1. ORGANIZATION AND PRINCIPAL ACTIVITIES
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\n\nIspire Technology Inc. (the \u201cCompany\u201d\nor \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through its subsidiaries, the\nCompany is engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes\nand cannabis vaping products.
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\n\nIspire Technology Inc. is a holding company and\ndoes not engage in any active operations. Its business is mainly 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 nicotine vaping products, and the products are mainly sold in Europe and Asia Pacific (excluding\nthe People\u2019s Republic of China (\u201cPRC\u201d).
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\n\nIn July 2024, the Company established a wholly-owned subsidiary, Aspire\nAME Electronic Cigarettes Trading LLC (\u201cIspire UAE\u201d) under the laws of the United Arab Emirates (\u201cUAE\u201d), in order\nto establish sales and marketing in the UAE.
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\n\nIn October 2024, the Company established a wholly-owned subsidiary,\nMagellan Trading LLC (Magellan Trading) incorporated under the laws of the State of California to assist in operations and logistics for\nthe Company.
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\n\nThe following table sets forth information concerning\nthe Company and its subsidiaries as of December 31, 2024:
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\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 |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
| 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 |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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\n\nBasis of presentation
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\n\nThe unaudited condensed consolidated financial\nstatements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement\nof the Company\u2019s consolidated financial position as of December 31, 2024 and the results of operations for the three and six months\nended December 31, 2024 and 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary\nin order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have\nbeen eliminated in consolidation. The unaudited interim consolidated financial statements have been prepared in accordance with accounting\nprinciples generally accepted in the United States of America (\"U.S. GAAP\") and applicable rules and regulations of the United\nStates Securities and Exchange Commission (\"SEC\") and accordingly do not include all of the disclosures normally made in the\nCompany\u2019s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should\nbe read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended June 30, 2024.
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The unaudited condensed consolidated balance sheet\nas of June 30, 2024 has been derived from the audited consolidated financial statements at such date. The results of operations for the\nthree and six months ended December 31, 2024 are not necessarily indicative of the results of operations that may be expected for any\nother interim periods or for the year ending June\u00a030, 2025.\u00a0
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\n\nUse of significant estimates
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\n\nThe preparation of the unaudited condensed consolidated\nfinancial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts\nof assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported\namounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses, revenue recognition,\nfair value of equity instruments, inventory reserve, incremental borrowing rate, and determination of the valuation allowances for deferred\ntaxes. Actual results could differ from those estimates.
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\n\nFair value measurement
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\n\nThe Company applies ASC Topic 820, Fair Value\nMeasurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement\ndisclosure requirements for fair value measurements.
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\n\nASC Topic 820 defines fair value as the price\nthat would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly\ntransaction between market participants in the principal or most advantageous market for the asset or liability.
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\n\nASC Topic 820 specifies a hierarchy of valuation\ntechniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
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\n\n| \u25cf | Level\n1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | \n
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\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
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\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
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\n\nThe carrying value of certain of the Company\u2019s\nfinancial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable, accounts payable\nrelated party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates their fair value\nbecause of their short-term maturity.
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\n\nAllowance for credit losses
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\n\nThe Company adopted Accounting Standards Update\n2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on\nJuly 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit losses\nbased on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require the\nconsideration 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.
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\n\nBased on the current expected credit loss model,\nthe Company consider many factors, including age of balance, past events, any historical default, current information available about\nthe customers, current economic conditions and certain forward-looking information, including reasonable and supportable forecasts.
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Inventories
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\n\nInventories mainly consist of finished goods purchased\nfrom suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using\nthe weighted average method.
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\n\nWhen management determines that certain inventories\nmay not be saleable, or there is an indicator that certain inventory costs may exceed expected market value, the Company will record the\ndifference between the cost and the net realizable value as a write down of inventories. The net realizable value is determined based\non the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the sale. The Company records\nan allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and\nan estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify slow moving inventories\nand compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified during this process\nare reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and reserve rates are based\non management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore, be revised if there\nare changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment, impact its ability\nto sell potentially obsolete inventory. As of December 31, 2024 and June 30, 2024, the Company recorded inventory reserves of $279,286\nand $205,594, respectively.
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\n\nIntangible assets
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\n\nIntangible assets refer to capitalized external\ncosts, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses\ncosts associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent costs are amortized\non a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the license agreements as\nthe Company expects to receive economic benefits over that time. The Company assesses the potential impairment to capitalized patent costs\nwhen events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable. $124,832 and\n$255,650 of patent fees were capitalized during the three months ended December 31, 2024 and 2023 respectively. $781,254 and $731,593\nof patent fees were capitalized during the six months ended December 31, 2024 and 2023, respectively. The amortization of the intangible\nassets was $20,270 and $4,615 for the three months ended December 31, 2024 and 2023, respectively. The amortization of the intangible\nassets was $36,553 and $4,615 for the six months ended December 31, 2024 and 2023, respectively. The amortization expenses were included\nin the general and administrative expenses.
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\n\nRevenue recognition
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\n\nThe Company sells its vaping products to customers\nand recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are\ndistributors that resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to\ntransfer the title and control of the goods to a customer for a determined price. Each order is considered a separate contract with a\nsingle performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s\ncustomer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified\nby the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards\nof goods transfer to the customer.
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\n\nRevenue is recognized at the transaction price\nbased on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction\nprice, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources\nof variable consideration for the Company are trade promotion funds and cash discounts. These sales incentives are recorded as a reduction\nof revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the\nsingle most likely outcome from a range of possible consideration outcomes.
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The Company offers different payment terms to\ndifferent customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon placing order, and\nthe payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed for each\ncustomer, based on the business relationship, order size and other considerations. All contract liabilities at the beginning of the period\nwere recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type warranty,\nand it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, a right of return\nis offered. With a right of return, a customer is given the right to return the products if they are not satisfied with the product, and\na credit would be given. The Company has a very low rate of return in history and a return reserve is accrued\u00a0based on historical\nreturn rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and are expensed when\nincurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the applicable taxing\nauthority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
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\n\nDisaggregated Revenue
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\n\nThe Company has taken into consideration the nature,\namount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated\nby region for the three and six months ended December 31, 2024 and 2023, were as follows:
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\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 23,987,678 | \u00a0 | \u00a0 | \n$ | 15,653,902 | \u00a0 | \u00a0 | \n$ | 45,939,051 | \u00a0 | \u00a0 | \n$ | 35,516,154 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 10,916,260 | \u00a0 | \u00a0 | \n\u00a0 | 19,962,607 | \u00a0 | \u00a0 | \n\u00a0 | 20,653,148 | \u00a0 | \u00a0 | \n\u00a0 | 37,829,972 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 3,613,359 | \u00a0 | \u00a0 | \n\u00a0 | 5,983,356 | \u00a0 | \u00a0 | \n\u00a0 | 7,488,743 | \u00a0 | \u00a0 | \n\u00a0 | 11,060,664 | \u00a0 |
| Africa | \u00a0 | \n\u00a0 | 2,674,155 | \u00a0 | \u00a0 | \n\u00a0 | 85,696 | \u00a0 | \u00a0 | \n\u00a0 | 5,722,066 | \u00a0 | \u00a0 | \n\u00a0 | 143,418 | \u00a0 |
| South America | \u00a0 | \n\u00a0 | 636,408 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,363,165 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Total | \u00a0 | \n$ | 41,827,860 | \u00a0 | \u00a0 | \n$ | 41,685,561 | \u00a0 | \u00a0 | \n$ | 81,166,173 | \u00a0 | \u00a0 | \n$ | 84,550,208 | \u00a0 |
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\n\nCost of revenue
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\n\nCost of revenue for the three and six months ended\nDecember 31, 2024 and 2023 consisted primarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which\nwere mostly purchased from a related party. See Note 10.
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\n\nStock-based compensation
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\n\nThe Company measures and recognizes compensation\nexpenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and restricted stock\nunits (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer\nto assist in determining the fair value of stock options using the binomial option pricing model, with significant assumption of exercise\nmultiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured on the grant date\nbased on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include time-based vesting\nconditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting conditions.
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\n\nFor stock-based payment awards with time-based\nvesting conditions, the resulting cost is recognized over the period during which an employee or service provider is required to provide\nservice in exchange for the awards, usually the vesting period. For stock-based payment awards with performance-based vesting conditions,\nthe Company will estimate the probability that the performance condition will be met at each reporting date. Stock-based compensation\nexpense is only recognized for stock-based payment awards that are probable of vesting.
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\n\nStock-based compensation expense is recorded in\nthe general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based\npayment awards upon\u00a0occurrence.
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Recent accounting pronouncements
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\n\nAs an emerging growth company, the Company can\ndelay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends\nto take advantage of the benefits of this extended transition period for all accounting standards described below, if applicable.
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\n\nIn November 2023, the FASB issued ASU 2023-07,\nSegment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant\nsegment expenses. ASU\u00a02023-07 will be effective for fiscal years beginning after\u00a0December 15, 2023,\u00a0and interim\nperiods within fiscal years beginning after\u00a0December 15, 2024,\u00a0on a retrospective basis.\u00a0Early adoption is permitted.\nThe Company is currently evaluating the impact of this ASU on our segment disclosures.
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\n\nIn December 2023, the FASB issued ASU 2023-09,\nIncome Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity\u2019s\neffective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for public business\nentities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning after December 15,\n2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.
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\n\nCustomer and Supplier Concentration
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\n\nFor the three and six months ended December 31,\n2024 and 2023, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:
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\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 28 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 24 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
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\n\n| * | Represented less than 10% of consolidated revenue. |
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\n\nFor the three and six months ended December 31,\n2024 and 2023, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
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\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier C | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 73 | % |
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\n\n| (1) | Major Supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned\nby the Company\u2019s co-chief executive officer and principal stockholder. See Note 10. | \n
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\n\nCredit Risk \u00a0
\n\n\u00a0
\n\nFinancial instruments that potentially\nsubject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash in\nfinancial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance\nCorporation(\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans\nDeposit Malaysia (\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of\nHong Kong Dollar (\u201cHKD\u201d) 800,000. The Company may carry cash balances at financial institutions in excess of the insured\nlimits. The amount in excess of the deposit insurance as of December 31, 2024 and June 30, 2024 was $33,986,484 and $34,698,647. The\nCompany has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions,\nthat the credit risk with regard to these deposits is not significant.
\u00a0
As of December 31, 2024 and June 30, 2024, the\nCompany\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 December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| D | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | 16 | % |
| E | \u00a0 | \n\u00a0 | 10 | % | \u00a0 | \n\u00a0 | \u00a0 |
Basis of presentation
The unaudited condensed consolidated financial\nstatements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement\nof the Company\u2019s consolidated financial position as of December 31, 2024 and the results of operations for the three and six months\nended December 31, 2024 and 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary\nin order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions have\nbeen eliminated in consolidation. The unaudited interim consolidated financial statements have been prepared in accordance with accounting\nprinciples generally accepted in the United States of America (\"U.S. GAAP\") and applicable rules and regulations of the United\nStates Securities and Exchange Commission (\"SEC\") and accordingly do not include all of the disclosures normally made in the\nCompany\u2019s annual consolidated financial statements. Accordingly, these unaudited interim consolidated financial statements should\nbe read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended June 30, 2024.
\u00a0
The unaudited condensed consolidated balance sheet\nas of June 30, 2024 has been derived from the audited consolidated financial statements at such date. The results of operations for the\nthree and six months ended December 31, 2024 are not necessarily indicative of the results of operations that may be expected for any\nother interim periods or for the year ending June\u00a030, 2025.\u00a0
"}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of significant estimates
The preparation of the unaudited condensed consolidated\nfinancial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts\nof assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported\namounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses, revenue recognition,\nfair value of equity instruments, inventory reserve, incremental borrowing rate, and determination of the valuation allowances for deferred\ntaxes. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair value measurement
The Company applies ASC Topic 820, Fair Value\nMeasurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement\ndisclosure requirements for fair value measurements.
ASC Topic 820 defines fair value as the price\nthat would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly\ntransaction between market participants in the principal or most advantageous market for the asset or liability.
ASC Topic 820 specifies a hierarchy of valuation\ntechniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
| \u25cf | Level\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 carrying value of certain of the Company\u2019s\nfinancial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable, accounts payable\nrelated party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates their fair value\nbecause of their short-term maturity.
"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"us-gaap:LoansAndLeasesReceivableAllowanceForLoanLossesPolicy","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
The Company adopted Accounting Standards Update\n2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on\nJuly 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit losses\nbased on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require the\nconsideration 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 credit loss model,\nthe Company consider many factors, including age of balance, past events, any historical default, current information available about\nthe customers, current economic conditions and certain forward-looking information, including reasonable and supportable forecasts.
\u00a0
"}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories
Inventories mainly consist of finished goods purchased\nfrom suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using\nthe weighted average method.
When management determines that certain inventories\nmay not be saleable, or there is an indicator that certain inventory costs may exceed expected market value, the Company will record the\ndifference between the cost and the net realizable value as a write down of inventories. The net realizable value is determined based\non the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the sale. The Company records\nan allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and\nan estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify slow moving inventories\nand compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified during this process\nare reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and reserve rates are based\non management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore, be revised if there\nare changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment, impact its ability\nto sell potentially obsolete inventory. As of December 31, 2024 and June 30, 2024, the Company recorded inventory reserves of $279,286\nand $205,594, respectively.
"}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:InventoryValuationReserves","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"279286","decimals":0}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:InventoryValuationReserves","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"205594","decimals":0}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible assets
Intangible assets refer to capitalized external\ncosts, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses\ncosts associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent costs are amortized\non a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the license agreements as\nthe Company expects to receive economic benefits over that time. The Company assesses the potential impairment to capitalized patent costs\nwhen events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable. $124,832 and\n$255,650 of patent fees were capitalized during the three months ended December 31, 2024 and 2023 respectively. $781,254 and $731,593\nof patent fees were capitalized during the six months ended December 31, 2024 and 2023, respectively. The amortization of the intangible\nassets was $20,270 and $4,615 for the three months ended December 31, 2024 and 2023, respectively. The amortization of the intangible\nassets was $36,553 and $4,615 for the six months ended December 31, 2024 and 2023, respectively. The amortization expenses were included\nin the general and administrative expenses.
"}]},{"name":"rpt:f-356","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-357","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-358","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2024-10-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"124832","decimals":0}]},{"name":"rpt:f-359","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"255650","decimals":0}]},{"name":"rpt:f-360","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"781254","decimals":0}]},{"name":"rpt:f-361","factDimensions":{"xbrl:concept":"ispr:FiniteLivedPatentGross","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"731593","decimals":0}]},{"name":"rpt:f-362","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2024-10-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"20270","decimals":0}]},{"name":"rpt:f-363","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4615","decimals":0}]},{"name":"rpt:f-364","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"36553","decimals":0}]},{"name":"rpt:f-365","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4615","decimals":0}]},{"name":"rpt:f-366","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue recognition
The Company sells its vaping products to customers\nand recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are\ndistributors that resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to\ntransfer the title and control of the goods to a customer for a determined price. Each order is considered a separate contract with a\nsingle performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s\ncustomer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified\nby the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards\nof goods transfer to the customer.
Revenue is recognized at the transaction price\nbased on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction\nprice, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources\nof variable consideration for the Company are trade promotion funds and cash discounts. These sales incentives are recorded as a reduction\nof revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the\nsingle most likely outcome from a range of possible consideration outcomes.
\u00a0\u00a0
The Company offers different payment terms to\ndifferent customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon placing order, and\nthe payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed for each\ncustomer, based on the business relationship, order size and other considerations. All contract liabilities at the beginning of the period\nwere recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type warranty,\nand it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, a right of return\nis offered. With a right of return, a customer is given the right to return the products if they are not satisfied with the product, and\na credit would be given. The Company has a very low rate of return in history and a return reserve is accrued\u00a0based on historical\nreturn rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and are expensed when\nincurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the applicable taxing\nauthority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
Disaggregated Revenue
The Company has taken into consideration the nature,\namount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated\nby region for the three and six months ended December 31, 2024 and 2023, were as follows:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 23,987,678 | \u00a0 | \u00a0 | \n$ | 15,653,902 | \u00a0 | \u00a0 | \n$ | 45,939,051 | \u00a0 | \u00a0 | \n$ | 35,516,154 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 10,916,260 | \u00a0 | \u00a0 | \n\u00a0 | 19,962,607 | \u00a0 | \u00a0 | \n\u00a0 | 20,653,148 | \u00a0 | \u00a0 | \n\u00a0 | 37,829,972 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 3,613,359 | \u00a0 | \u00a0 | \n\u00a0 | 5,983,356 | \u00a0 | \u00a0 | \n\u00a0 | 7,488,743 | \u00a0 | \u00a0 | \n\u00a0 | 11,060,664 | \u00a0 |
| Africa | \u00a0 | \n\u00a0 | 2,674,155 | \u00a0 | \u00a0 | \n\u00a0 | 85,696 | \u00a0 | \u00a0 | \n\u00a0 | 5,722,066 | \u00a0 | \u00a0 | \n\u00a0 | 143,418 | \u00a0 |
| South America | \u00a0 | \n\u00a0 | 636,408 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,363,165 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Total | \u00a0 | \n$ | 41,827,860 | \u00a0 | \u00a0 | \n$ | 41,685,561 | \u00a0 | \u00a0 | \n$ | 81,166,173 | \u00a0 | \u00a0 | \n$ | 84,550,208 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 23,987,678 | \u00a0 | \u00a0 | \n$ | 15,653,902 | \u00a0 | \u00a0 | \n$ | 45,939,051 | \u00a0 | \u00a0 | \n$ | 35,516,154 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 10,916,260 | \u00a0 | \u00a0 | \n\u00a0 | 19,962,607 | \u00a0 | \u00a0 | \n\u00a0 | 20,653,148 | \u00a0 | \u00a0 | \n\u00a0 | 37,829,972 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 3,613,359 | \u00a0 | \u00a0 | \n\u00a0 | 5,983,356 | \u00a0 | \u00a0 | \n\u00a0 | 7,488,743 | \u00a0 | \u00a0 | \n\u00a0 | 11,060,664 | \u00a0 |
| Africa | \u00a0 | \n\u00a0 | 2,674,155 | \u00a0 | \u00a0 | \n\u00a0 | 85,696 | \u00a0 | \u00a0 | \n\u00a0 | 5,722,066 | \u00a0 | \u00a0 | \n\u00a0 | 143,418 | \u00a0 |
| South America | \u00a0 | \n\u00a0 | 636,408 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,363,165 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Total | \u00a0 | \n$ | 41,827,860 | \u00a0 | \u00a0 | \n$ | 41,685,561 | \u00a0 | \u00a0 | \n$ | 81,166,173 | \u00a0 | \u00a0 | \n$ | 84,550,208 | \u00a0 |
Cost of revenue
Cost of revenue for the three and six months ended\nDecember 31, 2024 and 2023 consisted primarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which\nwere mostly purchased from a related party. See Note 10.
"}]},{"name":"rpt:f-393","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based compensation
The Company measures and recognizes compensation\nexpenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and restricted stock\nunits (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer\nto assist in determining the fair value of stock options using the binomial option pricing model, with significant assumption of exercise\nmultiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured on the grant date\nbased on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include time-based vesting\nconditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting conditions.
For stock-based payment awards with time-based\nvesting conditions, the resulting cost is recognized over the period during which an employee or service provider is required to provide\nservice in exchange for the awards, usually the vesting period. For stock-based payment awards with performance-based vesting conditions,\nthe Company will estimate the probability that the performance condition will be met at each reporting date. Stock-based compensation\nexpense is only recognized for stock-based payment awards that are probable of vesting.
Stock-based compensation expense is recorded in\nthe general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based\npayment awards upon\u00a0occurrence.
\u00a0
"}]},{"name":"rpt:f-394","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent accounting pronouncements
As an emerging growth company, the Company can\ndelay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends\nto take advantage of the benefits of this extended transition period for all accounting standards described below, if applicable.
In November 2023, the FASB issued ASU 2023-07,\nSegment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant\nsegment expenses. ASU\u00a02023-07 will be effective for fiscal years beginning after\u00a0December 15, 2023,\u00a0and interim\nperiods within fiscal years beginning after\u00a0December 15, 2024,\u00a0on a retrospective basis.\u00a0Early adoption is permitted.\nThe Company is currently evaluating the impact of this ASU on our segment disclosures.
In December 2023, the FASB issued ASU 2023-09,\nIncome Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity\u2019s\neffective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for public business\nentities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning after December 15,\n2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.
"}]},{"name":"rpt:f-395","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Customer and Supplier Concentration
For the three and six months ended December 31,\n2024 and 2023, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were\nas follows:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 28 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 24 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of consolidated revenue. |
For the three and six months ended December 31,\n2024 and 2023, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier C | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 73 | % |
| (1) | Major Supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned\nby the Company\u2019s co-chief executive officer and principal stockholder. See Note 10. | \n
Credit Risk \u00a0
Financial instruments that potentially\nsubject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash in\nfinancial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance\nCorporation(\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans\nDeposit Malaysia (\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of\nHong Kong Dollar (\u201cHKD\u201d) 800,000. The Company may carry cash balances at financial institutions in excess of the insured\nlimits. The amount in excess of the deposit insurance as of December 31, 2024 and June 30, 2024 was $33,986,484 and $34,698,647. The\nCompany has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions,\nthat the credit risk with regard to these deposits is not significant.
\u00a0
As of December 31, 2024 and June 30, 2024, the\nCompany\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 December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| D | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | 16 | % |
| E | \u00a0 | \n\u00a0 | 10 | % | \u00a0 | \n\u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 28 | % | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 24 | % | \u00a0 | \n\u00a0 | 30 | % |
| Customer B | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of consolidated revenue. |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier C | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 71 | % | \u00a0 | \n\u00a0 | 93 | % | \u00a0 | \n\u00a0 | 73 | % |
| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| D | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | 16 | % |
| E | \u00a0 | \n\u00a0 | 10 | % | \u00a0 | \n\u00a0 | \u00a0 |
3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH
\n\n\u00a0
\n\nBelow is a breakdown of the Company\u2019s cash\nbalances in banks as of December 31, 2024 and June\u00a030, 2024, both by geography and by currencies (translated into U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 32,897,783 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 1,193,782 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 281,286 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 |
| Total | \u00a0 | \n$ | 34,372,851 | \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$ | 24,677,891 | \u00a0 | \u00a0 | \n$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 182,527 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 132,210 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 9,340 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,138 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,348,745 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 34,372,851 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d refers to Hong Kong dollars,\n\u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros and \u201cRM\u201d refers to Malaysia ringgit.
\n\n\u00a0
\n\nAs of December 31, 2024 and June 30, 2024, restricted\ncash totaled $22,535 and $0, and is included in Malaysia in RM. It represents a bank guarantee with the customs department in Malaysia.\nThis amount will be reviewed annually and may increase depending on the Company\u2019s Malaysian import and export forecasts for the\ncoming year.
"}]},{"name":"rpt:f-418","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the Company\u2019s cash\nbalances in banks as of December 31, 2024 and June\u00a030, 2024, both by geography and by currencies (translated into U.S. dollars):| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 32,897,783 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 1,193,782 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 281,286 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 |
| Total | \u00a0 | \n$ | 34,372,851 | \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$ | 24,677,891 | \u00a0 | \u00a0 | \n$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 182,527 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 132,210 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 9,340 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 22,138 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,348,745 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 34,372,851 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
4. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of December 31, 2024 and June\u00a030, 2024,\naccounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 79,005,575 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (11,305,112 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 67,700,463 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
\u00a0
The\u00a0Company recorded $4,183,998 and $1,900,797\nbad debt expense for the three months ended December 31, 2024 and 2023, respectively. The\u00a0Company recorded $7,286,079 and $2,126,284\nbad debt expense for the six months ended December 31, 2024 and 2023, respectively. For the three months ended December 31, 2024 and 2023,\nthe Company wrote off accounts receivable against allowance for credit losses of $257,488 and $311,379, respectively. For the six months\nended December 31, 2024 and 2023, the Company wrote off accounts receivable against allowance for credit losses of $1,866,205 and $706,160,\nrespectively.
\n\n\u00a0
\n\nActivity in the allowance for credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor the six months ended December 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 5,885,238 | \u00a0 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Current period provision for expected losses | \u00a0 | \n\u00a0 | 7,286,079 | \u00a0 | \u00a0 | \n\u00a0 | 2,126,284 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (1,866,205 | ) | \u00a0 | \n\u00a0 | (706,160 | ) |
| Balance at December 31 | \u00a0 | \n\u00a0 | 11,305,112 | \u00a0 | \u00a0 | \n\u00a0 | 2,918,930 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 79,005,575 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (11,305,112 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 67,700,463 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
\u00a0
"}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableGrossCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"79005575","decimals":0}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableGrossCurrent","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"65620003","decimals":0}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11305112","decimals":0}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5885238","decimals":0}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNetCurrent","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"67700463","decimals":0}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNetCurrent","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"59734765","decimals":0}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2024-10-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4183998","decimals":0}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1900797","decimals":0}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7286079","decimals":0}]},{"name":"rpt:f-454","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2126284","decimals":0}]},{"name":"rpt:f-455","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2024-10-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"257488","decimals":0}]},{"name":"rpt:f-456","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"311379","decimals":0}]},{"name":"rpt:f-457","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1866205","decimals":0}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2023-07-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"706160","decimals":0}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Activity in the allowance for credit losses is below:| \u00a0 | \u00a0 | \nFor the six months ended December 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 5,885,238 | \u00a0 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Current period provision for expected losses | \u00a0 | \n\u00a0 | 7,286,079 | \u00a0 | \u00a0 | \n\u00a0 | 2,126,284 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (1,866,205 | ) | \u00a0 | \n\u00a0 | (706,160 | ) |
| Balance at December 31 | \u00a0 | \n\u00a0 | 11,305,112 | \u00a0 | \u00a0 | \n\u00a0 | 2,918,930 | \u00a0 |
5. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of December 31, 2024 and June\u00a030, 2024,\nproperty, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 1,325,830 | \u00a0 | \u00a0 | \n$ | 1,363,654 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,587,501 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 345,785 | \u00a0 | \u00a0 | \n\u00a0 | 270,983 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 18,274 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 3,277,390 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (912,275 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 2,365,115 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
\u00a0
\n\nFor the three months ended December 31, 2024 and 2023, depreciation\nexpense amounted to $168,248 and $41,848, respectively. For the six months ended December 31, 2024 and 2023, depreciation expense amounted\nto $356,772 and $70,545, respectively.
"}]},{"name":"rpt:f-469","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of December 31, 2024 and June\u00a030, 2024,\nproperty, plant and equipment consisted of the following:| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 1,325,830 | \u00a0 | \u00a0 | \n$ | 1,363,654 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,587,501 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 345,785 | \u00a0 | \u00a0 | \n\u00a0 | 270,983 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 18,274 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 3,277,390 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (912,275 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 2,365,115 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
6. EQUITY METHOD INVESTMENT
\n\n\u00a0
\n\nOn April 5, 2024, Aspire North America entered\ninto a capital contribution, subscription, and joint venture agreement with several other parties. Pursuant to joint venture agreement,\nthe parties created a legal entity, IKE Tek LLC (\u201cIKE\u201d), whose business will be licensing, owning, operating and developing\nan industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market as the related planned submission of\nPMTA applications that seek FDA marketing orders for cutting-edge technologies across the U.S. e-cigarette market. Ispire contributed\n$1 million to IKE in cash for funding its operating activities and entered into a binding commitment to make an additional capital contribution\nto IKE in the aggregate amount of up to $9 million. In exchange for Ispire\u2019s total investment of $10 million, IKE issued to Ispire\nmembership interests in an aggregate amount initially equal to forty percent (40%) of the membership interests in IKE.
\n\n\u00a0
\n\nAs of December 31, 2024, the investment in joint\nventure accounted for under the equity method amounted to $10,071,380. As of December 31, 2024, the Company noticed no indicator of impairment\nregarding the investment.
\u00a0
For the three months ended December 31, 2024,\nthe Company\u2019s share of the joint venture\u2019s net loss was $100,618. For the six months ended December 31, 2024, the Company\u2019s\nshare of the joint venture\u2019s net loss was $176,668. The loss was included in \u201cother (expense) income, net\u201d in the consolidated\nstatements of operations and comprehensive loss.
\n\n\u00a0
\n\nFor the three months ended December 31, 2024 and 2023, the Company\nrecorded\u00a0$32,479\u00a0and $0 in other income from IKE from charging administrative fees. For the six months ended December 31, 2024\nand 2023, the Company recorded\u00a0\u00a0$72,072\u00a0\u00a0\u00a0and $0 in other income from IKE from charging administrative fees.\nAs of December 31, 2024 and June 30, 2024, the Company had total accounts receivable of $40,976 and $17,280 due from IKE.
\n\n\u00a0
\n\nThe tables below present\u00a0the summarized financial\ninformation, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December\u00a031, | \u00a0 | \u00a0 | \nSix months ended December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net revenue | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Loss from operations | \u00a0 | \n\u00a0 | 251,545 | \u00a0 | \u00a0 | \n\u00a0 | 441,671 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 251,545 | \u00a0 | \u00a0 | \n\u00a0 | 441,671 | \u00a0 |
| \u00a0 | \u00a0 | \nThree months ended December\u00a031, | \u00a0 | \u00a0 | \nSix months ended December\u00a031, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net revenue | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Loss from operations | \u00a0 | \n\u00a0 | 251,545 | \u00a0 | \u00a0 | \n\u00a0 | 441,671 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 251,545 | \u00a0 | \u00a0 | \n\u00a0 | 441,671 | \u00a0 |
7. CONTRACT LIABILITIES
\n\n\u00a0
\n\nThese liabilities are advance deposits received from\ncustomers after an order has been placed. As of December 31, 2024, the Company expects all of the contract liabilities to be settled in\nless than one year. The decrease in the balance at December 31, 2024 was due to less orders on hand on that date. The amount of revenue\nrecognized in the six months ended December 31, 2024, that was included in the opening contract liability balance was $1,924,847.
\n\n\u00a0\u00a0
\n\nChanges in the contract liabilities is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor the six months ended December 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 2,218,166 | \u00a0 | \u00a0 | \n$ | 988,556 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 23,052,449 | \u00a0 | \u00a0 | \n\u00a0 | 17,290,984 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (23,387,872 | ) | \u00a0 | \n\u00a0 | (16,574,369 | ) |
| Balance at December 31 | \u00a0 | \n\u00a0 | 1,882,743 | \u00a0 | \u00a0 | \n\u00a0 | 1,705,171 | \u00a0 |
| \u00a0 | \u00a0 | \nFor the six months ended December 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 2,218,166 | \u00a0 | \u00a0 | \n$ | 988,556 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 23,052,449 | \u00a0 | \u00a0 | \n\u00a0 | 17,290,984 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (23,387,872 | ) | \u00a0 | \n\u00a0 | (16,574,369 | ) |
| Balance at December 31 | \u00a0 | \n\u00a0 | 1,882,743 | \u00a0 | \u00a0 | \n\u00a0 | 1,705,171 | \u00a0 |
8. LEASES
\n\n\u00a0
\n\nThe Company has operating lease arrangements for\noffice 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 of 12 months or less\nare not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term. All other lease assets\nand lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date.
\u00a0
The balances for the right-of-use assets and lease\nliabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, 2024 | \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 2,949,756 | \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$ | 1,245,061 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 1,572,574 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 2,817,635 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
\u00a0
\n\nAs of December 31, 2024, the maturities of our\nlease liabilities (excluding short-term leases) are as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, 2024 | \u00a0 | |
| January 1, 2025 to June 30, 2025 | \u00a0 | \n\u00a0 | 716,165 | \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 | 3,049,752 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (232,117 | ) |
| Total lease liabilities | \u00a0 | \n\u00a0 | 2,817,635 | \u00a0 |
\u00a0
\n\nThe Company incurred lease costs, which include\nthe payment of short-term leases, of $383,174 and $335,678 on the Company\u2019s consolidated statements of operations and comprehensive\nloss for the three months ended December 31, 2024 and 2023, respectively. The Company incurred lease costs, which include the payment\nof short-term leases, of $765,733 and $734,991 on the Company\u2019s consolidated statements of operations and comprehensive loss for\nthe six months ended December 31, 2024 and 2023, respectively.
\n\n\u00a0
\n\nThe Company made payments of $330,020 and $379,600\nunder the lease agreements during three months ended December 31, 2024 and 2023, respectively. The Company made payments of $720,640 and\n$712,421 under the lease agreements during six months ended December 31, 2024 and 2023, respectively.
\n\n\u00a0
\n\nThe weighted-average remaining lease term related\nto the Company\u2019s lease liabilities as of December 31, 2024 and June 30, 2024 was 2.2 years and 2.7 years, respectively.
\n\n\u00a0
\n\nThe discount rate related to the Company\u2019s\nlease liabilities as of December 31, 2024 and June 30, 2024 was 7.9% and 7.9%, respectively. The discount rates are generally based on\nestimates of the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily\ndetermined.
"}]},{"name":"rpt:f-519","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use assets and lease\nliabilities where the Company is the lessee are presented as follow:| \u00a0 | \u00a0 | \nAs of December\u00a031, 2024 | \u00a0 | \u00a0 | \nAs of June\u00a030, 2024 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 2,949,756 | \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$ | 1,245,061 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 1,572,574 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 2,817,635 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of December\u00a031, 2024 | \u00a0 | |
| January 1, 2025 to June 30, 2025 | \u00a0 | \n\u00a0 | 716,165 | \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 | 3,049,752 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (232,117 | ) |
| Total lease liabilities | \u00a0 | \n\u00a0 | 2,817,635 | \u00a0 |
9. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of December\u00a031, 2024 and June\u00a030,\n2024, accrued liabilities and other payables consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 8,750,000 | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 783,705 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 66,596 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 1,179,081 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 795,689 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 11,576,021 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of December\u00a031, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 8,750,000 | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 783,705 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 66,596 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 1,179,081 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 795,689 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 11,576,021 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
10. RELATED PARTY TRANSACTIONS
\n\n\u00a0
\n\n| a) | The table below sets forth the major related parties and\ntheir relationships with the Company: | \n
\u00a0
\n\n| Name 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. |
| - IKE Tek LLC, a join venture that the Company has 40% membership interests in |
\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 December 31, 2024, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of December 31, 2024, Mr. Liu and Ms. Zhu beneficially own 58.7% and 4.4%, respectively, of the outstanding shares of the Company. |
\u00a0
\n\n| c) | For the three and six months ended December 31, 2024 and 2023, the majority of the Company\u2019s nicotine and cannabis vaping products were purchased from Shenzhen Yi Jia. As of December 31, 2024 and June 30, 2024, the accounts payable\u2013related party was $86,375,645 and $67,046,472, respectively, which was payable to Shenzhen Yi Jia. Pricing for products purchased from Shenzhen Yi Jia is determined by the volume of products ordered and shall be the most favorable market price offered by Shenzhen Yi Jia in negotiations. There are no fixed payment terms regarding these balances and they are classified as current liabilities. The relationship between the related parties, including the payment terms, is reviewed on a quarterly basis. As long as strategic objectives are met, the Company expects the relationship will continue without significant modification. For the three months ended December 31, 2024 and 2023, the purchases from Shenzhen Yi Jia were $30,975,378 and $25,464,800, respectively. For the six months ended December 31, 2024 and 2023, the purchases from Shenzhen Yi Jia were $61,558,483 and $48,983,213, respectively. |
| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| - Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| - Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
| - IKE Tek LLC, a join venture that the Company has 40% membership interests in |
11. INCOME TAXES
\n\n\u00a0
\n\nFor the three and six months ended December 31,\n2024 and 2023 loss before income taxes consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,601,917 | \u00a0 | \u00a0 | \n$ | 2,538,994 | \u00a0 | \u00a0 | \n$ | 5,533,109 | \u00a0 | \u00a0 | \n$ | 5,691,070 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (9,427,325 | ) | \u00a0 | \n\u00a0 | (5,963,668 | ) | \u00a0 | \n\u00a0 | (17,204,217 | ) | \u00a0 | \n\u00a0 | (9,872,671 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (713,204 | ) | \u00a0 | \n\u00a0 | (215,058 | ) | \u00a0 | \n\u00a0 | (1,005,767 | ) | \u00a0 | \n\u00a0 | (303,673 | ) |
| Total | \u00a0 | \n$ | (7,538,612 | ) | \u00a0 | \n$ | (3,639,732 | ) | \u00a0 | \n$ | (12,676,875 | ) | \u00a0 | \n$ | (4,485,274 | ) |
\u00a0
\n\nIncome taxes\nrecorded for the three and six months ended\u00a0December 31, 2024 and 2023, were estimated\nusing the discrete method. Income taxes are based on the Company\u2019s financial results through the end of the period, as well as the\nrelated change in the valuation allowance on deferred tax assets. The Company is unable to estimate the annual effective tax rate with\nsufficient precision for purposes of the effective tax rate method, which requires the Company to consider a projection of full-year income\nand the expected change in the valuation allowance. The estimated annual effective tax rate method was not reliable due to its sensitivity\nto small changes to forecasted annual pre-tax earnings and the effect of the valuation allowance, which create results with significant\nvariations in the customary relationship between income tax expense and pre-tax income for the interim periods. As a result, the Company\ndetermined that using the discrete method is more appropriate than using the annual effective tax rate method.
\n\n\u00a0
\n\nThe Company\u2019s effective tax rate from operations\nwas (6.10%) and (9.68%) for the three months ended December 31, 2024 and 2023, respectively. The Company\u2019s effective tax rate from\noperations was (7.23%) and (18.91%) for the six months ended December 31, 2024 and 2023, respectively. The Company\u2019s effective tax\nrate differs from the federal statutory rate of 21% in each period primarily due to the Company\u2019s net loss position, nondeductible\nexpenses, and valuation allowance.
\n\n\u00a0
\n\nAs of December 31, 2024, income tax expense of\n$460,031 and $916,784 was from income generated during the three and six months ended December 31, 2024. At December 31, 2023, income\ntax expense of $352,180 and $848,225\u00a0was from income generated during the three and six months ended December 31, 2023. All income\ntax expenses arose solely from Hong Kong operation.
"}]},{"name":"rpt:f-587","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-01-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the three and six months ended December 31,\n2024 and 2023 loss before income taxes consists of:| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 2,601,917 | \u00a0 | \u00a0 | \n$ | 2,538,994 | \u00a0 | \u00a0 | \n$ | 5,533,109 | \u00a0 | \u00a0 | \n$ | 5,691,070 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (9,427,325 | ) | \u00a0 | \n\u00a0 | (5,963,668 | ) | \u00a0 | \n\u00a0 | (17,204,217 | ) | \u00a0 | \n\u00a0 | (9,872,671 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (713,204 | ) | \u00a0 | \n\u00a0 | (215,058 | ) | \u00a0 | \n\u00a0 | (1,005,767 | ) | \u00a0 | \n\u00a0 | (303,673 | ) |
| Total | \u00a0 | \n$ | (7,538,612 | ) | \u00a0 | \n$ | (3,639,732 | ) | \u00a0 | \n$ | (12,676,875 | ) | \u00a0 | \n$ | (4,485,274 | ) |
12. STOCK-BASED COMPENSATION
\n\n\u00a0
\n\nIn October 2022, the board of directors and stockholders\nof the Company approved the 2022 Equity Incentive Plan (as amended, 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) initially filed with U.S. Securities\nand Exchange Commission on July 26, 2023. The Compensation Committee has broad discretion in making awards, provided that any options\nshall be exercisable at the fair market value on the date of grant.
\n\n\u00a0
\n\nRestricted stock
\n\n\u00a0
\n\nDuring the three and six months ended December 31, 2024, 36,941 and 57,346 shares of common stock were issued to the Company\u2019s board\nof directors and employees in settlement of restricted stock granted under the Plan, respectively. Restricted stock granted to directors\nvests over three months and was fully vested as of December 31, 2024. The Company recognized share-based compensation expense totaling\n$35,710 related to the restricted stock issued to the Company\u2019s board of directors, based the grant date fair value of the awards.\nThere are unrecognized compensation expenses related to these restricted stock awards as of December 31, 2024.
\n\n\u00a0\u00a0
\n\nThe Company entered into consulting agreements\nwith two consultants in June 2024, which provide for the issuance of up to 150,000 shares of common stock to each consultant (a total\nof 300,000 shares of common stock). Under the terms of the consulting agreements, (a) 25,000 shares of common stock vested upon execution\nof the consulting agreements (a total of 50,000 shares of common stock, issued during the year ended June 30, 2024), (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). The Company estimated the grant date fair value of the shares issuable under the consulting\nagreements to be $7.14 per share.
\n\n\u00a0
\n\nIn July 2024, the Company entered into consulting\nagreements with two consultants, which provide for the issuance of up to 140,000 shares of common stock to each consultant (a total of\n280,000 shares of common stock). Under the terms of the consulting agreements, these 140,000 shares of common stock will vest upon the\nattainment of six separate sales-based targets, in 20,000 share increments, if the consulting agreements have not been terminated.
\n\n\u00a0
\n\nIn July 2024, the Company entered into consulting\nagreements with two consultants, which provide for the issuance of up to 400,000 shares of common stock to each consultant (a total of\n800,000 shares of common stock). Under the terms of the consulting agreements, (a) 75,000 shares of common stock vested upon execution\nof the consulting agreements (a total of 150,000 shares of common stock issued during the three months ended September 30, 2024), (b)\n300,000 shares of common stock will vest upon the attainment of three separate sales-based targets, in 100,000 share increments (a total\nof 300,000 shares of common stock), and (c) 25,000 shares of common stock will vest upon the attainment of one separate sales-based target,\nif the consulting agreements have not been terminated.
\n\n\u00a0
\n\nThe shares of common stock that vest upon the\nattainment of the sales-based targets include performance-based vesting conditions, which the Company has determined were not probable\nof being achieved at December 31, 2024. As such, the Company has not recognized any compensation expense as of December 31, 2024, related\nto the restricted common stock with performance-based vesting conditions. The shares of common stock that vest on October 1, 2027, include\ntime-based vesting criteria. For these shares, the Company recognizes stock-based compensation expense based on the grant date fair value\non a straight-line basis over the required service period. For the quarter ended December 31, 2024, the stock-based compensation expense\nrelated to the restricted common stock with time-based vesting conditions was not material.
\u00a0
Stock Options
\n\n\u00a0
\n\nThe following is a summary of stock option activity\ntransactions as of and for the six months ended December 31, 2024:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number Of\u00a0 options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \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 |
| Granted | \u00a0 | \u00a0 | 312,500 | \u00a0 | \u00a0 | $ | 7.36 | \u00a0 | \u00a0 | $ | 4.48 | \u00a0 | \u00a0 | \u00a0 | 9.6 | \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 | (1,395,416 | ) | \u00a0 | $ | 9.71 | \u00a0 | \u00a0 | $ | 5.51 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 |
| Outstanding at December 31, 2024 | \u00a0 | \u00a0 | 2,172,084 | \u00a0 | \u00a0 | $ | 8.45 | \u00a0 | \u00a0 | $ | 4.79 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 |
| Exercisable at December 31, 2024 | \u00a0 | \u00a0 | 535,695 | \u00a0 | \u00a0 | $ | 9.21 | \u00a0 | \u00a0 | $ | 4.93 | \u00a0 | \u00a0 | \u00a0 | 7.1 | \u00a0 |
\u00a0
\n\nThe aggregate intrinsic value of options outstanding\nwith an exercise price less than the closing price of the Company\u2019s common stock as of December\u00a031, 2024 was $0. Aggregate\nintrinsic value represents the value of the Company\u2019s closing stock price on the last trading day of the period in excess of the\nweighted-average exercise price multiplied by the number of options outstanding or exercisable.
\n\n\u00a0\u00a0
\n\nTotal expense of options vested for the three months ended December\n31, 2024 and 2023, was $(942,397) and $1,201,114, respectively. Total expense of options vested for the six months ended December 31,\n2024 and 2023, was $(374,796) and $1,707,093, respectively. The options granted during the six months ended December 31, 2024 and 2023\nwere valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Six months ended December\u00a031, 2024 | \u00a0 | \u00a0 | Six months ended December\u00a031, 2023 | \u00a0 | ||
| Exercise multiple | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 60 | % | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 3.650%\u00a0-\u00a04.390 | % | \u00a0 | \u00a0 | 4.197 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
\u00a0
\n\nRSUs
\n\n\u00a0
\n\nRSUs granted to employees vest cumulatively as\nto one-third of the restricted stock units on each of the first three anniversaries of the date of grant based on continues service. Each\nvested RSU entitles holder to receive one share of common stock upon exercise. RSUs are accounted for as equity using the fair value method,\nwhich requires measurement and recognition of compensation expense for all awards granted to employees, directors and consultants based\nupon the grant-date fair value.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 1,130,346 | \u00a0 | \u00a0 | \n\u00a0 | 6.26 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (553,608 | ) | \u00a0 | \n\u00a0 | 7.29 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (431,465 | ) | \u00a0 | \n\u00a0 | 8.00 | \u00a0 |
| Unvested, December 31, 2024 | \u00a0 | \n\u00a0 | 628,879 | \u00a0 | \u00a0 | \n$ | 6.85 | \u00a0 |
\u00a0
Total expense for the RSUs during the three months\nended December 31, 2024 and 2023 was $2,351,973 and $468,361. Total expense for the RSUs during the six months ended December 31, 2024\nand 2023 was $2,672,849 and $604,325.
\n\n\u00a0
\n\nThe following table summarizes the allocation\nof stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | 1,357,591 | \u00a0 | \u00a0 | \n$ | 1,850,380 | \u00a0 | \u00a0 | \n$ | 2,315,984 | \u00a0 | \u00a0 | \n$ | 2,802,033 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 87,695 | \u00a0 | \u00a0 | \n\u00a0 | 32,541 | \u00a0 | \u00a0 | \n\u00a0 | 1,136,890 | \u00a0 | \u00a0 | \n\u00a0 | 48,447 | \u00a0 |
| Total | \u00a0 | \n$ | 1,445,286 | \u00a0 | \u00a0 | \n$ | 1,882,921 | \u00a0 | \u00a0 | \n$ | 3,452,874 | \u00a0 | \u00a0 | \n$ | 2,850,480 | \u00a0 |
\u00a0
\n\nAs of December 31, 2024, the Company had approximately\n$10,680,495 in unrecognized compensation expenses related to all non-vested options and RSUs that will be recognized over the weighted-average\nperiod of 2.7 years.
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following is a summary of stock option activity\ntransactions as of and for the six months ended December 31, 2024:| \u00a0 | \u00a0 | Number Of\u00a0 options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \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 |
| Granted | \u00a0 | \u00a0 | 312,500 | \u00a0 | \u00a0 | $ | 7.36 | \u00a0 | \u00a0 | $ | 4.48 | \u00a0 | \u00a0 | \u00a0 | 9.6 | \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 | (1,395,416 | ) | \u00a0 | $ | 9.71 | \u00a0 | \u00a0 | $ | 5.51 | \u00a0 | \u00a0 | \u00a0 | 8.7 | \u00a0 |
| Outstanding at December 31, 2024 | \u00a0 | \u00a0 | 2,172,084 | \u00a0 | \u00a0 | $ | 8.45 | \u00a0 | \u00a0 | $ | 4.79 | \u00a0 | \u00a0 | \u00a0 | 8.6 | \u00a0 |
| Exercisable at December 31, 2024 | \u00a0 | \u00a0 | 535,695 | \u00a0 | \u00a0 | $ | 9.21 | \u00a0 | \u00a0 | $ | 4.93 | \u00a0 | \u00a0 | \u00a0 | 7.1 | \u00a0 |
| \u00a0 | \u00a0 | Six months ended December\u00a031, 2024 | \u00a0 | \u00a0 | Six months ended December\u00a031, 2023 | \u00a0 | ||
| Exercise multiple | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 60 | % | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 3.650%\u00a0-\u00a04.390 | % | \u00a0 | \u00a0 | 4.197 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 1,130,346 | \u00a0 | \u00a0 | \n\u00a0 | 6.26 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (553,608 | ) | \u00a0 | \n\u00a0 | 7.29 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (431,465 | ) | \u00a0 | \n\u00a0 | 8.00 | \u00a0 |
| Unvested, December 31, 2024 | \u00a0 | \n\u00a0 | 628,879 | \u00a0 | \u00a0 | \n$ | 6.85 | \u00a0 |
\u00a0
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following table summarizes the allocation\nof stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | 1,357,591 | \u00a0 | \u00a0 | \n$ | 1,850,380 | \u00a0 | \u00a0 | \n$ | 2,315,984 | \u00a0 | \u00a0 | \n$ | 2,802,033 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 87,695 | \u00a0 | \u00a0 | \n\u00a0 | 32,541 | \u00a0 | \u00a0 | \n\u00a0 | 1,136,890 | \u00a0 | \u00a0 | \n\u00a0 | 48,447 | \u00a0 |
| Total | \u00a0 | \n$ | 1,445,286 | \u00a0 | \u00a0 | \n$ | 1,882,921 | \u00a0 | \u00a0 | \n$ | 3,452,874 | \u00a0 | \u00a0 | \n$ | 2,850,480 | \u00a0 |
13. 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 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (7,998,643 | ) | \u00a0 | \n$ | (3,991,912 | ) | \u00a0 | \n$ | (13,593,659 | ) | \u00a0 | \n$ | (5,333,499 | ) |
| Weighted average basic and diluted share of common stock outstanding | \u00a0 | \n\u00a0 | 56,658,012 | \u00a0 | \u00a0 | \n\u00a0 | 54,270,236 | \u00a0 | \u00a0 | \n\u00a0 | 56,629,666 | \u00a0 | \u00a0 | \n\u00a0 | 54,258,224 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.14 | ) | \u00a0 | \n$ | (0.07 | ) | \u00a0 | \n$ | (0.24 | ) | \u00a0 | \n$ | (0.10 | ) |
\u00a0
\n\nThe Company computes earnings per share (\u201cEPS\u201d)\nin accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted\nEPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar\nto basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options\nand warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive\nshares could dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been\nantidilutive for the six months ended December 31, 2024 and 2023. Potentially dilutive shares were as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nFor the six months ended \nDecember 31, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | ||
| Share options | \n\u00a0 | \n\n | 2,172,084 | \n\u00a0 | \n\u00a0 | \n\n | 2,845,000 | \n\u00a0 |
| Unvested restricted stock units | \n\u00a0 | \n\u00a0 | \n628,879 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n574,140 | \n\u00a0 |
| Warrants | \n\u00a0 | \n\u00a0 | \n173,211 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Total | \n\u00a0 | \n\u00a0 | \n2,974,174 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3,419,140 | \n\u00a0 |
| \u00a0 | \u00a0 | \nThree months ended December 31, | \u00a0 | \u00a0 | \nSix months ended December 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | \u00a0 | \n2024 | \u00a0 | \u00a0 | \n2023 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (7,998,643 | ) | \u00a0 | \n$ | (3,991,912 | ) | \u00a0 | \n$ | (13,593,659 | ) | \u00a0 | \n$ | (5,333,499 | ) |
| Weighted average basic and diluted share of common stock outstanding | \u00a0 | \n\u00a0 | 56,658,012 | \u00a0 | \u00a0 | \n\u00a0 | 54,270,236 | \u00a0 | \u00a0 | \n\u00a0 | 56,629,666 | \u00a0 | \u00a0 | \n\u00a0 | 54,258,224 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.14 | ) | \u00a0 | \n$ | (0.07 | ) | \u00a0 | \n$ | (0.24 | ) | \u00a0 | \n$ | (0.10 | ) |
| \u00a0 | \n\u00a0 | \nFor the six months ended \nDecember 31, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | \n\u00a0 | \n2023 | \n\u00a0 | ||
| Share options | \n\u00a0 | \n\n | 2,172,084 | \n\u00a0 | \n\u00a0 | \n\n | 2,845,000 | \n\u00a0 |
| Unvested restricted stock units | \n\u00a0 | \n\u00a0 | \n628,879 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n574,140 | \n\u00a0 |
| Warrants | \n\u00a0 | \n\u00a0 | \n173,211 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Total | \n\u00a0 | \n\u00a0 | \n2,974,174 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n3,419,140 | \n\u00a0 |
14. COMMITMENTS AND CONTINGENCIES
\n\n\u00a0
\n\nFrom time to time, the Company may be subject\nto legal or regulatory proceedings, investigations and claims incidental to the conduct of its business. The Company is not a party to,\nnor is the Company aware of, any legal or regulatory proceedings, investigations or claims which, in the opinion of our management, are\nlikely to have a material adverse effect on our business, financial condition or results of operations.
\n\n\u00a0
\n\nConcurrently with the joint venture agreement\n(see Note 6), 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.
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\n\n\u00a0
\n\n\n\n\n\nIn February 2025, Ispire executed a cost reduction\ninitiative. The initiative was part of a larger effort to optimize costs and leverage the Company\u2019s global resources more effectively.\nIt is a proactive measure to improve the Company\u2019s operating efficiency and profitability. The Company expects savings in salary\nand benefits over $4,000,000 annually, and additional savings in other operating expenses.
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