NOTE 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.
\n\n\u00a0
\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.
\n\n\u00a0
\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\nAspire Global Inc. (\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation\n(\u201cAspire Science\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned subsidiary\nof Aspire Global.
\n\n\u00a0
\n\nAspire Global and the Company\nare related parties since the same individual is the chief executive officer of both companies. As of June 30, 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 June\n30, 2024, they owned 58.9% 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 August 2, 2023, and assigned to the Company on September 22, 2023, at a consideration of 100 Malaysian\nringgits.
\n\n\u00a0
\n\nThe following table sets\nforth information concerning the Company and its subsidiaries as of June 30, 2024:
\n\n\u00a0
\n\n| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
\u00a0
\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).
"}]},{"name":"rpt:f-248","factDimensions":{"xbrl:concept":"dei:EntityIncorporationDateOfIncorporation","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"2022-06-13"}]},{"name":"rpt:f-249","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2022-07-07T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:IspireInternationalLimitedMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-250","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:MrLiuMember"},"factValues":[{"value":"0.665","decimals":3}]},{"name":"rpt:f-251","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:MsZhuMember"},"factValues":[{"value":"0.05","decimals":3}]},{"name":"rpt:f-252","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:AspireGlobalMember"},"factValues":[{"value":"0.589","decimals":3}]},{"name":"rpt:f-253","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:IspireTechnologyIncMember"},"factValues":[{"value":"0.044","decimals":3}]},{"name":"rpt:f-254","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2022-07-30T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:AspireGlobalTransferredMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-255","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByParent","xbrl:period":"2022-07-30T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:AspireHoldingsTransferredMember"},"factValues":[{"value":"1","decimals":2}]},{"name":"rpt:f-256","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesNewIssues","xbrl:period":"2020-07-01T00:00:00/2020-07-02T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:OwnershipAxis":"ispr:AspireGlobalMember"},"factValues":[{"value":"50000000","decimals":0}]},{"name":"rpt:f-257","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationConsiderationTransferred1","xbrl:period":"2023-09-22T00:00:00/2023-09-23T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:MYR","us-gaap:BusinessAcquisitionAxis":"ispr:TuanfangLiuMember"},"factValues":[{"value":"100","decimals":0}]},{"name":"rpt:f-258","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The following table sets\nforth information concerning the Company and its subsidiaries as of June 30, 2024:| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
NOTE\n2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
\n\n\u00a0
\n\nRestatement\nof Consolidated Financial Statements for the year ended June 30, 2023
\n\n\u00a0
\n\nDuring\nthe quarters ended December 31, 2023, and March 31, 2024, the Company identified certain errors with the classification and presentation\nof information in the consolidated statement of cash flows and classification errors in the consolidated statement of operations and\ncomprehensive loss. Additionally, the Company identified errors in its initial recognition and measurement of right-of-use assets and\nlease liabilities related to its operating leases, as well as the subsequent recognition and measurement of such operating leases. The\nCompany and the Audit Committee determined that the Company\u2019s previously issued financial statements included in the Company\u2019s\nAnnual Report on Form 10-K for the year ended June 30, 2023, and the Quarterly Report on Form 10-Q for the periods ended September 30,\n2023, December 31, 2023 and March 31, 2024, should no longer be relied upon. The identified errors impacting the previously referred\nto financial statements include:
\n\n\u00a0
\n\n| \u00a0 | \u25cf | The incorrect presentation of cash payments on operating leases under financing activities instead of operating activities. As a result of correcting this error, the Company\u2019s principal portion of lease payments totaling $874,039 in the consolidated statements of cash flows for the year ended June 30, 2023, and totaling $242,182 in the consolidated statements of cash flows for the three months ended September 30, 2023, needs to be corrected from financing activities to operating activities; |
\u00a0
\n\n| \u00a0 | \u25cf | The omission of disclosing non-cash investing and financing activities related to the acquisition of \u201cright of use\u201d (ROU) assets in exchange for operating lease liabilities. As a result of the correction of this error, the Company needs to add disclosure of $4,988,032 of leased assets obtained in exchange for operating lease liabilities as a non-cash financing item in the consolidated statement of cash flows for the year ended June 30, 2023, and $537,307 for the three months ended September 30, 2023, six months ended December 31, 2023, and nine months ended March 31, 2024; |
\u00a0
\n\n| \u00a0 | \u25cf | The incorrect recognition of shipping and handling costs as sales and marketing expenses (operating expenses) instead of being recognized as cost of revenue. As a result of the restatement, the Company\u2019s shipping and handling costs of $298,703 needs to be adjusted from selling expenses to cost of revenue for the year ended June 30, 2023, $43,444 for the three months ended September 30, 2023, and $123,308 and $166,752 for the three and six months ended December 31, 2023, respectively; and |
\u00a0
\n\n| \u00a0 | \u25cf | The incorrect initial measurement and recognition of right of use assets and lease liabilities associated with the Company\u2019s operating leases, and the incorrect subsequent measurement and recognition of expense associated with such operating leases. As a result of the restatement, (1) the Company\u2019s right of use assets increased by $192,115 as of June 30, 2023, which includes the correction of $489,720 originally recorded as prepaid rent to be recorded as a component of the right-of-use asset, (2) the Company\u2019s lease liabilities decreased by $392,582 as of June 30, 2023, as a result of the correction of measurement of present value of future lease payments, and (3) rent expense recognized for the year ended June 30, 2023 decreased by $94,977, based on changes in the calculation of monthly rental expense. |
\u00a0
\n\nOn\nan interim basis, the Company notes the following as a result of the restatement:
\n\n\u00a0
\n\n| \u00a0 | \u25cf | As of September 30, 2023, right of use assets increased by $218,378, including the correction to record $489,720 of prepaid rent as a component of the right of use asset; lease liabilities decreased by $399,347; and retained earnings increased by $128,005. For the three months ended September 30, 2023, rent expense decreased by $33,028. For the three months ended September 30, 2023, net cash used in operating activities increased by $242,182, net cash used in financing activities decreased by $242,182. |
\u00a0
\n\n| \u00a0 | \u25cf | As of December 31, 2023, right of use assets increased by $239,403, including the correction to record $428,505 of prepaid rent as a component of the right of use asset; lease liabilities decreased by $347,520; and retained earnings increased by $158,418. For the three and six months ended December 31, 2023, rent expense decreased by $30,412 and $63,440, respectively. For the six months ended December 31, 2023, net cash used in operating activities was unchanged. |
\u00a0
\n\n| \u00a0 | \u25cf | As of March 31, 2024, right of use assets increased by $255,264, including the correction to record $428,505 of prepaid rent as a component of the right of use asset; lease liabilities decreased by $356,286; and accumulated deficit decreased by $183,045. For the three and nine months ended March 31, 2024, rent expense decreased by $24,628 and $88,068, respectively. For the nine months ended March 31, 2024, net cash used in operating activities was unchanged. |
\u00a0
Additionally,\nthe Company has provided Note 20 \u2013 Quarterly Financial Data (unaudited and restated) to present the impact of the above restatements\non the unaudited quarterly financial information for the quarterly periods ended September 30, 2023, December 31, 2023, and March 31,\n2024.
\n\n\u00a0
\n\nThe\nCompany\u2019s restatements for the classification and disclosure errors described above do not have any effect on the Company\u2019s\npreviously reported balance sheets, net loss or net changes in cash.
\n\n\u00a0
\n\nThe\nfollowing tables summarize the effect of the restatement on each financial statement line item as of the dates indicated:
\n\n\u00a0
\n\n| Consolidated Balance Sheet as of June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 732,334 | \u00a0 | \u00a0 | \n$ | (489,720 | ) | \u00a0 | \n$ | 242,614 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 4,061,617 | \u00a0 | \u00a0 | \n\u00a0 | 192,115 | \u00a0 | \u00a0 | \n\u00a0 | 4,253,732 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 5,882,082 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 5,584,477 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 90,693,349 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 90,395,744 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 944,525 | \u00a0 | \u00a0 | \n\u00a0 | (107,425 | ) | \u00a0 | \n\u00a0 | 837,100 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 55,962,184 | \u00a0 | \u00a0 | \n\u00a0 | (107,425 | ) | \u00a0 | \n\u00a0 | 55,854,759 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | (285,157 | ) | \u00a0 | \n\u00a0 | 3,071,075 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 59,318,416 | \u00a0 | \u00a0 | \n\u00a0 | (392,582 | ) | \u00a0 | \n\u00a0 | 58,925,834 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 5,847,804 | \u00a0 | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | 5,942,781 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 31,374,933 | \u00a0 | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | 31,469,910 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 90,693,349 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 90,395,744 | \u00a0 |
\u00a0
\n\n| Consolidated Statement of Operations and Comprehensive Loss for the\n year ended June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 94,529,769 | \u00a0 | \u00a0 | \n$ | 298,703 | \u00a0 | \u00a0 | \n$ | 94,828,472 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 21,075,767 | \u00a0 | \u00a0 | \n\u00a0 | (298,703 | ) | \u00a0 | \n\u00a0 | 20,777,064 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 4,714,923 | \u00a0 | \u00a0 | \n\u00a0 | (298,703 | ) | \u00a0 | \n\u00a0 | 4,416,220 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 20,929,978 | \u00a0 | \u00a0 | \n\u00a0 | (94,977 | ) | \u00a0 | \n\u00a0 | 20,835,001 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 25,644,901 | \u00a0 | \u00a0 | \n\u00a0 | (393,680 | ) | \u00a0 | \n\u00a0 | 25,251,221 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (4,569,134 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (4,474,157 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (4,853,300 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (4,758,323 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (1,245,303 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,245,303 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (6,098,603 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (6,003,626 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (6,077,707 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (5,982,730 | ) |
\u00a0
\n\n\n\n| Consolidated Statement of Cash Flows for the year ended June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (6,098,603 | ) | \u00a0 | \n$ | 94,977 | \u00a0 | \u00a0 | \n$ | (6,003,626 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | 1,061,442 | \u00a0 | \u00a0 | \n\u00a0 | (31,338 | ) | \u00a0 | \n\u00a0 | 1,030,104 | \u00a0 |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | (3,088,466 | ) | \u00a0 | \n\u00a0 | 489,720 | \u00a0 | \u00a0 | \n\u00a0 | (2,598,746 | ) |
| Operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,427,398 | ) | \u00a0 | \n\u00a0 | (1,427,398 | ) | |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (7,581,759 | ) | \u00a0 | \n\u00a0 | (874,039 | ) | \u00a0 | \n\u00a0 | (8,455,798 | ) |
| Principal portion of lease payment | \u00a0 | \n\u00a0 | (874,039 | ) | \u00a0 | \n\u00a0 | 874,039 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Net cash used in financing activities | \u00a0 | \n\u00a0 | (16,443,844 | ) | \u00a0 | \n\u00a0 | 874,039 | \u00a0 | \u00a0 | \n\u00a0 | (15,569,805 | ) |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4,988,032 | \u00a0 | \u00a0 | \n\u00a0 | 4,988,032 | \u00a0 |
| Consolidated Balance Sheet as of June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 732,334 | \u00a0 | \u00a0 | \n$ | (489,720 | ) | \u00a0 | \n$ | 242,614 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 4,061,617 | \u00a0 | \u00a0 | \n\u00a0 | 192,115 | \u00a0 | \u00a0 | \n\u00a0 | 4,253,732 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 5,882,082 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 5,584,477 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 90,693,349 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 90,395,744 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 944,525 | \u00a0 | \u00a0 | \n\u00a0 | (107,425 | ) | \u00a0 | \n\u00a0 | 837,100 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 55,962,184 | \u00a0 | \u00a0 | \n\u00a0 | (107,425 | ) | \u00a0 | \n\u00a0 | 55,854,759 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,356,232 | \u00a0 | \u00a0 | \n\u00a0 | (285,157 | ) | \u00a0 | \n\u00a0 | 3,071,075 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 59,318,416 | \u00a0 | \u00a0 | \n\u00a0 | (392,582 | ) | \u00a0 | \n\u00a0 | 58,925,834 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 5,847,804 | \u00a0 | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | 5,942,781 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 31,374,933 | \u00a0 | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | 31,469,910 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 90,693,349 | \u00a0 | \u00a0 | \n\u00a0 | (297,605 | ) | \u00a0 | \n\u00a0 | 90,395,744 | \u00a0 |
| Consolidated Statement of Operations and Comprehensive Loss for the\n year ended June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 94,529,769 | \u00a0 | \u00a0 | \n$ | 298,703 | \u00a0 | \u00a0 | \n$ | 94,828,472 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 21,075,767 | \u00a0 | \u00a0 | \n\u00a0 | (298,703 | ) | \u00a0 | \n\u00a0 | 20,777,064 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 4,714,923 | \u00a0 | \u00a0 | \n\u00a0 | (298,703 | ) | \u00a0 | \n\u00a0 | 4,416,220 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 20,929,978 | \u00a0 | \u00a0 | \n\u00a0 | (94,977 | ) | \u00a0 | \n\u00a0 | 20,835,001 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 25,644,901 | \u00a0 | \u00a0 | \n\u00a0 | (393,680 | ) | \u00a0 | \n\u00a0 | 25,251,221 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (4,569,134 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (4,474,157 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (4,853,300 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (4,758,323 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (1,245,303 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,245,303 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (6,098,603 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (6,003,626 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (6,077,707 | ) | \u00a0 | \n\u00a0 | 94,977 | \u00a0 | \u00a0 | \n\u00a0 | (5,982,730 | ) |
| Consolidated Statement of Cash Flows for the year ended June 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (6,098,603 | ) | \u00a0 | \n$ | 94,977 | \u00a0 | \u00a0 | \n$ | (6,003,626 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | 1,061,442 | \u00a0 | \u00a0 | \n\u00a0 | (31,338 | ) | \u00a0 | \n\u00a0 | 1,030,104 | \u00a0 |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | (3,088,466 | ) | \u00a0 | \n\u00a0 | 489,720 | \u00a0 | \u00a0 | \n\u00a0 | (2,598,746 | ) |
| Operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,427,398 | ) | \u00a0 | \n\u00a0 | (1,427,398 | ) | |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (7,581,759 | ) | \u00a0 | \n\u00a0 | (874,039 | ) | \u00a0 | \n\u00a0 | (8,455,798 | ) |
| Principal portion of lease payment | \u00a0 | \n\u00a0 | (874,039 | ) | \u00a0 | \n\u00a0 | 874,039 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Net cash used in financing activities | \u00a0 | \n\u00a0 | (16,443,844 | ) | \u00a0 | \n\u00a0 | 874,039 | \u00a0 | \u00a0 | \n\u00a0 | (15,569,805 | ) |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4,988,032 | \u00a0 | \u00a0 | \n\u00a0 | 4,988,032 | \u00a0 |
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING\nPOLICIES
\n\n\u00a0
\n\nBasis of presentation
\n\n\u00a0
\n\nThe accompanying consolidated\nfinancial statements are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S.\nGAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
\n\u00a0
\n\nCertain items for June 30, 2023 have been reclassified\nto conform to the June 30, 2024 presentation.
\n\n\u00a0
\n\nEmerging growth company
\n\n\u00a0
\n\nThe Company is an \u201cemerging\ngrowth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups\nAct of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting requirements that are\napplicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply\nwith the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002,\nreduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the\nrequirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments\nnot previously approved.
\n\n\u00a0
\n\nFurther, Section\u00a0102(b)(1)\u00a0of\nthe JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until\nprivate companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class\nof securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS\nAct provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements\nthat apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out\nof such extended transition period, which means that when a standard is issued or revised and it has different application dates for\npublic or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies\nadopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that\nis neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult\nor impossible because of the potential differences in accounting standards used.
\n\n\u00a0
\n\nBasis of consolidation
\n\n\u00a0
\n\nThe consolidated financial\nstatements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances have been\neliminated upon consolidation.
\n\u00a0
\n\nUse of estimates
\n\n\u00a0
\n\nThe preparation of the consolidated financial statements in conformity\nwith U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure\nof contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the\nreporting period. Significant estimates include allowance for credit losses and revenue recognition. Actual results could differ from\nthose estimates.
\n\u00a0
\n\nCash and cash equivalents
\n\n\u00a0
\n\nCash includes currency on\nhand, deposits held by banks that can be added or withdrawn without limitation and highly liquid investments with maturities of three\nmonths or less when purchased.
\n\n\u00a0
\n\nFair value measurement
\n\n\u00a0
\n\nThe Company applies ASC Topic\n820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands\nfinancial statement disclosure requirements for fair value measurements.
\u00a0
ASC Topic 820 defines fair\nvalue as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement\ndate in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
\n\n\u00a0
\n\nASC Topic 820 specifies a\nhierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable.\nThe hierarchy is as follows:
\n\n\u00a0
\n\n| \u25cf | Level\n1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | \n
\u00a0
\n\n| \u25cf | Level\n2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are\nobservable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. | \n
\u00a0
\n\n| \u25cf | Level\n3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique\ninputs that reflect the Company\u2019s own assumptions about the assumptions that market participants would use in pricing an asset\nor liability. | \n
\u00a0
The\ncarrying value of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other\nreceivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to\nrelated parties, approximates their fair value because of their short-term maturity.
\u00a0
\n\nAccounts receivable
\n\n\u00a0
\n\nAccounts receivable are recognized\nand carried at the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful accounts\nis made based on historical data and receivable review in accordance with ASU 2016-13. Past due accounts are generally written off against\nthe allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote.
\n\u00a0
\n\nThe Company have different\npayment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of sales amount upon placing\norder, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored payment term are designed\nfor each customer, based on business relationship, order size and other considerations.
\n\n\u00a0
\n\nAllowance for credit losses
\n\n\u00a0
\n\nThe Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit\nlosses based on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require\nthe consideration of forward-looking economic variables and conditions in the reserve calculation across the portfolio. The impact related\nto adopting the new standard was not material.
\n\n\u00a0
\n\nBased on the current expected\ncredit loss model, the Company consider many factors, including age of balance, past events, any historical default, current information\navailable about the customers, current economic conditions and certain forward-looking information, including reasonable and supportable\nforecasts.
\n\n\u00a0
\n\nInventories
\n\n\u00a0
\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.
\n\n\u00a0
\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. As of June 30, 2023 and 2024, the Company recorded inventory reserves of $0\nand $205,594, 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\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\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
\u00a0
\n\nOther investment
\n\n\u00a0
\n\nOther investments 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\nThe Company also makes qualitative\nassessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value,\nthe investment in equity securities will be written down to its fair value, with the difference between the fair value and carrying amount\nof the investment as an impairment loss recorded in the consolidated statements of operations and comprehensive loss.
\n\n\u00a0
\n\nEquity method investment
\n\n\u00a0
The\nCompany applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323,\nInvestments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial\ninterest, unless the fair value option is elected for an investment.
\u00a0
\n\nAs further discussed in Note\n9, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for the purpose of licensing,\nowning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market.
\u00a0
\n\nUnder the equity method, the Company\u2019s share of the post-investment\nprofits or losses of the equity method investee is recognized in the consolidated statement of operations. When the Company\u2019s share\nof losses of the equity method investee equals or exceeds its interest in the equity method investee, the Company does not recognize further\nlosses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity method investee. The Company\ncontinually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is\nother-than-temporary. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity\nmethod investee is written down to its fair value.
\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\nof June 30, 2023 was $9,133,707 and it matured on February 8, 2024.
\n\n\u00a0
\n\nIntangible assets
\n\n\u00a0
Intangible assets refer to\ncapitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights.\nThe Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent\ncosts are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the\nlicense agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment to\ncapitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be\nrecoverable. $0 and $1,405,684 of patent fees were capitalized during the year ended June 30, 2023 and 2024. The amortization of the intangible\nassets was $0 and $30,018 for the year ended June 30, 2023 and 2024 respectively. The amortization expenses were included in the general\nand administrative expenses.
\u00a0
Accounts payable
\n\n\u00a0
\n\nAccounts payable represents payables to suppliers. The Company\u2019s\nmajor supplier is a related party to the Company. See Note 13.
\n\n\u00a0
\n\nContract liabilities
\n\n\u00a0
\n\nContract liabilities represent\nadvanced deposits received from customers after an order has been placed but before a product has been shipped. The Company\u2019s policy\nis to require a minimum customer deposit in the range of 25% to 30% of the purchase price upon placement of a sales order. Contract liabilities\nare realized as revenue when the conditions to revenue recognition are met, primarily when control of goods has transferred to customers.
\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\nlease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of\noperations over the lease term.
\n\n\u00a0
For\nleases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet\nat lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding\noperating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial\ndirect costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring\nthe present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based\non information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable.\nThe Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term\nand economic environment of the associated lease.
\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\n12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on\nthe Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception\nwere insignificant.
\n\n\u00a0
\n\nImpairment of long-lived assets
\n\n\u00a0
\n\nIn accordance with ASC Topic\n360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes\nin circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss\nwhen the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured\nas the difference between the asset\u2019s estimated fair value and its book value. The Company did not record any impairment charge\nfor the years ended June\u00a030, 2023 and 2024.\u00a0
\n\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 a 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.
\n\u00a0
\n\nRevenue is recognized at the transaction price based on the purchase\norder as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction price, management\nestimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources of variable consideration\nfor the Company are trade promotion funds and cash discounts. These sales incentives are recorded as a reduction of revenue at the time\nof the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome\nfrom a range of possible consideration outcomes.
\u00a0
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\nplacing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term\nis designed for each customer, based on the business relationship, order size and other considerations. All contract liabilities at the\nbeginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is\nan assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales\ncontracts, a right of return is offered. With a right of return, a customer is given the right to return the products if they are not\nsatisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve is\naccrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law,\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\nby region. The net sales disaggregated by region for the years ended June\u00a030, 2023 and 2024, were as follows:
\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 58,764,022 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 41,608,122 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 14,918,441 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 314,951 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 115,605,536 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
\u00a0
\n\nCost of revenue
\n\n\u00a0
\n\nCost of revenue for the years ended June 30, 2023 and 2024, consisted\nprimarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which were mostly purchased from a related\nparty. See Note 13.
\n\n\u00a0
\n\nResearch and development expenses \u00a0\u00a0
\n\n\u00a0
\n\nResearch and development expenses represent staff\ncosts for development personnels, and expenses incurred for the testing of new products. For the years ended June 30, 2023 and 2024, the\nresearch and development expenses were $146,149 and $779,174, respectively. They are included in the general and administrative expenses.
\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 assist in determining the fair value of stock options using the binomial option pricing model, with significant\nassumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include\ntime-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting\nconditions.
\n\n\u00a0
\n\nFor stock-based payment awards\nwith time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service\nin exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based\ncompensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award.\nFor stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance\ncondition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that\nare probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair\nvalue of the awards where the performance conditions have been met and the awards have vested.
\n\n\u00a0
\n\nStock-based compensation expense\nis recorded in the general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures\nof stock-based payment awards upon\u00a0occurrence.
\n\n\u00a0
\n\nInterest income
\n\n\u00a0
\n\nFor the years ended June\u00a030,\n2023 and 2024, interest income related to interest on bank deposits.
\n\n\u00a0
\n\nIncome taxes
\n\n\u00a0
\n\nThe Company accounts for\nincome taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable\nto differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective\ntax bases.\u00a0
\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 prescribe a more-likely-than-not threshold\nfor consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company\nclassifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2023 and 2024, the Company\ndid not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there were any uncertain\ntax positions as of June\u00a030, 2023 and 2024.
\n\u00a0
\n\nEarnings per share
\n\n\u00a0
\n\nThe Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could\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 year ended June 30, 2023 and 2024. Potentially dilutive shares were as follows:
\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,255,000 | \u00a0 | |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | |
| Warrants | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | |
| Total | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,911,817 | \u00a0 |
\u00a0
\n\nComprehensive loss
\n\n\u00a0
\n\nComprehensive loss consists\nof two components, net loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting from translation\nof the financial statements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements of operations\nand comprehensive loss.
\n\u00a0
\n\nCommitments and contingencies
\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.
\n\n\u00a0
\n\nLoss contingencies considered\nremote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
\u00a0
Segment 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\nreviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company\nas a whole and has determined that the Company has only one reportable segment. Notwithstanding that the Company has customers located\naround the 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.
\n\n\u00a0
\n\nRelated parties
\n\n\u00a0
\n\nParties are considered to\nbe related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or\nare under common control with the Company. Related parties also include principal owners of the Company, its management, immediate family\nmembers of principal owners of the Company and other parties with which the Company may deal with if one party controls or can significantly\ninfluence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from\nfully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 13.
\n\n\u00a0
\n\nRecent accounting pronouncements
\n\n\u00a0
\n\nAs an emerging growth company,\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 for all accounting standards described below, if\napplicable.
\n\n\u00a0
\n\nIn October 2023, the FASB\nissued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety\nof topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements.\nThe adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities\non the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation S-K. If the SEC has not\nremoved the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for\nany entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
\n\n\u00a0
\n\nIn November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic\n280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expenses.\nASU\u00a02023-07 will be effective for fiscal years beginning after\u00a0December 15, 2023,\u00a0and interim periods within fiscal\nyears beginning after\u00a0December 15, 2024,\u00a0on a retrospective basis.\u00a0Early adoption is permitted. The Company is currently\nevaluating 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 public business entities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning\nafter December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated\nfinancial statements.
\n\n\u00a0
\n\nConcentration and risks
\n\n\u00a0
\n\nRisks and Uncertainties
\n\n\u00a0
\n\nThe Company\u2019s business,\nfinancial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters,\nextreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s\noperations.
\n\n\u00a0
\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.
\u00a0
The 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\nthe Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European\nUnion member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on\nthe European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns.\nMember states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no\npromotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020,\n2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and\nensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for 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
\n\n\u00a0
\n\nCustomer and Supplier Concentration
\n\n\u00a0\u00a0
\n\n(a)\u00a0 Customers
\n\n\n\u00a0
\n\nFor the year ended June\u00a030,\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 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 32 | % | \u00a0 | \n\u00a0 | 30 | % |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor the year ended June 30,\n2023 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 92 | % | \u00a0 | \n\u00a0 | 78 | % |
\u00a0
\n\n| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95%\nowned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. | \n
\u00a0
\n\nCredit Risk \u00a0
\n\n\u00a0
Financial\ninstruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment\n\u2013 other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance\nlevels, they are uninsured.
\u00a0
\n\nAs of June 30, 2023 and 2024,\nthe Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts receivable,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| D | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| E | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 16 | % |
\u00a0
\n\n| * | Represents\nthe percentage was below 10%. | \n
Basis of presentation
The accompanying consolidated\nfinancial statements are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S.\nGAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
Certain items for June 30, 2023 have been reclassified\nto conform to the June 30, 2024 presentation.
"}]},{"name":"rpt:f-401","factDimensions":{"xbrl:concept":"ispr:EmergingGrowthCompanyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Emerging growth company
The Company is an \u201cemerging\ngrowth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups\nAct of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting requirements that are\napplicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply\nwith the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002,\nreduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the\nrequirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments\nnot previously approved.
Further, Section\u00a0102(b)(1)\u00a0of\nthe JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until\nprivate companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class\nof securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS\nAct provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements\nthat apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out\nof such extended transition period, which means that when a standard is issued or revised and it has different application dates for\npublic or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies\nadopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that\nis neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult\nor impossible because of the potential differences in accounting standards used.
"}]},{"name":"rpt:f-402","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Basis of consolidation
The consolidated financial\nstatements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances have been\neliminated upon consolidation.
"}]},{"name":"rpt:f-403","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of estimates
The preparation of the consolidated financial statements in conformity\nwith U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure\nof contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the\nreporting period. Significant estimates include allowance for credit losses and revenue recognition. Actual results could differ from\nthose estimates.
"}]},{"name":"rpt:f-404","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Cash and cash equivalents
Cash includes currency on\nhand, deposits held by banks that can be added or withdrawn without limitation and highly liquid investments with maturities of three\nmonths or less when purchased.
"}]},{"name":"rpt:f-405","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair value measurement
The Company applies ASC Topic\n820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands\nfinancial statement disclosure requirements for fair value measurements.
\u00a0
ASC Topic 820 defines fair\nvalue as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement\ndate in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
ASC Topic 820 specifies a\nhierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable.\nThe hierarchy is as follows:
| \u25cf | Level\n1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | \n
| \u25cf | Level\n2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are\nobservable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. | \n
| \u25cf | Level\n3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique\ninputs that reflect the Company\u2019s own assumptions about the assumptions that market participants would use in pricing an asset\nor liability. | \n
The\ncarrying value of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other\nreceivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to\nrelated parties, approximates their fair value because of their short-term maturity.
"}]},{"name":"rpt:f-406","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts receivable
Accounts receivable are recognized\nand carried at the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful accounts\nis made based on historical data and receivable review in accordance with ASU 2016-13. Past due accounts are generally written off against\nthe allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote.
The Company have different\npayment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of sales amount upon placing\norder, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored payment term are designed\nfor each customer, based on business relationship, order size and other considerations.
"}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDeposits","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"us-gaap:RevenueRemainingPerformanceObligationPercentage","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember"},"factValues":[{"value":"0.70","decimals":2}]},{"name":"rpt:f-409","factDimensions":{"xbrl:concept":"us-gaap:LoansAndLeasesReceivableAllowanceForLoanLossesPolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
The Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit\nlosses based on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require\nthe consideration of forward-looking economic variables and conditions in the reserve calculation across the portfolio. The impact related\nto adopting the new standard was not material.
Based on the current expected\ncredit loss model, the Company consider many factors, including age of balance, past events, any historical default, current information\navailable about the customers, current economic conditions and certain forward-looking information, including reasonable and supportable\nforecasts.
"}]},{"name":"rpt:f-410","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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. As of June 30, 2023 and 2024, the Company recorded inventory reserves of $0\nand $205,594, respectively.
\u00a0
"}]},{"name":"rpt:f-411","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-412","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"205594","decimals":0}]},{"name":"rpt:f-413","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nShorter of the term of the lease or the estimated useful life of the assets |
Other investment
Other investments 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.
The Company also makes qualitative\nassessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value,\nthe investment in equity securities will be written down to its fair value, with the difference between the fair value and carrying amount\nof the investment as an impairment loss recorded in the consolidated statements of operations and comprehensive loss.
"}]},{"name":"rpt:f-419","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Equity method investment
The\nCompany applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323,\nInvestments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial\ninterest, unless the fair value option is elected for an investment.
As further discussed in Note\n9, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for the purpose of licensing,\nowning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market.
Under the equity method, the Company\u2019s share of the post-investment\nprofits or losses of the equity method investee is recognized in the consolidated statement of operations. When the Company\u2019s share\nof losses of the equity method investee equals or exceeds its interest in the equity method investee, the Company does not recognize further\nlosses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity method investee. The Company\ncontinually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is\nother-than-temporary. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity\nmethod investee is written down to its fair value.
"}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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\nof June 30, 2023 was $9,133,707 and it matured on February 8, 2024.
"}]},{"name":"rpt:f-421","factDimensions":{"xbrl:concept":"us-gaap:OtherInvestments","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9133707","decimals":0}]},{"name":"rpt:f-422","factDimensions":{"xbrl:concept":"us-gaap:InvestmentMaturityDate","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"2024-02-08"}]},{"name":"rpt:f-423","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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.\nThe Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent\ncosts are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the\nlicense agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment to\ncapitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be\nrecoverable. $0 and $1,405,684 of patent fees were capitalized during the year ended June 30, 2023 and 2024. The amortization of the intangible\nassets was $0 and $30,018 for the year ended June 30, 2023 and 2024 respectively. The amortization expenses were included in the general\nand administrative expenses.
\u00a0
"}]},{"name":"rpt:f-424","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-425","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-427","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1405684","decimals":0}]},{"name":"rpt:f-428","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-429","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30018","decimals":0}]},{"name":"rpt:f-430","factDimensions":{"xbrl:concept":"ispr:AccountsPayablePolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts payable
Accounts payable represents payables to suppliers. The Company\u2019s\nmajor supplier is a related party to the Company. See Note 13.
"}]},{"name":"rpt:f-431","factDimensions":{"xbrl:concept":"ispr:ContractLiabilitiesPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Contract liabilities
Contract liabilities represent\nadvanced deposits received from customers after an order has been placed but before a product has been shipped. The Company\u2019s policy\nis to require a minimum customer deposit in the range of 25% to 30% of the purchase price upon placement of a sales order. Contract liabilities\nare realized as revenue when the conditions to revenue recognition are met, primarily when control of goods has transferred to customers.
"}]},{"name":"rpt:f-432","factDimensions":{"xbrl:concept":"ispr:CustomerDeposits","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-433","factDimensions":{"xbrl:concept":"ispr:CustomerDeposits","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-434","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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\nlease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of\noperations over the lease term.
For\nleases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet\nat lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding\noperating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial\ndirect costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring\nthe present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based\non information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable.\nThe Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term\nand 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\n12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on\nthe Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception\nwere insignificant.
"}]},{"name":"rpt:f-435","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Impairment of long-lived assets
In accordance with ASC Topic\n360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes\nin circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss\nwhen the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured\nas the difference between the asset\u2019s estimated fair value and its book value. The Company did not record any impairment charge\nfor the years ended June\u00a030, 2023 and 2024.\u00a0
"}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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 a 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.
Revenue is recognized at the transaction price based on the purchase\norder as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction price, management\nestimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources of variable consideration\nfor the Company are trade promotion funds and cash discounts. These sales incentives are recorded as a reduction of revenue at the time\nof the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome\nfrom a range of possible consideration outcomes.
\u00a0
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\nplacing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term\nis designed for each customer, based on the business relationship, order size and other considerations. All contract liabilities at the\nbeginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is\nan assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales\ncontracts, a right of return is offered. With a right of return, a customer is given the right to return the products if they are not\nsatisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve is\naccrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law,\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\nby region. The net sales disaggregated by region for the years ended June\u00a030, 2023 and 2024, were as follows:
| \u00a0 | \u00a0 | \nFor the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 58,764,022 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 41,608,122 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 14,918,441 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 314,951 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 115,605,536 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
| \u00a0 | \u00a0 | \nFor the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 58,764,022 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 41,608,122 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 14,918,441 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 314,951 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 115,605,536 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
Cost of revenue
Cost of revenue for the years ended June 30, 2023 and 2024, consisted\nprimarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which were mostly purchased from a related\nparty. See Note 13.
"}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Research and development expenses \u00a0\u00a0
Research and development expenses represent staff\ncosts for development personnels, and expenses incurred for the testing of new products. For the years ended June 30, 2023 and 2024, the\nresearch and development expenses were $146,149 and $779,174, respectively. They are included in the general and administrative expenses.
"}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-07-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"146149","decimals":0}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"779174","decimals":0}]},{"name":"rpt:f-454","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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 assist in determining the fair value of stock options using the binomial option pricing model, with significant\nassumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include\ntime-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting\nconditions.
For stock-based payment awards\nwith time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service\nin exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based\ncompensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award.\nFor stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance\ncondition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that\nare probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair\nvalue of the awards where the performance conditions have been met and the awards have vested.
Stock-based compensation expense\nis recorded in the general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures\nof stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-455","factDimensions":{"xbrl:concept":"ispr:InterestIncomePolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Interest income
For the years ended June\u00a030,\n2023 and 2024, interest income related to interest on bank deposits.
"}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income taxes
The Company accounts for\nincome taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable\nto differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective\ntax bases.\u00a0
\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 prescribe a more-likely-than-not threshold\nfor consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company\nclassifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2023 and 2024, the Company\ndid not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there were any uncertain\ntax positions as of June\u00a030, 2023 and 2024.
"}]},{"name":"rpt:f-457","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings per share
The Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could\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 year ended June 30, 2023 and 2024. Potentially dilutive shares were as follows:
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,255,000 | \u00a0 | |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | |
| Warrants | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | |
| Total | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,911,817 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,255,000 | \u00a0 | |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | |
| Warrants | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | |
| Total | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | 3,911,817 | \u00a0 |
Comprehensive loss
Comprehensive loss consists\nof two components, net loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting from translation\nof the financial statements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements of operations\nand comprehensive loss.
"}]},{"name":"rpt:f-464","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Commitments and contingencies
In 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.
If 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.
Loss contingencies considered\nremote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
\u00a0
"}]},{"name":"rpt:f-465","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"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\nreviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company\nas a whole and has determined that the Company has only one reportable segment. Notwithstanding that the Company has customers located\naround the 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.
"}]},{"name":"rpt:f-466","factDimensions":{"xbrl:concept":"ispr:RelatedPartiesPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Related parties
Parties are considered to\nbe related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or\nare under common control with the Company. Related parties also include principal owners of the Company, its management, immediate family\nmembers of principal owners of the Company and other parties with which the Company may deal with if one party controls or can significantly\ninfluence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from\nfully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 13.
"}]},{"name":"rpt:f-467","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","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 for all accounting standards described below, if\napplicable.
In October 2023, the FASB\nissued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety\nof topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements.\nThe adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities\non the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation S-K. If the SEC has not\nremoved the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for\nany entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic\n280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expenses.\nASU\u00a02023-07 will be effective for fiscal years beginning after\u00a0December 15, 2023,\u00a0and interim periods within fiscal\nyears beginning after\u00a0December 15, 2024,\u00a0on a retrospective basis.\u00a0Early adoption is permitted. The Company is currently\nevaluating 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 public business entities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning\nafter December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated\nfinancial statements.
"}]},{"name":"rpt:f-468","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration and risks
Risks and Uncertainties
The Company\u2019s business,\nfinancial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters,\nextreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s\noperations.
E-cigarette regulation
Regulation 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.
\u00a0
The 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.
Amendments 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.
In 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.
However, 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.
The European Commission issued\nthe Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European\nUnion member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on\nthe European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns.\nMember states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no\npromotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020,\n2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and\nensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for products\nsold in Europe.
The sale of cannabis vaping\nproducts is illegal in the European Union and the United Kingdom.\u00a0
Customer and Supplier Concentration
(a)\u00a0 Customers
For the year ended June\u00a030,\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 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 32 | % | \u00a0 | \n\u00a0 | 30 | % |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
(b)\u00a0Suppliers
For the year ended June 30,\n2023 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
| \u00a0 | \u00a0 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 92 | % | \u00a0 | \n\u00a0 | 78 | % |
| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95%\nowned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. | \n
Credit Risk \u00a0
Financial\ninstruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment\n\u2013 other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance\nlevels, they are uninsured.
As of June 30, 2023 and 2024,\nthe Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts receivable,\nwere as follows:
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| D | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| E | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 16 | % |
| * | Represents\nthe percentage was below 10%. | \n
| \u00a0 | \u00a0 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 32 | % | \u00a0 | \n\u00a0 | 30 | % |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \nYear Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| B(1) | \u00a0 | \n\u00a0 | 92 | % | \u00a0 | \n\u00a0 | 78 | % |
| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95%\nowned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 13. | \n
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| D | \u00a0 | \n\u00a0 | 11 | % | \u00a0 | \n\u00a0 | \u00a0 | |
| E | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 16 | % |
| * | Represents\nthe percentage was below 10%. | \n
NOTE 4. CASH
\n\n\u00a0
\n\nBelow is a breakdown of the\nCompany\u2019s cash balances in banks as of June\u00a030, 2023 and 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 June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \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$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d refers\nto Hong Kong dollars, \u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to Malaysia\nringgit, and \u201cRMB\u201d refers to Renminbi.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the\nCompany\u2019s cash balances in banks as of June\u00a030, 2023 and 2024, both by geography and by currencies (translated into U.S. dollars):| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 25,841,880 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 14,458,693 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 | |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \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$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 | |
| HKD | \u00a0 | \n\u00a0 | 363,416 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 59,702 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,143 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 19,676 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 40,300,573 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
NOTE 5. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023\nand 2024, accounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
\u00a0
\n\nThe\u00a0Company recorded\n$3,332,825 and $6,015,752 credit loss expenses for the year ended June\u00a030, 2023 and 2024, respectively. For the years ended June\u00a030,\n2023 and 2024, the Company wrote off accounts receivable against allowance for credit losses of $0 and $1,629,320,\u00a0respectively.
\n\u00a0
\n\nActivity in the allowance for credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Balance at July 1, 2023 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Current period provision for expected losses | \u00a0 | \n\u00a0 | 6,015,752 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (1,629,320 | ) |
| Balance at June 30, 2024 | \u00a0 | \n$ | 5,885,238 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 26,025,068 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (1,498,806 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 24,526,262 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Balance at July 1, 2023 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Current period provision for expected losses | \u00a0 | \n\u00a0 | 6,015,752 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (1,629,320 | ) |
| Balance at June 30, 2024 | \u00a0 | \n$ | 5,885,238 | \u00a0 |
NOTE 6. PREPAID EXPENSES AND OTHER CURRENT\nASSETS
\n\n\u00a0
\n\nAs of June\u00a030, 2023\nand 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 June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 206,480 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 696,960 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 488,104 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 8,608 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 1,400,152 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 3,209,413 | \u00a0 | \u00a0 | \n$ | 206,480 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 26,974 | \u00a0 | \u00a0 | \n\u00a0 | 696,960 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 142,230 | \u00a0 | \u00a0 | \n\u00a0 | 488,104 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 8,608 | \u00a0 | |
| Total | \u00a0 | \n$ | 3,378,617 | \u00a0 | \u00a0 | \n$ | 1,400,152 | \u00a0 |
NOTE 7. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of June\u00a030, 2023\nand 2024, property, plant and equipment consisted of the following:
\n\n\u00a0\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 518,854 | \u00a0 | \u00a0 | \n$ | 817,329 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 339,155 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | \u00a0 | \n\u00a0 | 817,308 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (79,868 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 1,088,131 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
\u00a0
\n\nFor the years ended June\u00a030,\n2023 and 2024, depreciation expense amounted to $46,629 and $479,066, respectively.
"}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2023\nand 2024, property, plant and equipment consisted of the following:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 518,854 | \u00a0 | \u00a0 | \n$ | 817,329 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 339,155 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 309,990 | \u00a0 | \u00a0 | \n\u00a0 | 817,308 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 | |
| \u00a0 | \u00a0 | \n\u00a0 | 1,167,999 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (79,868 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 1,088,131 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
NOTE 8. OTHER INVESTMENT
\n\n\u00a0
\n\nOn February 13, 2024, the Company acquired shares of preferred equity\u00a0investment\u00a0in\nTouch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation (\u201cBerify\u201d). The Company purchased 908,464 shares of Berify\nSeries\u00a0Seed\u00a0Preferred equity for $1 million, yielding a 2.3% ownership in Berify. On April 5, 2024, the Company invested an\nadditional of $1 million into Berify\u2019s preferred equity for 908,464 shares, giving the Company a total of 1,816,928 shares equal\nto a 4.5% interest in Berify. As of June 30, 2024, the investment in Berify amounted to $2,000,000.
\n\n\u00a0
\n\nThe Series Seed Preferred\nShares are convertible at any time into Berify common stock on a one-to-one basis, subject to certain specified adjustment provisions,\nand are mandatorily convertible upon an initial public offering or upon the election of the holders of a majority of the outstanding shares\nof Berify preferred stock. The Series Seed Preferred Shares will be paid in preference to the holders of common stock upon any voluntary\nor involuntary liquidation, dissolution or winding up of the entity, or upon a deemed liquidation event (consisting of (a) a merger or\nconsolidation, or (b) the sale, lease, transfer of all or substantially all of the entity\u2019s assets), based on the original issue\nprice plus declared but unpaid dividends. The Series Seed Preferred Shares do not provide the Company with the ability to require repurchase\nof the shares at any specified time or upon any specified event.
\n\n\u00a0
\n\nThe Series Seed Preferred\nequity comes with a variety of protective rights for Series Seed Preferred shareholders, including the ability to approve the creation\nof new classes of capital stock, redemptions of capital stock, declare dividends on capital stock and effecting a deemed liquidation event\nor liquidation, dissolution or winding up of the entity. The holders of Berify Series Seed Preferred Shares vote with holders of common\nstock on an as-converted basis.
\n\n\u00a0
\n\nThe Company accounts for the\ninvestment in Berify Series Seed Preferred Shares as equity securities under ASC 321. The Company initially recognized the investment\nbased on its transaction price, reflective of the fair value of the investment. As the investment does not have a readily determinable\nfair value, the Company applies the measurement alternative, and measures at cost less any impairment on a subsequent measurement basis,\nuntil there are any observable price changes that can be applied to the measurement of the investment.
"}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2024-02-14T00:00:00","xbrl:entity":"cik:0001948455","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"0.023","decimals":3}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifysPreferredEquityMember"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-554","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1816928","decimals":0}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"0.045","decimals":3}]},{"name":"rpt:f-556","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"2000000","decimals":0}]},{"name":"rpt:f-557","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsDisclosureTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"NOTE 9. EQUITY METHOD INVESTMENT
\n\n\u00a0
\n\nOn April 5, 2024 (the \u201cClosing\nDate\u201d), Aspire North America entered into a capital contribution, subscription, and joint venture agreement (the \u201cJV Agreement\u201d)\nwith several other parties, including Chemular Inc., a Michigan corporation (\u201cChemular\u201d), Touch Point Worldwide, Inc. d/b/a/\nBerify, a Delaware corporation (\u201cTPW\u201d or \u201cBerify\u201d), and IKE Tech LLC, a Delaware limited liability company (the\n\u201cJoint Venture\u201d, and together with Chemular, Berify, and the Company, each a \u201cParty\u201d and collectively, the \u201cParties\u201d)\npursuant to which the Parties agreed to participate in the Joint Venture. Pursuant to the JV Agreement, the parties created a legal entity,\nIKE Tek LLC (\u201cIKE\u201d), whose business will be licensing, owning, operating and developing an industry-standard age-verification\nsolution for vapor (e-cigarette) devices in the U.S. market as the related planned submission of PMTA applications that seek FDA marketing\norders for cutting-edge technologies across the U.S. e-cigarette market, including, without limitation, (a) next-generation e-cigarette\nhardware with a user-friendly point-of-use age-verification and geo fencing capability that eliminates the use of hardware in certain\ndesignated areas such as schools and sensitive areas; (b) e-cigarettes with end-to-end range of dynamic features such as authentication,\ndirect to consumer engagements and exclusive offerings built on the foundations of blockchain technology; and (c) a real-time biometric\nidentity platform for user access controls, creating added security and reliability that deters counterfeiting in connection with vapor\ndevices.
\n\n\u00a0
\n\nOn the Closing Date, Ispire\n(i) contributed $1 million to IKE in cash for funding its operating activities, and (ii) entered into a binding commitment to make an\nadditional capital contribution to IKE in the aggregate amount of up to $9 million. Upon written request of IKE, Ispire shall make additional\ncapital contributions in cash to IKE in the aggregate amount of up to $9 million as necessary for research and development purchase as\nprovided for in IKE\u2019s board-approved budget for the preparation and submission of the PMTAs, as well as IKE\u2019s commercialization\nwork, including staffing, software development, office space and the purchase of raw materials (the \u201cIspire Contribution Commitment\u201d).\nThe Company\u2019s capital account as of the Closing Date reflects a balance including the Ispire Contribution Commitment. In exchange\nfor Ispire\u2019s total investment of $10 million, which includes the Ispire Contribution Commitment, IKE issued to Ispire membership\ninterests in an aggregate amount initially equal to forty percent (40%) of the membership interests in IKE on the Closing Date.
\n\n\u00a0
\n\nThe Company evaluates the interests in Variable Interest Entities (\u201cVIEs\u201d)\nand will consolidate any VIE in which it has a controlling financial interest and are deemed to be the primary beneficiary. A controlling\nfinancial interest has both of the following characteristics: (1) the power to direct the activities of the VIE that most significantly\nimpact its economic performance; and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or\nthe right to receive benefits from the VIE that could be significant to the VIE. If both of the characteristics are met, we are considered\nto be the primary beneficiary and therefore will consolidate that VIE into our consolidated financial statements.
\n\n\u00a0
The Company determined that\nIKE is a variable interest entity (\u201cVIE\u201d), as IKE does not have sufficient equity at risk to continue operations without additional\nfinancial support. However, the Company is not the primary beneficiary of IKE, given that the Company does not have the power to direct\nthe operating activities that most significantly impact IKE\u2019s economic performance. The Company accounts for its investment under\nthe equity method of accounting, given that it exerts significant influence over IKE. Under the equity method, the investment is initially\nrecorded at cost and is subsequently increased for our proportionate share of income of the investee and reduced to reflect our proportionate\nshare of losses of the investee, dividends received and other-than-temporary impairments. At June 30, 2024, the Company assessed its equity\nmethod investment for any impairment and concluded that there were no indicators of impairment.
\n\n\n
\u00a0
\n\nAs of June 30, 2024, the investment\nin joint venture accounted for under the equity method amounted to $10,248,048.
\n\n\u00a0
\n\nFor the years ended June 30,\n2024, the Company\u2019s share of the joint venture\u2019s net loss was $117,905, which was included in \u201cother (expense) income,\nnet\u201d in the consolidated statements of operations and comprehensive loss.
\n\n\u00a0
\n\nThe tables below present\u00a0the\nsummarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | |
| Current assets | \u00a0 | \n$ | 24,249,101 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 576,789 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 120,654 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 24,705,236 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Net revenue | \u00a0 | \n$ | \u00a0 | |
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | |
| Loss from operations | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | |
| Current assets | \u00a0 | \n$ | 24,249,101 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 576,789 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 120,654 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 24,705,236 | \u00a0 |
| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Net revenue | \u00a0 | \n$ | \u00a0 | |
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | |
| Loss from operations | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
NOTE 10. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs of June 30, 2023 and 2024,\nthe Company had total contract liabilities of $988,556 and $2,218,166, respectively. These liabilities are advance deposits received\nfrom customers after an order has been placed. As of June 30, 2024, the Company expects all of the contract liabilities to be settled\nin less than one year. The increase in the balance at June 30, 2024 was due to more orders on hand on that date.
\n\n\u00a0
\n\nChanges in the contract liabilities is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Balance at July 1, 2023 | \u00a0 | \n$ | 988,556 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 26,880,112 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (25,650,502 | ) |
| Balance at June 30, 2024 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
| \u00a0 | \u00a0 | \nYear ended June\u00a030, 2024 | \u00a0 | |
| Balance at July 1, 2023 | \u00a0 | \n$ | 988,556 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 26,880,112 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (25,650,502 | ) |
| Balance at June 30, 2024 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
NOTE 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 | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 (Restated) | \u00a0 | \u00a0 | \nJune\u00a030, 2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,253,732 | \u00a0 | \u00a0 | \n$ | 3,579,140 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 837,100 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,071,075 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 3,908,175 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
\u00a0
\n\nAs of June 30, 2024, the\nmaturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | |
| July 1, 2024 to June 30, 2025 | \u00a0 | \n$ | 1,432,330 | \u00a0 |
| July 1, 2025 to June 30, 2026 | \u00a0 | \n\u00a0 | 1,395,767 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 857,144 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 80,676 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 3,765,917 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (363,991 | ) |
| Total lease liabilities | \u00a0 | \n$ | 3,401,926 | \u00a0 |
\u00a0
\n\nThe Company incurred lease\ncosts, which include the payment of short-term leases, of $1,237,868 and $1,522,974 on the Company\u2019s consolidated statements of\noperations and comprehensive loss for the years ended June 30, 2023 and 2024, respectively.
\n\u00a0
\n\nThe Company made payments\nof $1,141,142 and $1,342,709 under the lease agreements during the year ended June 30, 2023 and 2024, respectively.
\n\n\u00a0
\n\nThe weighted-average remaining\nlease term related to the Company\u2019s lease liabilities as of June 30, 2023 and 2024 was 4 years and 2.7 years, respectively.
\n\n\u00a0
\n\nThe discount rate related\nto the Company\u2019s lease liabilities as of June 30, 2023 and 2024 was 8.1% and 7.9%. The discount rates are generally based on estimates\nof the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily determined.
"}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-584","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use\nassets and lease liabilities where the Company is the lessee are presented as follow:| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 (Restated) | \u00a0 | \u00a0 | \nJune\u00a030, 2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 4,253,732 | \u00a0 | \u00a0 | \n$ | 3,579,140 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 837,100 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 3,071,075 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 3,908,175 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | |
| July 1, 2024 to June 30, 2025 | \u00a0 | \n$ | 1,432,330 | \u00a0 |
| July 1, 2025 to June 30, 2026 | \u00a0 | \n\u00a0 | 1,395,767 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 857,144 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 80,676 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 3,765,917 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (363,991 | ) |
| Total lease liabilities | \u00a0 | \n$ | 3,401,926 | \u00a0 |
NOTE 12. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of June\u00a030, 2023\nand 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 June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 | |
| Other payables | \u00a0 | \n\u00a0 | 148,197 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 | |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 | |
| Other payables | \u00a0 | \n\u00a0 | 148,197 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 97,314 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 35,850 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 | |
| Other tax payable | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 | |
| Total | \u00a0 | \n$ | 281,361 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
NOTE 13. RELATED 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 and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - 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 June 30, 2024, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of June 30, 2024, Mr. Liu and Ms. Zhu beneficially own 58.9% 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 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 year ended June 30, 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 2024, the accounts payable\u2013- related party was $51,698,588 and $67,046,472, 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 year ended June 30, 2023 and 2024, the purchases from Shenzhen Yi Jia were $83,060,957 and $91,324,614, respectively. |
| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| - Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| - Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
NOTE 14. INCOME TAXES\u00a0
\n\n\u00a0
\n\nBritish Virgin Islands (\u201cBVI\u201d)
\n\n\u00a0
\n\nUnder the current laws of\nthe BVI, the Company\u2019s BVI subsidiary, Ispire International, is not subject to income or capital gains taxes. In addition, dividend\npayments are not subject to withholding tax in the BVI.
\n\n\u00a0
\n\nHong Kong
\n\n\u00a0
\n\nUnder the two-tiered profits\ntax rates regime for Hong Kong, the first 2 million HKD of profits of the qualifying entity will be taxed at 8.25%, and profits above\nHKD 2 million will be taxed at 16.5%.
\u00a0
United States
\n\n\u00a0
\n\nThe Company and Aspire North America LLC are each subject to the federal\nincome tax rate of 21% if in a taxable position.
\n\n\u00a0
\n\nFor the year ended June\u00a030,\n2023 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| HK | \u00a0 | \n$ | 7,444,203 | \u00a0 | \u00a0 | \n$ | 8,150,770 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (12,202,526 | ) | \u00a0 | \n\u00a0 | (20,623,262 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,013,284 | ) | |
| Total | \u00a0 | \n$ | (4,758,323 | ) | \u00a0 | \n$ | (13,485,776 | ) |
\u00a0\u00a0
\n\nThe reconciliation of the\nactual income taxes to the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax income is as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Federal statutory income tax rate | \u00a0 | \n$ | (999,248 | ) | \u00a0 | \n$ | (2,832,013 | ) |
| State income taxes, net of federal benefit and valuation allowance | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Permanent Differences | \u00a0 | \n\u00a0 | 40,311 | \u00a0 | \u00a0 | \n\u00a0 | 77,429 | \u00a0 |
| Foreign Rate Differential | \u00a0 | \n\u00a0 | (370,425 | ) | \u00a0 | \n\u00a0 | (460,014 | ) |
| Change in valuation allowance | \u00a0 | \n\u00a0 | 2,574,665 | \u00a0 | \u00a0 | \n\u00a0 | 4,427,175 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 69,469 | \u00a0 | |
| Income tax expense | \u00a0 | \n$ | 1,245,303 | \u00a0 | \u00a0 | \n$ | 1,282,046 | \u00a0 |
\u00a0
\n\nThe Company\u2019s effective\ntax rate for the years ended June 30, 2023 and 2024, was different from the United States statutory income tax rate due primarily to the\nU.S. and Malaysia subsidiaries being in a loss position and the Hong Kong subsidiary being in an income position. No tax benefit has been\nrecognized for this current losses and the related carryforward losses of these subsidiary, as a full valuation allowance has been established\nagainst the deferred tax asset arising from the losses.
\n\n\u00a0
As at June 30, 2024, there\nwere unrecognized deferred tax assets of $13,029,870, out of which $7,006,420 were federal, state, and foreign net operating loss carryforwards\nthat may result in future income tax benefits, resulting from net operating losses of $24,310,876, $23,740,602, and $1,013,283, respectfully.\nPursuant to the Tax Cuts and Jobs Act enacted by the U.S. federal government in December 2017. For federal income tax purposes, NOL carryovers\ngenerated for tax years beginning January 1, 2018 can be carried forward indefinitely but will be subject to a taxable income limitation.\nState NOLs will begin expiring in 2043 and foreign NOLs will begin expiring in 2034.
\n\n\u00a0
\n\nThe amount of the valuation allowance as of June 30, 2024 was $11,850,516,\nresulting from an addition of $7,350,072 to the valuation allowance of $4,500,444 as of June 30, 2023. Valuation allowances provided against\nthe deferred tax assets are related to the net operating loss carryforwards, as the Company\u2019s management does not believe that sufficient\npositive evidence exists to conclude that the benefits of such deferred tax assets are more likely than not to be realized in full.
\u00a0
Deferred tax assets and liabilities\nrepresent the future effects on income taxes that result from temporary differences and carryforwards that exist at the balance sheet\ndate, and are measured using enacted rates and provisions of the tax law. Deferred tax assets are recognized for deductible temporary\ndifferences as well as tax attributes.
\n\n\u00a0
\n\nSignificant components of\nthe Company\u2019s deferred tax liabilities and assets as of June 30, 2023 and 2024 are as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Deferred tax assets: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | \n$ | 3,062,787 | \u00a0 | \u00a0 | \n$ | 7,006,420 | \u00a0 |
| Foreign payables | \u00a0 | \n\u00a0 | 981,956 | \u00a0 | \u00a0 | \n\u00a0 | 1,310,900 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \n\u00a0 | 508,980 | \u00a0 | \u00a0 | \n\u00a0 | 1,541,584 | \u00a0 |
| Share based compensation | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,529,346 | \u00a0 | |
| Lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 939,195 | \u00a0 | |
| Others | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 702,425 | \u00a0 | |
| Total deferred tax assets | \u00a0 | \n\u00a0 | 4,553,723 | \u00a0 | \u00a0 | \n\u00a0 | 13,029,870 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \n\u00a0 | (4,500,444 | ) | \u00a0 | \n\u00a0 | (11,850,516 | ) |
| Net deferred assets | \u00a0 | \n\u00a0 | 53,279 | \u00a0 | \u00a0 | \n\u00a0 | 1,179,354 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment | \u00a0 | \n\u00a0 | (53,279 | ) | \u00a0 | \n\u00a0 | (347,779 | ) |
| Right of use assets | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (831,575 | ) | |
| Net deferred tax liabilities | \u00a0 | \n\u00a0 | (53,279 | ) | \u00a0 | \n\u00a0 | (1,179,354 | ) |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net deferred tax asset | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
\u00a0
\n\nMovement of valuation allowance:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 1,925,780 | \u00a0 | \u00a0 | \n$ | 4,500,444 | \u00a0 |
| Current year addition | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 | \u00a0 | \n\u00a0 | 7,350,072 | \u00a0 |
| At the end of the year | \u00a0 | \n$ | 4,500,444 | \u00a0 | \u00a0 | \n$ | 11,850,516 | \u00a0 |
\u00a0
\n\nThe Company is subject to\nincome taxes in the U.S. federal, state, and various foreign jurisdictions. Tax regulations within each jurisdiction are subject to the\ninterpretation of the related tax laws and regulations and require significant judgment to apply. All of the Company\u2019s tax years\nwill remain open for examination by the US federal and state tax authorities from the date the returns are filed or are due, whichever\nis later. The Company does not have any tax audits or other issues pending.
"}]},{"name":"rpt:f-640","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD","us-gaap:IncomeTaxAuthorityNameAxis":"us-gaap:InlandRevenueHongKongMember"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-641","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:IncomeTaxAuthorityNameAxis":"us-gaap:InlandRevenueHongKongMember"},"factValues":[{"value":"0.0825","decimals":4}]},{"name":"rpt:f-642","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-643","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.165","decimals":3}]},{"name":"rpt:f-644","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","us-gaap:IncomeTaxAuthorityNameAxis":"country:US"},"factValues":[{"value":"0.21","decimals":2}]},{"name":"rpt:f-645","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the year ended June\u00a030,\n2023 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| HK | \u00a0 | \n$ | 7,444,203 | \u00a0 | \u00a0 | \n$ | 8,150,770 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (12,202,526 | ) | \u00a0 | \n\u00a0 | (20,623,262 | ) |
| Malaysia | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,013,284 | ) | |
| Total | \u00a0 | \n$ | (4,758,323 | ) | \u00a0 | \n$ | (13,485,776 | ) |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Federal statutory income tax rate | \u00a0 | \n$ | (999,248 | ) | \u00a0 | \n$ | (2,832,013 | ) |
| State income taxes, net of federal benefit and valuation allowance | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Permanent Differences | \u00a0 | \n\u00a0 | 40,311 | \u00a0 | \u00a0 | \n\u00a0 | 77,429 | \u00a0 |
| Foreign Rate Differential | \u00a0 | \n\u00a0 | (370,425 | ) | \u00a0 | \n\u00a0 | (460,014 | ) |
| Change in valuation allowance | \u00a0 | \n\u00a0 | 2,574,665 | \u00a0 | \u00a0 | \n\u00a0 | 4,427,175 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 69,469 | \u00a0 | |
| Income tax expense | \u00a0 | \n$ | 1,245,303 | \u00a0 | \u00a0 | \n$ | 1,282,046 | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Deferred tax assets: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | \n$ | 3,062,787 | \u00a0 | \u00a0 | \n$ | 7,006,420 | \u00a0 |
| Foreign payables | \u00a0 | \n\u00a0 | 981,956 | \u00a0 | \u00a0 | \n\u00a0 | 1,310,900 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \n\u00a0 | 508,980 | \u00a0 | \u00a0 | \n\u00a0 | 1,541,584 | \u00a0 |
| Share based compensation | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,529,346 | \u00a0 | |
| Lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 939,195 | \u00a0 | |
| Others | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 702,425 | \u00a0 | |
| Total deferred tax assets | \u00a0 | \n\u00a0 | 4,553,723 | \u00a0 | \u00a0 | \n\u00a0 | 13,029,870 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \n\u00a0 | (4,500,444 | ) | \u00a0 | \n\u00a0 | (11,850,516 | ) |
| Net deferred assets | \u00a0 | \n\u00a0 | 53,279 | \u00a0 | \u00a0 | \n\u00a0 | 1,179,354 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment | \u00a0 | \n\u00a0 | (53,279 | ) | \u00a0 | \n\u00a0 | (347,779 | ) |
| Right of use assets | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (831,575 | ) | |
| Net deferred tax liabilities | \u00a0 | \n\u00a0 | (53,279 | ) | \u00a0 | \n\u00a0 | (1,179,354 | ) |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net deferred tax asset | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| At the beginning of the year | \u00a0 | \n$ | 1,925,780 | \u00a0 | \u00a0 | \n$ | 4,500,444 | \u00a0 |
| Current year addition | \u00a0 | \n\u00a0 | 2,574,664 | \u00a0 | \u00a0 | \n\u00a0 | 7,350,072 | \u00a0 |
| At the end of the year | \u00a0 | \n$ | 4,500,444 | \u00a0 | \u00a0 | \n$ | 11,850,516 | \u00a0 |
NOTE 15. WARRANTS\u00a0
\n\n\u00a0
\n\nThe following table summarizes\ninformation with respect to outstanding warrants to purchase common stock during the years ended June 30, 2023 and 2024:
\n\n\u00a0
\n\n| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 8.75 | \u00a0 | \u00a0 | \u00a0 | 46 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Granted | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 9.00 | \u00a0 | \u00a0 | \u00a0 | 119 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
On\nApril 3, 2023, the Company issued representative of the underwriters 62,100 warrants. Each warrant entitles the holder to purchase one\nshare of common stock at an exercise price of $8.75, during the period commencing April 3, 2023, and expiring on April 3, 2028. None\nof the warrants have been exercised yet.
\u00a0
\n\nOn April 5, 2024, the Company\nissued a warrant to purchase 111,111 shares of its Common Stock to Berify in a private placement concurrent with the closing of investment\nin Ike Tech LLC, the joint venture. See Note 9. The Warrant has an exercise price of $9.00 per share, is exercisable immediately, and\nwill expire ten years from the date of issuance, or April 5, 2034. The warrants are equity-classified and recorded at fair value. A third\nparty valuation specialist was engaged to assist management with the fair value estimation and the Black-Scholes option pricing model\nwas adopted to estimate the fair value of the warrants. Key assumptions used in determining fair value were as below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Year ended June\u00a030, 2023 | \u00a0 | |
| Time to expiry | \u00a0 | \u00a0 | 10 years | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.40 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % |
| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 8.75 | \u00a0 | \u00a0 | \u00a0 | 46 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Granted | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 9.00 | \u00a0 | \u00a0 | \u00a0 | 119 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
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assumptions used in determining fair value were as below:| \u00a0 | \u00a0 | Year ended June\u00a030, 2023 | \u00a0 | |
| Time to expiry | \u00a0 | \u00a0 | 10 years | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.40 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % |
NOTE 16. STOCK-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 stock
\n\n\u00a0
\n\nDuring the year ended June\n30, 2024, 148,216 shares of common stock were issued to the Company\u2019s board of directors in settlement of restricted stock granted\nunder the Plan. Restricted stock granted to directors vests over three to six months and was fully vested as of June 30, 2024. The Company\nrecognized share-based compensation expense totaling $826,996 related to the restricted stock issued to the Company\u2019s board of directors,\nbased the grant date fair value of the awards. There is unrecognized compensation expenses related to these restricted stock awards\nas of June 30, 2024.
\n\n\u00a0
\n\nDuring the year ended June\n30, 2024, the Company entered into consulting agreements with two consultants which provide for the issuance of up to 150,000 shares of\ncommon stock to each consultant (a total of 300,000 shares of common stock). Under the terms of the consulting agreements, (a) 25,000\nshares of common stock vested upon execution of the consulting agreements (a total of 50,000 shares of common stock), (b) 100,000 shares\nof common stock will vest upon the attainment of five separate sales-based targets, in 20,000 share increments (a total of 200,000 shares\nof common stock), and (c) 25,000 shares of common stock will vest on October 1, 2027, if the consulting agreements have not been terminated\n(a total of 50,000 shares of common stock). Upon execution of the consulting agreements, the Company issued a total of 50,000 shares of\ncommon stock and recognized stock-based compensation expense totaling $357,000, and estimated the grant date fair value of the restricted\nstock to be $7.14 per share. The shares of common stock that vest upon the attainment of the sales-based targets include performance-based\nvesting conditions, which the Company has determined were not probable of being achieved at June 30, 2024. As such, the Company has not\nrecognized any compensation expense as of June 30, 2024, related to the restricted common stock with performance-based vesting conditions.\nThe shares of common stock that vest on October 1, 2027, include time-based vesting criteria. For these shares, the Company recognizes\nstock-based compensation expense based on the grant date fair value on a straight-line basis over the required service period. For the\nyear ended June 30, 2024, the stock-based compensation expense related to the restricted common stock with time-based vesting conditions\nwas not material.
\u00a0
During the year ended June\n30, 2024, 3,750,000 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 year ended June 30, 2023 and June 30, 2024:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number Of\u00a0options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in \nyears | \u00a0 | ||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Granted | \u00a0 | \u00a0 | 3,750,000 | \u00a0 | \u00a0 | $ | 9.19 | \u00a0 | \u00a0 | $ | 5.19 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Forfeiture | \u00a0 | \u00a0 | (495,000 | ) | \u00a0 | $ | 9.81 | \u00a0 | \u00a0 | $ | 5.58 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercisable at June 30, 2024 | \u00a0 | \u00a0 | 200,000 | \u00a0 | \u00a0 | $ | 8.66 | \u00a0 | \u00a0 | $ | 4.08 | \u00a0 | \u00a0 | \u00a0 | 5.0 | \u00a0 |
\u00a0
The aggregate intrinsic value\nof options outstanding with an exercise price less than the closing price of the Company\u2019s common stock as of June\u00a030, 2024\nwas $0. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price on the last trading day of the period\nin excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
\n\u00a0\u00a0
\n\nTotal expense of options\nvested for the year ended June 30, 2023 and 2024, was $0 and $3,607,816, respectively. The options granted during year ended June 30,\n2024 were valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYear \nended \nJune\u00a030, \n2023 | \n \u00a0 | |
| Exercise multiple | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 |
| Expected volatility | \n\u00a0 | \n\u00a0 | \n50% - 55% | \n\u00a0 |
| Risk-free interest rate | \n\u00a0 | \n\u00a0 | \n4.049% - 4.812% | \n\u00a0 |
| Expected dividend yield | \n\u00a0 | \n\u00a0 | \n0% | \n\u00a0 |
\u00a0
\n\nRSUs
\n\n\u00a0
\n\nRSUs granted to employees\nvest cumulatively as to one-third of the restricted stock units on each of the first three anniversaries of the date of grant based on\ncontinues service. Each vested RSU entitles holder to receive one share of common stock upon exercise. RSUs are accounted for as equity\nusing the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees,\ndirectors and consultants based upon the grant-date fair value.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (70,000 | ) | \u00a0 | \n\u00a0 | 7.02 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (83,629 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
\u00a0
\n\nTotal expense for the RSUs\nduring the year ended June 30, 2023 and 2024 was and $1,588,470.
\u00a0
The following table summarizes\nthe allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 5,885,192 | \u00a0 | |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 495,090 | \u00a0 | |
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 6,380,282 | \u00a0 |
\u00a0
\n\nAs of June 30, 2024, the\nCompany had approximately $17,517,993 in unrecognized compensation expenses related to all non-vested options and RSUs that will be\nrecognized over the weighted-average period of 2.9 years.
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following is a summary\nof stock option activity transactions as of and for the year ended June 30, 2023 and June 30, 2024:| \u00a0 | \u00a0 | Number Of\u00a0options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in \nyears | \u00a0 | ||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Granted | \u00a0 | \u00a0 | 3,750,000 | \u00a0 | \u00a0 | $ | 9.19 | \u00a0 | \u00a0 | $ | 5.19 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Forfeiture | \u00a0 | \u00a0 | (495,000 | ) | \u00a0 | $ | 9.81 | \u00a0 | \u00a0 | $ | 5.58 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercisable at June 30, 2024 | \u00a0 | \u00a0 | 200,000 | \u00a0 | \u00a0 | $ | 8.66 | \u00a0 | \u00a0 | $ | 4.08 | \u00a0 | \u00a0 | \u00a0 | 5.0 | \u00a0 |
| \u00a0 | \n\u00a0 | \nYear \nended \nJune\u00a030, \n2023 | \n \u00a0 | |
| Exercise multiple | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 |
| Expected volatility | \n\u00a0 | \n\u00a0 | \n50% - 55% | \n\u00a0 |
| Risk-free interest rate | \n\u00a0 | \n\u00a0 | \n4.049% - 4.812% | \n\u00a0 |
| Expected dividend yield | \n\u00a0 | \n\u00a0 | \n0% | \n\u00a0 |
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (70,000 | ) | \u00a0 | \n\u00a0 | 7.02 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (83,629 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| General and administrative expenses | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 5,885,192 | \u00a0 | |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 495,090 | \u00a0 | |
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | 6,380,282 | \u00a0 |
NOTE 17. STOCKHOLDERS\u2019 EQUITY
\n\n\u00a0
\n\nThe Company has authorized\nthe issuance of 140,000,000 shares of common stock, with a par value of $0.0001 per share.
\n\u00a0
\n\nOn April 6, 2023, the Company\ncompleted the public offering of 2,700,000 shares of common stock at a public offering price of $7.00 per share, par value $0.0001 per\nshare, with option for underwriters to purchase up to an additional 405,000 at the initial public offering price as over-allotment. On\nApril 25, 2023, the underwriters fully exercised their over-allotment option, and 405,000 shares were issued at public offering price\nof $7.00 per share, par value $0.0001 per share. These two transactions altogether generated proceeds of $21,735,000, offset by offering\ncosts of $3,475,171, which contributed an increase of share capital of $311 and additional paid in capital of $18,259,518.
\n\n\u00a0
\n\nOn June 26, 2023, pursuant\nto purchase agreements dated June 26, 2023, the Company sold to three investors in a private placement an aggregate of 1,117,420 shares\nof common stock, at a purchase price of $7.1318 per share. This private replacement generated proceeds of $7,969,221, offset by offering\ncost of $543,153, which contributed an increase of share capital of $111 and additional paid in capital of $7,425,957.
\n\n\u00a0
\n\nOn March 22, 2024, pursuant\nto a securities purchase agreement with certain purchasers, the Company sold, in a secondary offering, an aggregate of 2,050,000 shares\nof common stock, with par value $0.0001 per share, at a public offering price of $6.00 per share. This offering generated proceeds of\n$12,300,000, offset by offering cost of $1,514,094, which contributed an increase of share capital of $205 and additional paid in capital\nof $10,785,701.
\n\n\n\u00a0
\n\nThe Company has authorized\nthe issuance of 10,000,000 shares of preferred stock, with a par value of $0.0001 per share. As of and for the years ended June 30, 2024\nand 2023, there were no shares of preferred stock issued or outstanding.
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18. LOSS PER SHARE
\n\n\u00a0
\n\nThe following table presents a reconciliation\nof basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 (Restated) | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (6,003,626 | ) | \u00a0 | \n$ | (14,767,822 | ) |
| \u00a0 | \n\u00a0 | 50,725,814 | \u00a0 | \u00a0 | \n\u00a0 | 54,812,900 | \u00a0 | |
| \u00a0 | \n$ | (0.12 | ) | \u00a0 | \n$ | (0.27 | ) |
| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2023 (Restated) | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (6,003,626 | ) | \u00a0 | \n$ | (14,767,822 | ) |
| \u00a0 | \n\u00a0 | 50,725,814 | \u00a0 | \u00a0 | \n\u00a0 | 54,812,900 | \u00a0 | |
| \u00a0 | \n$ | (0.12 | ) | \u00a0 | \n$ | (0.27 | ) |
NOTE 19. COMMITMENTS AND CONTINGENCIES
\n\n\u00a0
\n\nFrom time to time, the Company may be subject to legal or regulatory\nproceedings, investigations and claims incidental to the conduct of its business. The Company is not a party to, nor is the Company aware\nof, any legal or regulatory proceedings, investigations or claims which, in the opinion of our management, are likely to have a material\nadverse effect on our business, financial condition or results of operations.
\n\n\u00a0
\n\nConcurrently with the JV Agreement\n(see Note 9), Ispire entered into an exclusive supply agreement with Berify, whereby Ispire is obligated to purchase all Bluetooth enabled\nintegrated circuits to be used on vape type devices to control the activation of the device that are to be sold to IKE at cost plus a\n20% mark-up. In addition, IKE entered into an exclusive supply agreement with Ispire, whereby IKE is obligated to purchase at cost plus\na 5% mark-up all products to be sold by IKE in the nicotine field.
"}]},{"name":"rpt:f-827","factDimensions":{"xbrl:concept":"ispr:SoldCostPercentage","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-828","factDimensions":{"xbrl:concept":"ispr:PurchaseCostPercentage","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-829","factDimensions":{"xbrl:concept":"us-gaap:QuarterlyFinancialInformationTextBlock","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"NOTE 20. QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)
\n\n\u00a0
\n\nThe Company is providing restated\nquarterly unaudited consolidated financial information as of and for the periods ended September 30, 2023, December 31, 2023 and March\n31, 2024 in the table below. See Note 2, Restatement of Consolidated Financial Statements for the Year Ended June 30, 2023, for further\nbackground concerning the events preceding the restatement of financial information in this Form 10-K.
\n\n\u00a0
\n\nThe restated unaudited condensed\nconsolidated balance sheet items for periods ended September 30, 2023, December 31, 2023, and March 31, 2024, are as follows:
\n\n\u00a0
\n\n| Consolidated Balance Sheet as of September 30, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 660,282 | \u00a0 | \u00a0 | \n$ | (489,720 | ) | \u00a0 | \n$ | 170,562 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 4,285,182 | \u00a0 | \u00a0 | \n\u00a0 | 218,378 | \u00a0 | \u00a0 | \n\u00a0 | 4,503,560 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 6,793,206 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 6,521,864 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 88,406,605 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 88,135,263 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,207,234 | \u00a0 | \u00a0 | \n\u00a0 | (98,668 | ) | \u00a0 | \n\u00a0 | 1,108,566 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 54,006,421 | \u00a0 | \u00a0 | \n\u00a0 | (98,668 | ) | \u00a0 | \n\u00a0 | 53,907,753 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,387,844 | \u00a0 | \u00a0 | \n\u00a0 | (300,679 | ) | \u00a0 | \n\u00a0 | 3,087,165 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 57,394,265 | \u00a0 | \u00a0 | \n\u00a0 | (399,347 | ) | \u00a0 | \n\u00a0 | 56,994,918 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 4,473,189 | \u00a0 | \u00a0 | \n\u00a0 | 128,005 | \u00a0 | \u00a0 | \n\u00a0 | 4,601,194 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 31,012,340 | \u00a0 | \u00a0 | \n\u00a0 | 128,005 | \u00a0 | \u00a0 | \n\u00a0 | 31,140,345 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 88,406,605 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 88,135,263 | \u00a0 |
\u00a0
\n\n| Consolidated Balance Sheet as of December 31, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 727,766 | \u00a0 | \u00a0 | \n$ | (428,505 | ) | \u00a0 | \n$ | 299,261 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 3,969,437 | \u00a0 | \u00a0 | \n\u00a0 | 239,403 | \u00a0 | \u00a0 | \n\u00a0 | 4,208,840 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 7,572,387 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 7,383,285 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 90,580,155 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 90,391,053 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,244,565 | \u00a0 | \u00a0 | \n\u00a0 | (100,621 | ) | \u00a0 | \n\u00a0 | 1,143,944 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 58,524,982 | \u00a0 | \u00a0 | \n\u00a0 | (100,621 | ) | \u00a0 | \n\u00a0 | 58,424,361 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,067,909 | \u00a0 | \u00a0 | \n\u00a0 | (246,899 | ) | \u00a0 | \n\u00a0 | 2,821,010 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 61,592,891 | \u00a0 | \u00a0 | \n\u00a0 | (347,520 | ) | \u00a0 | \n\u00a0 | 61,245,371 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 450,865 | \u00a0 | \u00a0 | \n\u00a0 | 158,418 | \u00a0 | \u00a0 | \n\u00a0 | 609,283 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 28,987,264 | \u00a0 | \u00a0 | \n\u00a0 | 158,418 | \u00a0 | \u00a0 | \n\u00a0 | 29,145,682 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 90,580,155 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 90,391,053 | \u00a0 |
\u00a0
\n\n| Consolidated Balance Sheet as of March 31, 2024 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \n Restated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 725,979 | \u00a0 | \u00a0 | \n$ | (428,505 | ) | \u00a0 | \n$ | 297,474 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 3,636,104 | \u00a0 | \u00a0 | \n\u00a0 | 255,264 | \u00a0 | \u00a0 | \n\u00a0 | 3,891,368 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 9,496,679 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 9,323,438 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 108,149,216 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 107,975,975 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,275,923 | \u00a0 | \u00a0 | \n\u00a0 | (102,577 | ) | \u00a0 | \n\u00a0 | 1,173,346 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 69,743,043 | \u00a0 | \u00a0 | \n\u00a0 | (102,577 | ) | \u00a0 | \n\u00a0 | 69,640,466 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 2,730,574 | \u00a0 | \u00a0 | \n\u00a0 | (253,709 | ) | \u00a0 | \n\u00a0 | 2,476,865 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 72,473,617 | \u00a0 | \u00a0 | \n\u00a0 | (356,286 | ) | \u00a0 | \n\u00a0 | 72,117,331 | \u00a0 |
| Retained earnings (accumulated deficit) | \u00a0 | \n\u00a0 | (5,498,886 | ) | \u00a0 | \n\u00a0 | 183,045 | \u00a0 | \u00a0 | \n\u00a0 | (5,315,841 | ) |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 35,675,599 | \u00a0 | \u00a0 | \n\u00a0 | 183,045 | \u00a0 | \u00a0 | \n\u00a0 | 35,858,644 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 108,149,216 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 107,975,975 | \u00a0 |
\u00a0
The restated unaudited condensed\nconsolidated statement of operations and comprehensive loss items for the three months ended September 30, 2023, and the three and six\nmonths ended December 31, 2023, and the three and nine months ended March 31, 2024, are as follows:
\n\n\u00a0
\n\n| Consolidated Statement of Operations and Comprehensive Loss for the three months ended September 30, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 35,976,355 | \u00a0 | \u00a0 | \n$ | 43,444 | \u00a0 | \u00a0 | \n$ | 36,019,799 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 6,888,292 | \u00a0 | \u00a0 | \n\u00a0 | (43,444 | ) | \u00a0 | \n\u00a0 | 6,844,848 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 1,068,663 | \u00a0 | \u00a0 | \n\u00a0 | (43,444 | ) | \u00a0 | \n\u00a0 | 1,025,219 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 6,730,902 | \u00a0 | \u00a0 | \n\u00a0 | (33,028 | ) | \u00a0 | \n\u00a0 | 6,697,874 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 7,799,565 | \u00a0 | \u00a0 | \n\u00a0 | (76,472 | ) | \u00a0 | \n\u00a0 | 7,723,093 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (911,273 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (878,245 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (878,570 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (845,542 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (496,045 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (496,045 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (1,374,615 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (1,341,587 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (1,330,152 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (1,297,124 | ) |
| Net loss per share: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \n$ | (0.03 | ) | \u00a0 | \n$ | (0.01 | ) | \u00a0 | \n$ | (0.02 | ) |
\u00a0
\n\n| Consolidated Statement of Operations and Comprehensive Loss for the three months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 35,309,355 | \u00a0 | \u00a0 | \n$ | 123,308 | \u00a0 | \u00a0 | \n$ | 35,432,663 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 6,376,206 | \u00a0 | \u00a0 | \n\u00a0 | (123,308 | ) | \u00a0 | \n\u00a0 | 6,252,898 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 1,517,715 | \u00a0 | \u00a0 | \n\u00a0 | (123,308 | ) | \u00a0 | \n\u00a0 | 1,394,407 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 8,809,127 | \u00a0 | \u00a0 | \n\u00a0 | (30,412 | ) | \u00a0 | \n\u00a0 | 8,778,715 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 10,326,842 | \u00a0 | \u00a0 | \n\u00a0 | (153,720 | ) | \u00a0 | \n\u00a0 | 10,173,122 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (3,950,636 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,920,224 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (3,670,144 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,639,732 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (352,180 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (352,180 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (4,022,324 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,991,912 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (3,907,997 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,877,585 | ) |
\u00a0\u00a0
\n\n| Consolidated Statement of Operations and Comprehensive Loss for the six months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 71,285,710 | \u00a0 | \u00a0 | \n$ | 166,752 | \u00a0 | \u00a0 | \n$ | 71,452,462 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 13,264,498 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 13,097,746 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 2,586,378 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 2,419,626 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 15,540,029 | \u00a0 | \u00a0 | \n\u00a0 | (63,440 | ) | \u00a0 | \n\u00a0 | 15,476,589 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 18,126,407 | \u00a0 | \u00a0 | \n\u00a0 | (230,192 | ) | \u00a0 | \n\u00a0 | 17,896,215 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (4,861,909 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (4,798,469 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (4,548,714 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (4,485,274 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (848,225 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (848,225 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (5,396,939 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (5,333,499 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (5,238,149 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (5,174,709 | ) |
\u00a0\u00a0
\n\n| Consolidated Statement of Operations and Comprehensive Loss for the\n three months ended March 31, 2024 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \n Restated | \u00a0 | |||
| General and administrative expenses | \u00a0 | \n\u00a0 | 10,047,116 | \u00a0 | \u00a0 | \n\u00a0 | (24,628 | ) | \u00a0 | \n\u00a0 | 10,022,488 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 11,801,876 | \u00a0 | \u00a0 | \n\u00a0 | (24,628 | ) | \u00a0 | \n\u00a0 | 11,777,248 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (5,679,923 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,655,295 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (5,694,266 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,669,638 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (255,485 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (255,485 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (5,949,751 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,925,123 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (5,938,963 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,914,335 | ) |
\u00a0
| Consolidated Statement of Operations and Comprehensive Loss for the nine months ended March 31, 2024 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of Revenue | \u00a0 | \n\u00a0 | 95,178,793 | \u00a0 | \u00a0 | \n\u00a0 | 166,752 | \u00a0 | \u00a0 | \n\u00a0 | 95,345,545 | \u00a0 |
| Gross Profit | \u00a0 | \n\u00a0 | 19,386,451 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 19,219,699 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 4,341,138 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 4,174,386 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 25,587,145 | \u00a0 | \u00a0 | \n\u00a0 | (88,068 | ) | \u00a0 | \n\u00a0 | 25,499,077 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 29,928,283 | \u00a0 | \u00a0 | \n\u00a0 | (254,820 | ) | \u00a0 | \n\u00a0 | 29,673,463 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (10,541,832 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (10,453,764 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (10,242,980 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (10,154,912 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (1,103,710 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,103,710 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (11,346,690 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (11,258,622 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (11,177,112 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (11,089,044 | ) |
\u00a0
The restated unaudited condensed\nconsolidated statement of cash flows items for the three months ended September 30, 2023, the six months ended December 31, 2023, and\nthe nine months ended March 31, 2024, are as follows:
\n\n\u00a0
\n\n| Consolidated Statement of Cash Flows for the three months ended September 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (1,374,615 | ) | \u00a0 | \n$ | 33,028 | \u00a0 | \u00a0 | \n$ | (1,341,587 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | 312,938 | \u00a0 | \u00a0 | \n\u00a0 | (25,458 | ) | \u00a0 | \n\u00a0 | 287,480 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (249,932 | ) | \u00a0 | \n\u00a0 | (249,932 | ) | |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (12,880,245 | ) | \u00a0 | \n\u00a0 | (242,182 | ) | \u00a0 | \n\u00a0 | (13,122,607 | ) |
| Principal portion of lease payment | \u00a0 | \n\u00a0 | (242,182 | ) | \u00a0 | \n\u00a0 | 242,182 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Net cash used in financing activities | \u00a0 | \n\u00a0 | (945,504 | ) | \u00a0 | \n\u00a0 | 242,182 | \u00a0 | \u00a0 | \n\u00a0 | (703,322 | ) |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
\u00a0
\n\n| Consolidated Statement of Cash Flows for the six months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (5,396,939 | ) | \u00a0 | \n$ | 63,440 | \u00a0 | \u00a0 | \n$ | (5,333,499 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 582,201 | \u00a0 | \u00a0 | \n\u00a0 | 582,201 | \u00a0 | |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | 199,970 | \u00a0 | \u00a0 | \n\u00a0 | (61,215 | ) | \u00a0 | \n\u00a0 | 138,755 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | 103,897 | \u00a0 | \u00a0 | \n\u00a0 | (584,426 | ) | \u00a0 | \n\u00a0 | (480,529 | ) |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (20,232,049 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (20,232,049 | ) | |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | 507,292 | \u00a0 | \u00a0 | \n\u00a0 | 30,015 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
\u00a0
\n\n| Consolidated Statement of Cash Flows for the nine months ended March 31, 2024 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (11,346,690 | ) | \u00a0 | \n$ | 88,068 | \u00a0 | \u00a0 | \n$ | (11,258,622 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 899,672 | \u00a0 | \u00a0 | \n\u00a0 | 899,672 | \u00a0 | |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | 1,732,122 | \u00a0 | \u00a0 | \n\u00a0 | (61,215 | ) | \u00a0 | \n\u00a0 | 1,670,907 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | 131,253 | \u00a0 | \u00a0 | \n\u00a0 | (926,525 | ) | \u00a0 | \n\u00a0 | (795,272 | ) |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (16,878,126 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (16,878,126 | ) | |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | 495,739 | \u00a0 | \u00a0 | \n\u00a0 | 41,568 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
| Consolidated Balance Sheet as of September 30, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 660,282 | \u00a0 | \u00a0 | \n$ | (489,720 | ) | \u00a0 | \n$ | 170,562 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 4,285,182 | \u00a0 | \u00a0 | \n\u00a0 | 218,378 | \u00a0 | \u00a0 | \n\u00a0 | 4,503,560 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 6,793,206 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 6,521,864 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 88,406,605 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 88,135,263 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,207,234 | \u00a0 | \u00a0 | \n\u00a0 | (98,668 | ) | \u00a0 | \n\u00a0 | 1,108,566 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 54,006,421 | \u00a0 | \u00a0 | \n\u00a0 | (98,668 | ) | \u00a0 | \n\u00a0 | 53,907,753 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,387,844 | \u00a0 | \u00a0 | \n\u00a0 | (300,679 | ) | \u00a0 | \n\u00a0 | 3,087,165 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 57,394,265 | \u00a0 | \u00a0 | \n\u00a0 | (399,347 | ) | \u00a0 | \n\u00a0 | 56,994,918 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 4,473,189 | \u00a0 | \u00a0 | \n\u00a0 | 128,005 | \u00a0 | \u00a0 | \n\u00a0 | 4,601,194 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 31,012,340 | \u00a0 | \u00a0 | \n\u00a0 | 128,005 | \u00a0 | \u00a0 | \n\u00a0 | 31,140,345 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 88,406,605 | \u00a0 | \u00a0 | \n\u00a0 | (271,342 | ) | \u00a0 | \n\u00a0 | 88,135,263 | \u00a0 |
| Consolidated Balance Sheet as of December 31, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 727,766 | \u00a0 | \u00a0 | \n$ | (428,505 | ) | \u00a0 | \n$ | 299,261 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 3,969,437 | \u00a0 | \u00a0 | \n\u00a0 | 239,403 | \u00a0 | \u00a0 | \n\u00a0 | 4,208,840 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 7,572,387 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 7,383,285 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 90,580,155 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 90,391,053 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,244,565 | \u00a0 | \u00a0 | \n\u00a0 | (100,621 | ) | \u00a0 | \n\u00a0 | 1,143,944 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 58,524,982 | \u00a0 | \u00a0 | \n\u00a0 | (100,621 | ) | \u00a0 | \n\u00a0 | 58,424,361 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 3,067,909 | \u00a0 | \u00a0 | \n\u00a0 | (246,899 | ) | \u00a0 | \n\u00a0 | 2,821,010 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 61,592,891 | \u00a0 | \u00a0 | \n\u00a0 | (347,520 | ) | \u00a0 | \n\u00a0 | 61,245,371 | \u00a0 |
| Retained earnings | \u00a0 | \n\u00a0 | 450,865 | \u00a0 | \u00a0 | \n\u00a0 | 158,418 | \u00a0 | \u00a0 | \n\u00a0 | 609,283 | \u00a0 |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 28,987,264 | \u00a0 | \u00a0 | \n\u00a0 | 158,418 | \u00a0 | \u00a0 | \n\u00a0 | 29,145,682 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 90,580,155 | \u00a0 | \u00a0 | \n\u00a0 | (189,102 | ) | \u00a0 | \n\u00a0 | 90,391,053 | \u00a0 |
| Consolidated Balance Sheet as of March 31, 2024 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \n Restated | \u00a0 | |||
| Other non-current assets | \u00a0 | \n$ | 725,979 | \u00a0 | \u00a0 | \n$ | (428,505 | ) | \u00a0 | \n$ | 297,474 | \u00a0 |
| Right-of-use assets \u2013 operating leases | \u00a0 | \n\u00a0 | 3,636,104 | \u00a0 | \u00a0 | \n\u00a0 | 255,264 | \u00a0 | \u00a0 | \n\u00a0 | 3,891,368 | \u00a0 |
| Total other assets | \u00a0 | \n\u00a0 | 9,496,679 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 9,323,438 | \u00a0 |
| Total assets | \u00a0 | \n\u00a0 | 108,149,216 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 107,975,975 | \u00a0 |
| Operating lease liability - current | \u00a0 | \n\u00a0 | 1,275,923 | \u00a0 | \u00a0 | \n\u00a0 | (102,577 | ) | \u00a0 | \n\u00a0 | 1,173,346 | \u00a0 |
| Total current liabilities | \u00a0 | \n\u00a0 | 69,743,043 | \u00a0 | \u00a0 | \n\u00a0 | (102,577 | ) | \u00a0 | \n\u00a0 | 69,640,466 | \u00a0 |
| Operating lease liability \u2013 net of current portion | \u00a0 | \n\u00a0 | 2,730,574 | \u00a0 | \u00a0 | \n\u00a0 | (253,709 | ) | \u00a0 | \n\u00a0 | 2,476,865 | \u00a0 |
| Total liabilities | \u00a0 | \n\u00a0 | 72,473,617 | \u00a0 | \u00a0 | \n\u00a0 | (356,286 | ) | \u00a0 | \n\u00a0 | 72,117,331 | \u00a0 |
| Retained earnings (accumulated deficit) | \u00a0 | \n\u00a0 | (5,498,886 | ) | \u00a0 | \n\u00a0 | 183,045 | \u00a0 | \u00a0 | \n\u00a0 | (5,315,841 | ) |
| Total stockholders\u2019 equity | \u00a0 | \n\u00a0 | 35,675,599 | \u00a0 | \u00a0 | \n\u00a0 | 183,045 | \u00a0 | \u00a0 | \n\u00a0 | 35,858,644 | \u00a0 |
| Total liabilities and stockholders\u2019 equity | \u00a0 | \n\u00a0 | 108,149,216 | \u00a0 | \u00a0 | \n\u00a0 | (173,241 | ) | \u00a0 | \n\u00a0 | 107,975,975 | \u00a0 |
\u00a0
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restated unaudited condensed\nconsolidated statement of operations and comprehensive loss items for the three months ended September 30, 2023, and the three and six\nmonths ended December 31, 2023, and the three and nine months ended March 31, 2024, are as follows:| Consolidated Statement of Operations and Comprehensive Loss for the three months ended September 30, 2023 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \nRestated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 35,976,355 | \u00a0 | \u00a0 | \n$ | 43,444 | \u00a0 | \u00a0 | \n$ | 36,019,799 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 6,888,292 | \u00a0 | \u00a0 | \n\u00a0 | (43,444 | ) | \u00a0 | \n\u00a0 | 6,844,848 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 1,068,663 | \u00a0 | \u00a0 | \n\u00a0 | (43,444 | ) | \u00a0 | \n\u00a0 | 1,025,219 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 6,730,902 | \u00a0 | \u00a0 | \n\u00a0 | (33,028 | ) | \u00a0 | \n\u00a0 | 6,697,874 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 7,799,565 | \u00a0 | \u00a0 | \n\u00a0 | (76,472 | ) | \u00a0 | \n\u00a0 | 7,723,093 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (911,273 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (878,245 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (878,570 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (845,542 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (496,045 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (496,045 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (1,374,615 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (1,341,587 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (1,330,152 | ) | \u00a0 | \n\u00a0 | 33,028 | \u00a0 | \u00a0 | \n\u00a0 | (1,297,124 | ) |
| Net loss per share: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \n$ | (0.03 | ) | \u00a0 | \n$ | (0.01 | ) | \u00a0 | \n$ | (0.02 | ) |
| Consolidated Statement of Operations and Comprehensive Loss for the three months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 35,309,355 | \u00a0 | \u00a0 | \n$ | 123,308 | \u00a0 | \u00a0 | \n$ | 35,432,663 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 6,376,206 | \u00a0 | \u00a0 | \n\u00a0 | (123,308 | ) | \u00a0 | \n\u00a0 | 6,252,898 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 1,517,715 | \u00a0 | \u00a0 | \n\u00a0 | (123,308 | ) | \u00a0 | \n\u00a0 | 1,394,407 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 8,809,127 | \u00a0 | \u00a0 | \n\u00a0 | (30,412 | ) | \u00a0 | \n\u00a0 | 8,778,715 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 10,326,842 | \u00a0 | \u00a0 | \n\u00a0 | (153,720 | ) | \u00a0 | \n\u00a0 | 10,173,122 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (3,950,636 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,920,224 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (3,670,144 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,639,732 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (352,180 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (352,180 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (4,022,324 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,991,912 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (3,907,997 | ) | \u00a0 | \n\u00a0 | 30,412 | \u00a0 | \u00a0 | \n\u00a0 | (3,877,585 | ) |
| Consolidated Statement of Operations and Comprehensive Loss for the six months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of revenue | \u00a0 | \n$ | 71,285,710 | \u00a0 | \u00a0 | \n$ | 166,752 | \u00a0 | \u00a0 | \n$ | 71,452,462 | \u00a0 |
| Gross profit | \u00a0 | \n\u00a0 | 13,264,498 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 13,097,746 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 2,586,378 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 2,419,626 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 15,540,029 | \u00a0 | \u00a0 | \n\u00a0 | (63,440 | ) | \u00a0 | \n\u00a0 | 15,476,589 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 18,126,407 | \u00a0 | \u00a0 | \n\u00a0 | (230,192 | ) | \u00a0 | \n\u00a0 | 17,896,215 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (4,861,909 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (4,798,469 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (4,548,714 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (4,485,274 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (848,225 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (848,225 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (5,396,939 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (5,333,499 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (5,238,149 | ) | \u00a0 | \n\u00a0 | 63,440 | \u00a0 | \u00a0 | \n\u00a0 | (5,174,709 | ) |
| Consolidated Statement of Operations and Comprehensive Loss for the\n three months ended March 31, 2024 | \u00a0 | \nAs \nReported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs \n Restated | \u00a0 | |||
| General and administrative expenses | \u00a0 | \n\u00a0 | 10,047,116 | \u00a0 | \u00a0 | \n\u00a0 | (24,628 | ) | \u00a0 | \n\u00a0 | 10,022,488 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 11,801,876 | \u00a0 | \u00a0 | \n\u00a0 | (24,628 | ) | \u00a0 | \n\u00a0 | 11,777,248 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (5,679,923 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,655,295 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (5,694,266 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,669,638 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (255,485 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (255,485 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (5,949,751 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,925,123 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (5,938,963 | ) | \u00a0 | \n\u00a0 | 24,628 | \u00a0 | \u00a0 | \n\u00a0 | (5,914,335 | ) |
\u00a0
| Consolidated Statement of Operations and Comprehensive Loss for the nine months ended March 31, 2024 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Cost of Revenue | \u00a0 | \n\u00a0 | 95,178,793 | \u00a0 | \u00a0 | \n\u00a0 | 166,752 | \u00a0 | \u00a0 | \n\u00a0 | 95,345,545 | \u00a0 |
| Gross Profit | \u00a0 | \n\u00a0 | 19,386,451 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 19,219,699 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 4,341,138 | \u00a0 | \u00a0 | \n\u00a0 | (166,752 | ) | \u00a0 | \n\u00a0 | 4,174,386 | \u00a0 |
| General and administrative expenses | \u00a0 | \n\u00a0 | 25,587,145 | \u00a0 | \u00a0 | \n\u00a0 | (88,068 | ) | \u00a0 | \n\u00a0 | 25,499,077 | \u00a0 |
| Total operating expenses | \u00a0 | \n\u00a0 | 29,928,283 | \u00a0 | \u00a0 | \n\u00a0 | (254,820 | ) | \u00a0 | \n\u00a0 | 29,673,463 | \u00a0 |
| Loss from operations | \u00a0 | \n\u00a0 | (10,541,832 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (10,453,764 | ) |
| Loss before income taxes | \u00a0 | \n\u00a0 | (10,242,980 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (10,154,912 | ) |
| Income taxes | \u00a0 | \n\u00a0 | (1,103,710 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (1,103,710 | ) | |
| Net loss | \u00a0 | \n\u00a0 | (11,346,690 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (11,258,622 | ) |
| Comprehensive loss | \u00a0 | \n\u00a0 | (11,177,112 | ) | \u00a0 | \n\u00a0 | 88,068 | \u00a0 | \u00a0 | \n\u00a0 | (11,089,044 | ) |
| Consolidated Statement of Cash Flows for the three months ended September 30, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (1,374,615 | ) | \u00a0 | \n$ | 33,028 | \u00a0 | \u00a0 | \n$ | (1,341,587 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | 312,938 | \u00a0 | \u00a0 | \n\u00a0 | (25,458 | ) | \u00a0 | \n\u00a0 | 287,480 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (249,932 | ) | \u00a0 | \n\u00a0 | (249,932 | ) | |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (12,880,245 | ) | \u00a0 | \n\u00a0 | (242,182 | ) | \u00a0 | \n\u00a0 | (13,122,607 | ) |
| Principal portion of lease payment | \u00a0 | \n\u00a0 | (242,182 | ) | \u00a0 | \n\u00a0 | 242,182 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Net cash used in financing activities | \u00a0 | \n\u00a0 | (945,504 | ) | \u00a0 | \n\u00a0 | 242,182 | \u00a0 | \u00a0 | \n\u00a0 | (703,322 | ) |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
| Consolidated Statement of Cash Flows for the six months ended December 31, 2023 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (5,396,939 | ) | \u00a0 | \n$ | 63,440 | \u00a0 | \u00a0 | \n$ | (5,333,499 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 582,201 | \u00a0 | \u00a0 | \n\u00a0 | 582,201 | \u00a0 | |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | 199,970 | \u00a0 | \u00a0 | \n\u00a0 | (61,215 | ) | \u00a0 | \n\u00a0 | 138,755 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | 103,897 | \u00a0 | \u00a0 | \n\u00a0 | (584,426 | ) | \u00a0 | \n\u00a0 | (480,529 | ) |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (20,232,049 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (20,232,049 | ) | |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | 507,292 | \u00a0 | \u00a0 | \n\u00a0 | 30,015 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
| Consolidated Statement of Cash Flows for the nine months ended March 31, 2024 | \u00a0 | \nAs Reported | \u00a0 | \u00a0 | \nAdjustment | \u00a0 | \u00a0 | \nAs Restated | \u00a0 | |||
| Net loss | \u00a0 | \n$ | (11,346,690 | ) | \u00a0 | \n$ | 88,068 | \u00a0 | \u00a0 | \n$ | (11,258,622 | ) |
| Right-of-use assets amortization | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 899,672 | \u00a0 | \u00a0 | \n\u00a0 | 899,672 | \u00a0 | |
| Prepaid expenses and other current assets | \u00a0 | \n\u00a0 | 1,732,122 | \u00a0 | \u00a0 | \n\u00a0 | (61,215 | ) | \u00a0 | \n\u00a0 | 1,670,907 | \u00a0 |
| Operating lease liabilities | \u00a0 | \n\u00a0 | 131,253 | \u00a0 | \u00a0 | \n\u00a0 | (926,525 | ) | \u00a0 | \n\u00a0 | (795,272 | ) |
| Net cash used in operating activities | \u00a0 | \n\u00a0 | (16,878,126 | ) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | (16,878,126 | ) | |
| Supplemental non-cash investing and financing activities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Leased assets obtained in exchange for operating lease liabilities | \u00a0 | \n\u00a0 | 495,739 | \u00a0 | \u00a0 | \n\u00a0 | 41,568 | \u00a0 | \u00a0 | \n\u00a0 | 537,307 | \u00a0 |
NOTE\n21. SUBSEQUENT EVENT
\n\n\u00a0
\n\n\n\nOn September 24, 2024, David\u00a0Hessler\u00a0and\nthe Company agreed to transition his role from our Chief Operating Officer to a consulting role. Mr.\u00a0Hessler\u2019s wholly owned\nconsulting entity, Synergie Conseils SARL (\u201cSynergie\u201d), and our subsidiary Aspire North America have entered a Consulting\nAgreement, dated as of September 24, 2024, under which Mr.\u00a0Hessler, through Synergie, will provide consulting services to the Company\nfor international nicotine related projects (the \u201cConsulting Agreement\u201d). The Consulting Agreement provides for a 10-month\nterm and may be terminated by either party on 3-months\u2019 notice. Synergie will receive a monthly consulting fee of $12,500 and Mr.\u00a0Hessler\u00a0will\nreceive the immediate vesting of 25,000 of his non-qualified stock options. Under the Consulting Agreement, Synergie will be paid or reimbursed\nfor Mr.\u00a0Hessler\u2019s travel time, travel expenses, or any other costs or expenses expressly pre-approved by Aspire North America\nin writing and supported by documentary evidence.
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