1. ORGANIZATION AND PRINCIPAL ACTIVITIES
\n\n\u00a0
\n\nIspire Technology Inc. (the\n\u201cCompany\u201d or \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through\nits subsidiaries, the Company is engaged in the research and development, design, commercialization, sales, marketing and distribution\nof branded e-cigarettes and cannabis vaping products.
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\n\nIspire owns a 100% equity\ninterest in Ispire International Limited, a business company incorporated under the laws of the British Virgin Islands (\u201cBVI\u201d)\n(\u201cIspire International\u201d) on July\u00a06, 2022.
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\n\nPrior to July 29, 2022, all\nof the equity of Aspire North America LLC, a California limited liability company (\u201cAspire North America\u201d), was owned by Aspire\nGlobal Inc. (\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (\u201cAspire\nScience\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned subsidiary of Aspire Global.
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\n\nAspire Global and the Company\nare related parties since the same individual is the chief executive officer of both companies. As of March 31, 2024, the chief executive\nofficer and his wife, being directors of both companies, owned 66.5% and 5.0% of the equity of Aspire Global, respectively. As of March\n31, 2024, they owned 59.0% and 4.4% of the equity of the Company, respectively. On July 29, 2022, Aspire Global transferred 100% of the\nequity interest in Aspire North America to the Company. On the same day, Aspire Holdings transferred 100% of the equity of Aspire Science\nto Ispire International. At the time of transfer of the equity in Aspire North America and Aspire Science, the Company had the same stockholders\nas Aspire Global, and the Company\u2019s stockholders held the same percentage interest in the Company as they had in Aspire Global.\nBecause the transfer of the equity in Aspire North America and Aspire Science is a transfer between related parties, the historical financial\ninformation of the subsidiaries is carried forward as the historical financial information of the Company and the 50,000,000 shares that\nwere issued at or about the time of the Company\u2019s organization are treated as being outstanding on July 1, 2020.
\n\n\u00a0
\n\nIn September 2023, the Company\nestablished a wholly-owned subsidiary, Ispire Malaysia Sdn Bhd (\u201cIspire Malaysia\u201d) under the laws of the Federation of Malaysia,\nin order to establish manufacturing operations in Southeast Asia. Ispire Malaysia was formed by Tuanfang Liu, the Company\u2019s Chairman\nand Co-Chief Executive Officer on September 1, 2023, and assigned to the Company on September 22, 2023, at a consideration of 100 Malaysian\nringgits.
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\n\nThe following table sets forth\ninformation concerning the Company and its subsidiaries as of March 31, 2024:
\n\n\u00a0
\n\n| Name of Entity | \u00a0 | \nDate of Organization | \u00a0 | \nPlace of Organization | \u00a0 | \n% of Ownership | \u00a0 | \u00a0 | \nPrincipal Activities | |
| Ispire Technology Inc. | \u00a0 | \nJune\u00a013, 2022 | \u00a0 | \nDelaware | \u00a0 | \n\u00a0 | Parent\u00a0Company | \u00a0 | \u00a0 | \nHolding Company |
| Ispire International | \u00a0 | \nJuly\u00a06, 2022 | \u00a0 | \nBVI | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nHolding Company |
| Aspire North America | \u00a0 | \nFebruary\u00a022,\u00a02020 | \u00a0 | \nCalifornia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nResearch and Development, Sales and Marketing |
| Aspire Science | \u00a0 | \nDecember\u00a09, 2016 | \u00a0 | \nHong Kong | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nSales and Marketing |
| Ispire Malaysia | \u00a0 | \nSeptember\u00a01, 2023 | \u00a0 | \nMalaysia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nManufacturing, \nSales and Marketing |
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\n\nIspire is a holding company\nand does not engage in any active operations. Its business is conducted by its two operating subsidiaries, Aspire North America, which\nis engaged in the development, marketing and sales of cannabis vapor products, which were introduced in mid-2020, and Aspire Science,\nwhich is engaged in the marketing and sales of tobacco vaping products, and the products are mainly sold in Europe and Asia Pacific (excluding\nPeople\u2019s the Republic of China (\u201cPRC\u201d)).
\u00a0
Restatement of Unaudited Condensed Consolidated Financial\nStatements for the nine months ended March 31, 2023
\n\n\u00a0\u00a0
\n\nIn preparing the unaudited\ncondensed consolidated statement of cash flows, the Company identified an error related to the presenting of operating leases. The Company\ndetermined that cash payments arising from operating leases were incorrectly classified under financing activities instead of operating\nactivities. As a result of the restatement, the Company\u2019s principal portion of lease payment of $634,776 in unaudited condensed\nconsolidated statements of cash flows for the nine months ended March 31, 2023 was reclassified to operating activities. The Company also\nomitted to present the noncash activities in relation to leased assets obtained in exchange for operating lease liabilities. In addition,\nthe Company has added disclosure of $4,882,220 of leased assets obtained in exchange for operating lease liabilities in the unaudited\ncondensed consolidated statement of cash flows for the nine months ended March 31, 2023.
\n\n\u00a0
\n\nIn preparing the\nunaudited condensed consolidated statement of operations and comprehensive loss, the Company identified an additional error related\nto the reclassification of shipping and handling costs. The Company determined that the shipping and handling costs, which should be\nclassified under cost of revenue, were classified under selling expenses for the nine months ended March 31, 2023. As a result of\nthe restatement, the Company\u2019s shipping and handling costs of $173,379 were reclassified from selling expenses to cost of revenue.
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\n\nRisk and Uncertainties
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\n\nE-cigarette regulation
\n\n\u00a0
\n\nRegulation regarding e-cigarettes\nvaries across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But\nas e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent law and regulations\nto regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in countries and regions\nthat our major customers are located in may adversely affect the Company\u2019s business.
\n\n\u00a0
\n\nThe Federal Food, Drug, and\nCosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the\nUnited States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration (\u201cFDA\u201d).\nFor ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted to the FDA before\nSeptember\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not\nfiled before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may enter the U.S.\nmarket. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce the premarket\nreview requirements for that product pending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject\nthe Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will adversely affect\nthe Company\u2019s business.
\n\n\u00a0
\n\nAmendments to the Prevent\nAll Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping\nproducts, and place significant burdens on sellers of vaping products in the United States which may make it difficult to operate profitably\nin the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping products in the United\nStates, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States does not justify the\nmarketing and regulatory costs involved.
\n\n\u00a0
\n\nIn the United States, cannabis\nvaping products are governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis,\nand no states permit the sale of recreational cannabis products to minors. As a result of the reduced revenue to states resulting from\nthe effects of the COVID 19 pandemic, states may seek to raise revenue by permitting and taxing the use of cannabis products. The Company\ncannot predict what action states will take or the nature and amount of taxes they may impose. However, to the extent the PACT Act applies\nto cannabis products 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\nderivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under\nU.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal law also deems\nit unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes\n\u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing, compounding,\nconverting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body\na controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions\nexist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
\n\n\u00a0
\n\nThe European Commission issued the Tobacco Products\nDirective (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European Union member states\non May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on the European Union\nmarket, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns. Member states\nof the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no promotion shall\nbe made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020, 2016, TPD requires\ne-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and ensure their products\ncan meet the TPD requirements before they can be released. The Company has complied with TPD requirement for all its tobacco products\nsold in Europe.
\n\n\u00a0
\n\nThe sale of cannabis vaping\nproducts is illegal in the European Union and the United Kingdom.\u00a0
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| Ispire Technology Inc. | \u00a0 | \nJune\u00a013, 2022 | \u00a0 | \nDelaware | \u00a0 | \n\u00a0 | Parent\u00a0Company | \u00a0 | \u00a0 | \nHolding Company |
| Ispire International | \u00a0 | \nJuly\u00a06, 2022 | \u00a0 | \nBVI | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nHolding Company |
| Aspire North America | \u00a0 | \nFebruary\u00a022,\u00a02020 | \u00a0 | \nCalifornia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nResearch and Development, Sales and Marketing |
| Aspire Science | \u00a0 | \nDecember\u00a09, 2016 | \u00a0 | \nHong Kong | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nSales and Marketing |
| Ispire Malaysia | \u00a0 | \nSeptember\u00a01, 2023 | \u00a0 | \nMalaysia | \u00a0 | \n\u00a0 | 100% | \u00a0 | \u00a0 | \nManufacturing, \nSales and Marketing |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\n\n\u00a0
\n\nBasis of presentation
\n\n\u00a0
\n\nThe accompanying unaudited\ncondensed interim\u00a0consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management,\nnecessary to present a fair statement of the Company\u2019s consolidated financial position as of March 31, 2024, and the results of\noperations for the three- and nine-month periods ended March 31, 2024 and 2023. In the opinion of management, all adjustments (consisting\nof normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant\nintercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed interim\u00a0consolidated financial\nstatements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d)\nand accordingly do not include all of the disclosures normally made in the Company\u2019s annual consolidated financial statements. Accordingly,\nthese unaudited condensed interim \u00a0\u00a0consolidated financial statements should be read in conjunction with the consolidated financial\nstatements and notes thereto for the fiscal year ended June 30, 2023, included in the Company\u2019s Annual Report on Form 10-K. The\naccompanying condensed consolidated balance sheet as of June 30, 2023 has been derived from the Company\u2019s audited consolidated financial\nstatements included in such Annual Report.
\n\u00a0
\n\nThe results of operations\nfor the three- and nine-month periods ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected\nfor any other interim periods or for the year ending June\u00a030, 2024.\u00a0
\n\n\u00a0
\n\nUse of estimates
\n\n\u00a0
\n\nThe preparation of the consolidated\nfinancial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts\nof assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported\namounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses, inventory reserve,\ndeferred tax asset reserve, the useful lives of property, plant and equipment, incremental borrowing rate for operating leases and fair\nvalue of certain share based payment awards. Actual results could differ from those estimates.
\n\n\u00a0
\n\nAllowance for credit losses
\n\n\u00a0
\n\nThe\nCompany adopted Accounting Standards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit\nLosses on Financial Instruments\u201d on July 1, 2023, under the modified retrospective method of adoption. The Company estimates its\nallowance for current expected credit losses based on an expected loss model, compared to prior periods which were estimated using an\nincurred loss model which did not require the consideration of forward-looking economic variables and conditions in the reserve calculation\nacross the portfolio. The impact related to adopting the new standard was not material.
\n\n\u00a0
\n\nBased\non the 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\ninstruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment\n- other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels,\nthey are uninsured. On June 30, 2023, amounts due from two customers totaled approximately 11% and 11% respectively, of accounts receivable.\nOn March 31, 2024, accounts receivable from two customers totaled approximately 11% and 10%.
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\n\nInventories
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\n\nInventories mainly consist\nof finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory\nitem is determined using the weighted average method.
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\n\nWhen management determines\nthat certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value,\nthe Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable\nvalue is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the\nsale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity\nof inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify\nslow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified\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 March 31, 2023 and 2024, the Company recorded inventory\nreserve of $0 and $38,133, respectively. For the nine months ended March 31, 2023 and 2024, the Company recorded inventory reserve of\n$0 and $168,585, respectively.
\u00a0
Property, plant and equipment, net
\n\n\u00a0
\n\nProperty, plant and equipment\nare stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets\nfrom the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the\nasset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
\n\n\u00a0
\n\n\nWhen assets are retired or\ndisposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss\nin the year of disposition. Estimated useful lives are as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nEstimated Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
\u00a0
\n\nLong term investment
\n\n\u00a0
\n\nLong term investment consist\nof equity investments in a privately held company that the Company does not have control or significant influence over it. These equity\ninvestments do not have readily determinable fair values and are primarily accounted for under the measurement alternative. Under the\nmeasurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable\nprice changes in orderly transactions for identical or similar investments of the same issuer
\n\n\u00a0
\n\nLeases
\n\n\u00a0
\n\nThe Company determines whether\nan arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed\nbased on the date on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment\nof the lease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease\ncommencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations\nover the lease term.
\n\n\u00a0
\n\nFor leases with a term exceeding\n12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting\nthe present value of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal\nto the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with\nexecution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment\nobligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement,\nas rates implicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects\nthe rate 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\nleases, fixed lease 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\na certificate of deposit that the Company holds in HSBC bank. The entire balance of the investment presented on the balance sheet as of\nJune 30, 2023 was $9,133,707 and it matured on February 8, 2024.
\n\n\u00a0
\n\nIntangible assets
\n\n\u00a0
\n\nIntangible assets refer to\ncapitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights.\nAll patents are internally generated. The Company expenses costs associated with maintaining patents subsequent to their issuance in the\nperiod incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 - 20 years, which are\nbased on the length of the license agreements as the Company expects to receive economic benefits over that time. The Company assesses\nthe potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our\npatent portfolio may not be recoverable. $247,702 and $979,295 of patent fees were capitalized during the three and nine months ended\nMarch 31, 2024. The amortization of the intangible assets was $0 and $9,755 for the three months ended March 31, 2023 and 2024 respectively.\nThe amortization of the intangible assets was $0 and $11,262 for the nine months ended March 31, 2023 and 2024 respectively. The amortization\nexpenses were included in the general and administrative expenses.
\n\u00a0
\n\nRevenue recognition
\n\n\u00a0
\n\nThe Company sells its vaping\nproducts to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers.\nMany customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are\nfor the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate\ncontract with single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority\nof the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the\npickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession\nand risks and rewards of goods transfer to the customer.
\u00a0
Revenue is recognized at the\ntransaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining\nthe transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606.\nThe main sources of variable consideration for the Company are trade promotion funds, and cash discounts. These sales incentives are recorded\nas a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method\nis based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes\nis primarily derived from the following inputs: sales terms and historical experience.
\n\n\u00a0
\n\nThe Company offers different\npayment terms to different customers. For tobacco vaping products, the general payment term is a deposit of 30% of sales amount upon placing\norder, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed\nfor each customer, based on the business relationship, order size and other considerations. All contract liabilities at the beginning\nof the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type\nwarranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, a right\nof return is offered. With a right of return, a customer is given the right to return the products if they are not satisfied with the\nproduct, and a credit would be given. The Company has a very low rate of return in history and a return reserve is accrued\u00a0based\non historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and\nare expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the\napplicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
\n\n\u00a0
\n\nDisaggregated Revenue
\n\n\u00a0
\n\nThe Company has taken into\nconsideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales\nof tobacco vaping products and cannabis vaping products. The net sales disaggregated by products for the three- and nine-month periods\nended March\u00a031, 2023 and 2024, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| Net sales by product | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Tobacco vaping products | \u00a0 | \n$ | 16,546,587 | \u00a0 | \u00a0 | \n$ | 18,082,617 | \u00a0 | \u00a0 | \n$ | 59,555,046 | \u00a0 | \u00a0 | \n$ | 65,748,881 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 7,589,710 | \u00a0 | \u00a0 | \n\u00a0 | 11,932,419 | \u00a0 | \u00a0 | \n\u00a0 | 23,421,700 | \u00a0 | \u00a0 | \n\u00a0 | 48,816,363 | \u00a0 |
| Total | \u00a0 | \n$ | 24,136,297 | \u00a0 | \u00a0 | \n$ | 30,015,036 | \u00a0 | \u00a0 | \n$ | 82,976,746 | \u00a0 | \u00a0 | \n$ | 114,565,244 | \u00a0 |
\u00a0
\n\nCost of revenue
\n\n\u00a0
\n\nCost of revenue for the three\nand nine months ended March 31, 2023 and 2024, consisted primarily of the cost of purchasing vaping products, which were mostly purchased\nfrom a related party. See Note 11.
\n\n\u00a0
\n\nShipping\nand handling costs\u00a0\u00a0
\n\n\u00a0
\n\nShipping and handling costs for the three months\nended March 31, 2023 and 2024 are $58,313 and $54,521, respectively. Shipping and handling costs for the nine months ended March 31, 2023\nand 2024 are $231,691 and $221,273, respectively. They are included in the cost of revenue.
\n\n\u00a0
\n\nResearch\nand development expenses \u00a0\u00a0
\n\n\u00a0
\n\nResearch and development expenses\nfor the three months ended March 31, 2023 and 2024 were $42,449 and $163,764, respectively. Research and development expenses for the\nnine months ended March 31, 2023 and 2024 were $112,527 and $793,103, respectively. Such expenses were included in the general and administrative\nexpenses.
\n\n\u00a0
\n\nStock-based compensation
\n\n\u00a0
\n\nThe Company measures and recognizes\ncompensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and\nrestricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages\na third-party valuer to determine fair value of stock options using the binomial option pricing model. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The resulting cost is recognized over the period\nduring which an employee is required to provide service in exchange for the awards, usually the vesting period, which is generally four\nyears for stock options and three years for RSUs. Stock-based compensation is recognized on a straight-line basis over the period during\nwhich services are provided in exchange for the award. Stock-based compensation expense is recorded in the general and administrative\nexpense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
\n\n\u00a0
\n\nIncome taxes
\n\n\u00a0
\n\nThe Company accounts for income\ntaxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to\ndifferences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax\nbases.
\u00a0
Deferred tax assets and liabilities\nare measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected\nto be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the\nperiod including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount\nexpected to be realized.
\n\n\u00a0
\n\nThe provisions of ASC 740-10\nprescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or\nexpected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities,\nclassification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions,\nand related disclosures. The Company classifies the interest and penalties, if any, as a component of income tax expense. For three and\nnine months ended March 31, 2023 and 2024, the Company did not incur any interest or penalties related to an uncertain tax position. The\nCompany does not believe that there were any uncertain tax positions as of June\u00a030, 2023, and March 31, 2024.
\n\n\u00a0
\n\nEarnings per share
\n\n\u00a0
\n\nThe Company computes earnings\nper share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures\nto present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the\nperiod. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example,\nconvertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date,\nif later. Stock options, warrants and unvested restricted stock units, altogether 3,563,002 potentially dilutive shares, could potentially\ndilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive\nfor the three and nine months ended March 31, 2023 and 2024.
\n\n\u00a0
\n\nThe following table presents\na reconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (2,334,223 | ) | \u00a0 | \n$ | (5,949,751 | ) | \u00a0 | \n$ | (4,512,513 | ) | \u00a0 | \n$ | (11,346,690 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,347,729 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,287,624 | \u00a0 | |
| \u00a0 | \n$ | (0.05 | ) | \u00a0 | \n$ | (0.11 | ) | \u00a0 | \n$ | (0.09 | ) | \u00a0 | \n$ | (0.21 | ) |
\u00a0
\n\nSegment reporting
\n\n\u00a0
\n\nThe Company uses the management\napproach to determine operating segments. The management approach considers the internal organization and reporting used by the Company\u2019s\nchief operating decision maker (\u201cCODM\u201d) for making decisions, allocating resources, and assessing performance. The Company\u2019s\nCODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources\nand assessing the performance of the Company.
\n\n\u00a0
\n\nThe Company\u2019s CODM reviews\nthe consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a\nwhole and has determined that the Company has only one reportable segment. Notwithstanding that the Company has customers located around\nthe world and the Company\u2019s Hong Kong subsidiary serves as one of the sales and marketing centers, the Company\u2019s long-lived\nassets and management are located substantially in the U.S. and management operates its business as a single segment.
\u00a0
Recent accounting pronouncements
\n\n\u00a0
\n\nAs an emerging growth company,\nthe Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The\nCompany intends to take advantage of the benefits of this extended transition period.
\n\n\u00a0
\n\nIn November 2023, the FASB\nissued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced\ndisclosures about significant segment expenses. The Company is required to adopt this guidance for its annual reporting in fiscal year\n2025 and for interim period reporting beginning the first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted.\nThe Company is currently evaluating the impact of this ASU on our segment disclosures.
\n\n\u00a0
\n\nIn December 2023, the FASB\nissued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about\na reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective\nfor annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact of adopting\nthis ASU on its consolidated financial statements.
\n\n\u00a0
\n\nCustomer\nand Supplier Concentration\u00a0\u00a0
\n\n\u00a0
\n\n(a)\u00a0Customers
\n\n\u00a0
\n\nFor the three and nine months ended March\u00a031,\n2023 and 2024, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 34 | % | \u00a0 | \n\u00a0 | 31 | % |
| Customer B | \u00a0 | \n\u00a0 | 12 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represented less than 10% of consolidated revenue. |
\u00a0
\n\n(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor the three and nine months\nended March\u00a031, 2023 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \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 | 95 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 77 | % |
\u00a0
\n\n| (1) | Major supplier A is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. |
Basis of presentation
The accompanying unaudited\ncondensed interim\u00a0consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management,\nnecessary to present a fair statement of the Company\u2019s consolidated financial position as of March 31, 2024, and the results of\noperations for the three- and nine-month periods ended March 31, 2024 and 2023. In the opinion of management, all adjustments (consisting\nof normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. All significant\nintercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed interim\u00a0consolidated financial\nstatements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the \u201cSEC\u201d)\nand accordingly do not include all of the disclosures normally made in the Company\u2019s annual consolidated financial statements. Accordingly,\nthese unaudited condensed interim \u00a0\u00a0consolidated financial statements should be read in conjunction with the consolidated financial\nstatements and notes thereto for the fiscal year ended June 30, 2023, included in the Company\u2019s Annual Report on Form 10-K. The\naccompanying condensed consolidated balance sheet as of June 30, 2023 has been derived from the Company\u2019s audited consolidated financial\nstatements included in such Annual Report.
The results of operations\nfor the three- and nine-month periods ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected\nfor any other interim periods or for the year ending June\u00a030, 2024.\u00a0
"}]},{"name":"rpt:f-331","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of estimates
The preparation of the consolidated\nfinancial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts\nof assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported\namounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses, inventory reserve,\ndeferred tax asset reserve, the useful lives of property, plant and equipment, incremental borrowing rate for operating leases and fair\nvalue of certain share based payment awards. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-332","factDimensions":{"xbrl:concept":"us-gaap:LoansAndLeasesReceivableAllowanceForLoanLossesPolicy","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
The\nCompany adopted Accounting Standards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit\nLosses on Financial Instruments\u201d on July 1, 2023, under the modified retrospective method of adoption. The Company estimates its\nallowance for current expected credit losses based on an expected loss model, compared to prior periods which were estimated using an\nincurred loss model which did not require the consideration of forward-looking economic variables and conditions in the reserve calculation\nacross the portfolio. The impact related to adopting the new standard was not material.
Based\non the 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-333","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration of credit risk
Financial\ninstruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment\n- other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels,\nthey are uninsured. On June 30, 2023, amounts due from two customers totaled approximately 11% and 11% respectively, of accounts receivable.\nOn March 31, 2024, accounts receivable from two customers totaled approximately 11% and 10%.
"}]},{"name":"rpt:f-334","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-335","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-336","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","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-337","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskPercentage1","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:MajorCustomersAxis":"ispr:TwoCustomersMember","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember","us-gaap:ConcentrationRiskByTypeAxis":"us-gaap:CustomerConcentrationRiskMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-338","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories
Inventories mainly consist\nof finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory\nitem is determined using the weighted average method.
When management determines\nthat certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value,\nthe Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable\nvalue is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the\nsale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity\nof inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify\nslow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified\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 March 31, 2023 and 2024, the Company recorded inventory\nreserve of $0 and $38,133, respectively. For the nine months ended March 31, 2023 and 2024, the Company recorded inventory reserve of\n$0 and $168,585, respectively.
\u00a0
"}]},{"name":"rpt:f-339","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-340","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"38133","decimals":0}]},{"name":"rpt:f-341","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-342","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"168585","decimals":0}]},{"name":"rpt:f-343","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Property, plant and equipment, net
Property, plant and equipment\nare stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets\nfrom the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the\nasset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
When assets are retired or\ndisposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss\nin the year of disposition. Estimated useful lives are as follows:
| \u00a0 | \n\u00a0 | \nEstimated Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
| \u00a0 | \n\u00a0 | \nEstimated Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture & fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or \nthe estimated useful life of the assets |
Long term investment
Long term investment consist\nof equity investments in a privately held company that the Company does not have control or significant influence over it. These equity\ninvestments do not have readily determinable fair values and are primarily accounted for under the measurement alternative. Under the\nmeasurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable\nprice changes in orderly transactions for identical or similar investments of the same issuer
"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Leases
The Company determines whether\nan arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed\nbased on the date on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment\nof the lease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease\ncommencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations\nover the lease term.
For leases with a term exceeding\n12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting\nthe present value of its fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal\nto the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with\nexecution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment\nobligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement,\nas rates implicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects\nthe rate 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\nleases, fixed lease 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-350","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Investment - other
The investment represents\na certificate of deposit that the Company holds in HSBC bank. The entire balance of the investment presented on the balance sheet as of\nJune 30, 2023 was $9,133,707 and it matured on February 8, 2024.
"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"us-gaap:ShortTermInvestments","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9133707","decimals":0}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:InvestmentMaturityDate","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"2024-02-08"}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible assets
Intangible assets refer to\ncapitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights.\nAll patents are internally generated. The Company expenses costs associated with maintaining patents subsequent to their issuance in the\nperiod incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 - 20 years, which are\nbased on the length of the license agreements as the Company expects to receive economic benefits over that time. The Company assesses\nthe potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our\npatent portfolio may not be recoverable. $247,702 and $979,295 of patent fees were capitalized during the three and nine months ended\nMarch 31, 2024. The amortization of the intangible assets was $0 and $9,755 for the three months ended March 31, 2023 and 2024 respectively.\nThe amortization of the intangible assets was $0 and $11,262 for the nine months ended March 31, 2023 and 2024 respectively. The amortization\nexpenses were included in the general and administrative expenses.
"}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-356","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"247702","decimals":0}]},{"name":"rpt:f-357","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"979295","decimals":0}]},{"name":"rpt:f-358","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-359","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9755","decimals":0}]},{"name":"rpt:f-360","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-361","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11262","decimals":0}]},{"name":"rpt:f-362","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue recognition
The Company sells its vaping\nproducts to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers.\nMany customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are\nfor the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate\ncontract with single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority\nof the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the\npickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession\nand risks and rewards of goods transfer to the customer.
\u00a0
Revenue is recognized at the\ntransaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining\nthe transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606.\nThe main sources of variable consideration for the Company are trade promotion funds, and cash discounts. These sales incentives are recorded\nas a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method\nis based on the single most likely outcome from a range of possible consideration outcomes. The range of possible consideration outcomes\nis primarily derived from the following inputs: sales terms and historical experience.
The Company offers different\npayment terms to different customers. For tobacco vaping products, the general payment term is a deposit of 30% of sales amount upon placing\norder, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed\nfor each customer, based on the business relationship, order size and other considerations. All contract liabilities at the beginning\nof the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type\nwarranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, a right\nof return is offered. With a right of return, a customer is given the right to return the products if they are not satisfied with the\nproduct, and a credit would be given. The Company has a very low rate of return in history and a return reserve is accrued\u00a0based\non historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and\nare expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the\napplicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
Disaggregated Revenue
The Company has taken into\nconsideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales\nof tobacco vaping products and cannabis vaping products. The net sales disaggregated by products for the three- and nine-month periods\nended March\u00a031, 2023 and 2024, were as follows:
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| Net sales by product | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Tobacco vaping products | \u00a0 | \n$ | 16,546,587 | \u00a0 | \u00a0 | \n$ | 18,082,617 | \u00a0 | \u00a0 | \n$ | 59,555,046 | \u00a0 | \u00a0 | \n$ | 65,748,881 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 7,589,710 | \u00a0 | \u00a0 | \n\u00a0 | 11,932,419 | \u00a0 | \u00a0 | \n\u00a0 | 23,421,700 | \u00a0 | \u00a0 | \n\u00a0 | 48,816,363 | \u00a0 |
| Total | \u00a0 | \n$ | 24,136,297 | \u00a0 | \u00a0 | \n$ | 30,015,036 | \u00a0 | \u00a0 | \n$ | 82,976,746 | \u00a0 | \u00a0 | \n$ | 114,565,244 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| Net sales by product | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Tobacco vaping products | \u00a0 | \n$ | 16,546,587 | \u00a0 | \u00a0 | \n$ | 18,082,617 | \u00a0 | \u00a0 | \n$ | 59,555,046 | \u00a0 | \u00a0 | \n$ | 65,748,881 | \u00a0 |
| Cannabis vaping products | \u00a0 | \n\u00a0 | 7,589,710 | \u00a0 | \u00a0 | \n\u00a0 | 11,932,419 | \u00a0 | \u00a0 | \n\u00a0 | 23,421,700 | \u00a0 | \u00a0 | \n\u00a0 | 48,816,363 | \u00a0 |
| Total | \u00a0 | \n$ | 24,136,297 | \u00a0 | \u00a0 | \n$ | 30,015,036 | \u00a0 | \u00a0 | \n$ | 82,976,746 | \u00a0 | \u00a0 | \n$ | 114,565,244 | \u00a0 |
Cost of revenue
Cost of revenue for the three\nand nine months ended March 31, 2023 and 2024, consisted primarily of the cost of purchasing vaping products, which were mostly purchased\nfrom a related party. See Note 11.
"}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCostsPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Shipping\nand handling costs\u00a0\u00a0
Shipping and handling costs for the three months\nended March 31, 2023 and 2024 are $58,313 and $54,521, respectively. Shipping and handling costs for the nine months ended March 31, 2023\nand 2024 are $231,691 and $221,273, respectively. They are included in the cost of revenue.
"}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"58313","decimals":0}]},{"name":"rpt:f-381","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"54521","decimals":0}]},{"name":"rpt:f-382","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"231691","decimals":0}]},{"name":"rpt:f-383","factDimensions":{"xbrl:concept":"ispr:ShippingAndHandlingCosts","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"221273","decimals":0}]},{"name":"rpt:f-384","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Research\nand development expenses \u00a0\u00a0
Research and development expenses\nfor the three months ended March 31, 2023 and 2024 were $42,449 and $163,764, respectively. Research and development expenses for the\nnine months ended March 31, 2023 and 2024 were $112,527 and $793,103, respectively. Such expenses were included in the general and administrative\nexpenses.
"}]},{"name":"rpt:f-385","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"42449","decimals":0}]},{"name":"rpt:f-386","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"163764","decimals":0}]},{"name":"rpt:f-387","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"112527","decimals":0}]},{"name":"rpt:f-388","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"793103","decimals":0}]},{"name":"rpt:f-389","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based compensation
The Company measures and recognizes\ncompensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and\nrestricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages\na third-party valuer to determine fair value of stock options using the binomial option pricing model. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The resulting cost is recognized over the period\nduring which an employee is required to provide service in exchange for the awards, usually the vesting period, which is generally four\nyears for stock options and three years for RSUs. Stock-based compensation is recognized on a straight-line basis over the period during\nwhich services are provided in exchange for the award. Stock-based compensation expense is recorded in the general and administrative\nexpense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-390","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income taxes
The Company accounts for income\ntaxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to\ndifferences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax\nbases.
\u00a0
Deferred tax assets and liabilities\nare measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected\nto be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the\nperiod including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount\nexpected to be realized.
The provisions of ASC 740-10\nprescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or\nexpected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities,\nclassification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions,\nand related disclosures. The Company classifies the interest and penalties, if any, as a component of income tax expense. For three and\nnine months ended March 31, 2023 and 2024, the Company did not incur any interest or penalties related to an uncertain tax position. The\nCompany does not believe that there were any uncertain tax positions as of June\u00a030, 2023, and March 31, 2024.
"}]},{"name":"rpt:f-391","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings per share
The Company computes earnings\nper share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures\nto present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the\nperiod. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example,\nconvertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date,\nif later. Stock options, warrants and unvested restricted stock units, altogether 3,563,002 potentially dilutive shares, could potentially\ndilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive\nfor the three and nine months ended March 31, 2023 and 2024.
The following table presents\na reconciliation of basic net loss per share:
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (2,334,223 | ) | \u00a0 | \n$ | (5,949,751 | ) | \u00a0 | \n$ | (4,512,513 | ) | \u00a0 | \n$ | (11,346,690 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,347,729 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,287,624 | \u00a0 | |
| \u00a0 | \n$ | (0.05 | ) | \u00a0 | \n$ | (0.11 | ) | \u00a0 | \n$ | (0.09 | ) | \u00a0 | \n$ | (0.21 | ) |
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (2,334,223 | ) | \u00a0 | \n$ | (5,949,751 | ) | \u00a0 | \n$ | (4,512,513 | ) | \u00a0 | \n$ | (11,346,690 | ) |
| \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,347,729 | \u00a0 | \u00a0 | \n\u00a0 | 50,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 54,287,624 | \u00a0 | |
| \u00a0 | \n$ | (0.05 | ) | \u00a0 | \n$ | (0.11 | ) | \u00a0 | \n$ | (0.09 | ) | \u00a0 | \n$ | (0.21 | ) |
Segment reporting
The Company uses the management\napproach to determine operating segments. The management approach considers the internal organization and reporting used by the Company\u2019s\nchief operating decision maker (\u201cCODM\u201d) for making decisions, allocating resources, and assessing performance. The Company\u2019s\nCODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources\nand assessing the performance of the Company.
The Company\u2019s CODM reviews\nthe consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a\nwhole and has determined that the Company has only one reportable segment. Notwithstanding that the Company has customers located around\nthe world and the Company\u2019s Hong Kong subsidiary serves as one of the sales and marketing centers, the Company\u2019s long-lived\nassets and management are located substantially in the U.S. and management operates its business as a single segment.
\u00a0
"}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent accounting pronouncements
As an emerging growth company,\nthe Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The\nCompany intends to take advantage of the benefits of this extended transition period.
In November 2023, the FASB\nissued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced\ndisclosures about significant segment expenses. The Company is required to adopt this guidance for its annual reporting in fiscal year\n2025 and for interim period reporting beginning the first quarter of fiscal year 2026 on a retrospective basis. Early adoption is permitted.\nThe Company is currently evaluating the impact of this ASU on our segment disclosures.
In December 2023, the FASB\nissued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about\na reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective\nfor annual periods beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact of adopting\nthis ASU on its consolidated financial statements.
"}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"ispr:CustomerAndSupplierConcentrationPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Customer\nand Supplier Concentration\u00a0\u00a0
(a)\u00a0Customers
For the three and nine months ended March\u00a031,\n2023 and 2024, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:\u00a0
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 34 | % | \u00a0 | \n\u00a0 | 31 | % |
| Customer B | \u00a0 | \n\u00a0 | 12 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of consolidated revenue. |
(b)\u00a0Suppliers
For the three and nine months\nended March\u00a031, 2023 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \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 | 95 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 77 | % |
| (1) | Major supplier A is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. |
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 31 | % | \u00a0 | \n\u00a0 | 34 | % | \u00a0 | \n\u00a0 | 31 | % |
| Customer B | \u00a0 | \n\u00a0 | 12 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of consolidated revenue. |
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \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 | 95 | % | \u00a0 | \n\u00a0 | 100 | % | \u00a0 | \n\u00a0 | 77 | % |
| (1) | Major supplier A is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. |
3. MISAPPLICATION OF FUNCTIONAL CURRENCY
\n\n\u00a0
\n\nBefore October 2023, Aspire\nScience had been using HKD as its functional currency and translated to USD for consolidation and reporting purposes. During the review\nof financial statements for the three and six months ended December 31, 2022 and 2023, the Company revisited and determined that the functional\ncurrency for Aspire Science should be USD in accordance with Accounting Standards Codification (\u201cASC\u201d) 830, Foreign Currency\nMatters. The Company evaluated the materiality of the error from qualitative and quantitative perspectives in accordance with ASC 250-10-20,\nand Staff Accounting Bulletin (\u201cSAB\u201d) 99. As HKD is pegged to USD in a narrow range of US$1:HK$7.75 -7.85, after evaluation\nthe management concluded that the misstatement resulted from the change of functional currency to all reporting periods prior to October\n1, 2023, and correction of the error during the three months ended December 31, 2023 was immaterial given consideration of both quantitative\nand qualitative factors in assessing an item\u2019s materiality. The functional currency of Aspire Science would be USD from October\n2023.
"}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"ispr:FunctionalCurrencyNarrowRangeDescription","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As HKD is pegged to USD in a narrow range of US$1:HK$7.75 -7.85, after evaluation\nthe management concluded that the misstatement resulted from the change of functional currency to all reporting periods prior to October\n1, 2023, and correction of the error during the three months ended December 31, 2023 was immaterial given consideration of both quantitative\nand qualitative factors in assessing an item\u2019s materiality."}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsDisclosureTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"4. CASH
\n\n\u00a0
\n\nBelow is a breakdown of the Company\u2019s cash\nbalances in banks as of June\u00a030, 2023, and March\u00a031, 2024, both by geography and by currencies (translated into U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 29,503,253 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 9,742,679 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 207,795 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 39,453,727 | \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$ | 29,694,448 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 104,048 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 129,395 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 16,922 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,352 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 9,486,562 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 39,453,727 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d refers to Hong Kong dollars,\n\u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to Malaysia ringgit, and \u201cRMB\u201d\nrefers to Renminbi.
"}]},{"name":"rpt:f-425","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the Company\u2019s cash\nbalances in banks as of June\u00a030, 2023, and March\u00a031, 2024, both by geography and by currencies (translated into U.S. dollars):| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 29,503,253 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 9,742,679 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 207,795 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 39,453,727 | \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$ | 29,694,448 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 104,048 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 129,395 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 16,922 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,352 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 9,486,562 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 39,453,727 | \u00a0 |
5. FAIR VALUE MEASUREMENT
\n\n\u00a0
\n\nAs of June\u00a030, 2023,\nand March\u00a031, 2024, the Company\u2019s assets and liabilities were not measured at fair value on a recurring basis. The carrying\nvalue of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other receivables,\naccounts payable, accounts payable - related party, contract liabilities, accrued liabilities and other payables and due to related parties,\napproximates their fair value because of their short-term maturity.
"}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:AccountsAndNontradeReceivableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"6. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023, and March 31, 2024,\naccounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 51,777,795 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (4,045,617 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 47,732,178 | \u00a0 |
\u00a0
\n\nThe\u00a0Company recorded\n$1,301,180, and $1,192,488 credit loss expenses for the three months ended March\u00a031, 2023 and 2024, respectively. The\u00a0Company\nrecorded $2,226,090 and $3,318,772 credit loss expenses for the nine months ended March\u00a031, 2023 and 2024, respectively.\nFor the three months ended March\u00a031, 2023 and 2024, the Company wrote off accounts receivable against allowance for credit losses\nof $526,085 and $65,801, respectively. For the nine months ended March\u00a031, 2023 and 2024, the Company wrote off accounts receivable\nagainst allowance for credit losses of $526,085 and $771,961,\u00a0respectively.
"}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023, and March 31, 2024,\naccounts receivable consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 51,777,795 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (4,045,617 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 47,732,178 | \u00a0 |
7. PREPAID EXPENSES AND OTHER CURRENT ASSETS
\n\n\u00a0
\n\nAs of June\u00a030, 2023,\nand March 31, 2024, prepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 150,948 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 371,192 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 946,101 | \u00a0 |
| Prepaid provisional profit tax \u2013 Hong Kong | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 184,609 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 1,652,850 | \u00a0 |
\u00a0
\n\nPrepayments primarily consist\nof prepayment for production testers and jigs for Ispire Malaysia, and prepayments for marketing services.
"}]},{"name":"rpt:f-464","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023,\nand March 31, 2024, prepaid expenses and other current assets consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 150,948 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 371,192 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 946,101 | \u00a0 |
| Prepaid provisional profit tax \u2013 Hong Kong | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 184,609 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 1,652,850 | \u00a0 |
8. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023,\nand March 31, 2024, property, plant and equipment consisted of the following:
\n\n\u00a0\u00a0
\n\n| \u00a0 | \n\u00a0 | \nAs of \nJune\u00a030, | \n \u00a0 | \n\u00a0 | \nAs of \nMarch 31, | \n \u00a0 | ||
| \u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Leasehold improvements | \n\u00a0 | \n$ | \n518,854 | \n\u00a0 | \n\u00a0 | \n$ | \n817,329 | \n\u00a0 |
| Office and other equipment | \n\u00a0 | \n\u00a0 | \n339,155 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n927,839 | \n\u00a0 |
| Furniture and fixtures | \n\u00a0 | \n\u00a0 | \n309,990 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n340,723 | \n\u00a0 |
| Construction-in-progress | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n287,824 | \n\u00a0 |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n1,167,999 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,373,715 | \n\u00a0 |
| Less: accumulated depreciation | \n\u00a0 | \n\u00a0 | \n(79,868 | \n) | \n\u00a0 | \n\u00a0 | \n(207,152 | \n) |
| Total | \n\u00a0 | \n$ | \n1,088,131 | \n\u00a0 | \n\u00a0 | \n$ | \n2,166,563 | \n\u00a0 |
\u00a0
\n\nFor the three months ended\nMarch\u00a031, 2023 and 2024, depreciation expense amounted to $7,394, and $56,842, respectively. For the nine months ended March\u00a031,\n2023 and 2024, depreciation expense amounted to $20,887 and $127,387, respectively.
\n\n\u00a0
\n\nIncluded\nin construction-in-progress are prepayment for production and office renovations for Ispire Malaysia.
"}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023,\nand March 31, 2024, property, plant and equipment consisted of the following:| \u00a0 | \n\u00a0 | \nAs of \nJune\u00a030, | \n \u00a0 | \n\u00a0 | \nAs of \nMarch 31, | \n \u00a0 | ||
| \u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Leasehold improvements | \n\u00a0 | \n$ | \n518,854 | \n\u00a0 | \n\u00a0 | \n$ | \n817,329 | \n\u00a0 |
| Office and other equipment | \n\u00a0 | \n\u00a0 | \n339,155 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n927,839 | \n\u00a0 |
| Furniture and fixtures | \n\u00a0 | \n\u00a0 | \n309,990 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n340,723 | \n\u00a0 |
| Construction-in-progress | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n287,824 | \n\u00a0 |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n1,167,999 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2,373,715 | \n\u00a0 |
| Less: accumulated depreciation | \n\u00a0 | \n\u00a0 | \n(79,868 | \n) | \n\u00a0 | \n\u00a0 | \n(207,152 | \n) |
| Total | \n\u00a0 | \n$ | \n1,088,131 | \n\u00a0 | \n\u00a0 | \n$ | \n2,166,563 | \n\u00a0 |
9. LONG TERM INVESTMENT
\n\n\u00a0
\n\nOn February 13, 2024, the\nCompany invested $1,000,000 into a preferred equity\u00a0investment\u00a0in Touch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation\n(\u201cBerify\u201d). The Company purchased 909,091 shares of Berify Series\u00a0Seed\u00a0Preferred equity for $1 million, yielding\na 2.3% ownership in Berify, and the Company also committed to invest an additional of $1 million into Berify\u2019s preferred equity\nfor 909,091 shares. As of March 31, 2024, the Company recorded the unpaid $1 million consideration in accrued liabilities and other payables\non the consolidated balance sheet. On April 5, 2024, the Company completed its investment into Berify, giving the Company a total of 1,818,182\nshares equal to a 4.5% interest in Berify for $2 million. The Series Seed Preferred equity comes with a variety of protective rights for\nSeries Seed Preferred shareholders. The investment is accounted for by the cost method.
"}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":0}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets","xbrl:period":"2024-02-13T00:00:00/2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"909091","decimals":0}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets","xbrl:period":"2024-02-13T00:00:00/2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:BerifyMember"},"factValues":[{"value":"0.023","decimals":3}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"ispr:AdditionalAmount","xbrl:period":"2024-02-13T00:00:00/2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:PreferredUnitsIssued","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"909091","decimals":0}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:AccruedLiabilitiesCurrent","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:StockDividendsShares","xbrl:period":"2024-04-05T00:00:00/2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1818182","decimals":0}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:InvestmentInterestRate","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.045","decimals":3}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"us-gaap:InvestmentOwnedAtFairValue","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:OtherLiabilitiesDisclosureTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"10. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs of June 30, 2023, and March\n31, 2024, the Company had total contract liabilities of $988,556 and $1,327,371, respectively. These liabilities are advance deposits\nreceived from customers after an order has been placed. As of March 31, 2024, the Company expects all of the contract liabilities to be\nsettled in less than one year. The increase in the balance at March 31, 2024 was due to more orders on hand on that date.
"}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"988556","decimals":0}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1327371","decimals":0}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeasesTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"11. LEASES
\n\n\u00a0
\n\nThe Company has operating\nlease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms of two to five years.
\n\n\u00a0
\n\nLeases with an initial term\nof 12 months or less are not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term.\nAll other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement\ndate.
\n\n\u00a0
\n\nThe balances for the right-of-use\nassets and lease liabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,061,617 | \u00a0 | \u00a0 | \n$ | 3,636,104 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 944,525 | \u00a0 | \u00a0 | \n$ | 1,275,923 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | 2,730,574 | \u00a0 |
| Total | \u00a0 | \n$ | 4,300,757 | \u00a0 | \u00a0 | \n$ | 4,006,497 | \u00a0 |
\u00a0
\n\nAs of March 31, 2024, the\nmaturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March\u00a031, 2023 | \u00a0 | |
| April 1, 2024 to March 31, 2025 | \u00a0 | \n$ | 1,546,607 | \u00a0 |
| April 1, 2025 to March 31, 2026 | \u00a0 | \n\u00a0 | 1,529,974 | \u00a0 |
| April 1, 2026 to March 31, 2027 | \u00a0 | \n\u00a0 | 1,117,724 | \u00a0 |
| April 1, 2027 to March 31, 2028 | \u00a0 | \n\u00a0 | 322,704 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,517,009 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (510,512 | ) |
| Total lease liabilities | \u00a0 | \n$ | 4,006,497 | \u00a0 |
\u00a0
The Company incurred lease\ncosts, which include the payment of short-term leases, of $275,126 and $413,911 on the Company\u2019s unaudited condensed consolidated\nstatements of operations and comprehensive loss for the three months ended March 31, 2023 and 2024, respectively. The Company incurred\nlease costs, which include the payment of short-term leases, of $1,033,862 and $1,148,902 on the Company\u2019s unaudited condensed consolidated\nstatements of operations and comprehensive loss for the nine months ended March 31, 2023 and 2024, respectively.
\n\n\u00a0
\n\nThe Company made payments\nof $300,593 and $378,560 under the lease agreements during the three months ended March 31, 2023 and 2024, respectively. The Company made\npayments of $840,623 and $1,089,246 under the lease agreements during the nine months ended March 31, 2023 and 2024, respectively.
\n\n\u00a0
\n\nThe weighted-average remaining\nlease term related to the Company\u2019s lease liabilities as of June 30, 2023 and March 31, 2024 was 4 years and 3 years, respectively.
\n\n\u00a0
\n\nThe discount rate related\nto the Company\u2019s lease liabilities as of both June 30, 2023 and March 31, 2024 was 8%. The discount rates are generally based on\nestimates of the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily\ndetermined.
"}]},{"name":"rpt:f-508","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-509","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-510","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use\nassets and lease liabilities where the Company is the lessee are presented as follow:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,061,617 | \u00a0 | \u00a0 | \n$ | 3,636,104 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 944,525 | \u00a0 | \u00a0 | \n$ | 1,275,923 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | 2,730,574 | \u00a0 |
| Total | \u00a0 | \n$ | 4,300,757 | \u00a0 | \u00a0 | \n$ | 4,006,497 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of March\u00a031, 2023 | \u00a0 | |
| April 1, 2024 to March 31, 2025 | \u00a0 | \n$ | 1,546,607 | \u00a0 |
| April 1, 2025 to March 31, 2026 | \u00a0 | \n\u00a0 | 1,529,974 | \u00a0 |
| April 1, 2026 to March 31, 2027 | \u00a0 | \n\u00a0 | 1,117,724 | \u00a0 |
| April 1, 2027 to March 31, 2028 | \u00a0 | \n\u00a0 | 322,704 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,517,009 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (510,512 | ) |
| Total lease liabilities | \u00a0 | \n$ | 4,006,497 | \u00a0 |
\u00a0
"}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1546607","decimals":0}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1529974","decimals":0}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1117724","decimals":0}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"322704","decimals":0}]},{"name":"rpt:f-524","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4517009","decimals":0}]},{"name":"rpt:f-525","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"510512","decimals":0}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiability","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4006497","decimals":0}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:ShortTermLeaseCost","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"275126","decimals":0}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:ShortTermLeaseCost","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"413911","decimals":0}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:ShortTermLeaseCost","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1033862","decimals":0}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:ShortTermLeaseCost","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1148902","decimals":0}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2023-01-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LeaseContractualTermAxis":"us-gaap:LeaseAgreementsMember"},"factValues":[{"value":"300593","decimals":0}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2024-01-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LeaseContractualTermAxis":"us-gaap:LeaseAgreementsMember"},"factValues":[{"value":"378560","decimals":0}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LeaseContractualTermAxis":"us-gaap:LeaseAgreementsMember"},"factValues":[{"value":"840623","decimals":0}]},{"name":"rpt:f-534","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeasePayments","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LeaseContractualTermAxis":"us-gaap:LeaseAgreementsMember"},"factValues":[{"value":"1089246","decimals":0}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P4Y"}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseDiscountRate","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.08","decimals":2}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseDiscountRate","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.08","decimals":2}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"12. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of June\u00a030, 2023 and\nMarch\u00a031, 2024, accrued liabilities and other payables consisted of the following:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Other payables | \u00a0 | \n$ | 148,197 | \u00a0 | \u00a0 | \n$ | 369,931 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 57,572 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 478,149 | \u00a0 |
| Long term investment payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,000,000 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 523,987 | \u00a0 | |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 12,210 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 2,441,849 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Other payables | \u00a0 | \n$ | 148,197 | \u00a0 | \u00a0 | \n$ | 369,931 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 57,572 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 478,149 | \u00a0 |
| Long term investment payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,000,000 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 523,987 | \u00a0 | |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 12,210 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 2,441,849 | \u00a0 |
13.\nRELATED PARTY TRANSACTIONS\u00a0
\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 Global\u2019s chief executive officer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director of both companies. As of March 31, 2024, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of March 31, 2024, Mr. Liu and Ms. Zhu beneficially own 59.0% and 4.4%, respectively, of the outstanding shares of the Company. |
\u00a0
\n\n| c) | The balances due to related parties at June 30, 2023 and March 31, 2024 represent amounts due to Shenzhen Yi Jia of $710,910 and , respectively. The balances are all non-interest bearing, unsecured, have no due date and are repayable on demand. |
\u00a0
\n\n| d) | For both three- and nine-month periods ended March 31, 2023 and 2024, the majority of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June 30, 2023 and March 31, 2024, the accounts payable - related party was $51,698,588 and $61,030,319, respectively, which was payable to Shenzhen Yi Jia. There are no fixed payment terms regarding these balances and they are classified as current liabilities. For the three months ended March 31, 2023 and 2024, the purchases from Shenzhen Yi Jia were $16,961,308, and $24,079,185, respectively. For the nine months ended March 31, 2023 and 2024, the purchases from Shenzhen Yi Jia were $67,762,917 and $73,062,398, respectively. |
| Name of related parties and Relationship with the Company |
| -Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| -Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| -Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned subsidiary of Aspire Global. |
| -Aspire Global is a company controlled by the Chairman of the Company. |
| -Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
14. INCOME\nTAXES\u00a0
\n\n\u00a0
\n\nFor the three and nine months\nended March\u00a031, 2023 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,103,639 | \u00a0 | \u00a0 | \n$ | 1,503,400 | \u00a0 | \u00a0 | \n$ | 6,207,590 | \u00a0 | \u00a0 | \n$ | 7,194,470 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (4,199,870 | ) | \u00a0 | \n\u00a0 | (6,778,698 | ) | \u00a0 | \n\u00a0 | (9,650,104 | ) | \u00a0 | \n\u00a0 | (16,737,784 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (418,968 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (699,666 | ) | ||
| Total | \u00a0 | \n$ | (2,096,231 | ) | \u00a0 | \n$ | (5,694,266 | ) | \u00a0 | \n$ | (3,442,514 | ) | \u00a0 | \n$ | (10,242,980 | ) |
\u00a0
\n\nIncome taxes recorded for\nthe three and nine months ended\u00a0March\u00a031, 2023\u00a0and\u00a02024, were estimated using the discrete method. Income taxes are\nbased on the Company\u2019s financial results through the end of the period, as well as the related change in the valuation allowance\non deferred tax assets. The Company is unable to estimate the annual effective tax rate with sufficient precision for purposes of the\neffective tax rate method, which requires the Company to consider a projection of full-year income and the expected change in the valuation\nallowance. The estimated annual effective tax rate method was not reliable due to its sensitivity to small changes to forecasted annual\npre-tax earnings and the effect of the valuation allowance, which create results with significant variations in the customary relationship\nbetween income tax expense and pre-tax income for the interim periods. As a result, the Company determined that using the discrete method\nis more appropriate than using the annual effective tax rate method.
\n\n\u00a0
\n\nThe Company\u2019s effective\ntax rate for the three and nine months ended March 31, 2023 and 2024, was different from the Hong Kong statutory income tax rate due primarily\nto the U.S. subsidiary being in a loss position. No tax benefit has been recognized for this current loss and the related carryforward\nlosses of 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\ntax payable of $63,853 was from income generated during the year ended June 30, 2023. As at March 31, 2024, there was no income tax payable\nas the tax position was prepaid provisional tax from Hong Kong operation of $184,609. All income tax payables or prepaid amounts arose\nsolely from Hong Kong operation.
\n\n\u00a0
\n\nAs at March 31, 2024, there\nwere unrecognized deferred tax assets of $7,442,831, out of which $5,855,858 were net operating loss carryforwards in the U.S. that may\nresult in future income tax benefits, resulting from net operating losses of $27,885,039 from Aspire North America LLC. The amount of\nthe valuation allowance as of March 31, 2024 was $7,442,831, resulting from an addition of $2,942,387 to the valuation allowance of $4,500,444\nas of June 30, 2023.
"}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the three and nine months\nended March\u00a031, 2023 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,103,639 | \u00a0 | \u00a0 | \n$ | 1,503,400 | \u00a0 | \u00a0 | \n$ | 6,207,590 | \u00a0 | \u00a0 | \n$ | 7,194,470 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (4,199,870 | ) | \u00a0 | \n\u00a0 | (6,778,698 | ) | \u00a0 | \n\u00a0 | (9,650,104 | ) | \u00a0 | \n\u00a0 | (16,737,784 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (418,968 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (699,666 | ) | ||
| Total | \u00a0 | \n$ | (2,096,231 | ) | \u00a0 | \n$ | (5,694,266 | ) | \u00a0 | \n$ | (3,442,514 | ) | \u00a0 | \n$ | (10,242,980 | ) |
15.\nWARRANTS\u00a0
\n\n\u00a0
\n\nOn April 3, 2023, the Company\nissued representative of the underwriters 62,100 warrants. Each warrant entitles the holder to purchase one share of common stock at an\nexercise price of $8.75, during the period commencing April 3, 2023, and expiring on April 3, 2028. None of the warrants have been exercised\nyet. As of March 31, 2024, there are 62,100 warrants outstanding, with a remaining life of approximately 49 months and aggregate intrinsic\nvalue of $0.
"}]},{"name":"rpt:f-595","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights","xbrl:period":"2023-04-04T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"us-gaap:WarrantMember"},"factValues":[{"value":"62100","decimals":0}]},{"name":"rpt:f-596","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1","xbrl:period":"2023-04-04T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"8.75","decimals":2}]},{"name":"rpt:f-597","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"62100","decimals":0}]},{"name":"rpt:f-598","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-599","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"16.\nSTOCK-BASED COMPENSATION\u00a0
\n\n\u00a0
\n\nIn October 2022, the directors\nand stockholders of the Company approved the 2022 Equity Incentive Plan (the \u201cPlan\u201d) pursuant to which up to 15,000,000 shares\nof common stock may be issued pursuant to options, restricted stock or RSUs grants. The Plan is administered by the Compensation Committee\nof the Board of Directors. Awards under the Plan may be granted to officers, directors, employees and those consultants who qualify as\na consultant or advisor under the instructions to the Company\u2019s Form S-8 (File No. 333-273458) filed with U.S. Securities and Exchange\nCommission on July 26, 2023. The Compensation Committee has broad discretion in making awards, provided that any options shall be exercisable\nat the fair market value on the date of grant.
\n\n\u00a0
\n\nRestricted stocks
\n\n\u00a0
\n\nDuring the nine months ended\nMarch 31, 2024, 56,976 shares of common stock were issued to the Company\u2019s board of directors and consultants in settlement of restricted\nstock granted under the Plan. Restricted stocks granted to directors and consultants are vested over three to six months and fully vested\nas of March 31, 2024. There are unrecognized compensation expenses related to unvested restricted stocks as of March 31, 2024.
\n\n\u00a0
\n\nDuring the nine months ended\nMarch 31, 2024, 3,072,500 stock options and 637,235 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\nof stock option activity transactions as of and for the period ended June 30, 2023 and March 31, 2024:
\n\n\u00a0
\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 | 3,072,500 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.44 | \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 | 165,000 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 | \u00a0 | \n$ | 5.54 | \u00a0 |
| Outstanding at March 31, 2024 | \u00a0 | \n\u00a0 | 2,907,500 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.43 | \u00a0 |
\u00a0
\n\nThe aggregate intrinsic value\nof options outstanding with an exercise price less than the closing price of the Company\u2019s common stock as of March\u00a031, 2024\nwas $0. The aggregate intrinsic value of options exercisable with an exercise price less than the closing price of the Company\u2019s\ncommon stock as of March\u00a031, 2024 was $0. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price\non the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding\nor exercisable.
\n\n\u00a0
\n\nTotal expense of options vested\nfor the three months ended March 31, 2023 and 2024, was $0 and $1,078,235, respectively. Total expense of options vested for the nine\nmonths ended March 31, 2023 and 2024, was $0 and $2,785,328, respectively. The options granted during the nine months ended March 31,\n2024 were valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nNine months ended March\u00a031, \n2023 | \u00a0 | |
| Risk-free interest rate | \u00a0 | \n\u00a0 | 4.062% - 4.812% | \u00a0 |
| Time to expiry | \u00a0 | \n\u00a0 | 4 - 10 years | \u00a0 |
| Expected volatility | \u00a0 | \n\u00a0 | 50% - 55% | \u00a0 |
| Expected dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 |
\u00a0
RSUs
\n\n\u00a0
\n\nRSUs granted to employees\nvest cumulatively as to one-third of the restricted stock units on each of the first three anniversaries of the date of grant based on\ncontinues service. Each vested RSU entitles holder to receive one share of common stock upon exercise. RSUs are accounted for as equity\nusing the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees,\ndirectors and consultants based upon the grant-date fair value.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Canceled and forfeited | \u00a0 | \n\u00a0 | (43,833 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, March 31, 2024 | \u00a0 | \n\u00a0 | 593,402 | \u00a0 | \u00a0 | \n$ | 9.44 | \u00a0 |
\u00a0
\n\nTotal expense for the RSUs\nduring the three and nine months ended March 31, 2024 was $722,709 and $1,341,179.
\n\n\u00a0
\n\nThe following table summarizes\nthe allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:
\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,809,204 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 4,611,237 | \u00a0 | ||
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 32,188 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 80,635 | \u00a0 | ||
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,841,392 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 4,691,872 | \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 | 3,072,500 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.44 | \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 | 165,000 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 | \u00a0 | \n$ | 5.54 | \u00a0 |
| Outstanding at March 31, 2024 | \u00a0 | \n\u00a0 | 2,907,500 | \u00a0 | \u00a0 | \n$ | 9.63 | \u00a0 | \u00a0 | \n$ | 5.43 | \u00a0 |
| \u00a0 | \u00a0 | \nNine months ended March\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
"}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.04062","decimals":5}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.04812","decimals":5}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P4Y"}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.55","decimals":2}]},{"name":"rpt:f-627","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2022-07-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-628","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"RSUs are accounted for as equity\nusing the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees,\ndirectors and consultants based upon the grant-date fair value.| \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 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Canceled and forfeited | \u00a0 | \n\u00a0 | (43,833 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, March 31, 2024 | \u00a0 | \n\u00a0 | 593,402 | \u00a0 | \u00a0 | \n$ | 9.44 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,809,204 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 4,611,237 | \u00a0 | ||
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 32,188 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 80,635 | \u00a0 | ||
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 1,841,392 | \u00a0 | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 4,691,872 | \u00a0 |
17. STOCKHOLDERS\u2019 EQUITY
\n\n\u00a0
\n\nOn March 22, 2024, pursuant to a securities purchase\nagreement with certain purchasers, the Company sold, in a secondary offering, an aggregate of 2,050,000 shares of common stock, with par\nvalue $0.0001 per share, at a public offering price of $6.00 per share. This offering generated proceeds of $12,300,000, offset by offering\ncost of $1,514,094, which contributed an increase of share capital of $205 and additional paid in capital of $10,785,701.
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\n\n\u00a0
\n\nIn the normal course of business,\nthe Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of\nmatters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment\ncan be reasonably estimated.
\n\n\u00a0
\n\nIf the assessment of a contingency\nindicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability\nis accrued in the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not\nprobable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with\nan estimate of the range of possible loss, if determinable and material, is disclosed.
\u00a0\u00a0
Loss contingencies considered\nremote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
\n\n\u00a0
\n\nOn December 11, 2023, the\nCompany entered into a licensing agreement with BRKFST, LLC (\u201cBRKFST\u201d) for the licensing of marks owned by BRKFST.\u00a0For\na minimum of 3 years (and maximum of 9 years), the license agreement permits the Company to manufacture, market, sell, and distribute\nvape products bearing BRKFST\u2019s marks.\u00a0The license agreement calls for the Company to pay BRKFST royalties (equal to\u00a0a\nmutually agreed upon percentage of net profits)\u00a0on the sale of products bearing said marks, which said royalties may become material\nif the sales of said products are successful.\u00a0\u00a0Further, the license agreement requires (i) joint marketing efforts of the Company\nand BRKFST\u00a0and (ii) that a mutually agreed upon percentage of net profits be used to fund the marketing of the licensed products.\nThere were no sales with BRKFST\u2019s marks during the three and nine months ended March 31, 2024.
\n\n\u00a0
\n\nAs of March 31, 2024, the\nCompany recorded an unpaid $1 million consideration in accrued liabilities and other payables on the consolidated balance sheet for a\ncommitted investment of $1 million into Berify\u2019s preferred equity for 909,091 shares. See Note 9.
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\n\nOn April 5, 2024 (the \u201cClosing Date\u201d),\nAspire North America (together with Ispire, the \u201cCompanies\u201d) entered into a capital contribution, subscription, and joint\nventure agreement (the \u201cJV Agreement\u201d) with Chemular Inc., a Michigan corporation, Berify, and Ike Tech LLC, a Delaware limited\nliability company (the \u201cJoint Venture\u201d, and together with Chemular, Berify, and the Companies, each a \u201cParty\u201d\nand collectively, the \u201cParties\u201d) pursuant to which the Parties agreed to participate in the Joint Venture. Pursuant to the\nJV Agreement, the business of the Joint Venture will be licensing, owning, operating and developing an industry-standard age-verification\nsolution for vapor (e-cigarette) devices in the U.S. market as well as the related planned submission of PMTA applications that seek FDA\nmarketing orders for cutting-edge technologies across the U.S. e-cigarette market. On the Closing Date, the Companies (i) contributed\n$1 million to the Joint Venture in cash for operating expenses, and (ii) entered into a binding commitment to make an additional capital\ncontribution to the Joint Venture in the aggregate amount of up to $9 million. Additionally, as disclosed in the Company\u2019s Current\nReport on Form 8-K filed with the SEC on April 11, 2024, in a private placement concurrent with the closing of the JV Agreement the Company\nissued a warrant to purchase 111,111 shares of its Common Stock to Berify (the \u201cWarrant\u201d). The Warrant has an exercise price\nof $9.00 per share, is exercisable immediately, and will expire five years from the date of issuance, or April 5, 2029.
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