowns as a result of the effects of mainland China\u2019s COVID policy resulted in\nan increase in cost of revenue during the three and six months ended December 31, 2022. The Company cannot assure you that it will not\nsuffer from a chip shortage or that the effects of China\u2019s COVID policy will not affect Shenzhen Yi Jia\u2019s ability or the ability\nof its suppliers to delivery products in a timely manner.
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\n\nMarket and Economic Conditions\u00a0
\n\n\u00a0
\n\nIn recent years, the United States and other markets\nhave experienced cyclical or episodic downturns, and worldwide economic conditions remain uncertain, including, as a result of the COVID-19\npandemic, supply chain disruptions, the Russian invasion of Ukraine, Hamas and Israel war, instability in the U.S. and global banking\nsystems, rising fuel prices, increasing interest rates or foreign exchange rates and increased inflation and the possibility of a recession.\nA significant downturn in economic conditions may affect the market for the Company\u2019s products and its supplier\u2019s ability\nto provide 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.
\u00a0
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 and regulations in countries and regions that our major\ncustomers are located 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 Food and Drug Administration (\u201cFDA\u201d). For ENDS products\nthat were on the U.S. market on August\u00a08, 2016, a PMTA was required to be submitted to the FDA by September\u00a09, 2020; for ENDS\nproducts that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not filed by September 9, 2020, a PMTA\nissued in response to a PMTA is required before the subject product may enter the U.S. market. The Company has submitted a PMTA filing\nfor one ENDS product, and, under apparent FDA policies, the agency will not enforce the premarket review requirements for that product\npending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject the Company\u2019s application\nand may prevent the Company\u2019s ENDS 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 states\npermit the sale of recreational cannabis products to minors. As a result of the reduced revenue to states resulting from the effects of\nthe COVID 19 pandemic, states may seek to raise revenue by permitting and taxing the use of cannabis products. The Company cannot predict\nwhat action states will take or the nature and amount of taxes they may impose. However, to 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, product,\nor material of any kind which is primarily intended or designed for use in manufacturing, compounding, converting, concealing, producing,\nprocessing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body a controlled substance\u201d the\npossession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions exist, most notably when state\nor 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 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.\u00a0
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| Ispire Technology Inc. | \u00a0 | \n\u00a0 | June\u00a013, 2022 | \u00a0 | \u00a0 | \nDelaware | \u00a0 | \n\u00a0 | Parent\u00a0Company | \u00a0 | \u00a0 | \nHolding Company |
| Ispire International | \u00a0 | \n\u00a0 | July\u00a06, 2022 | \u00a0 | \u00a0 | \nBVI | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nHolding Company |
| Aspire North America | \u00a0 | \n\u00a0 | February\u00a022,\u00a02020 | \u00a0 | \u00a0 | \nCalifornia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nResearch and Development, Sales and Marketing |
| Aspire Science | \u00a0 | \n\u00a0 | December\u00a09, 2016 | \u00a0 | \u00a0 | \nHong Kong | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nSales and Marketing |
| Ispire Malaysia | \u00a0 | \n\u00a0 | September\u00a01, 2023 | \u00a0 | \u00a0 | \nMalaysia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nManufacturing |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\n\n\u00a0
\n\nBasis of presentation
\n\n\u00a0
\n\nThe accompanying\nunaudited condensed interim\u00a0\u00a0 consolidated\nfinancial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair\nstatement of the Company\u2019s consolidated financial position as of December 31, 2023, and the results of operations for the three\nand six month periods ended December 31, 2023 and 2022. In the opinion of management, all adjustments (consisting of normal recurring\naccruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany\naccounts and transactions have been eliminated in consolidation. The unaudited condensed interim\u00a0\u00a0\nconsolidated financial statements have been prepared\npursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d) and accordingly do not include\nall of the disclosures normally made in the Company\u2019s annual consolidated financial statements. Accordingly, these unaudited condensed\ninterim \u00a0\u00a0consolidated\nfinancial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended\nJune 30, 2023, included in the Company\u2019s Annual Report on Form 10-K. The accompanying condensed consolidated balance sheet as of\nJune 30, 2023 has been derived from the Company\u2019s audited financial statements included in such Annual Report.
\n\n\n\n\u00a0
\n\nThe results of operations for the three and six\nmonth periods ended December 31, 2023 are not necessarily indicative of the results of operations that may be expected for any other interim\nperiods or for the year ending June\u00a030, 2024.\u00a0
\n\n\u00a0
\n\nUse of estimates
\n\n\u00a0
\n\nThe\npreparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial\nstatements and the reported amounts of revenue and expenses during the reporting period. Significant estimates \u00a0\u00a0include\nallowance for credit losses, inventory reserve, deferred tax asset reserve, the useful lives of property, plant and equipment, incremental\nborrowing rate for operating leases and fair value of certain share based payment awards. Actual results could differ from those estimates.
\n\n\n\n\u00a0
\n\nAllowance for credit losses
\n\n\u00a0
\n\nThe Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit\nlosses based on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require\nthe consideration of forward-looking economic variables and conditions in the reserve calculation across the portfolio. The impact related\nto adopting the new standard was not material.
\n\n\u00a0
\n\nBased on\nthe current expected credit loss model, the Company consider many factors, including age of balance, past events, any historical default,\ncurrent information available about the customers, current economic conditions and certain forward-looking information, including reasonable\nand supportable forecasts.
\n\n\u00a0
\n\nConcentration of credit risk
\n\n\u00a0
\n\nFinancial instruments that potentially\nsubject the Company to a concentration of credit risk consist of cash, accounts receivable and investments - others. The Company maintains\nits cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels, they are uninsured. On June\n30, 2023, amounts due from two customers totaled approximately 11% and 11% respectively, of accounts receivable. On December 31, 2023\naccounts receivable from two customers totaled approximately 13% and 12%.
\n\n\u00a0
\n\nInventories
\n\n\u00a0
\n\nInventories mainly consist of finished goods purchased\nfrom suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using\nthe weighted average method.
\n\n\u00a0
\n\nWhen\nmanagement determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed\nexpected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories.\nThe net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs\nnecessary to make the sale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales\nhistory, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews\ninventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory.\nAny inventories \u00a0\u00a0identified\nduring this process are reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and\nreserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore,\nbe revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment,\nimpact its ability to sell potentially obsolete inventory. For the three months ended December 31, 2022 and 2023, the Company recorded\ninventory reserve of $0 and $130,452, respectively. For the six months ended December 31, 2022 and 2023, the Company recorded inventory\nreserve of $0 and $130,452, respectively.
\n\n\n\n\n\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.
\u00a0
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:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nEstimated Useful Life |
| Office and other equipment | \u00a0 | \n3 - 5 years |
| Furniture & fixtures | \u00a0 | \n7 years |
| Leasehold improvements | \u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
\u00a0
\n\nLeases
\n\n\u00a0
\n\nThe Company determines whether an arrangement\ncontains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the\ndate on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment of the\nlease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease commencement,\nwhich governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations over the\nlease term.
\n\n\u00a0
\n\nFor leases with a term exceeding 12\u00a0months,\nan operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting the present\nvalue of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial\nlease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the\nlease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a\ngiven lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates\nimplicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects the\nrate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease.
\n\n\u00a0
\n\nFor the Company\u2019s operating leases, fixed\nlease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12\u00a0months\nor less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company\u2019s\nconsolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant.
\n\n\u00a0
\n\nInvestment - other
\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 December 31, 2023, is $9,318,480\nand it matured on February 8, 2024.
\n\n\u00a0
\n\nIntangible assets
\n\n\u00a0
\n\nIntangible\nassets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent\nlicense rights. All patents are internally generated. The Company expenses costs associated with maintaining patents subsequent to their\nissuance in the period incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 -\n20 years, which are based on the length of the license agreements as the Company expects to receive economic benefits over that time.\nThe Company assesses the potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying\namount of our patent portfolio may not be recoverable. $255,650 and $731,593 \u00a0\u00a0of\npatent fees were capitalized during the three and six months ended December 31, 2023. The amortization of the intangible assets were\n$0 and $4,615 for the three months ended December 31, 2022 and 2023 respectively. The amortization of the intangible assets were $0 and\n$4,615 for the six months ended December 31, 2022 and 2023 respectively. The amortization expenses were included in the general and administrative\nexpenses.
\n\n\n\n\u00a0
\n\n\n\nRevenue recognition
\n\n\u00a0
\n\nThe Company sells its vaping products to customers\u00a0\u00a0 and\nrecognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are distributors\nthat resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to transfer the\ntitle and control of the goods to a customer for a determined price. Each order is considered a separate contract with single performance\nobligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer\narrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the\ncustomer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards of\ngoods transfer to the customer.
\u00a0
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 trade promotion funds, and cash discounts. These sales incentives are recorded as a reduction\nof revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the\nsingle most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes is primarily\nderived from the following inputs: sales terms and historical experience.
\n\n\u00a0
\n\nThe\nCompany offers different payment terms to different customers. For tobacco vaping products, the general payment term is deposit of 30%\nof sales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping products, tailored\npayment term is designed for each customer, based on business relationship, order size and other considerations. All contract liabilities\nat the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty - day warranty. The warranty\nis an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain\nsales contract, a right of return is offered. With a right of return, a customer is given the right to return the products if they are\nnot satisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve\nis accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law, \u00a0\u00a0are\nexcluded from revenue.
\n\n\n\n\n\n\n\u00a0
\n\nDisaggregated Revenue
\n\n\u00a0
\n\nThe Company has taken into consideration the nature,\namount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales of tobacco vaping products\nand cannabis vaping products. The net sales disaggregated by products for the three and six month period ended December\u00a031, 2022\nand 2023, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nThree months ended \nDecember 31, | \n \u00a0 | \n\u00a0 | \nSix months ended \nDecember 31, | \n \u00a0 | ||||||||||
| Net sales by product | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | ||||
| Tobacco vaping products | \n\u00a0 | \n$ | \n24,061,401 | \n\u00a0 | \n\u00a0 | \n$ | \n22,134,264 | \n\u00a0 | \n\u00a0 | \n$ | \n43,008,459 | \n\u00a0 | \n\u00a0 | \n$ | \n47,666,263 | \n\u00a0 |
| Cannabis vaping products | \n\u00a0 | \n\u00a0 | \n7,835,998 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19,551,297 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15,831,990 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n36,883,945 | \n\u00a0 |
| Total | \n\u00a0 | \n$ | \n31,897,399 | \n\u00a0 | \n\u00a0 | \n$ | \n41,685,561 | \n\u00a0 | \n\u00a0 | \n$ | \n58,840,449 | \n\u00a0 | \n\u00a0 | \n$ | \n84,550,208 | \n\u00a0 |
\u00a0
\n\nCost of revenue
\n\n\u00a0
\n\nCost of revenue for the three and six months ended\nDecember 31, 2022 and 2023, consisted primarily of the cost of purchasing vaping products, which were mostly purchased from a related\nparty. See Note 11.
\n\n\u00a0
\n\nShipping and handling costs
\n\n\u00a0
\n\nShipping and handling costs for the three months ended December 31,\n2022 and 2023 are $69,901 and $123,308, respectively. Shipping and handling costs for the six months ended December 31, 2022 and 2023\nare $173,378 and $166,752, respectively. They are included in the sales and marketing expenses. The shipping services relating to the\nshipping and handling costs, are not part of the revenue performance obligation.
\n\n\u00a0
\n\nResearch and development expenses
\n\n\u00a0
\n\nResearch and development expenses for the three months ended December\n31, 2022 and 2023 are $25,266 and $297,405, respectively. Research and development expenses for the six months ended December 31, 2022\nand 2023 are $ 27,629 and $465,575, respectively. They were included in the general and administrative expenses.
\n\n\u00a0
\n\nStock-based compensation
\n\n\u00a0
\n\nThe Company measures and recognizes compensation expenses for stock-based\npayment awards, including stock options, restricted stocks granted to directors and advisors, and restricted stock units (\u201cRSUs\u201d)\ngranted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer to determine fair value\nof stock options using the binomial option pricing model. The fair value of RSUs is measured on the grant date based on the closing market\nprice \u00a0\u00a0of the Company\u2019s common stock. The resulting cost is recognized over the period during which an employee is required\nto provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options and three years\nfor RSUs. Stock-based compensation is recognized on a straight-line basis over the period during which services are provided in exchange\nfor the award. Stock-based compensation expense is recorded in the general and administrative expense in the consolidated statements of\noperations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
\n\n\n\n\u00a0
\n\nIncome taxes
\n\n\u00a0
\n\nThe Company accounts for income taxes under ASC 740, Income taxes.\nDeferred 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.
\u00a0
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 realized.
\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 three and six months ended December\n31, 2022 and 2023, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe\nthat there were any uncertain tax positions as of June\u00a030, 2023 and December 31, 2023.
\n\n\u00a0
\n\nEarnings per share
\n\n\u00a0
\n\nThe Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Stock options and unvested restricted\nstock units, altogether 3,419,140 potentially dilutive shares, could potentially dilute basic EPS in the future that were not included\nin the computation of diluted EPS because to do so would have been antidilutive for the three and six months ended December 31, 2022 and\n2023.
\n\n\n\n\u00a0
\n\nThe following table presents a\nreconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (130,242 | ) | \u00a0 | \n$ | (4,022,324 | ) | \u00a0 | \n$ | (2,131,996 | ) | \u00a0 | \n$ | (5,396,939 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,270,236 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,258,224 | \u00a0 | |
| \u00a0 | \n$ | (0.01 | ) | \u00a0 | \n$ | (0.07 | ) | \u00a0 | \n$ | (0.04 | ) | \u00a0 | \n$ | (0.10 | ) |
\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 that\nit is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued\nin the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not probable,\nbut is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate\nof 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.
\n\n\u00a0
Recent 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\nIn November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic\n280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expenses.\nThe Company is required to adopt this guidance for its annual reporting in fiscal year 2025 and for interim period reporting beginning\nthe first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of\nthis ASU on our segment disclosures.
\u00a0
Customer and Supplier Concentration
\n\n\u00a0
\n\n(a)\u00a0Customers
\n\n\u00a0
\n\nFor the three and six months ended December\u00a031,\n2022 and 2023, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 38 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represented less than 10% of\nconsolidated revenue. | \n
\u00a0
\n\n(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor the three and six months ended December\u00a031,\n2022 and 2023, the 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 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier A | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 70 | % |
\u00a0
\n\n| (1) | Major supplier A is Shenzhen\nYi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. | \n
Basis of presentation
The accompanying\nunaudited condensed interim\u00a0\u00a0 consolidated\nfinancial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair\nstatement of the Company\u2019s consolidated financial position as of December 31, 2023, and the results of operations for the three\nand six month periods ended December 31, 2023 and 2022. In the opinion of management, all adjustments (consisting of normal recurring\naccruals) considered necessary in order to make the financial statements not misleading have been included. All significant intercompany\naccounts and transactions have been eliminated in consolidation. The unaudited condensed interim\u00a0\u00a0\nconsolidated financial statements have been prepared\npursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d) and accordingly do not include\nall of the disclosures normally made in the Company\u2019s annual consolidated financial statements. Accordingly, these unaudited condensed\ninterim \u00a0\u00a0consolidated\nfinancial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended\nJune 30, 2023, included in the Company\u2019s Annual Report on Form 10-K. The accompanying condensed consolidated balance sheet as of\nJune 30, 2023 has been derived from the Company\u2019s audited financial statements included in such Annual Report.
The results of operations for the three and six\nmonth periods ended December 31, 2023 are not necessarily indicative of the results of operations that may be expected for any other interim\nperiods or for the year ending June\u00a030, 2024.\u00a0
"}]},{"name":"rpt:f-326","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of estimates
The\npreparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial\nstatements and the reported amounts of revenue and expenses during the reporting period. Significant estimates \u00a0\u00a0include\nallowance for credit losses, inventory reserve, deferred tax asset reserve, the useful lives of property, plant and equipment, incremental\nborrowing rate for operating leases and fair value of certain share based payment awards. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-327","factDimensions":{"xbrl:concept":"us-gaap:CreditLossFinancialInstrumentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
The Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit\nlosses based on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require\nthe consideration of forward-looking economic variables and conditions in the reserve calculation across the portfolio. The impact related\nto adopting the new standard was not material.
Based on\nthe current expected credit loss model, the Company consider many factors, including age of balance, past events, any historical default,\ncurrent information available about the customers, current economic conditions and certain forward-looking information, including reasonable\nand supportable forecasts.
"}]},{"name":"rpt:f-328","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration of credit risk
Financial instruments that potentially\nsubject the Company to a concentration of credit risk consist of cash, accounts receivable and investments - others. The Company maintains\nits cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels, they are uninsured. On June\n30, 2023, amounts due from two customers totaled approximately 11% and 11% respectively, of accounts receivable. On December 31, 2023\naccounts receivable from two customers totaled approximately 13% and 12%.
"}]},{"name":"rpt:f-329","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2023-06-30T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:MajorCustomersAxis":"ispr:OneCustomersMember","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"0.11","decimals":2}]},{"name":"rpt:f-330","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2023-06-30T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:MajorCustomersAxis":"ispr:TwoCustomersMember","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"0.11","decimals":2}]},{"name":"rpt:f-331","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:MajorCustomersAxis":"ispr:OneCustomersMember","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"0.13","decimals":2}]},{"name":"rpt:f-332","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:MajorCustomersAxis":"ispr:TwoCustomersMember","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"0.12","decimals":2}]},{"name":"rpt:f-333","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories
Inventories mainly consist of finished goods purchased\nfrom suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using\nthe weighted average method.
When\nmanagement determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed\nexpected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories.\nThe net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs\nnecessary to make the sale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales\nhistory, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews\ninventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory.\nAny inventories \u00a0\u00a0identified\nduring this process are reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and\nreserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore,\nbe revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment,\nimpact its ability to sell potentially obsolete inventory. For the three months ended December 31, 2022 and 2023, the Company recorded\ninventory reserve of $0 and $130,452, respectively. For the six months ended December 31, 2022 and 2023, the Company recorded inventory\nreserve of $0 and $130,452, respectively.
"}]},{"name":"rpt:f-334","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-335","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"130452","decimals":0}]},{"name":"rpt:f-336","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2022-07-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-337","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"130452","decimals":0}]},{"name":"rpt:f-338","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","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.
\u00a0
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 | \u00a0 | \nEstimated Useful Life |
| Office and other equipment | \u00a0 | \n3 - 5 years |
| Furniture & fixtures | \u00a0 | \n7 years |
| Leasehold improvements | \u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
| \u00a0 | \u00a0 | \nEstimated Useful Life |
| Office and other equipment | \u00a0 | \n3 - 5 years |
| Furniture & fixtures | \u00a0 | \n7 years |
| Leasehold improvements | \u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
Leases
The Company determines whether an arrangement\ncontains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the\ndate on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment of the\nlease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease commencement,\nwhich governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations over the\nlease term.
For leases with a term exceeding 12\u00a0months,\nan operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting the present\nvalue of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial\nlease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the\nlease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a\ngiven lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates\nimplicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects the\nrate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease.
For the Company\u2019s operating leases, fixed\nlease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12\u00a0months\nor less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company\u2019s\nconsolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant.
"}]},{"name":"rpt:f-344","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Investment - other
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 December 31, 2023, is $9,318,480\nand it matured on February 8, 2024.
"}]},{"name":"rpt:f-345","factDimensions":{"xbrl:concept":"us-gaap:ShortTermInvestments","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9318480","decimals":0}]},{"name":"rpt:f-346","factDimensions":{"xbrl:concept":"us-gaap:InvestmentMaturityDate","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"2024-02-08"}]},{"name":"rpt:f-347","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible assets
Intangible\nassets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent\nlicense rights. All patents are internally generated. The Company expenses costs associated with maintaining patents subsequent to their\nissuance in the period incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 -\n20 years, which are based on the length of the license agreements as the Company expects to receive economic benefits over that time.\nThe Company assesses the potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying\namount of our patent portfolio may not be recoverable. $255,650 and $731,593 \u00a0\u00a0of\npatent fees were capitalized during the three and six months ended December 31, 2023. The amortization of the intangible assets were\n$0 and $4,615 for the three months ended December 31, 2022 and 2023 respectively. The amortization of the intangible assets were $0 and\n$4,615 for the six months ended December 31, 2022 and 2023 respectively. The amortization expenses were included in the general and administrative\nexpenses.
"}]},{"name":"rpt:f-348","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"255650","decimals":0}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"731593","decimals":0}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4615","decimals":0}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2022-07-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4615","decimals":0}]},{"name":"rpt:f-356","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue recognition
The Company sells its vaping products to customers\u00a0\u00a0 and\nrecognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are distributors\nthat resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to transfer the\ntitle and control of the goods to a customer for a determined price. Each order is considered a separate contract with single performance\nobligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer\narrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the\ncustomer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards of\ngoods transfer to the customer.
\u00a0
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 trade promotion funds, and cash discounts. These sales incentives are recorded as a reduction\nof revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the\nsingle most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes is primarily\nderived from the following inputs: sales terms and historical experience.
The\nCompany offers different payment terms to different customers. For tobacco vaping products, the general payment term is deposit of 30%\nof sales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping products, tailored\npayment term is designed for each customer, based on business relationship, order size and other considerations. All contract liabilities\nat the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty - day warranty. The warranty\nis an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain\nsales contract, a right of return is offered. With a right of return, a customer is given the right to return the products if they are\nnot satisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve\nis accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law, \u00a0\u00a0are\nexcluded from revenue.
Disaggregated Revenue
The Company has taken into consideration the nature,\namount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales of tobacco vaping products\nand cannabis vaping products. The net sales disaggregated by products for the three and six month period ended December\u00a031, 2022\nand 2023, were as follows:
| \u00a0 | \n\u00a0 | \nThree months ended \nDecember 31, | \n \u00a0 | \n\u00a0 | \nSix months ended \nDecember 31, | \n \u00a0 | ||||||||||
| Net sales by product | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | ||||
| Tobacco vaping products | \n\u00a0 | \n$ | \n24,061,401 | \n\u00a0 | \n\u00a0 | \n$ | \n22,134,264 | \n\u00a0 | \n\u00a0 | \n$ | \n43,008,459 | \n\u00a0 | \n\u00a0 | \n$ | \n47,666,263 | \n\u00a0 |
| Cannabis vaping products | \n\u00a0 | \n\u00a0 | \n7,835,998 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19,551,297 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15,831,990 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n36,883,945 | \n\u00a0 |
| Total | \n\u00a0 | \n$ | \n31,897,399 | \n\u00a0 | \n\u00a0 | \n$ | \n41,685,561 | \n\u00a0 | \n\u00a0 | \n$ | \n58,840,449 | \n\u00a0 | \n\u00a0 | \n$ | \n84,550,208 | \n\u00a0 |
| \u00a0 | \n\u00a0 | \nThree months ended \nDecember 31, | \n \u00a0 | \n\u00a0 | \nSix months ended \nDecember 31, | \n \u00a0 | ||||||||||
| Net sales by product | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | \n\u00a0 | \n2022 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | ||||
| Tobacco vaping products | \n\u00a0 | \n$ | \n24,061,401 | \n\u00a0 | \n\u00a0 | \n$ | \n22,134,264 | \n\u00a0 | \n\u00a0 | \n$ | \n43,008,459 | \n\u00a0 | \n\u00a0 | \n$ | \n47,666,263 | \n\u00a0 |
| Cannabis vaping products | \n\u00a0 | \n\u00a0 | \n7,835,998 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n19,551,297 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n15,831,990 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n36,883,945 | \n\u00a0 |
| Total | \n\u00a0 | \n$ | \n31,897,399 | \n\u00a0 | \n\u00a0 | \n$ | \n41,685,561 | \n\u00a0 | \n\u00a0 | \n$ | \n58,840,449 | \n\u00a0 | \n\u00a0 | \n$ | \n84,550,208 | \n\u00a0 |
Cost of revenue
Cost of revenue for the three and six months ended\nDecember 31, 2022 and 2023, consisted primarily of the cost of purchasing vaping products, which were mostly purchased from a related\nparty. See Note 11.
"}]},{"name":"rpt:f-373","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCostsPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Shipping and handling costs
Shipping and handling costs for the three months ended December 31,\n2022 and 2023 are $69,901 and $123,308, respectively. Shipping and handling costs for the six months ended December 31, 2022 and 2023\nare $173,378 and $166,752, respectively. They are included in the sales and marketing expenses. The shipping services relating to the\nshipping and handling costs, are not part of the revenue performance obligation.
"}]},{"name":"rpt:f-374","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"69901","decimals":0}]},{"name":"rpt:f-375","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"123308","decimals":0}]},{"name":"rpt:f-376","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2022-07-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"173378","decimals":0}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"166752","decimals":0}]},{"name":"rpt:f-378","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Research and development expenses
Research and development expenses for the three months ended December\n31, 2022 and 2023 are $25,266 and $297,405, respectively. Research and development expenses for the six months ended December 31, 2022\nand 2023 are $ 27,629 and $465,575, respectively. They were included in the general and administrative expenses.
"}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25266","decimals":0}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"297405","decimals":0}]},{"name":"rpt:f-381","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"27629","decimals":0}]},{"name":"rpt:f-382","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-07-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"465575","decimals":0}]},{"name":"rpt:f-383","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based compensation
The Company measures and recognizes compensation expenses for stock-based\npayment awards, including stock options, restricted stocks granted to directors and advisors, and restricted stock units (\u201cRSUs\u201d)\ngranted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer to determine fair value\nof stock options using the binomial option pricing model. The fair value of RSUs is measured on the grant date based on the closing market\nprice \u00a0\u00a0of the Company\u2019s common stock. The resulting cost is recognized over the period during which an employee is required\nto provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options and three years\nfor RSUs. Stock-based compensation is recognized on a straight-line basis over the period during which services are provided in exchange\nfor the award. Stock-based compensation expense is recorded in the general and administrative expense in the consolidated statements of\noperations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-384","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income taxes
The Company accounts for income taxes under ASC 740, Income taxes.\nDeferred 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.
\u00a0
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 realized.
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 three and six months ended December\n31, 2022 and 2023, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe\nthat there were any uncertain tax positions as of June\u00a030, 2023 and December 31, 2023.
"}]},{"name":"rpt:f-385","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings per share
The Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Stock options and unvested restricted\nstock units, altogether 3,419,140 potentially dilutive shares, could potentially dilute basic EPS in the future that were not included\nin the computation of diluted EPS because to do so would have been antidilutive for the three and six months ended December 31, 2022 and\n2023.
The following table presents a\nreconciliation of basic net loss per share:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (130,242 | ) | \u00a0 | \n$ | (4,022,324 | ) | \u00a0 | \n$ | (2,131,996 | ) | \u00a0 | \n$ | (5,396,939 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,270,236 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,258,224 | \u00a0 | |
| \u00a0 | \n$ | (0.01 | ) | \u00a0 | \n$ | (0.07 | ) | \u00a0 | \n$ | (0.04 | ) | \u00a0 | \n$ | (0.10 | ) |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n(Restated) | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (130,242 | ) | \u00a0 | \n$ | (4,022,324 | ) | \u00a0 | \n$ | (2,131,996 | ) | \u00a0 | \n$ | (5,396,939 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,270,236 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,258,224 | \u00a0 | |
| \u00a0 | \n$ | (0.01 | ) | \u00a0 | \n$ | (0.07 | ) | \u00a0 | \n$ | (0.04 | ) | \u00a0 | \n$ | (0.10 | ) |
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 that\nit is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued\nin the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not probable,\nbut is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate\nof 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-401","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","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.
"}]},{"name":"rpt:f-402","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","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.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic\n280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expenses.\nThe Company is required to adopt this guidance for its annual reporting in fiscal year 2025 and for interim period reporting beginning\nthe first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of\nthis ASU on our segment disclosures.
\u00a0
"}]},{"name":"rpt:f-403","factDimensions":{"xbrl:concept":"ispr:CustomerAndSupplierConcentrationPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Customer and Supplier Concentration
(a)\u00a0Customers
For the three and six months ended December\u00a031,\n2022 and 2023, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 38 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of\nconsolidated revenue. | \n
(b)\u00a0Suppliers
For the three and six months ended December\u00a031,\n2022 and 2023, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier A | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 70 | % |
| (1) | Major supplier A is Shenzhen\nYi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. | \n
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 39 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 38 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of\nconsolidated revenue. | \n
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier A | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 70 | % |
| (1) | Major supplier A is Shenzhen\nYi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. | \n
3. MISAPPLICATION OF FUNCTIONAL CURRENY
\n\n\u00a0
\n\nBefore October 2023, Aspire Science had been using HKD as its functional\ncurrency and translated to USD for consolidation and reporting purposes. During the review of financial statements for the three and six\nmonths ended December 31, 2022 and 2023, the Company revisited and determined that the functional currency for Aspire Science should be\nUSD in accordance with Accounting Standards Codification (\u201cASC\u201d) 830, Foreign Currency Matters. The Company evaluated the\nmateriality of the error from qualitative and quantitative perspectives in accordance with ASC 250-10-20, and Staff Accounting Bulletin\n(\u201cSAB\u201d) 99. As HKD is pegged to USD in a narrow range of US$1:HK$7.75 -7.85, after evaluation the management concluded that\nthe misstatement resulted from the change of functional currency to all reporting periods prior to October 1, 2023, and correction of\nthe error during the three months ended December 31, 2023 is immaterial given consideration of both quantitative and qualitative factors\nin assessing an item\u2019s materiality. The functional currency of Aspire Science would be USD from October 2023.
"}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"ispr:FunctionalCurrencyNarrowRangeDescription","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As HKD is pegged to USD in a narrow range of US$1:HK$7.75 -7.85, after evaluation the management concluded that\nthe misstatement resulted from the change of functional currency to all reporting periods prior to October 1, 2023, and correction of\nthe error during the three months ended December 31, 2023 is immaterial given consideration of both quantitative and qualitative factors\nin assessing an item\u2019s materiality."}]},{"name":"rpt:f-427","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsDisclosureTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"4. CASH
\n\n\u00a0
\n\nBelow is a breakdown of the Company\u2019s cash\nbalances in banks as of June\u00a030, 2023 and December\u00a031, 2023, both by geography and by currencies (translated into U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 13,719,458 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 3,582,723 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 200,808 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 17,502,989 | \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$ | 39,835,636 | \u00a0 | \u00a0 | \n$ | 17,175,077 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 89,908 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 128,921 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 66,645 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,352 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 20,086 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 17,502,989 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d\nrefers to Hong Kong dollars, \u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to\nMalaysia ringgit, and \u201cRMB\u201d refers to Renminbi.
"}]},{"name":"rpt:f-428","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the Company\u2019s cash\nbalances in banks as of June\u00a030, 2023 and December\u00a031, 2023, both by geography and by currencies (translated into U.S. dollars):| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 13,719,458 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 3,582,723 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 200,808 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 17,502,989 | \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$ | 39,835,636 | \u00a0 | \u00a0 | \n$ | 17,175,077 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 89,908 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 128,921 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 66,645 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,352 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 20,086 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 17,502,989 | \u00a0 |
5. FAIR VALUE MEASUREMENT
\n\n\u00a0
\n\nAs of June\u00a030, 2023 and December\u00a031, 2023, the Company\u2019s\nassets and liabilities were not measured at fair value on a recurring basis. The carrying value of certain of the Company\u2019s financial\ninstruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable, accounts payable - related\nparty, contract liabilities, accrued liabilities and other payables and due to related parties, approximates their fair value because\nof their short-term maturity.
"}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"6. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023 and December 31, 2023,\naccounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 48,373,928 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (2,918,930 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 45,454,998 | \u00a0 |
\u00a0
\n\nThe\u00a0Company recorded $659,898, and $1,900,797 credit loss expenses\nfor the three months ended December\u00a031, 2022 and 2023, respectively. The\u00a0Company recorded $1,029,655 and $2,126,284 credit loss\nexpenses for the six months ended December 31, 2022 and 2023, respectively. For the three months ended December 31, 2022 and 2023, the\nCompany wrote off accounts receivable against allowance for credit losses of $0 and $311,379, respectively. For the six months ended December\n31, 2022 and 2023, the Company wrote off accounts receivable against allowance for credit losses of $0 and $706,160 respectively.
"}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023 and December 31, 2023,\naccounts receivable consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 48,373,928 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (2,918,930 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 45,454,998 | \u00a0 |
7. PREPAID EXPENSES AND OTHER CURRENT ASSETS
\n\n\u00a0
\n\nAs of June\u00a030, 2023, and December 31, 2023,\nprepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 1,123,166 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 130,162 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 1,363,801 | \u00a0 |
| Prepaid provisional profit tax \u2013 Hong Kong | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 440,094 | \u00a0 | |
| Interest\u00a0 receivable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 125,992 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 3,183,215 | \u00a0 |
\u00a0\u00a0
\n\nPrepayments primarily consist of prepayment for production testers\nand jigs for Ispire Malaysia, and prepayments for marketing services.
"}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023, and December 31, 2023,\nprepaid expenses and other current assets consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 1,123,166 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 130,162 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 1,363,801 | \u00a0 |
| Prepaid provisional profit tax \u2013 Hong Kong | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 440,094 | \u00a0 | |
| Interest\u00a0 receivable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 125,992 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 3,183,215 | \u00a0 |
8. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023, and December 31, 2023,\nproperty, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 518,854 | \u00a0 | \u00a0 | \n$ | 813,912 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 339,155 | \u00a0 | \u00a0 | \n\u00a0 | 847,427 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | \u00a0 | \n\u00a0 | 340,723 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 296,557 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 | \u00a0 | \n\u00a0 | 2,298,619 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (79,868 | ) | \u00a0 | \n\u00a0 | (150,413 | ) |
| Total | \u00a0 | \n$ | 1,088,131 | \u00a0 | \u00a0 | \n$ | 2,148,206 | \u00a0 |
\u00a0\u00a0
\n\nFor the three months ended December\u00a031, 2022 and 2023, depreciation\nexpense amounted to $6,939, and $41,484, respectively. For the six months ended December\u00a031, 2022 and 2023, depreciation expense\namounted to $13,495 and $70,545, respectively.
\n\n\u00a0
\n\nIncluded in construction-in-progress\nare prepayment for production and office renovations for Ispire Malaysia.
"}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023, and December 31, 2023,\nproperty, plant and equipment consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 518,854 | \u00a0 | \u00a0 | \n$ | 813,912 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 339,155 | \u00a0 | \u00a0 | \n\u00a0 | 847,427 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | \u00a0 | \n\u00a0 | 340,723 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 296,557 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 | \u00a0 | \n\u00a0 | 2,298,619 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (79,868 | ) | \u00a0 | \n\u00a0 | (150,413 | ) |
| Total | \u00a0 | \n$ | 1,088,131 | \u00a0 | \u00a0 | \n$ | 2,148,206 | \u00a0 |
9. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs of June 30, 2023, and December 31, 2023, the\nCompany had total contract liabilities of $988,556 and $1,705,171, respectively. These liabilities are advance deposits received from\ncustomers after an order has been placed. As of December 31, 2023, the Company expects all of the contract liabilities to be settled in\nless than one year. The increase in the balance at December 31, 2023 was due to more orders on hand on that date.
"}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"988556","decimals":0}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1705171","decimals":0}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"10. LEASES
\n\n\u00a0
\n\nThe Company has operating lease arrangements for office premises in\nHong Kong, California and Malaysia. These leases typically have terms of two to five years.
\n\n\u00a0
\n\nLeases with an initial term of 12 months or less\nare not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term. All other lease assets\nand lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date.
\n\n\u00a0
\n\nThe balances for the right-of-use assets and lease liabilities where\nthe Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,061,617 | \u00a0 | \u00a0 | \n$ | 3,969,437 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 944,525 | \u00a0 | \u00a0 | \n$ | 1,244,565 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | 3,067,909 | \u00a0 |
| Total | \u00a0 | \n$ | 4,300,757 | \u00a0 | \u00a0 | \n$ | 4,312,474 | \u00a0 |
\u00a0
\n\nAs of December 31, 2023, the maturities of our\nlease liabilities (excluding short-term leases) are as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, 2023 | \u00a0 | |
| January 1, 2024 to December 31, 2024 | \u00a0 | \n$ | 1,539,981 | \u00a0 |
| January 1, 2025 to December 31, 2025 | \u00a0 | \n\u00a0 | 1,543,278 | \u00a0 |
| January 1, 2026 to December 31, 2026 | \u00a0 | \n\u00a0 | 1,258,333 | \u00a0 |
| January 1, 2027 to December 31, 2027 | \u00a0 | \n\u00a0 | 564,731 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,906,323 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (593,849 | ) |
| Total lease liabilities | \u00a0 | \n$ | 4,312,474 | \u00a0 |
\u00a0\u00a0
\n\nThe Company incurred lease costs, which include the payment of short-term\nleases, of $369,185 and $335,678 on the Company\u2019s unaudited condensed consolidated statements of operations and comprehensive loss\nfor the three months ended December 31, 2022 and 2023, respectively. The Company incurred lease costs, which include the payment of short-term\nleases, of $758,735 and $734,991 on the Company\u2019s unaudited condensed consolidated statements of operations and comprehensive loss\nfor the three and six months ended December 31, 2022 and 2023, respectively.
\n\n\u00a0
\n\nThe Company made payments of $300,640 and $379,600\nunder the lease agreements during the three months ended December 31, 2022 and 2023, respectively. The Company made payments of $540,030\nand $712,421 under the lease agreements during the three and six months ended December 31, 2022 and 2023, respectively.
\u00a0
The weighted-average remaining lease term related\nto the Company\u2019s lease liabilities as of June 30, 2023 and December 31, 2023 was 4 years and 3.2 years, respectively.
\n\n\u00a0
\n\nThe discount rate related to the Company\u2019s lease liabilities\nas of both June 30, 2023 and December 31, 2023 was 8%. The discount rates are generally based on estimates of the Company\u2019s incremental\nborrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily determined.
"}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use assets and lease liabilities where\nthe Company is the lessee are presented as follow:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,061,617 | \u00a0 | \u00a0 | \n$ | 3,969,437 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 944,525 | \u00a0 | \u00a0 | \n$ | 1,244,565 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | 3,067,909 | \u00a0 |
| Total | \u00a0 | \n$ | 4,300,757 | \u00a0 | \u00a0 | \n$ | 4,312,474 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of December\u00a031, 2023 | \u00a0 | |
| January 1, 2024 to December 31, 2024 | \u00a0 | \n$ | 1,539,981 | \u00a0 |
| January 1, 2025 to December 31, 2025 | \u00a0 | \n\u00a0 | 1,543,278 | \u00a0 |
| January 1, 2026 to December 31, 2026 | \u00a0 | \n\u00a0 | 1,258,333 | \u00a0 |
| January 1, 2027 to December 31, 2027 | \u00a0 | \n\u00a0 | 564,731 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,906,323 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (593,849 | ) |
| Total lease liabilities | \u00a0 | \n$ | 4,312,474 | \u00a0 |
11. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of June\u00a030, 2023 and December\u00a031,\n2023, accrued liabilities and other payables consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Other payables | \u00a0 | \n$ | 148,197 | \u00a0 | \u00a0 | \n$ | 403,383 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 117,830 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 80,175 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 2,327 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 603,715 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Other payables | \u00a0 | \n$ | 148,197 | \u00a0 | \u00a0 | \n$ | 403,383 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 117,830 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 80,175 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 2,327 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 603,715 | \u00a0 |
12. RELATED PARTY TRANSACTIONS
\n\n\u00a0
\n\n| a) | The table below sets forth the major related parties and their relationships with the Company: |
\u00a0
\n\n| Name of related parties and Relationship with the Company |
| -Tuanfang Liu is the Co-Chief Executive Officer and 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\nGlobal\u2019s chief executive officer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director\nof both companies. As of December 31, 2023, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares\nof Aspire Global. As of December 31, 2023, Mr. Liu and Ms. Zhu beneficially own 61.3% and 4.6%, respectively, of the outstanding shares\nof the Company. | \n
\u00a0
\n\n| c) | The balances in due to related\nparties at June 30, 2023 and December 31, 2023 represent amounts due to Shenzhen Yi Jia of $710,910 and , respectively. The balances\nare all non-interest bearing, unsecured, have no due date and are repayable on demand. | \n
\u00a0
\n\n| d) | For both three and six month periods ended December 31, 2022 and 2023,\nthe majority of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June 30, 2023 and\nDecember 31, 2023, the accounts payable - related party was $51,698,588 and $48,999,001, respectively, which was payable to Shenzhen Yi\nJia. There is no fixed payment terms regarding these balances and they are classified as current liabilities. For the three months ended\nDecember 31, 2022 and 2023, the purchases from Shenzhen Yi Jia were $27,055,791, and $25,464,800, respectively. For the six months ended\nDecember 31, 2022 and 2023, the purchases from Shenzhen Yi Jia were $49,360,346 and $48,983,213, respectively. |
| Name of related parties and Relationship with the Company |
| -Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| -Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| -Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned subsidiary of Aspire Global. |
| -Aspire Global is a company controlled by the Chairman of the Company. |
| -Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
13. INCOME TAXES
\n\n\u00a0
\n\nFor the three and six months ended December\u00a031, 2022 and 2023\nincome (loss) before income taxes by major taxing jurisdiction consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,893,624 | \u00a0 | \u00a0 | \n$ | 2,538,994 | \u00a0 | \u00a0 | \n$ | 4,103,951 | \u00a0 | \u00a0 | \n$ | 5,691,070 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (2,505,554 | ) | \u00a0 | \n\u00a0 | (5,994,080 | ) | \u00a0 | \n\u00a0 | (5,450,234 | ) | \u00a0 | \n\u00a0 | (9,936,111 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (215,058 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (303,673 | ) | ||
| Total | \u00a0 | \n$ | 388,070 | \u00a0 | \u00a0 | \n$ | (3,670,144 | ) | \u00a0 | \n$ | (1,346,283 | ) | \u00a0 | \n$ | (4,548,714 | ) |
\u00a0
\n\nIncome taxes recorded for the three and six months\nended\u00a0December\u00a031, 2022\u00a0and\u00a02023, were estimated using the discrete method. Income taxes are based on the Company\u2019s\nfinancial results through the end of the period, as well as the related change in the valuation allowance on deferred tax assets. The\nCompany is unable to estimate the annual effective tax rate with sufficient precision for purposes of the effective tax rate method, which\nrequires the Company to consider a projection of full-year income and the expected change in the valuation allowance. The estimated annual\neffective tax rate method was not reliable due to its sensitivity to small changes to forecasted annual pre-tax earnings and the effect\nof the valuation allowance, which create results with significant variations in the customary relationship between income tax expense\nand pre-tax income for the interim periods. As a result, the Company determined that using the discrete method is more appropriate than\nusing the annual effective tax rate method.
\n\n\u00a0
\n\nThe Company\u2019s effective tax rate for the\nthree and six months ended December 31, 2022 and 2023, was different from the Hong Kong statutory income tax rate due primarily to the\nU.S. subsidiary being in a loss position. No tax benefit has been recognized for this current loss and the related carryforward losses\nof this subsidiary, as a full valuation allowance has been established against the deferred tax asset arising from the losses.
\n\n\u00a0
\n\nAs at June 30, 2023, income tax payable of $63,853\nwas from income generated during the year ended June 30, 2023. As at December 31, 2023, there was no income tax payable as the tax position\nwas prepaid provisional tax from Hong Kong operation of $440,094. All income tax payables or prepaid amounts arose solely from Hong Kong\noperation.
\n\n\u00a0
\n\nAs at December 31, 2023, there were unrecognized deferred tax assets\nof $6,016,774, out of which $4,854,545 were net operating loss carryforwards in the U.S. that may result in future income tax benefits,\nresulting from net operating losses of $23,116,882 from Aspire North America LLC. The amount of the valuation allowance as of December\n31, 2023 was $6,016,774, resulting from an addition of $1,516,330 to the valuation allowance of $4,500,444 as of June 30, 2023.
"}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the three and six months ended December\u00a031, 2022 and 2023\nincome (loss) before income taxes by major taxing jurisdiction consists of:| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,893,624 | \u00a0 | \u00a0 | \n$ | 2,538,994 | \u00a0 | \u00a0 | \n$ | 4,103,951 | \u00a0 | \u00a0 | \n$ | 5,691,070 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (2,505,554 | ) | \u00a0 | \n\u00a0 | (5,994,080 | ) | \u00a0 | \n\u00a0 | (5,450,234 | ) | \u00a0 | \n\u00a0 | (9,936,111 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (215,058 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (303,673 | ) | ||
| Total | \u00a0 | \n$ | 388,070 | \u00a0 | \u00a0 | \n$ | (3,670,144 | ) | \u00a0 | \n$ | (1,346,283 | ) | \u00a0 | \n$ | (4,548,714 | ) |
14. STOCK-BASED COMPENSATION
\n\n\u00a0
\n\nIn October 2022, the directors and stockholders of the Company approved\nthe 2022 Equity Incentive Plan (the \u201cPlan\u201d) pursuant to which up to 15,000,000 shares of common stock may be issued pursuant\nto options, restricted stock or RSUs grants. The Plan will be administered by the Compensation Committee of the Board of Directors. Awards\nunder the Plan may be granted to officers, directors, employees and those consultants who qualify as a consultant or advisor under the\ninstructions to Form S-8 filed with U.S. Securities and Exchange Commission on July 26, 2023. The Compensation Committee has broad discretion\nin making awards; provided that any options shall be exercisable at the fair market value on the date of grant.
\n\n\u00a0
\n\nRestricted stocks
\n\n\u00a0
During the six months ended December 31, 2023, 56,976 shares of common\nstock were issued to the Company\u2019s board of directors and consultants in settlement of restricted stock granted under the Plan.\nRestricted stocks granted to directors are vested over three months and fully vested as of December 31, 2023. Restricted stocks granted\nto consultants are vested over their respective service periods from six months to one year. The unrecognized compensation expenses related\nto unvested restricted stocks were $29,242 as of December 31, 2023.
\n\n\n\n\n
\u00a0
\n\nDuring the six months ended December 31, 2023,\n2,910,000 stock options and 587,235 RSUs were granted to the Company\u2019s employees under the Plan. See below for details.
\n\n\u00a0
\n\nStock Options
\n\n\u00a0
\n\nThe following is a summary of stock option activity\ntransactions as of and for the period ended June 30, 2023 and December 31, 2023:
\n\n\u00a0
\n\n\n\n| \u00a0 | \u00a0 | \nNumber of options | \u00a0 | \u00a0 | \nWeighted average exercise price | \u00a0 | \u00a0 | \nWeighted average fair value per option | \u00a0 | |||
| Outstanding at June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Granted | \u00a0 | \n\u00a0 | 2,910,000 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.45 | \u00a0 |
| Exercised | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Expired | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Forfeiture | \u00a0 | \n\u00a0 | 65,000 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 | \u00a0 | \n$ | 5.54 | \u00a0 |
| Outstanding at December 31, 2023 | \u00a0 | \n\u00a0 | 2,845,000 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.45 | \u00a0 |
\u00a0
\n\nThe aggregate intrinsic value of options outstanding\nwith an exercise price less than the closing price of the Company\u2019s common stock as of December\u00a031, 2023 was $7,263,425. The\naggregate intrinsic value of options exercisable with an exercise price less than the closing price of the Company\u2019s common stock\nas of December\u00a031, 2023 was $400,875. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price on\nthe last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or\nexercisable.
\n\n\u00a0
\n\nTotal expense of options vested for the three months ended December\n31, 2022 and 2023, was $0 and $1,201,114, respectively. Total expense of options vested for the six months ended December 31, 2022 and\n2023, was $0 and $1,707,093, respectively. The options granted during the six months ended December 31, 2023 were valued using the binomial\noption pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nSix months \n ended December\u00a031, \n2023 | \u00a0 | |
| Risk-free interest rate | \u00a0 | \n\u00a0 | 4.062% - 4.812% | \u00a0 |
| Time to expiry | \u00a0 | \n\u00a0 | 4 - 10 years | \u00a0 |
| Expected volatility | \u00a0 | \n\u00a0 | 50% - 55% | \u00a0 |
| Expected dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 |
\u00a0
\n\nRSUs
\n\n\u00a0
\n\nRSUs granted to employees vest cumulatively as to one-third of the\nrestricted stock units on each of the first three anniversaries of the date of grant based on continues service. Each vested RSU entitles\nholder to receive one share of common stock upon exercise. RSUs are accounted for as equity using the fair value method, which requires\nmeasurement and recognition of compensation expense for all awards granted to employees, directors and consultants based upon the grant-date\nfair value.
\u00a0
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 587,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Canceled and forfeited | \u00a0 | \n\u00a0 | (13,095 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, December 31, 2023 | \u00a0 | \n\u00a0 | 574,140 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
\u00a0
\n\nTotal expense for the RSUs during the three and\nsix months ended December 31, 2023 was $468,361 and $604,325.
\n\n\u00a0
\n\nThe following table summarizes the allocation\nof stock-based compensation in the accompanying consolidated statements of operations:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,850,380 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 2,802,033 | \u00a0 | ||
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 32,541 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 48,447 | \u00a0 | ||
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,882,921 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 2,850,480 | \u00a0 |
| \u00a0 | \u00a0 | \nNumber of options | \u00a0 | \u00a0 | \nWeighted average exercise price | \u00a0 | \u00a0 | \nWeighted average fair value per option | \u00a0 | |||
| Outstanding at June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Granted | \u00a0 | \n\u00a0 | 2,910,000 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.45 | \u00a0 |
| Exercised | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Expired | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| Forfeiture | \u00a0 | \n\u00a0 | 65,000 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 | \u00a0 | \n$ | 5.54 | \u00a0 |
| Outstanding at December 31, 2023 | \u00a0 | \n\u00a0 | 2,845,000 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.45 | \u00a0 |
| \u00a0 | \u00a0 | \nSix months \n ended December\u00a031, \n2023 | \u00a0 | |
| Risk-free interest rate | \u00a0 | \n\u00a0 | 4.062% - 4.812% | \u00a0 |
| Time to expiry | \u00a0 | \n\u00a0 | 4 - 10 years | \u00a0 |
| Expected volatility | \u00a0 | \n\u00a0 | 50% - 55% | \u00a0 |
| Expected dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 |
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 587,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Canceled and forfeited | \u00a0 | \n\u00a0 | (13,095 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, December 31, 2023 | \u00a0 | \n\u00a0 | 574,140 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2022 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,850,380 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 2,802,033 | \u00a0 | ||
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 32,541 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 48,447 | \u00a0 | ||
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,882,921 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 2,850,480 | \u00a0 |
15.\nCOMMITMENTS AND CONTINGENCIES
\n\n\n\n\u00a0
\n\nOn December 11, 2023, the Company entered into a licensing agreement\nwith BRKFST, LLC (\u201cBRKFST\u201d) for the licensing of marks owned by BRKFST.\u00a0For a minimum of 3 years (and maximum of 9 years),\nthe license agreement permits the Company to manufacture, market, sell, and distribute vape products bearing BRKFST\u2019s marks.\u00a0The\nlicense agreement calls for the Company to pay BRKFST royalties (equal to\u00a0a mutually agreed upon percentage of net profits)\u00a0on\nthe sale of products bearing said marks, which said royalties may become material if the sales of said products are successful.\u00a0\u00a0Further,\nthe license agreement requires (i) joint marketing efforts of the Company and BRKFST\u00a0and (ii) that a mutually agreed upon percentage\nof net profits be used to fund the marketing of the licensed products. There was no sales with BRKFST\u2019s marks during the three and six\nmonths ended December 31, 2023.
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\n\n\u00a0
\n\nOn January 10, 2024, CO-CEO, as administrator of the 2022 Equity Incentive\nplan, granted pursuant to the Plan non-qualified stock options to its employees to purchase an aggregate of 70,000 shares of common stock,\nat an exercise price of $11.16 per share, being the closing price as of January 10, 2024. These options shall vest over four years with\nthe initial vesting of 25% of the awarded options vesting on the one-year anniversary date hereof, with the remaining 75% of the award\nvesting pro-rata on a monthly basis for the following 36 months thereafter based on continued service.
\n\n\u00a0
\n\nOn February 1, 2024, the Company reported in Form 8-K that on January\n31, 2024, the \u201cCompany entered into a Letter of Intent and Term Sheet (the \u201cTerm Sheet\u201d) with Touch Point Worldwide\nInc. d/b/a Berify (\u201cBerify,\u201d and together with the Company, the \u201cParties\u201d), a technology company specializing\nin linking physical products to the digital world, digital engagement, and brand protection. Under the terms of the Term Sheet, the Parties\nintend to create a new joint venture that is a Delaware limited liability company (the \u201cNewCo\u201d) that will be 50% owned by\nthe Company and 50% owned by Berify. Ispire\u2019s contribution to NewCo will be up to $10 million in funding to support research and\ndevelopment, submission by NewCo of premarket tobacco product applications to the U.S. Food and Drug Administration and software development.\nThe Company expects that other parties, including strategic and financial partners, will participate in the joint venture and become shareholders\nof NewCo in the future. The Term Sheet also summarizes the terms of certain other commercial agreements to be entered into among the Parties\nand NewCo with respect to the development, production and exploitation of the assets and the operation of the NewCo business (the \u201cDefinitive\nDocuments\u201d).
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