Cyberattacks\nare a growing geopolitical risk, becoming larger, more frequent, more intricate and more relentless. These attacks represent a significant\nthreat to individual organizations and their ability to conduct daily operations. We rely on accounting, financial, and operational management\ninformation systems to conduct our operations. Any disruption in these systems could adversely affect our ability to conduct our business.\nFurthermore, as part of our normal business activities, we collect and store common confidential information about customers, employees,\nvendors, and suppliers. This information is entitled to protection under a number of regulatory regimes.
Any\nfailure to maintain the security of the data, including the penetration of our network security and the misappropriation of confidential\nand personal information, could result in business disruption, damage to our reputation, financial obligations to third parties, fines,\npenalties, regulatory proceedings and private litigation with potentially large costs. This scenario may also result in a deterioration\nof customer confidence in us and potentially other competitive disadvantages. As such, a cyberattack could have a material adverse impact\non our financial condition and results of operations.
While\nwe devote resources to implement and maintain security measures to protect our systems and data, these measures cannot provide absolute\nsecurity against a cyberattack. In such an event, the insurance coverage we maintain may be inadequate to cover claims, costs, and liabilities\nrelating to cybersecurity incidents.
While\nwe have not been subject to cyberattacks and other cyber incidents, we take cybersecurity preparedness seriously. Our risk management\nframework considers cybersecurity risk alongside other company risks as part of our overall risk assessment process. We have plans to\nimplement cybersecurity training for all employees upon onboarding, and then annual follow-up training courses to ensure that all employees\nunderstand the risk and implications of a cyber event.
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We have audited the accompanying consolidated\nbalance sheet of Ispire Technology Inc. (the \u201cCompany\u201d) as of June 30, 2025, the related consolidated statements of operations\nand comprehensive loss, changes in stockholders\u2019 equity and cash flows for the year ended June 30, 2025, and the related notes\n(collectively referred to as the \u201cfinancial statements\u201d). In our opinion, the financial statements\npresent fairly, in all material respects, the financial position of the Company as of June 30, 2025, and the results of its operations\nand its cash flows for the year ended June 30, 2025, in conformity with accounting principles generally accepted in the United States\nof America.
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ORGANIZATION AND PRINCIPAL ACTIVITIES
\n\n\u00a0
\n\nIspire\nTechnology Inc. (the \u201cCompany\u201d or \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013,\n2022. Through its subsidiaries, the Company is engaged in the research and development, design, commercialization, sales, marketing and\ndistribution of branded e-cigarettes and cannabis vaping products.
\n\n\u00a0
\n\nIspire\nowns a 100% equity interest in Ispire International Limited, a business company incorporated under the laws of the British Virgin Islands\n(\u201cBVI\u201d) (\u201cIspire International\u201d) on July\u00a06, 2022.
\n\n\u00a0
\n\nPrior\nto July 29, 2022, all of the equity of Aspire North America LLC, a California limited liability company (\u201cAspire North America\u201d),\nwas owned by Aspire Global Inc. (\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong\nKong corporation (\u201cAspire Science\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned\nsubsidiary of Aspire Global.
\n\n\u00a0
\n\nAspire\nGlobal and the Company are related parties since the same individual is the chief executive officer of both companies. As of June 30,\n2025, the chief executive officer and his wife, being directors of both companies, owned 66.5% and 5.0% of the equity of Aspire Global,\nrespectively. As of June 30, 2025, they owned 58.1% and 4.4% of the equity of the Company, respectively. On July 29, 2022, Aspire Global\ntransferred 100% of the equity interest in Aspire North America to the Company. On the same day, Aspire Holdings transferred 100% of\nthe equity of Aspire Science to Ispire International. At the time of transfer of the equity in Aspire North America and Aspire Science,\nthe Company had the same stockholders as Aspire Global, and the Company\u2019s stockholders held the same percentage interest in the\nCompany as they had in Aspire Global. Because the transfer of the equity in Aspire North America and Aspire Science is a transfer between\nrelated parties, the historical financial information of the subsidiaries is carried forward as the historical financial information\nof the Company and the 50,000,000 shares that were issued at or about the time of the Company\u2019s organization are treated as being\noutstanding on July 1, 2020.
\n\n\u00a0
\n\nIn\nSeptember 2023, the Company established a wholly-owned subsidiary, Ispire Malaysia Sdn Bhd (\u201cIspire Malaysia\u201d) under the\nlaws of the Federation of Malaysia, in order to establish manufacturing operations in Southeast Asia. Ispire Malaysia was formed by Tuanfang\nLiu, the Company\u2019s Chairman and Co-Chief Executive Officer on August 2, 2023, and assigned to the Company on September 22, 2023,\nat a consideration of 100 Malaysian ringgits, equivalent to USD 21.
\n\n\u00a0
\n\nIn\nJuly 2024, the Company established a wholly-owned subsidiary, Aspire AME Electronic Cigarettes Trading LLC (\u201cIspire UAE\u201d)\nunder the laws of the United Arab Emirates (\u201cUAE\u201d), in order to establish sales and marketing in the UAE.
\n\n\u00a0
\n\nIn\nOctober 2024, the Company established a wholly-owned subsidiary, Magellan Trading LLC (Magellan Trading) incorporated under the laws\nof the State of California to assist in operations and logistics for the Company.
\n\n\u00a0
\n\nIn\nJanuary 2025, the Company established a wholly-owned subsidiary, Ispire Products UK LTD (Ispire UK) incorporated under the laws of England\nand Wales to assist in sales and marketing for the Company.
\n\n\u00a0
\n\nThe\nfollowing table sets forth information concerning the Company and its subsidiaries as of June 30, 2025:
\n\n\u00a0
\n\n| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| 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 |
| Ispire Products UK LTD | \u00a0 | January 9, 2025 | \u00a0 | England and Wales | \u00a0 | 100% | \u00a0 | Sales and Marketing |
The\nfollowing table sets forth information concerning the Company and its subsidiaries as of June 30, 2025:
\n\n\u00a0
\n\n| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| 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 |
| Ispire Products UK LTD | \u00a0 | January 9, 2025 | \u00a0 | England and Wales | \u00a0 | 100% | \u00a0 | Sales and Marketing |
NOTE\n2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
\n\n\u00a0
\n\nBasis\nof presentation
\n\n\u00a0
\n\nThe\naccompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United\nStates of America (\u201cU.S. GAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
\n\n\u00a0
\n\nCredit loss expenses for June 30, 2024 have been\nbroken out from general and administrative expenses in order to conform to the June 30, 2025 presentation.
\n\u00a0
\n\nEmerging\ngrowth company
\n\n\u00a0
\n\nThe\nCompany is an \u201cemerging growth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart\nOur Business Startups Act of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting\nrequirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not\nbeing required to comply with the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley\nAct of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions\nfrom the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute\npayments not previously approved.
\n\n\u00a0
\n\nFurther,\nSection\u00a0102(b)(1)\u00a0of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial\naccounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective\nor do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting\nstandards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with\nthe requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected\nnot to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application\ndates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time\nprivate companies adopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another\npublic company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition\nperiod difficult or impossible because of the potential differences in accounting standards used.
\n\n\u00a0
\n\nBasis\nof consolidation
\n\n\u00a0
\n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions\nand balances have been eliminated upon consolidation.
\n\n\u00a0
\n\nUse\nof estimates
\n\n\u00a0
\n\nThe\npreparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial\nstatements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for\ncredit losses and revenue recognition. Actual results could differ from those estimates.
Cash
\n\n\u00a0
\n\nCash\nincludes currency on hand, deposits held by banks and other financial institutions that can be added or withdrawn without limitation\nand highly liquid investments with maturities of three months or less when purchased.
\n\n\u00a0
\n\nFair\nvalue measurement
\n\n\u00a0
\n\nThe\nCompany applies ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring\nfair value, and expands financial statement disclosure requirements for fair value measurements.
\n\n\u00a0
\n\nASC\nTopic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price)\non the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset\nor liability.
\n\n\u00a0
\n\nASC\nTopic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable\nor unobservable. The hierarchy is as follows:
\n\n\u00a0
\n\n| \u25cf | Level\n 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets\n or liabilities in active markets. | \n
\u00a0
\n\n| \u25cf | Level\n 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities\n in active markets, and inputs that are observable for the assets or liability, either directly\n or indirectly, for substantially the full term of the financial instruments. | \n
\u00a0
\n\n| \u25cf | Level\n 3 inputs to the valuation methodology are unobservable and significant to the fair value.\n Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions\n about the assumptions that market participants would use in pricing an asset or liability. | \n
\u00a0
\n\nThe\ncarrying value of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other\nreceivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to\nrelated parties, approximates their fair value because of their short-term maturity.
\n\n\u00a0
\n\nAccounts\nreceivable, net
\n\n\u00a0
\n\nAccounts\nreceivable are recognized and carried at the historical carrying amount net of allowance for expected credit loss.
\n\n\u00a0
\n\nThe\nCompany have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of\nsales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored\npayment term are designed for each customer, based on business relationship, order size and other considerations.
\n\n\u00a0
\n\nAllowance\nfor credit losses
\n\n\u00a0
\n\nThe Company adopted Accounting Standards Update 2016-13 \u201cFinancial\nInstruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on July 1, 2023, under the\nmodified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of risk characteristics of a receivable\npool to develop credit losses estimate. In establishing the\nrequired allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, economic environment,\nand the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if\nthe allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written off against allowance for\ndoubtful accounts after management has determined that the likelihood of collection is not probable.
Inventories,\nnet
\n\n\u00a0
\n\nInventories\nmainly consist of finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost\nof an inventory item is determined using the weighted average method.
\n\n\u00a0
\n\nWhen\nmanagement determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed\nexpected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories.\nThe net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs\nnecessary to make the sale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales\nhistory, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews\ninventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory.\nAny inventories identified during this process are reserved for at rates based upon management\u2019s judgment and historical rates.\nThe quantity thresholds and reserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The\nreserve estimates may, therefore, be revised if there are changes in the overall market for the Company\u2019s products or market changes\nthat in management\u2019s judgment, impact its ability to sell potentially obsolete inventory. As of June 30, 2025 and 2024, the Company\nrecorded inventory reserves of $960,570 and $205,594, respectively.
\n\n\u00a0\u00a0
\n\nProperty,\nplant and equipment, net
\n\n\u00a0
\n\nProperty,\nplant and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful\nlives of the assets from the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred\nto bring the asset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements\nare capitalized.
\n\n\u00a0
\n\nWhen\nassets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses\nare included in income/loss in the year of disposition. Estimated useful lives are as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nthe estimated useful life of the assets |
\u00a0
\n\nOther\ninvestment
\n\n\u00a0
\n\nOther\ninvestments consist of equity investments in a privately held company that the Company does not have control or significant influence\nover it. These equity investments do not have readily determinable fair values and are primarily accounted for under the measurement\nalternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting\nfrom observable price changes in orderly transactions for identical or similar investments of the same issuer.
\n\n\u00a0
\n\nThe\nCompany also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment\nis less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between\nthe fair value and carrying amount of the investment as an impairment loss recorded in the consolidated statements of operations and\ncomprehensive loss.
Equity\nmethod investment
\n\n\u00a0
\n\nThe\nCompany applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323,\nInvestments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial\ninterest, unless the fair value option is elected for an investment.
\n\n\u00a0
\n\nAs\nfurther discussed in Note 8, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for\nthe purpose of licensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices\nin the U.S. market.
\n\n\u00a0
\n\nUnder\nthe equity method, the Company\u2019s share of the post-investment profits or losses of the equity method investee is recognized in\nthe consolidated statement of operations. When the Company\u2019s share of losses of the equity method investee equals or exceeds its\ninterest in the equity method investee, the Company does not recognize further losses, unless the Company has incurred obligations or\nmade payments or guarantees on behalf of the equity method investee. The Company continually reviews its investments in equity method\ninvestees to determine whether a decline in fair value below the carrying value is other-than-temporary. If the decline in fair value\nis deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair\nvalue.
\n\n\u00a0
\n\nIntangible\nassets, net
\n\n\u00a0
\n\nIntangible\nassets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent\nlicense rights. The Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized\npatent costs are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length\nof the license agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment\nto capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not\nbe recoverable. $939,075 and $1,405,684 of patent fees were capitalized during the years ended June 30, 2025 and 2024. The amortization\nof the intangible assets was $82,121 and $30,018 for the years ended June 30, 2025 and 2024 respectively. The amortization expenses were\nincluded in the general and administrative expenses.
\n\n\u00a0
\n\nAccounts\npayable
\n\n\u00a0
\n\nAccounts\npayable represents payables to suppliers and other non-trade vendors. The Company\u2019s major supplier is a related party to the Company.\nSee Note 12.
\n\n\u00a0
\n\nContract\nliabilities
\n\n\u00a0
\n\nContract\nliabilities represent advanced deposits received from customers after an order has been placed but before a product has been shipped.\nThe Company\u2019s policy is to require a minimum customer deposit in the range of 10% to 30% of the purchase price upon placement of\na sales order. Contract liabilities are realized as revenue when the conditions to revenue recognition are met, primarily when control\nof goods has transferred to customers.
\n\n\u00a0
\n\nLeases\n
\n\n\u00a0
\n\nThe\nCompany determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the\nterm of such lease is assessed based on the date on which the underlying asset is made available for the Company\u2019s use by the lessor.\nThe Company\u2019s assessment of the lease term reflects any rent-free periods. The Company also determines lease classification as\neither operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in\nthe consolidated statements of operations over the lease term.
\n\n\u00a0
\n\nFor\nleases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet\nat lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding\noperating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial\ndirect costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring\nthe present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based\non information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable.\nThe Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term\nand economic environment of the associated lease.
For\nthe Company\u2019s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term.\nFor leases with a term of 12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term\nand are not recognized on the Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the\nshort-term lease exception were insignificant.
\n\n\u00a0
\n\nImpairment\nof long-lived assets
\n\n\u00a0
\n\nIn\naccordance with ASC Topic 360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment\nwhenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The\nCompany recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of\nthe asset. The amount of impairment is measured as the difference between the asset\u2019s estimated fair value and its book value. For the years ended June 30, 2025 and 2024, the impairment of long-lived assets were $151,516 and , respectively.
\n\n\u00a0
\n\nRevenue\nrecognition
\n\n\u00a0
\n\nThe\nCompany sells its vaping products to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts\nwith\u00a0Customers. Many customers are distributors that resell the Company\u2019s products in various geographic regions. The performance\nobligations are for the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered\na separate contract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For\nthe majority of the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered\nto the pickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical\npossession and risks and rewards of goods transfer to the customer.\u00a0
\n\n\u00a0
\n\nRevenue is recognized at\nthe transaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When\ndetermining the transaction price, management estimates variable consideration applying the portfolio approach practical expedient under\nASC 606. The main sources of variable consideration for the Company are sales returns. 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\nthe single most likely outcome from a range of possible consideration outcomes.
\n\n\u00a0
\n\nThe\nCompany offers different payment terms to different customers. For nicotine vaping products, the general payment term is a deposit of\n30% of sales amount upon placing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products,\na tailored payment term is designed for each customer, based on the business relationship, order size and other considerations. All contract\nliabilities at the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty.\nThe warranty is an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected.\nIn certain sales contracts, a right of return is offered. With a right of return, a customer is given the right to return the products\nif they are not satisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return\nreserve is accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs\nof obtaining a contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the\ncustomer and remitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
\n\n\u00a0
\n\nDisaggregated\nRevenue
\n\n\u00a0
\n\nThe\nCompany has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate\nits net sales by region. The net sales disaggregated by region for the years ended June 30, 2025 and 2024, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 74,107,249 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 32,567,795 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 12,274,022 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 8,545,238 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 127,494,304 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
Cost\nof revenue
\n\n\u00a0
\n\nCost\nof revenue for the years ended June 30, 2025 and 2024 consisted primarily of the cost of purchasing vaping products, freight-in cost\nand inventory impairment, which were mostly purchased from a related party. See Note 12.
\n\n\u00a0
\n\nResearch\nand development expenses \u00a0\u00a0
\n\n\u00a0
\n\nResearch\nand development expenses represent staff costs for development personnels, and expenses incurred for the testing of new products. For\nthe years ended June 30, 2025 and 2024, the research and development expenses were $363,301 and $779,174, respectively. They are included\nin the general and administrative expenses.
\n\n\u00a0
\n\nStock-based\ncompensation
\n\n\u00a0
\n\nThe\nCompany measures and recognizes compensation expenses for stock-based payment awards, including stock options, restricted stock granted\nto directors and advisors, and restricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of\nthe awards. The Company engages a third-party valuer to assist in determining the fair value of stock options using the binomial option\npricing model, with significant assumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield.\nThe fair value of RSUs is measured on the grant date based on the closing market price of the Company\u2019s common stock. The stock-based\npayment awards typically include time-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may\ninclude performance-based vesting conditions.
\n\n\u00a0
\n\nFor\nstock-based payment awards with time-based vesting conditions, the resulting cost is recognized over the period during which an employee\nis required to provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options\nand three years for RSUs. Stock-based compensation expense is recognized on a straight-line basis over the period during which services\nare provided in exchange for the award. For stock-based payment awards with performance-based vesting conditions, the Company will estimate\nthe probability that the performance condition will be met at each reporting date. Stock-based compensation expense is only recognized\nfor stock-based payment awards that are probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by\nthe Company is the grant date fair value of the awards where the performance conditions have been met and the awards have vested.
\n\n\u00a0
\n\nStock-based\ncompensation expense is recorded in the sales and marketing expense and general and administrative expense in the consolidated statements\nof operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
\n\n\u00a0
\n\nInterest\nincome
\n\n\u00a0
\n\nFor\nthe years ended June\u00a030, 2025 and 2024, interest income related to interest on bank deposits.
\n\n\u00a0
\n\nIncome\ntaxes
\n\n\u00a0
\n\nThe\nCompany accounts for income taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax\nconsequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities\nand their respective tax bases.\u00a0
\n\n\u00a0
\n\nDeferred\ntax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary\ndifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized\nin income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets\nto the amount expected to be realized.
The\nprovisions of ASC 740-10 prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement\nof a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income\ntax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties\nassociated with tax positions, and related disclosures. The Company classifies the interest and penalties, if any, as a component of\nincome tax expense. For the years ended June 30, 2025 and 2024, the Company did not incur any interest or penalties related to an uncertain\ntax position. The Company does not believe that there were any uncertain tax positions as of June\u00a030, 2025 and 2024.
\n\n\u00a0
\n\nEarnings\nper share
\n\n\u00a0
\n\nThe\nCompany computes earnings per share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with\ncomplex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common\nshares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential\ncommon shares (for example, convertible securities, options and warrants) as if they had been converted at the beginning of the periods\npresented, or issuance date, if later. Potentially dilutive shares could dilute basic EPS in the future that were not included in the\ncomputation of diluted EPS because to do so would have been antidilutive for the years ended June 30, 2025 and 2024. Potentially dilutive\nshares were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,438,125 | \u00a0 | \u00a0 | \n\u00a0 | 3,255,000 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,016,306 | \u00a0 | \u00a0 | \n\u00a0 | 3,911,817 | \u00a0 |
\u00a0
\n\nComprehensive\nloss
\n\n\u00a0
\n\nComprehensive\nloss consists of two components, net loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting\nfrom translation of the financial statements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements\nof operations and comprehensive loss.
\n\n\u00a0
\n\nCommitments\nand contingencies
\n\n\u00a0
\n\nIn\nthe normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business,\nwhich cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred\nand the amount of the assessment can be reasonably estimated.
\n\n\u00a0
\n\nIf\nthe assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be\nestimated, then the estimated liability is accrued in the Company\u2019s financial statements. If the assessment indicates that a potentially\nmaterial loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the\ncontingent liability, together with an estimate of the range of possible loss, if determinable and material, is disclosed.
\n\n\u00a0
\n\nLoss\ncontingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee\nwould be disclosed.
\n\n\u00a0
\n\nSegment\nreporting
\n\n\u00a0
\n\nBased on the criteria established\nby ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its , who reviews the consolidated results when making decisions about\nallocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment.\nThe Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical segments\nare presented. For the years ended June 30, 2025 and 2024, the reportable segment revenue, segment profit or loss and significant segment\nexpenses are the same as consolidated comprehensive loss statement.
\n\n\u00a0
\n\nOperating\nsegments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly\nby the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODM is\nMr. Tuanfang Liu, the Co-Chief Executive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
The\nCompany\u2019s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations\nwhich include, but not limited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based\non such organizational structure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The\nCompany has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating\nsegment.
\n\n\u00a0
\n\nThe\naccounting policies of the single segment are the same as described in the significant accounting policies. The CODM assesses performance\nfor the single segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of\ncomprehensive loss as consolidated net loss. The measure of the single segment assets is reported on the consolidated balance sheets\nas total consolidated assets.
\n\n\u00a0
\n\nThe\nCODM reviews revenues and expenses at the consolidated level as disclosed in the Company\u2019s consolidated statements of comprehensive\nloss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking\nto the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing\nthe segment\u2019s performance and in establishing management\u2019s compensation.
\n\n\u00a0
\n\nRelated\nparties
\n\n\u00a0
\n\nParties\nare considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are\ncontrolled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management,\nimmediate family members of principal owners of the Company and other parties with which the Company may deal with if one party controls\nor can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might\nbe prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note\n12.
\n\n\u00a0
\n\nRecent\naccounting pronouncements
\n\n\u00a0
\n\nAs\nan emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise\napply to private companies. The Company intends to take advantage of the benefits of this extended transition period for all accounting\nstandards described below, if applicable.
\n\n\u00a0
\n\nIn\nOctober 2023, the FASB issued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation\nrequirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections\nof the current requirements. The adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective\nfor public business entities on the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation\nS-K. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will\nnot become effective for any entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
\n\n\u00a0
\n\nIn\nDecember 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated\ninformation about a reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid.\nThe guidance is effective for public business entities for annual periods beginning after December 15, 2024, and for private entities\nfor annual periods beginning after December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting\nthis ASU on its consolidated financial statements.
\n\n\u00a0
\n\nIn\nNovember 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures\n(Subtopic 220-40), to improve the disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to\nclarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December\n15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon\nadoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense\ncategories included within the expense captions on the face of the income statement. The standard can be applied either\nprospectively or retrospectively. The Company is currently assessing adoption timing and the effect that the updated standard will\nhave on our financial statement disclosures.
In\nJuly 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326), to address challenges encountered when\napplying the guidance in Topic 326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical\nexpedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses\nfor current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The standard is effective\nfor annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods,\nwith early adoption permitted. The standard can be applied prospectively. The Company is currently assessing adoption timing and the\neffect that the updated standard will have on our financial statement disclosures.
\n\n\u00a0
\n\nConcentration\nand risks
\n\n\u00a0
\n\nRisks\nand Uncertainties
\n\n\u00a0
\n\nThe\nCompany\u2019s business, financial condition and results of operations may be negatively impacted by risks related to government regulations,\nnatural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the\nCompany\u2019s operations.
\n\n\u00a0
\n\nE-cigarette\nregulation
\n\n\u00a0
\n\nRegulation\nregarding e-cigarettes varies across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending\nin many countries. But as e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent\nlaw and regulations to regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in\ncountries and regions that our major customers are located in may adversely affect the Company\u2019s business.
\n\n\u00a0
\n\nThe\nFederal Food, Drug, and Cosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that\nmarket products in the United States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration\n(\u201cFDA\u201d). For ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted\nto the FDA before September\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which\na PMTA was not filed before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may\nenter the U.S. market. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce\nthe premarket review requirements for that product pending review of its PMTA. However, even with submission of the PMTA application,\nthe FDA may reject the Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will\nadversely affect the Company\u2019s business.
\n\n\u00a0
\n\nAmendments\nto the Prevent All Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette\nand all vaping products, and place significant burdens on sellers of vaping products in the United States which may make it difficult\nto operate profitably in the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping\nproducts in the United States, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States\ndoes not justify the marketing and regulatory costs involved.
\n\n\u00a0
\n\nIn\nthe United States, cannabis vaping products are governed by state laws, which vary from state to state. Most states do not permit the\nadult recreational use of cannabis, and no states permit the sale of recreational cannabis products to minors. The Company cannot predict\nwhat action states will take or the nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis\nproducts that aerosolize liquids, it may be more difficult to sell our products in states that permit the sale of cannabis.
\n\n\u00a0
\n\nHowever,\ncannabis and its derivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled\nsubstances under U.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal\nlaw also deems it unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d\nwhich includes \u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing,\ncompounding, converting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into\nthe human body a controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d\nLimited exemptions exist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
The\nEuropean Commission issued the Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became\napplicable in the European Union member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients\nof the products on the European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade\nand anti-smoke campaigns. Member states of the European Union are required to ensure that advertisements for any tobacco related product\nare prohibited, and no promotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released\nafter May\u00a020, 2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months\nin advance, and ensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement\nfor products sold in Europe.
\n\n\u00a0
\n\nThe\nsale of cannabis vaping products is illegal in the European Union and the United Kingdom.\u00a0
\n\n\u00a0
\n\nCustomer\nand Supplier Concentration
\n\n\u00a0\u00a0
\n\n(a)\nCustomers
\n\n\u00a0
\n\nFor\nthe years ended June\u00a030, 2025 and 2024, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s\nconsolidated revenue, were as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear\n Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 30 | % |
\u00a0
\n\n(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor\nthe years ended June 30, 2025 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYear\n Ended \n June\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Major Suppliers | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | ||
| B(1) | \n\u00a0 | \n\u00a0 | \n91 | \n% | \n\u00a0 | \n\u00a0 | \n78 | \n% |
\u00a0
\n\n| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. | \n
\u00a0
\n\nCredit\nRisk \u00a0
\n\n\u00a0
\n\nFinancial instruments that\npotentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its\ncash in financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation\n(\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia\n(\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d)\n800,000. The Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit\ninsurance as of June 30, 2025 and 2024 was $23,939,618 and $34,698,647. The Company has not experienced losses on these accounts and\nmanagement believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not\nsignificant.
\n\n\u00a0
\n\nAs\nof June 30, 2025 and 2024, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s\ntotal accounts receivable, net, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 16 | % |
| D | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represents the percentage was below 10%. | \n
Basis\nof presentation
The\naccompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United\nStates of America (\u201cU.S. GAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
Credit loss expenses for June 30, 2024 have been\nbroken out from general and administrative expenses in order to conform to the June 30, 2025 presentation.
"}]},{"name":"rpt:f-324","factDimensions":{"xbrl:concept":"ispr:EmergingGrowthCompanyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Emerging\ngrowth company
The\nCompany is an \u201cemerging growth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart\nOur Business Startups Act of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting\nrequirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not\nbeing required to comply with the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley\nAct of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions\nfrom the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute\npayments not previously approved.
Further,\nSection\u00a0102(b)(1)\u00a0of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial\naccounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective\nor do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting\nstandards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with\nthe requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected\nnot to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application\ndates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time\nprivate companies adopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another\npublic company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition\nperiod difficult or impossible because of the potential differences in accounting standards used.
"}]},{"name":"rpt:f-325","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Basis\nof consolidation
The\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions\nand balances have been eliminated upon consolidation.
"}]},{"name":"rpt:f-326","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use\nof estimates
The\npreparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial\nstatements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for\ncredit losses and revenue recognition. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-327","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Cash
Cash\nincludes currency on hand, deposits held by banks and other financial institutions that can be added or withdrawn without limitation\nand highly liquid investments with maturities of three months or less when purchased.
"}]},{"name":"rpt:f-328","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair\nvalue measurement
The\nCompany applies ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring\nfair value, and expands financial statement disclosure requirements for fair value measurements.
ASC\nTopic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price)\non the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset\nor liability.
ASC\nTopic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable\nor unobservable. The hierarchy is as follows:
| \u25cf | Level\n 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets\n or liabilities in active markets. | \n
| \u25cf | Level\n 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities\n in active markets, and inputs that are observable for the assets or liability, either directly\n or indirectly, for substantially the full term of the financial instruments. | \n
| \u25cf | Level\n 3 inputs to the valuation methodology are unobservable and significant to the fair value.\n Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions\n about the assumptions that market participants would use in pricing an asset or liability. | \n
The\ncarrying value of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other\nreceivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to\nrelated parties, approximates their fair value because of their short-term maturity.
"}]},{"name":"rpt:f-329","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts\nreceivable, net
Accounts\nreceivable are recognized and carried at the historical carrying amount net of allowance for expected credit loss.
The\nCompany have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of\nsales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored\npayment term are designed for each customer, based on business relationship, order size and other considerations.
"}]},{"name":"rpt:f-330","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDeposits","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-331","factDimensions":{"xbrl:concept":"us-gaap:RevenueRemainingPerformanceObligationPercentage","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.70","decimals":2}]},{"name":"rpt:f-332","factDimensions":{"xbrl:concept":"ispr:AllowanceForCreditLossesPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance\nfor credit losses
The Company adopted Accounting Standards Update 2016-13 \u201cFinancial\nInstruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on July 1, 2023, under the\nmodified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of risk characteristics of a receivable\npool to develop credit losses estimate. In establishing the\nrequired allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, economic environment,\nand the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if\nthe allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written off against allowance for\ndoubtful accounts after management has determined that the likelihood of collection is not probable.
"}]},{"name":"rpt:f-333","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories,\nnet
Inventories\nmainly consist of finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost\nof an inventory item is determined using the weighted average method.
When\nmanagement determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed\nexpected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories.\nThe net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs\nnecessary to make the sale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales\nhistory, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews\ninventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory.\nAny inventories identified during this process are reserved for at rates based upon management\u2019s judgment and historical rates.\nThe quantity thresholds and reserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The\nreserve estimates may, therefore, be revised if there are changes in the overall market for the Company\u2019s products or market changes\nthat in management\u2019s judgment, impact its ability to sell potentially obsolete inventory. As of June 30, 2025 and 2024, the Company\nrecorded inventory reserves of $960,570 and $205,594, respectively.
"}]},{"name":"rpt:f-334","factDimensions":{"xbrl:concept":"us-gaap:InventoryValuationReserves","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"960570","decimals":0}]},{"name":"rpt:f-335","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-336","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Property,\nplant and equipment, net
Property,\nplant and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful\nlives of the assets from the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred\nto bring the asset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements\nare capitalized.
When\nassets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses\nare included in income/loss in the year of disposition. Estimated useful lives are as follows:
| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nthe estimated useful life of the assets |
When\nassets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses\nare included in income/loss in the year of disposition. Estimated useful lives are as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nEstimated\n Useful Life |
| Office and other equipment | \n\u00a0 | \n3 - 5 years |
| Furniture and fixtures | \n\u00a0 | \n7 years |
| Leasehold improvements | \n\u00a0 | \nthe estimated useful life of the assets |
Other\ninvestment
Other\ninvestments consist of equity investments in a privately held company that the Company does not have control or significant influence\nover it. These equity investments do not have readily determinable fair values and are primarily accounted for under the measurement\nalternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting\nfrom observable price changes in orderly transactions for identical or similar investments of the same issuer.
The\nCompany also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment\nis less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between\nthe fair value and carrying amount of the investment as an impairment loss recorded in the consolidated statements of operations and\ncomprehensive loss.
"}]},{"name":"rpt:f-342","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Equity\nmethod investment
The\nCompany applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323,\nInvestments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial\ninterest, unless the fair value option is elected for an investment.
As\nfurther discussed in Note 8, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for\nthe purpose of licensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices\nin the U.S. market.
Under\nthe equity method, the Company\u2019s share of the post-investment profits or losses of the equity method investee is recognized in\nthe consolidated statement of operations. When the Company\u2019s share of losses of the equity method investee equals or exceeds its\ninterest in the equity method investee, the Company does not recognize further losses, unless the Company has incurred obligations or\nmade payments or guarantees on behalf of the equity method investee. The Company continually reviews its investments in equity method\ninvestees to determine whether a decline in fair value below the carrying value is other-than-temporary. If the decline in fair value\nis deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair\nvalue.
"}]},{"name":"rpt:f-343","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible\nassets, net
Intangible\nassets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent\nlicense rights. The Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized\npatent costs are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length\nof the license agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment\nto capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not\nbe recoverable. $939,075 and $1,405,684 of patent fees were capitalized during the years ended June 30, 2025 and 2024. The amortization\nof the intangible assets was $82,121 and $30,018 for the years ended June 30, 2025 and 2024 respectively. The amortization expenses were\nincluded in the general and administrative expenses.
"}]},{"name":"rpt:f-344","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P15Y"}]},{"name":"rpt:f-345","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-346","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedPatentsGross","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"939075","decimals":0}]},{"name":"rpt:f-347","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedPatentsGross","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1405684","decimals":0}]},{"name":"rpt:f-348","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"82121","decimals":0}]},{"name":"rpt:f-349","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30018","decimals":0}]},{"name":"rpt:f-350","factDimensions":{"xbrl:concept":"ispr:AccountsPayablePolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts\npayable
Accounts\npayable represents payables to suppliers and other non-trade vendors. The Company\u2019s major supplier is a related party to the Company.\nSee Note 12.
"}]},{"name":"rpt:f-351","factDimensions":{"xbrl:concept":"ispr:ContractLiabilitiesPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Contract\nliabilities
Contract\nliabilities represent advanced deposits received from customers after an order has been placed but before a product has been shipped.\nThe Company\u2019s policy is to require a minimum customer deposit in the range of 10% to 30% of the purchase price upon placement of\na sales order. Contract liabilities are realized as revenue when the conditions to revenue recognition are met, primarily when control\nof goods has transferred to customers.
"}]},{"name":"rpt:f-352","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDepositsMoneyMarket","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-353","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDepositsMoneyMarket","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-354","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Leases\n
The\nCompany determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the\nterm of such lease is assessed based on the date on which the underlying asset is made available for the Company\u2019s use by the lessor.\nThe Company\u2019s assessment of the lease term reflects any rent-free periods. The Company also determines lease classification as\neither operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in\nthe consolidated statements of operations over the lease term.
For\nleases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet\nat lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding\noperating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial\ndirect costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring\nthe present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based\non information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable.\nThe Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term\nand economic environment of the associated lease.
For\nthe Company\u2019s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term.\nFor leases with a term of 12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term\nand are not recognized on the Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the\nshort-term lease exception were insignificant.
"}]},{"name":"rpt:f-355","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-356","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-357","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Impairment\nof long-lived assets
In\naccordance with ASC Topic 360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment\nwhenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The\nCompany recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of\nthe asset. The amount of impairment is measured as the difference between the asset\u2019s estimated fair value and its book value. For the years ended June 30, 2025 and 2024, the impairment of long-lived assets were $151,516 and , respectively.
"}]},{"name":"rpt:f-358","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"151516","decimals":0}]},{"name":"rpt:f-359","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue\nrecognition
The\nCompany sells its vaping products to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts\nwith\u00a0Customers. Many customers are distributors that resell the Company\u2019s products in various geographic regions. The performance\nobligations are for the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered\na separate contract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For\nthe majority of the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered\nto the pickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical\npossession and risks and rewards of goods transfer to the customer.\u00a0
Revenue is recognized at\nthe transaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When\ndetermining the transaction price, management estimates variable consideration applying the portfolio approach practical expedient under\nASC 606. The main sources of variable consideration for the Company are sales returns. 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\nthe single most likely outcome from a range of possible consideration outcomes.
The\nCompany offers different payment terms to different customers. For nicotine vaping products, the general payment term is a deposit of\n30% of sales amount upon placing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products,\na tailored payment term is designed for each customer, based on the business relationship, order size and other considerations. All contract\nliabilities at the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty.\nThe warranty is an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected.\nIn certain sales contracts, a right of return is offered. With a right of return, a customer is given the right to return the products\nif they are not satisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return\nreserve is accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs\nof obtaining a contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the\ncustomer and remitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
Disaggregated\nRevenue
The\nCompany has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate\nits net sales by region. The net sales disaggregated by region for the years ended June 30, 2025 and 2024, were as follows:
| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 74,107,249 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 32,567,795 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 12,274,022 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 8,545,238 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 127,494,304 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Europe | \u00a0 | \n$ | 74,107,249 | \u00a0 | \u00a0 | \n$ | 65,260,478 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 32,567,795 | \u00a0 | \u00a0 | \n\u00a0 | 63,079,961 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 12,274,022 | \u00a0 | \u00a0 | \n\u00a0 | 17,588,597 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 8,545,238 | \u00a0 | \u00a0 | \n\u00a0 | 5,979,655 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 127,494,304 | \u00a0 | \u00a0 | \n\u00a0 | 151,908,691 | \u00a0 |
Cost\nof revenue
Cost\nof revenue for the years ended June 30, 2025 and 2024 consisted primarily of the cost of purchasing vaping products, freight-in cost\nand inventory impairment, which were mostly purchased from a related party. See Note 12.
"}]},{"name":"rpt:f-374","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Research\nand development expenses \u00a0\u00a0
Research\nand development expenses represent staff costs for development personnels, and expenses incurred for the testing of new products. For\nthe years ended June 30, 2025 and 2024, the research and development expenses were $363,301 and $779,174, respectively. They are included\nin the general and administrative expenses.
"}]},{"name":"rpt:f-375","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"363301","decimals":0}]},{"name":"rpt:f-376","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-07-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"779174","decimals":0}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based\ncompensation
The\nCompany measures and recognizes compensation expenses for stock-based payment awards, including stock options, restricted stock granted\nto directors and advisors, and restricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of\nthe awards. The Company engages a third-party valuer to assist in determining the fair value of stock options using the binomial option\npricing model, with significant assumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield.\nThe fair value of RSUs is measured on the grant date based on the closing market price of the Company\u2019s common stock. The stock-based\npayment awards typically include time-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may\ninclude performance-based vesting conditions.
For\nstock-based payment awards with time-based vesting conditions, the resulting cost is recognized over the period during which an employee\nis required to provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options\nand three years for RSUs. Stock-based compensation expense is recognized on a straight-line basis over the period during which services\nare provided in exchange for the award. For stock-based payment awards with performance-based vesting conditions, the Company will estimate\nthe probability that the performance condition will be met at each reporting date. Stock-based compensation expense is only recognized\nfor stock-based payment awards that are probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by\nthe Company is the grant date fair value of the awards where the performance conditions have been met and the awards have vested.
Stock-based\ncompensation expense is recorded in the sales and marketing expense and general and administrative expense in the consolidated statements\nof operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-378","factDimensions":{"xbrl:concept":"ispr:InterestIncomePolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Interest\nincome
For\nthe years ended June\u00a030, 2025 and 2024, interest income related to interest on bank deposits.
"}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income\ntaxes
The\nCompany accounts for income taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax\nconsequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities\nand their respective tax bases.\u00a0
Deferred\ntax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary\ndifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized\nin income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets\nto the amount expected to be realized.
The\nprovisions of ASC 740-10 prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement\nof a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income\ntax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties\nassociated with tax positions, and related disclosures. The Company classifies the interest and penalties, if any, as a component of\nincome tax expense. For the years ended June 30, 2025 and 2024, the Company did not incur any interest or penalties related to an uncertain\ntax position. The Company does not believe that there were any uncertain tax positions as of June\u00a030, 2025 and 2024.
"}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings\nper share
The\nCompany computes earnings per share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with\ncomplex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common\nshares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential\ncommon shares (for example, convertible securities, options and warrants) as if they had been converted at the beginning of the periods\npresented, or issuance date, if later. Potentially dilutive shares could dilute basic EPS in the future that were not included in the\ncomputation of diluted EPS because to do so would have been antidilutive for the years ended June 30, 2025 and 2024. Potentially dilutive\nshares were as follows:
| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,438,125 | \u00a0 | \u00a0 | \n\u00a0 | 3,255,000 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,016,306 | \u00a0 | \u00a0 | \n\u00a0 | 3,911,817 | \u00a0 |
| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,438,125 | \u00a0 | \u00a0 | \n\u00a0 | 3,255,000 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,016,306 | \u00a0 | \u00a0 | \n\u00a0 | 3,911,817 | \u00a0 |
Comprehensive\nloss
Comprehensive\nloss consists of two components, net loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting\nfrom translation of the financial statements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements\nof operations and comprehensive loss.
"}]},{"name":"rpt:f-391","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Commitments\nand contingencies
In\nthe normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business,\nwhich cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred\nand the amount of the assessment can be reasonably estimated.
If\nthe assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be\nestimated, then the estimated liability is accrued in the Company\u2019s financial statements. If the assessment indicates that a potentially\nmaterial loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the\ncontingent liability, together with an estimate of the range of possible loss, if determinable and material, is disclosed.
Loss\ncontingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee\nwould be disclosed.
"}]},{"name":"rpt:f-392","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Segment\nreporting
Based on the criteria established\nby ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its , who reviews the consolidated results when making decisions about\nallocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment.\nThe Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical segments\nare presented. For the years ended June 30, 2025 and 2024, the reportable segment revenue, segment profit or loss and significant segment\nexpenses are the same as consolidated comprehensive loss statement.
Operating\nsegments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly\nby the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODM is\nMr. Tuanfang Liu, the Co-Chief Executive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
The\nCompany\u2019s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations\nwhich include, but not limited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based\non such organizational structure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The\nCompany has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating\nsegment.
The\naccounting policies of the single segment are the same as described in the significant accounting policies. The CODM assesses performance\nfor the single segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of\ncomprehensive loss as consolidated net loss. The measure of the single segment assets is reported on the consolidated balance sheets\nas total consolidated assets.
The\nCODM reviews revenues and expenses at the consolidated level as disclosed in the Company\u2019s consolidated statements of comprehensive\nloss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking\nto the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing\nthe segment\u2019s performance and in establishing management\u2019s compensation.
"}]},{"name":"rpt:f-393","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its Chief Executive Officer, who reviews the consolidated results when making decisions about\nallocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment."}]},{"name":"rpt:f-394","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-395","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-396","factDimensions":{"xbrl:concept":"ispr:RelatedPartiesPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Related\nparties
Parties\nare considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are\ncontrolled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management,\nimmediate family members of principal owners of the Company and other parties with which the Company may deal with if one party controls\nor can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might\nbe prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note\n12.
"}]},{"name":"rpt:f-397","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent\naccounting pronouncements
As\nan emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise\napply to private companies. The Company intends to take advantage of the benefits of this extended transition period for all accounting\nstandards described below, if applicable.
In\nOctober 2023, the FASB issued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation\nrequirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections\nof the current requirements. The adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective\nfor public business entities on the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation\nS-K. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will\nnot become effective for any entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
In\nDecember 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated\ninformation about a reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid.\nThe guidance is effective for public business entities for annual periods beginning after December 15, 2024, and for private entities\nfor annual periods beginning after December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting\nthis ASU on its consolidated financial statements.
In\nNovember 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures\n(Subtopic 220-40), to improve the disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to\nclarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December\n15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon\nadoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense\ncategories included within the expense captions on the face of the income statement. The standard can be applied either\nprospectively or retrospectively. The Company is currently assessing adoption timing and the effect that the updated standard will\nhave on our financial statement disclosures.
In\nJuly 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326), to address challenges encountered when\napplying the guidance in Topic 326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical\nexpedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses\nfor current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The standard is effective\nfor annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods,\nwith early adoption permitted. The standard can be applied prospectively. The Company is currently assessing adoption timing and the\neffect that the updated standard will have on our financial statement disclosures.
"}]},{"name":"rpt:f-398","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration\nand risks
Risks\nand Uncertainties
The\nCompany\u2019s business, financial condition and results of operations may be negatively impacted by risks related to government regulations,\nnatural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the\nCompany\u2019s operations.
E-cigarette\nregulation
Regulation\nregarding e-cigarettes varies across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending\nin many countries. But as e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent\nlaw and regulations to regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in\ncountries and regions that our major customers are located in may adversely affect the Company\u2019s business.
The\nFederal Food, Drug, and Cosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that\nmarket products in the United States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration\n(\u201cFDA\u201d). For ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted\nto the FDA before September\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which\na PMTA was not filed before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may\nenter the U.S. market. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce\nthe premarket review requirements for that product pending review of its PMTA. However, even with submission of the PMTA application,\nthe FDA may reject the Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will\nadversely affect the Company\u2019s business.
Amendments\nto the Prevent All Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette\nand all vaping products, and place significant burdens on sellers of vaping products in the United States which may make it difficult\nto operate profitably in the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping\nproducts in the United States, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States\ndoes not justify the marketing and regulatory costs involved.
In\nthe United States, cannabis vaping products are governed by state laws, which vary from state to state. Most states do not permit the\nadult recreational use of cannabis, and no states permit the sale of recreational cannabis products to minors. The Company cannot predict\nwhat action states will take or the nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis\nproducts that aerosolize liquids, it may be more difficult to sell our products in states that permit the sale of cannabis.
However,\ncannabis and its derivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled\nsubstances under U.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal\nlaw also deems it unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d\nwhich includes \u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing,\ncompounding, converting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into\nthe human body a controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d\nLimited exemptions exist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
The\nEuropean Commission issued the Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became\napplicable in the European Union member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients\nof the products on the European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade\nand anti-smoke campaigns. Member states of the European Union are required to ensure that advertisements for any tobacco related product\nare prohibited, and no promotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released\nafter May\u00a020, 2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months\nin advance, and ensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement\nfor products sold in Europe.
The\nsale of cannabis vaping products is illegal in the European Union and the United Kingdom.\u00a0
Customer\nand Supplier Concentration
(a)\nCustomers
For\nthe years ended June\u00a030, 2025 and 2024, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s\nconsolidated revenue, were as follows:\u00a0
| \u00a0 | \u00a0 | \nYear\n Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 30 | % |
(b)\u00a0Suppliers
For\nthe years ended June 30, 2025 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
| \u00a0 | \n\u00a0 | \nYear\n Ended \n June\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Major Suppliers | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | ||
| B(1) | \n\u00a0 | \n\u00a0 | \n91 | \n% | \n\u00a0 | \n\u00a0 | \n78 | \n% |
| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. | \n
Credit\nRisk \u00a0
Financial instruments that\npotentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its\ncash in financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation\n(\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia\n(\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d)\n800,000. The Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit\ninsurance as of June 30, 2025 and 2024 was $23,939,618 and $34,698,647. The Company has not experienced losses on these accounts and\nmanagement believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not\nsignificant.
As\nof June 30, 2025 and 2024, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s\ntotal accounts receivable, net, were as follows:
| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 16 | % |
| D | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represents the percentage was below 10%. | \n
For\nthe years ended June\u00a030, 2025 and 2024, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s\nconsolidated revenue, were as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear\n Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| A | \u00a0 | \n\u00a0 | 26 | % | \u00a0 | \n\u00a0 | 30 | % |
For\nthe years ended June 30, 2025 and 2024, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYear\n Ended \n June\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Major Suppliers | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | ||
| B(1) | \n\u00a0 | \n\u00a0 | \n91 | \n% | \n\u00a0 | \n\u00a0 | \n78 | \n% |
\u00a0
\n\n| (1) | Major supplier B is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. | \n
As\nof June 30, 2025 and 2024, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s\ntotal accounts receivable, net, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| C | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 16 | % |
| D | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represents the percentage was below 10%. | \n
NOTE\n3. CASH
\n\n\u00a0
\n\nBelow\nis a breakdown of the Company\u2019s cash balances in banks as of June\u00a030, 2025 and 2024, both by geography and by currencies (translated\ninto U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 23,336,668 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 824,852 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 190,245 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 |
| Total | \u00a0 | \n$ | 24,351,765 | \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$ | 14,675,591 | \u00a0 | \u00a0 | \n$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 101,743 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 139,691 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 11,097 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 24,091 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,399,552 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 24,351,765 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d\nrefers to Hong Kong dollars, \u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to\nMalaysia ringgit, and \u201cRMB\u201d refers to Renminbi.
"}]},{"name":"rpt:f-417","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below\nis a breakdown of the Company\u2019s cash balances in banks as of June\u00a030, 2025 and 2024, both by geography and by currencies (translated\ninto U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 23,336,668 | \u00a0 | \u00a0 | \n$ | 32,667,486 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 824,852 | \u00a0 | \u00a0 | \n\u00a0 | 2,240,874 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 190,245 | \u00a0 | \u00a0 | \n\u00a0 | 162,934 | \u00a0 |
| Total | \u00a0 | \n$ | 24,351,765 | \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$ | 14,675,591 | \u00a0 | \u00a0 | \n$ | 25,399,331 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 101,743 | \u00a0 | \u00a0 | \n\u00a0 | 88,598 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 139,691 | \u00a0 | \u00a0 | \n\u00a0 | 121,628 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 11,097 | \u00a0 | \u00a0 | \n\u00a0 | 13,056 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 24,091 | \u00a0 | \u00a0 | \n\u00a0 | 22,233 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,399,552 | \u00a0 | \u00a0 | \n\u00a0 | 9,426,448 | \u00a0 |
| Total | \u00a0 | \n$ | 24,351,765 | \u00a0 | \u00a0 | \n$ | 35,071,294 | \u00a0 |
NOTE\n4. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs\nof June\u00a030, 2025 and 2024, accounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 65,002,773 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (17,971,470 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 47,031,303 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Accounts receivable, net \u2013 current portion | \u00a0 | \n\u00a0 | 39,664,145 | \u00a0 | \u00a0 | \n\u00a0 | 59,734,765 | \u00a0 |
| Accounts receivable, net \u2013 non current portion | \u00a0 | \n\u00a0 | 7,367,158 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Accounts receivable, net | \u00a0 | \n$ | 47,031,303 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
\u00a0
\n\nThe\u00a0Company recorded $22,034,812 and $6,015,752 credit loss expenses\nfor the years ended June\u00a030, 2025 and 2024, respectively. The rise in credit loss expenses was due to higher aged receivables and\nan increase in estimated lifetime expected losses under the Company\u2019s model, and a higher volume of past-due customer balances.\nFor the years ended June\u00a030, 2025 and 2024, the Company wrote off accounts receivable against allowance for credit losses of $9,948,580\nand $1,629,320,\u00a0respectively. As of June 30, 2025, there were $7,367,158 accounts receivable reclassified to accounts receivable\n\u2013 non current due to payment term extension arrangements with customers.
\u00a0
\n\nActivity\nin the allowance for credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 5,885,238 | \u00a0 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Provision for expected losses | \u00a0 | \n\u00a0 | 22,034,812 | \u00a0 | \u00a0 | \n\u00a0 | 6,015,752 | \u00a0 |
| Write-offs charged\n against the allowance | \u00a0 | \n\u00a0 | (9,948,580 | ) | \u00a0 | \n\u00a0 | (1,629,320 | ) |
| Balance at June 30 | \u00a0 | \n\u00a0 | 17,971,470 | \u00a0 | \u00a0 | \n\u00a0 | 5,885,238 | \u00a0 |
As\nof June\u00a030, 2025 and 2024, accounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 65,002,773 | \u00a0 | \u00a0 | \n$ | 65,620,003 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (17,971,470 | ) | \u00a0 | \n\u00a0 | (5,885,238 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 47,031,303 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Accounts receivable, net \u2013 current portion | \u00a0 | \n\u00a0 | 39,664,145 | \u00a0 | \u00a0 | \n\u00a0 | 59,734,765 | \u00a0 |
| Accounts receivable, net \u2013 non current portion | \u00a0 | \n\u00a0 | 7,367,158 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Accounts receivable, net | \u00a0 | \n$ | 47,031,303 | \u00a0 | \u00a0 | \n$ | 59,734,765 | \u00a0 |
Activity\nin the allowance for credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 5,885,238 | \u00a0 | \u00a0 | \n$ | 1,498,806 | \u00a0 |
| Provision for expected losses | \u00a0 | \n\u00a0 | 22,034,812 | \u00a0 | \u00a0 | \n\u00a0 | 6,015,752 | \u00a0 |
| Write-offs charged\n against the allowance | \u00a0 | \n\u00a0 | (9,948,580 | ) | \u00a0 | \n\u00a0 | (1,629,320 | ) |
| Balance at June 30 | \u00a0 | \n\u00a0 | 17,971,470 | \u00a0 | \u00a0 | \n\u00a0 | 5,885,238 | \u00a0 |
NOTE\n5. PREPAID EXPENSES AND OTHER CURRENT ASSETS
\n\n\u00a0
\n\nAs\nof June\u00a030, 2025 and 2024, prepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 1,133,083 | \u00a0 | \u00a0 | \n$ | 206,480 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 270,545 | \u00a0 | \u00a0 | \n\u00a0 | 696,960 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 517,080 | \u00a0 | \u00a0 | \n\u00a0 | 488,104 | \u00a0 |
| Prepaid provisional\n tax | \u00a0 | \n\u00a0 | 323,797 | \u00a0 | \u00a0 | \n\u00a0 | 8,608 | \u00a0 |
| Total | \u00a0 | \n$ | 2,244,505 | \u00a0 | \u00a0 | \n$ | 1,400,152 | \u00a0 |
As\nof June\u00a030, 2025 and 2024, prepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 1,133,083 | \u00a0 | \u00a0 | \n$ | 206,480 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 270,545 | \u00a0 | \u00a0 | \n\u00a0 | 696,960 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 517,080 | \u00a0 | \u00a0 | \n\u00a0 | 488,104 | \u00a0 |
| Prepaid provisional\n tax | \u00a0 | \n\u00a0 | 323,797 | \u00a0 | \u00a0 | \n\u00a0 | 8,608 | \u00a0 |
| Total | \u00a0 | \n$ | 2,244,505 | \u00a0 | \u00a0 | \n$ | 1,400,152 | \u00a0 |
NOTE\n6. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs\nof June\u00a030, 2025 and 2024, property, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 817,327 | \u00a0 | \u00a0 | \n$ | 817,329 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,648,733 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 877,685 | \u00a0 | \u00a0 | \n\u00a0 | 817,308 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 894,919 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 4,238,664 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated\n depreciation | \u00a0 | \n\u00a0 | (1,285,864 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 2,952,800 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
\u00a0
\n\nFor\nthe years ended June\u00a030, 2025 and 2024, depreciation expense amounted to $730,362 and $479,066, respectively.
\n\n\u00a0
\n\nConstruction-in-progress\nrefers to the office and production plant that are under construction in Malaysia, which are expected to be put into use in year 2026.
"}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As\nof June\u00a030, 2025 and 2024, property, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 817,327 | \u00a0 | \u00a0 | \n$ | 817,329 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,648,733 | \u00a0 | \u00a0 | \n\u00a0 | 1,466,840 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 877,685 | \u00a0 | \u00a0 | \n\u00a0 | 817,308 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 894,919 | \u00a0 | \u00a0 | \n\u00a0 | 36,483 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 4,238,664 | \u00a0 | \u00a0 | \n\u00a0 | 3,137,960 | \u00a0 |
| Less: accumulated\n depreciation | \u00a0 | \n\u00a0 | (1,285,864 | ) | \u00a0 | \n\u00a0 | (555,503 | ) |
| Total | \u00a0 | \n$ | 2,952,800 | \u00a0 | \u00a0 | \n$ | 2,582,457 | \u00a0 |
NOTE\n7. OTHER INVESTMENT
\n\n\u00a0
\n\nOn\nFebruary 20, 2024, the Company acquired shares of preferred equity\u00a0investment\u00a0in Touch Point Worldwide, Inc. d/b/a/ Berify,\na Delaware corporation (\u201cBerify\u201d). The Company purchased 908,464 shares of Berify Series\u00a0Seed\u00a0Preferred equity\nfor $1 million, yielding a 2.3% ownership in Berify. On April 5, 2024, the Company invested an additional of $1 million into Berify\u2019s\npreferred equity for 908,464 shares, giving the Company a total of 1,816,928 shares equal to a 4.5% interest in Berify. As of June 30,\n2025, the investment in Berify amounted to $2,000,000.
\n\n\u00a0
\n\nThe\nSeries Seed Preferred Shares are convertible at any time into Berify common stock on a one-to-one basis, subject to certain specified\nadjustment provisions, and are mandatorily convertible upon an initial public offering or upon the election of the holders of a majority\nof the outstanding shares of Berify preferred stock. The Series Seed Preferred Shares will be paid in preference to the holders of common\nstock upon any voluntary or involuntary liquidation, dissolution or winding up of the entity, or upon a deemed liquidation event (consisting\nof (a) a merger or consolidation, or (b) the sale, lease, transfer of all or substantially all of the entity\u2019s assets), based on\nthe original issue price plus declared but unpaid dividends. The Series Seed Preferred Shares do not provide the Company with the ability\nto require repurchase of the shares at any specified time or upon any specified event.
\n\n\u00a0
\n\nThe\nSeries Seed Preferred equity comes with a variety of protective rights for Series Seed Preferred shareholders, including the ability\nto approve the creation of new classes of capital stock, redemptions of capital stock, declare dividends on capital stock and effecting\na deemed liquidation event or liquidation, dissolution or winding up of the entity. The holders of Berify Series Seed Preferred Shares\nvote with holders of common stock on an as-converted basis.
The\nCompany accounts for the investment in Berify Series Seed Preferred Shares as equity securities under ASC 321. The Company initially\nrecognized the investment based on its transaction price, reflective of the fair value of the investment. As the investment does not\nhave a readily determinable fair value, the Company applies the measurement alternative, and measures at cost less any impairment on\na subsequent measurement basis, until there are any observable price changes that can be applied to the measurement of the investment.
"}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-02-21T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-02-21T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2024-02-21T00:00:00","xbrl:entity":"cik:0001948455","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"0.023","decimals":3}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifysPreferredEquityMember"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"ispr:EquityMethodInvestmentSharesPurchased","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1816928","decimals":0}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2024-04-06T00:00:00","xbrl:entity":"cik:0001948455","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"0.045","decimals":3}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"ispr:BerifyMember"},"factValues":[{"value":"2000000","decimals":0}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsDisclosureTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"NOTE\n8. EQUITY METHOD INVESTMENT
\n\n\u00a0
\n\nOn\nApril 5, 2024, Aspire North America entered into a capital contribution, subscription, and joint venture agreement with several other\nparties. Pursuant to joint venture agreement, the parties created a legal entity, IKE Tech LLC (\u201cIKE\u201d), whose business is\nlicensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S.\nmarket as the related planned submission of PMTA applications that seek FDA marketing orders for cutting-edge technologies across the\nU.S. e-cigarette market. Ispire contributed $1 million to IKE in cash for funding its operating activities and entered into a binding\ncommitment to make an additional capital contribution to IKE in the aggregate amount of up to $9 million. In exchange for Ispire\u2019s\ntotal investment of $10 million, IKE issued to Ispire membership interests in an aggregate amount initially equal to forty percent (40%)\nof the membership interests in IKE.
\n\n\u00a0
\n\nAs\nof June\u00a030, 2025 and 2024, the investment in joint venture accounted for under the equity method amounted to $9,515,546 and $10,248,048.\nAs of June 30, 2025, the Company noticed no indicator of impairment regarding the investment.
\n\n\u00a0
\n\nFor\nthe years ended June 30, 2025 and 2024, the Company\u2019s share of the joint venture\u2019s net loss was $732,502 and $117,905. The\nloss was included in \u201cother (expense) income, net\u201d in the consolidated statements of operations and comprehensive loss.
\n\n\u00a0\u00a0
\n\nThe\ntables below present\u00a0the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Current assets | \u00a0 | \n$ | 20,583,827 | \u00a0 | \u00a0 | \n$ | 24,249,101 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 2,568,283 | \u00a0 | \u00a0 | \n\u00a0 | 576,789 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 278,128 | \u00a0 | \u00a0 | \n\u00a0 | 120,654 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 22,873,982 | \u00a0 | \u00a0 | \n\u00a0 | 24,705,236 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \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 | 1,831,254 | \u00a0 | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 1,831,254 | \u00a0 | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
The\ntables below present\u00a0the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | \u00a0 | \nAs of \n June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Current assets | \u00a0 | \n$ | 20,583,827 | \u00a0 | \u00a0 | \n$ | 24,249,101 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 2,568,283 | \u00a0 | \u00a0 | \n\u00a0 | 576,789 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 278,128 | \u00a0 | \u00a0 | \n\u00a0 | 120,654 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 22,873,982 | \u00a0 | \u00a0 | \n\u00a0 | 24,705,236 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nFor\n the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \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 | 1,831,254 | \u00a0 | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 1,831,254 | \u00a0 | \u00a0 | \n\u00a0 | 294,763 | \u00a0 |
NOTE\n9. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs\nof June 30, 2025 and 2024, the Company had total contract liabilities of $4,861,250 and $2,218,166, respectively. These liabilities are\nadvance deposits received from customers after an order has been placed. The increase in the balance at June 30, 2025 was due to more\norders on hand on that date. The amount of revenue recognized in the year ended June 30, 2025, that was included in the opening contract\nliability balance was $1,957,808.
\n\n\u00a0
\n\nChanges\nin the contract liabilities is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear\n ended June\u00a030, 2025 | \u00a0 | |
| Balance at July 1, 2024 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to\n advanced deposits | \u00a0 | \n\u00a0 | 41,129,592 | \u00a0 |
| Revenue recognized in\n current period | \u00a0 | \n\u00a0 | (38,486,508 | ) |
| Balance at June 30, 2025 | \u00a0 | \n$ | 4,861,250 | \u00a0 |
Changes\nin the contract liabilities is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYear\n ended June\u00a030, 2025 | \u00a0 | |
| Balance at July 1, 2024 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to\n advanced deposits | \u00a0 | \n\u00a0 | 41,129,592 | \u00a0 |
| Revenue recognized in\n current period | \u00a0 | \n\u00a0 | (38,486,508 | ) |
| Balance at June 30, 2025 | \u00a0 | \n$ | 4,861,250 | \u00a0 |
NOTE\n10. LEASES
\n\n\u00a0
\n\nThe\nCompany has operating lease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms\nof two to five years.
\n\n\u00a0
\n\nLeases\nwith an initial term of 12 months or less are not presented as right-of-use assets on the consolidated balance sheet and are expensed\nover the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the\nlease term at commencement date.
\n\n\u00a0
\n\nThe\nbalances for the right-of-use assets and lease liabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of | \u00a0 | \u00a0 | \nAs of | \u00a0 | ||
| \u00a0 | \u00a0 | \nJune\u00a030, \n 2025 | \u00a0 | \u00a0 | \nJune\u00a030, \n 2024 | \u00a0 | ||
| Operating lease right-of-use\n assets | \u00a0 | \n$ | 5,181,521 | \u00a0 | \u00a0 | \n$ | 3,579,140 | \u00a0 |
| Impairment | \u00a0 | \n\u00a0 | (151,516 | ) | \u00a0 | \n\u00a0 | \u00a0 | |
| Total | \u00a0 | \n$ | 5,030,005 | \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$ | 1,838,815 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities\n \u2013 non-current | \u00a0 | \n\u00a0 | 3,267,522 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 5,106,337 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
\u00a0
\n\nAs\nof June 30, 2025, the maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs\n of June\u00a030, 2025 | \u00a0 | |
| July 1, 2025 to June 30, 2026 | \u00a0 | \n$ | 2,110,799 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 1,583,109 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 777,402 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \n\u00a0 | 696,727 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \n\u00a0 | 464,484 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 5,632,521 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (526,184 | ) |
| Total lease liabilities | \u00a0 | \n$ | 5,106,337 | \u00a0 |
\u00a0
\n\nThe\nCompany incurred lease costs, which include the payment of short-term leases, of $1,757,022 and $1,522,974 on the Company\u2019s consolidated\nstatements of operations and comprehensive loss for the years ended June 30, 2025 and 2024, respectively.
\n\n\u00a0
\n\nThe\nCompany made payments of $1,654,992 and $1,342,709 under the lease agreements during the years ended June 30, 2025 and 2024, respectively.
\n\n\u00a0
\n\nThe\nweighted-average remaining lease term related to the Company\u2019s lease liabilities as of June 30, 2025 and 2024 was 3.4 years and\n2.7 years, respectively.
\n\n\u00a0
\n\nThe\ndiscount rate related to the Company\u2019s lease liabilities as of June 30, 2025 and 2024 was 6.4% and 7.9%. The discount rates are\ngenerally based on estimates of the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s\nleases cannot be readily determined.
"}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-540","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-541","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The\nbalances for the right-of-use assets and lease liabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of | \u00a0 | \u00a0 | \nAs of | \u00a0 | ||
| \u00a0 | \u00a0 | \nJune\u00a030, \n 2025 | \u00a0 | \u00a0 | \nJune\u00a030, \n 2024 | \u00a0 | ||
| Operating lease right-of-use\n assets | \u00a0 | \n$ | 5,181,521 | \u00a0 | \u00a0 | \n$ | 3,579,140 | \u00a0 |
| Impairment | \u00a0 | \n\u00a0 | (151,516 | ) | \u00a0 | \n\u00a0 | \u00a0 | |
| Total | \u00a0 | \n$ | 5,030,005 | \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$ | 1,838,815 | \u00a0 | \u00a0 | \n$ | 1,207,832 | \u00a0 |
| Operating lease liabilities\n \u2013 non-current | \u00a0 | \n\u00a0 | 3,267,522 | \u00a0 | \u00a0 | \n\u00a0 | 2,194,094 | \u00a0 |
| Total | \u00a0 | \n$ | 5,106,337 | \u00a0 | \u00a0 | \n$ | 3,401,926 | \u00a0 |
As\nof June 30, 2025, the maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs\n of June\u00a030, 2025 | \u00a0 | |
| July 1, 2025 to June 30, 2026 | \u00a0 | \n$ | 2,110,799 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 1,583,109 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 777,402 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \n\u00a0 | 696,727 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \n\u00a0 | 464,484 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 5,632,521 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (526,184 | ) |
| Total lease liabilities | \u00a0 | \n$ | 5,106,337 | \u00a0 |
NOTE\n11. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs\nof June\u00a030, 2025 and 2024, accrued liabilities and other payables consisted of the following:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 5,841,174 | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 502,669 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 372,294 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 1,180,982 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 201,922 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 8,099,991 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
\u00a0
\n\nJoint\nventure investment payable refers to payable to IKE, which is a related party, please see Note 8 and Note 12 for details.
"}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As\nof June\u00a030, 2025 and 2024, accrued liabilities and other payables consisted of the following:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 5,841,174 | \u00a0 | \u00a0 | \n$ | 9,000,000 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 502,669 | \u00a0 | \u00a0 | \n\u00a0 | 575,115 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 372,294 | \u00a0 | \u00a0 | \n\u00a0 | 432,863 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 1,180,982 | \u00a0 | \u00a0 | \n\u00a0 | 1,012,353 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 201,922 | \u00a0 | \u00a0 | \n\u00a0 | 717,058 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 8,099,991 | \u00a0 | \u00a0 | \n$ | 11,738,339 | \u00a0 |
NOTE\n12. RELATED PARTY TRANSACTIONS\u00a0
\n\n\u00a0
\n\n| a) | The table below sets forth the major related parties and their relationships with the Company: |
\u00a0
\n\n| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| - Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| - Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is a wholly-owned and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
| - IKE Tech LLC, a joint venture that the Company has 40% membership interests. |
\u00a0
\n\n| b) | Tuanfang Liu is also Aspire Global\u2019s chief executive officer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director of both companies. As of June 30, 2025, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of June 30, 2025, Mr. Liu and Ms. Zhu beneficially own 58.1% and 4.4%, respectively, of the outstanding shares of the Company. |
\u00a0
\n\n\n\n| c) | For both years ended June 30, 2025 and 2024, the majority of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June 30, 2025 and 2024, the accounts payable \u2013 related party was $52,420,256 and $67,046,472, respectively, which was payable to Shenzhen Yi Jia. There are no fixed payment terms regarding these balances and they are classified as current liabilities. For the years ended June 30, 2025 and 2024, the purchases from Shenzhen Yi Jia were $94,657,848 and $91,324,614, respectively. |
\u00a0
\n\n\n\n| d) | \nThe balances due to a related party at June 30, 2025 and 2024 represent amounts due to Shenzhen Yi Jia of $25,000,000 and $0, respectively. The balance of $25,000,000 as of June 30, 2025 was reclassified from accounts payable \u2013 related party as Shenzhen Yijia agreed not to seek repayment of this balance for twelve months starting from September 30, 2025. The balances are non-interest bearing and unsecured. |
\u00a0
\n\n| e) | As of June 30, 2025 and 2024, the Company had total accounts receivable of $75,147\u00a0and\u00a0$17,280\u00a0due from IKE. For the years ended June 30, 2025 and 2024,\u00a0the Company recorded\u00a0$109,349 and\u00a0$0\u00a0in other income from IKE from charging administrative fees. |
| 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 Tech LLC, a joint venture that the Company has 40% membership interests. |
NOTE 13.\nINCOME TAXES\u00a0
\n\n\u00a0
\n\nBritish\nVirgin Islands (\u201cBVI\u201d)
\n\n\u00a0
\n\nUnder\nthe current laws of the BVI, the Company\u2019s BVI subsidiary, Ispire International, is not subject to income or capital gains taxes.\nIn addition, dividend payments are not subject to withholding tax in the BVI.
\n\n\u00a0
\n\nHong\nKong
\n\n\u00a0
\n\nUnder\nthe two-tiered profits tax rates regime for Hong Kong, the first 2 million HKD of profits of the qualifying entity will be taxed at 8.25%,\nand profits above HKD 2 million will be taxed at 16.5%.
\n\n\u00a0
\n\nUnited\nStates
\n\n\u00a0
\n\nThe\nCompany and Aspire North America LLC are each subject to the federal income tax rate of 21% if in a taxable position.
Malaysia
\n\n\u00a0
\n\nIspire Malaysia Sdn Bhd are\nsubject to the standard corporate tax rate of 24% if in a taxable position. However, resident companies that qualify as small and medium-sized\nenterprises may benefit from a reduced tax rate of 15% on the first RM 150,000 of chargeable income and 17% on the next RM 450,000.
\n\n\u00a0
\n\nFor\nthe years ended June\u00a030, 2025 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:
\n\n\u00a0
\n\n\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| HK | \u00a0 | \n$ | 7,447,310 | \u00a0 | \u00a0 | \n$ | 8,150,770 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (44,039,142 | ) | \u00a0 | \n\u00a0 | (20,623,262 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (1,444,690 | ) | \u00a0 | \n\u00a0 | (1,013,284 | ) |
| Total | \u00a0 | \n$ | (38,036,522 | ) | \u00a0 | \n$ | (13,485,776 | ) |
\u00a0
\n\nThe provision for income taxes consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Current provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \n$ | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \n\u00a0 | 1,203,704 | \u00a0 | \u00a0 | \n\u00a0 | 1,282,046 | \u00a0 |
| Total current provision | \u00a0 | \n\u00a0 | 1,203,704 | \u00a0 | \u00a0 | \n\u00a0 | 1,282,046 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Deferred provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Total deferred provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Total provision for income tax | \u00a0 | \n$ | 1,203,704 | \u00a0 | \u00a0 | \n$ | 1,282,046 | \u00a0 |
\u00a0
\n\nThe\nreconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax\nincome is as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended June\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Federal statutory income tax rate | \n\u00a0 | \n$ | \n(7,987,670 | \n) | \n\u00a0 | \n$ | \n(2,832,013 | \n) |
| State income taxes, net of federal benefit | \n\u00a0 | \n\u00a0 | \n(3,054,267 | \n) | \n\u00a0 | \n\u00a0 | \n(2,922,897 | \n) |
| Global Intangible Low-Taxes Income | \n\u00a0 | \n\u00a0 | \n1,007,772 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Permanent Differences | \n\u00a0 | \n\u00a0 | \n56,843 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n77,429 | \n\u00a0 |
| Foreign Rate Differential | \n\u00a0 | \n\u00a0 | \n(373,481 | \n) | \n\u00a0 | \n\u00a0 | \n(460,014 | \n) |
| Effect of entity tax reclassification | \n\u00a0 | \n\u00a0 | \n4,832,943 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Other | \n\u00a0 | \n\u00a0 | \n(16,880 | \n) | \n\u00a0 | \n\u00a0 | \n69,469 | \n\u00a0 |
| Hong Kong Preferential Rate | \n\u00a0 | \n\u00a0 | \n(11,908 | \n) | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Change in valuation allowance | \n\u00a0 | \n\u00a0 | \n6,750,352 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7,350,072 | \n \u00a0 |
| Income tax expense | \n\u00a0 | \n$ | \n1,203,704 | \n\u00a0 | \n\u00a0 | \n$ | \n1,282,046 | \n\u00a0 |
\u00a0
\n\nThe Company\u2019s effective tax rate for the years ended June 30,\n2025 and 2024, was different from the United States statutory income tax rate due primarily to the U.S. and Malaysia subsidiaries being\nin a loss position and the Hong Kong subsidiary being in an income position. No tax benefit has been recognized for these current losses\nand the related carryforward losses of these subsidiaries, as a full valuation allowance has been established against the deferred tax\nasset arising from these losses.
\n\n\u00a0
\n\nAs of June 30, 2025, the Company had unrecognized deferred tax assets\ntotaling $20,210,191. Of this amount, $10,839,605 relates to federal, state, and foreign net operating loss carryforwards, which may provide\nfuture income tax benefits. These deferred tax assets are attributable to gross net operating loss carryforwards of $34,335,732 for federal,\n$45,842,049 for state and $1,754,463 for foreign jurisdictions.\u00a0 In accordance with the Tax Cuts and Jobs Act enacted in December\n2017, federal NOL carryforwards arising from tax years beginning after January 1, 2018 can be carried forward indefinitely, subject to\na taxable income limitation. State net operating loss carryforwards will begin to expire in 2043, and foreign net operating loss carryforwards\nwill begin to expire in 2034.
The amount of the valuation allowance as of June 30, 2025 was $18,617,103,\nresulting from an addition of $6,766,587 to the valuation allowance. Valuation allowances provided against the deferred tax assets are\nrelated to all net operating loss carryforwards, as the Company\u2019s management does not believe that sufficient positive evidence\nexists to conclude that the benefits of such deferred tax assets are more likely than not to be realized in full.
\n\u00a0
\n\nDeferred\ntax assets and liabilities represent the future effects on income taxes that result from temporary differences and carryforwards that\nexist at the balance sheet date, and are measured using enacted rates and provisions of the tax law. Deferred tax assets are recognized\nfor deductible temporary differences as well as tax attributes.
\n\n\u00a0
\n\nThe Company generated Global\nIntangible Low-Taxes Income during the year. However, no corresponding U.S. federal income tax expense was recognized due to the utilization\nof net operating loss carryforwards. The Company will continue to monitor the impact of Global Intangible Low-Taxes Income on its future\ntax positions.
\n\u00a0
\nSignificant\ncomponents of the Company\u2019s deferred tax liabilities and assets as of June 30, 2025 and 2024 are as follows:
\n\n\u00a0
\n\n\n\n| \u00a0 | \n\u00a0 | \nYears ended \nJune\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Deferred tax assets: | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | ||
| Net operating loss carryforward | \n\u00a0 | \n$ | \n10,839,605 | \n\u00a0 | \n\u00a0 | \n$ | \n7,006,420 | \n\u00a0 |
| Foreign payables | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n1,310,900 | \n\u00a0 |
| Accounts receivable impairment | \n\u00a0 | \n\u00a0 | \n5,456,177 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,541,584 | \n\u00a0 |
| Share based compensation | \n\u00a0 | \n\u00a0 | \n1,868,307 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,529,346 | \n\u00a0 |
| Lease liabilities | \n\u00a0 | \n\u00a0 | \n1,270,401 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n939,195 | \n\u00a0 |
| Others | \n\u00a0 | \n\u00a0 | \n775,701 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n702,425 | \n\u00a0 |
| Total deferred tax assets | \n\u00a0 | \n\u00a0 | \n20,210,191 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n13,029,870 | \n\u00a0 |
| Less: Valuation allowance | \n\u00a0 | \n\u00a0 | \n(18,617,103 | \n) | \n\u00a0 | \n\u00a0 | \n(11,850,516 | \n) |
| Net deferred assets | \n\u00a0 | \n\u00a0 | \n1,593,088 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,179,354 | \n\u00a0 |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Deferred tax liabilities: | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Property, plant and equipment | \n\u00a0 | \n\u00a0 | \n(353,363 | \n) | \n\u00a0 | \n\u00a0 | \n(347,779 | \n) |
| Intangible Assets | \n\u00a0 | \n\u00a0 | \n(8,405 | \n) | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Right of use assets | \n\u00a0 | \n\u00a0 | \n(1,231,320 | \n) | \n\u00a0 | \n\u00a0 | \n(831,575 | \n) |
| Net deferred tax liabilities | \n\u00a0 | \n\u00a0 | \n(1,593,088 | \n) | \n\u00a0 | \n\u00a0 | \n(1,179,354 | \n) |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Net deferred tax asset | \n\u00a0 | \n$ | \n\n | \u00a0 | \n\u00a0 | \n$ | \n\n | \u00a0 |
\u00a0
\n\nMovement\nof valuation allowance:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended \nJune\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| At the beginning of the year | \n\u00a0 | \n$ | \n11,850,516 | \n\u00a0 | \n\u00a0 | \n$ | \n4,500,444 | \n\u00a0 |
| Current year addition | \n\u00a0 | \n\u00a0 | \n6,766,587 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7,350,072 | \n\u00a0 |
| At the end of the year | \n\u00a0 | \n$ | \n18,617,103 | \n\u00a0 | \n\u00a0 | \n$ | \n11,850,516 | \n\u00a0 |
\u00a0
\n\nThe\nCompany is subject to income taxes in the U.S. federal, state, and various foreign jurisdictions. Tax regulations within each jurisdiction\nare subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. All of the Company\u2019s\ntax years will remain open for examination by the US federal and state tax authorities from the date the returns are filed or are due,\nwhichever is later. The Company does not have any tax audits or other issues pending.
"}]},{"name":"rpt:f-608","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD","ispr:TaxRateRegimeAxis":"ispr:TierOneMember","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-609","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","ispr:TaxRateRegimeAxis":"ispr:TierOneMember","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"0.0825","decimals":4}]},{"name":"rpt:f-610","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD","ispr:TaxRateRegimeAxis":"ispr:TierTwoMember","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-611","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","ispr:TaxRateRegimeAxis":"ispr:TierTwoMember","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"0.165","decimals":3}]},{"name":"rpt:f-612","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"0.21","decimals":2}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:MY"},"factValues":[{"value":"0.24","decimals":2}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","ispr:TaxRateRegimeAxis":"ispr:IspireMalaysiaSdnBhdMember","srt:StatementGeographicalAxis":"country:MY"},"factValues":[{"value":"0.15","decimals":2}]},{"name":"rpt:f-615","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:CNY","ispr:TaxRateRegimeAxis":"ispr:IspireMalaysiaSdnBhdMember","srt:StatementGeographicalAxis":"country:MY"},"factValues":[{"value":"150000","decimals":0}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsOther","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","ispr:TaxRateRegimeAxis":"ispr:IspireMalaysiaSdnBhdMember","srt:StatementGeographicalAxis":"country:MY"},"factValues":[{"value":"0.17","decimals":2}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:CNY","srt:StatementGeographicalAxis":"country:MY"},"factValues":[{"value":"450000","decimals":0}]},{"name":"rpt:f-618","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For\nthe years ended June\u00a030, 2025 and 2024 income (loss) before income taxes by major taxing jurisdiction consists of:
\n\n\u00a0
\n\n\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| HK | \u00a0 | \n$ | 7,447,310 | \u00a0 | \u00a0 | \n$ | 8,150,770 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (44,039,142 | ) | \u00a0 | \n\u00a0 | (20,623,262 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (1,444,690 | ) | \u00a0 | \n\u00a0 | (1,013,284 | ) |
| Total | \u00a0 | \n$ | (38,036,522 | ) | \u00a0 | \n$ | (13,485,776 | ) |
The provision for income taxes consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Current provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \n$ | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \n\u00a0 | 1,203,704 | \u00a0 | \u00a0 | \n\u00a0 | 1,282,046 | \u00a0 |
| Total current provision | \u00a0 | \n\u00a0 | 1,203,704 | \u00a0 | \u00a0 | \n\u00a0 | 1,282,046 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Deferred provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Total deferred provision: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Total provision for income tax | \u00a0 | \n$ | 1,203,704 | \u00a0 | \u00a0 | \n$ | 1,282,046 | \u00a0 |
The\nreconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax\nincome is as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended June\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Federal statutory income tax rate | \n\u00a0 | \n$ | \n(7,987,670 | \n) | \n\u00a0 | \n$ | \n(2,832,013 | \n) |
| State income taxes, net of federal benefit | \n\u00a0 | \n\u00a0 | \n(3,054,267 | \n) | \n\u00a0 | \n\u00a0 | \n(2,922,897 | \n) |
| Global Intangible Low-Taxes Income | \n\u00a0 | \n\u00a0 | \n1,007,772 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Permanent Differences | \n\u00a0 | \n\u00a0 | \n56,843 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n77,429 | \n\u00a0 |
| Foreign Rate Differential | \n\u00a0 | \n\u00a0 | \n(373,481 | \n) | \n\u00a0 | \n\u00a0 | \n(460,014 | \n) |
| Effect of entity tax reclassification | \n\u00a0 | \n\u00a0 | \n4,832,943 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Other | \n\u00a0 | \n\u00a0 | \n(16,880 | \n) | \n\u00a0 | \n\u00a0 | \n69,469 | \n\u00a0 |
| Hong Kong Preferential Rate | \n\u00a0 | \n\u00a0 | \n(11,908 | \n) | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Change in valuation allowance | \n\u00a0 | \n\u00a0 | \n6,750,352 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7,350,072 | \n \u00a0 |
| Income tax expense | \n\u00a0 | \n$ | \n1,203,704 | \n\u00a0 | \n\u00a0 | \n$ | \n1,282,046 | \n\u00a0 |
Significant\ncomponents of the Company\u2019s deferred tax liabilities and assets as of June 30, 2025 and 2024 are as follows:
\n\n\u00a0
\n\n\n\n| \u00a0 | \n\u00a0 | \nYears ended \nJune\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Deferred tax assets: | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | ||
| Net operating loss carryforward | \n\u00a0 | \n$ | \n10,839,605 | \n\u00a0 | \n\u00a0 | \n$ | \n7,006,420 | \n\u00a0 |
| Foreign payables | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 | \n\u00a0 | \n\u00a0 | \n1,310,900 | \n\u00a0 |
| Accounts receivable impairment | \n\u00a0 | \n\u00a0 | \n5,456,177 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,541,584 | \n\u00a0 |
| Share based compensation | \n\u00a0 | \n\u00a0 | \n1,868,307 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,529,346 | \n\u00a0 |
| Lease liabilities | \n\u00a0 | \n\u00a0 | \n1,270,401 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n939,195 | \n\u00a0 |
| Others | \n\u00a0 | \n\u00a0 | \n775,701 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n702,425 | \n\u00a0 |
| Total deferred tax assets | \n\u00a0 | \n\u00a0 | \n20,210,191 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n13,029,870 | \n\u00a0 |
| Less: Valuation allowance | \n\u00a0 | \n\u00a0 | \n(18,617,103 | \n) | \n\u00a0 | \n\u00a0 | \n(11,850,516 | \n) |
| Net deferred assets | \n\u00a0 | \n\u00a0 | \n1,593,088 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n1,179,354 | \n\u00a0 |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Deferred tax liabilities: | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Property, plant and equipment | \n\u00a0 | \n\u00a0 | \n(353,363 | \n) | \n\u00a0 | \n\u00a0 | \n(347,779 | \n) |
| Intangible Assets | \n\u00a0 | \n\u00a0 | \n(8,405 | \n) | \n\u00a0 | \n\u00a0 | \n\n | \u00a0 |
| Right of use assets | \n\u00a0 | \n\u00a0 | \n(1,231,320 | \n) | \n\u00a0 | \n\u00a0 | \n(831,575 | \n) |
| Net deferred tax liabilities | \n\u00a0 | \n\u00a0 | \n(1,593,088 | \n) | \n\u00a0 | \n\u00a0 | \n(1,179,354 | \n) |
| \u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n\u00a0 |
| Net deferred tax asset | \n\u00a0 | \n$ | \n\n | \u00a0 | \n\u00a0 | \n$ | \n\n | \u00a0 |
Movement\nof valuation allowance:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended \nJune\u00a030, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| At the beginning of the year | \n\u00a0 | \n$ | \n11,850,516 | \n\u00a0 | \n\u00a0 | \n$ | \n4,500,444 | \n\u00a0 |
| Current year addition | \n\u00a0 | \n\u00a0 | \n6,766,587 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n7,350,072 | \n\u00a0 |
| At the end of the year | \n\u00a0 | \n$ | \n18,617,103 | \n\u00a0 | \n\u00a0 | \n$ | \n11,850,516 | \n\u00a0 |
NOTE\n14. WARRANTS\u00a0
\n\n\u00a0
\n\nThe\nfollowing table summarizes information with respect to outstanding warrants to purchase common stock during the years ended June 30,\n2025 and 2024:
\n\n\u00a0
\n\n| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 8.75 | \u00a0 | \u00a0 | \u00a0 | 46 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Granted | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 9.00 | \u00a0 | \u00a0 | \u00a0 | 119 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
\n\n| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- | \u00a0 |
| Granted | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 81 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
\u00a0
\n\nOn April 3, 2023, the Company issued the representative of the underwriters\nin the Company\u2019s initial public offering 62,100 warrants. Each warrant entitles the holder to purchase one share of common stock\nat an exercise price of $8.75, during the period commencing April 3, 2023, and expiring on April 3, 2028. None of the warrants have been\nexercised yet.
\n\n\u00a0
\n\nOn\nApril 5, 2024, the Company issued a warrant to purchase 111,111 shares of its Common Stock to Berify in a private placement concurrent\nwith the closing of investment in Ike Tech LLC, the joint venture. See Note 8. The Warrant has an exercise price of $9.00 per share,\nis exercisable immediately, and will expire ten years from the date of issuance, or April 5, 2034. The warrants are equity-classified\nand recorded at fair value. A third party valuation specialist was engaged to assist management with the fair value estimation and the\nBlack-Scholes option pricing model was adopted to estimate the fair value of the warrants. Key assumptions used in determining fair value\nwere as below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Year ended June\u00a030, 2024 | \u00a0 | |
| Time to expiry | \u00a0 | \u00a0 | 10 years | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.40 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % |
The\nfollowing table summarizes information with respect to outstanding warrants to purchase common stock during the years ended June 30,\n2025 and 2024:
\n\n\u00a0
\n\n| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 62,100 | \u00a0 | \u00a0 | \u00a0 | 8.75 | \u00a0 | \u00a0 | \u00a0 | 46 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Granted | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 111,111 | \u00a0 | \u00a0 | \u00a0 | 9.00 | \u00a0 | \u00a0 | \u00a0 | 119 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | ||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
\n\n| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | \u00a0 Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- | \u00a0 |
| Granted | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | |||
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 81 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| \u00a0 | \u00a0 | Year ended June\u00a030, 2024 | \u00a0 | |
| Time to expiry | \u00a0 | \u00a0 | 10 years | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 50 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.40 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % |
NOTE\n15. STOCK-BASED COMPENSATION\u00a0
\n\n\u00a0
\n\nIn\nOctober 2022, the board of directors and stockholders of the Company approved the 2022 Equity Incentive Plan (as amended, the \u201cPlan\u201d)\npursuant to which up to 15,000,000 shares of common stock may be issued pursuant to options, restricted stock or RSUs grants. The Plan\nis administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted to officers, directors,\nemployees and those consultants who qualify as a consultant or advisor under the instructions to the Company\u2019s Form S-8 (File No.\n333-273458) initially filed with U.S. Securities and Exchange Commission on July 26, 2023, and amended on November 15, 2024. The Compensation\nCommittee has broad discretion in making awards, provided that any options shall be exercisable at the fair market value on the date\nof grant.
\n\n\u00a0
\n\nRestricted\nstock
\n\n\u00a0
\n\nDuring\nthe years ended June 30, 2025 and 2024, 206,271 and 148,216 shares of common stock were issued to the Company\u2019s board of directors\nand service providers in settlement of restricted stock granted under the Plan, respectively. Restricted stock granted to directors vests\nover three months and was fully vested as of June 30, 2025. The Company recognized stock-based compensation expense totaling $1,251,328\nand $826,996 during the year ended June 30, 2025 and 2024, which were related to the restricted stock issued to the Company\u2019s board\nof directors and a service provider, based on the grant date fair value of the awards. There are $15,909 unrecognized compensation expenses\nrelated to the restricted stock awards granted to one service provider as of June 30, 2025.
\n\n\u00a0
\n\nIn June 2024, the Company\nentered into consulting agreements with two consultants which provide for the issuance of up to 150,000 shares of common stock to each\nconsultant (a total of 300,000 shares of common stock). Under the terms of the consulting agreements, (a) 25,000 shares of common stock\nvested upon execution of the consulting agreements (a total of 50,000 shares of common stock), (b) 100,000 shares of common stock will\nvest upon the attainment of five separate sales-based targets, in 20,000 share increments (a total of 200,000 shares of common stock),\nand (c) 25,000 shares of common stock will vest on October 1, 2027, if the consulting agreements have not been terminated (a total of\n50,000 shares of common stock). The Company estimated the grant date fair value of the restricted stock to be $7.14 per share. Upon execution\nof the consulting agreements, the Company issued a total of 50,000 shares of common stock and recognized stock-based compensation expense\ntotaling $357,000.
\n\n\u00a0
\n\nIn\nJuly 2024, the Company entered into consulting agreements with two consultants, which provide for the issuance of up to 140,000 shares\nof common stock to each consultant (a total of 280,000 shares of common stock). Under the terms of the consulting agreements, these 140,000\nshares of common stock will vest upon the attainment of six separate sales-based targets, in 20,000 share increments, if the consulting\nagreements have not been terminated.
\n\n\u00a0
\n\nIn\nJuly 2024, the Company entered into consulting agreements with two consultants, which provide for the issuance of up to 400,000 shares\nof common stock to each consultant (a total of 800,000 shares of common stock). Under the terms of the consulting agreements, (a) 75,000\nshares of common stock vested upon execution of the consulting agreements (a total of 150,000 shares of common stock issued during the\nthree months ended September 30, 2024), (b) 300,000 shares of common stock will vest upon the attainment of three separate sales-based\ntargets, in 100,000 share increments (a total of 300,000 shares of common stock), and (c) 25,000 shares of common stock will vest upon\nthe attainment of one separate sales-based target, if the consulting agreements have not been terminated. These consultant agreements\nwere cancelled during the year ended June 30, 2025. Upon cancellation, 150,000 shares from the consultant agreements had been vested\nand issued, and there were 650,000 unissued and unvested shares being cancelled.
\n\n\u00a0
\n\nThe\nshares of common stock that vest upon the attainment of the sales-based targets include performance-based vesting conditions, which the\nCompany has determined were not probable of being achieved at June 30, 2025. As such, the Company has not recognized any compensation\nexpense as of June 30, 2025, related to the restricted common stock with performance-based vesting conditions. The shares of common stock\nthat vest on October 1, 2027, include time-based vesting criteria. For these shares, the Company recognizes stock-based compensation\nexpense based on the grant date fair value on a straight-line basis over the required service period. For the year ended June 30, 2025,\nthe stock-based compensation expense related to the restricted common stock with time-based vesting conditions was zero.
Stock\nOptions
\n\n\u00a0
\n\nThe\nfollowing is a summary of stock option activity transactions as of and for the years ended June 30, 2025 and 2024:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number Of\u00a0options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Granted | \u00a0 | \u00a0 | 3,750,000 | \u00a0 | \u00a0 | $ | 9.19 | \u00a0 | \u00a0 | $ | 5.19 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Forfeiture | \u00a0 | \u00a0 | (495,000 | ) | \u00a0 | $ | 9.81 | \u00a0 | \u00a0 | $ | 5.58 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.3 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | (224,376 | ) | \u00a0 | $ | 9.76 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (2,057,499 | ) | \u00a0 | $ | 9.00 | \u00a0 | \u00a0 | $ | 5.12 | \u00a0 | \u00a0 | \u00a0 | 8.4 | \u00a0 |
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Exercisable at June 30, 2025 | \u00a0 | \u00a0 | 531,771 | \u00a0 | \u00a0 | $ | 8.68 | \u00a0 | \u00a0 | $ | 4.66 | \u00a0 | \u00a0 | \u00a0 | 6.8 | \u00a0 |
\u00a0
\n\nThe\naggregate intrinsic value of options outstanding with an exercise price less than the closing price of the Company\u2019s common stock\nas of June\u00a030, 2025 was $0. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price on the last\ntrading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
\n\n\u00a0
\n\nTotal\nexpense of options vested for the years ended June 30, 2025 and 2024, was $513,553 and $3,607,816, respectively. The options granted\nduring year ended June 30, 2025 were valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended June 30, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Exercise multiple | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 |
| Expected volatility | \n\u00a0 | \n\u00a0 | \n50% - 55 | \n% | \n\u00a0 | \n\u00a0 | \n50% - 55 | \n% |
| Risk-free interest rate | \n\u00a0 | \n\u00a0 | \n4.062% -4.812 | \n% | \n\u00a0 | \n\u00a0 | \n4.049% -4.812 | \n% |
| Expected dividend yield | \n\u00a0 | \n\u00a0 | \n0 | \n% | \n\u00a0 | \n\u00a0 | \n0 | \n% |
RSUs
\n\n\u00a0
\n\nRSUs\ngranted to employees vest cumulatively as to one-third of the restricted stock units on each of the first three anniversaries of the\ndate of grant based on continues service. Each vested RSU entitles holder to receive one share of common stock upon exercise. RSUs are\naccounted for as equity using the fair value method, which requires measurement and recognition of compensation expense for all awards\ngranted to employees, directors and consultants based upon the grant-date fair value.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted\n average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (70,000 | ) | \u00a0 | \n\u00a0 | 7.02 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (83,629 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
\u00a0
\n\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 | 1,223,830 | \u00a0 | \u00a0 | \n\u00a0 | 6.10 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (606,379 | ) | \u00a0 | \n\u00a0 | 7.15 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (696,087 | ) | \u00a0 | \n\u00a0 | 7.68 | \u00a0 |
| Unvested, June 30, 2025 | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n$ | 6.35 | \u00a0 |
\u00a0
\n\nTotal\nexpense for the RSUs during the years ended June 30, 2025 and 2024 was $3,851,401 and $1,588,470, respectively. During the years ended\nJune 30, 2025 and 2024, there were 516,827 and 0 shares issued as a result of employees exercising vested RSUs granted to them.
\n\n\u00a0
\n\nThe\nfollowing table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive\nloss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears\n ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| General and administrative expenses | \u00a0 | \n$ | 5,453,313 | \u00a0 | \u00a0 | \n$ | 5,885,192 | \u00a0 |
| Sales and marketing\n expenses | \u00a0 | \n\u00a0 | 162,969 | \u00a0 | \u00a0 | \n\u00a0 | 495,090 | \u00a0 |
| Total | \u00a0 | \n$ | 5,616,282 | \u00a0 | \u00a0 | \n$ | 6,380,282 | \u00a0 |
\u00a0
\n\nAs\nof June 30, 2025, the Company had approximately $5,562,026 in unrecognized compensation expenses related to all non-vested options and\nRSUs that will be recognized over the weighted-average period of 2.3 years.
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0:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"50000","decimals":0}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue","xbrl:period":"2027-10-01T00:00:00/2027-10-02T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares","srt:StatementScenarioAxis":"srt:ScenarioForecastMember","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"7.14","decimals":2}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue","xbrl:period":"2027-10-01T00:00:00/2027-10-02T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"50000","decimals":0}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2027-10-01T00:00:00/2027-10-02T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"357000","decimals":0}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"140000","decimals":0}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"ispr:ConsultantMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"280000","decimals":0}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:SubsidiarySaleOfStockAxis":"ispr:SalesBasedTargetsMember"},"factValues":[{"value":"140000","decimals":0}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"20000","decimals":0}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"400000","decimals":0}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"800000","decimals":0}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-01T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"75000","decimals":0}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"150000","decimals":0}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","us-gaap:SubsidiarySaleOfStockAxis":"ispr:ThreeSeparateSalesBasedTargetsMember"},"factValues":[{"value":"300000","decimals":0}]},{"name":"rpt:f-752","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"x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is a summary of stock option activity transactions as of and for the years ended June 30, 2025 and 2024:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number Of\u00a0options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at June 30, 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Granted | \u00a0 | \u00a0 | 3,750,000 | \u00a0 | \u00a0 | $ | 9.19 | \u00a0 | \u00a0 | $ | 5.19 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Forfeiture | \u00a0 | \u00a0 | (495,000 | ) | \u00a0 | $ | 9.81 | \u00a0 | \u00a0 | $ | 5.58 | \u00a0 | \u00a0 | \u00a0 | 9.2 | \u00a0 |
| Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.3 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| Expired | \u00a0 | \u00a0 | (224,376 | ) | \u00a0 | $ | 9.76 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (2,057,499 | ) | \u00a0 | $ | 9.00 | \u00a0 | \u00a0 | $ | 5.12 | \u00a0 | \u00a0 | \u00a0 | 8.4 | \u00a0 |
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Exercisable at June 30, 2025 | \u00a0 | \u00a0 | 531,771 | \u00a0 | \u00a0 | $ | 8.68 | \u00a0 | \u00a0 | $ | 4.66 | \u00a0 | \u00a0 | \u00a0 | 6.8 | \u00a0 |
Total\nexpense of options vested for the years ended June 30, 2025 and 2024, was $513,553 and $3,607,816, respectively. The options granted\nduring year ended June 30, 2025 were valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \n\u00a0 | \nYears ended June 30, | \n \u00a0 | |||||
| \u00a0 | \n\u00a0 | \n2025 | \n\u00a0 | \n\u00a0 | \n2024 | \n\u00a0 | ||
| Exercise multiple | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 | \n\u00a0 | \n\u00a0 | \n2.8 | \n\u00a0 |
| Expected volatility | \n\u00a0 | \n\u00a0 | \n50% - 55 | \n% | \n\u00a0 | \n\u00a0 | \n50% - 55 | \n% |
| Risk-free interest rate | \n\u00a0 | \n\u00a0 | \n4.062% -4.812 | \n% | \n\u00a0 | \n\u00a0 | \n4.049% -4.812 | \n% |
| Expected dividend yield | \n\u00a0 | \n\u00a0 | \n0 | \n% | \n\u00a0 | \n\u00a0 | \n0 | \n% |
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted\n average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2023 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Granted | \u00a0 | \n\u00a0 | 637,235 | \u00a0 | \u00a0 | \n\u00a0 | 9.46 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (70,000 | ) | \u00a0 | \n\u00a0 | 7.02 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (83,629 | ) | \u00a0 | \n\u00a0 | 9.76 | \u00a0 |
| Unvested, June 30, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
\u00a0
\n\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 | 1,223,830 | \u00a0 | \u00a0 | \n\u00a0 | 6.10 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (606,379 | ) | \u00a0 | \n\u00a0 | 7.15 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (696,087 | ) | \u00a0 | \n\u00a0 | 7.68 | \u00a0 |
| Unvested, June 30, 2025 | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n$ | 6.35 | \u00a0 |
The\nfollowing table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive\nloss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears\n ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| General and administrative expenses | \u00a0 | \n$ | 5,453,313 | \u00a0 | \u00a0 | \n$ | 5,885,192 | \u00a0 |
| Sales and marketing\n expenses | \u00a0 | \n\u00a0 | 162,969 | \u00a0 | \u00a0 | \n\u00a0 | 495,090 | \u00a0 |
| Total | \u00a0 | \n$ | 5,616,282 | \u00a0 | \u00a0 | \n$ | 6,380,282 | \u00a0 |
NOTE\n16. STOCKHOLDERS\u2019 EQUITY
\n\n\u00a0
\n\nThe\nCompany has authorized the issuance of 140,000,000 shares of common stock, with a par value of $0.0001 per share.
\n\n\u00a0
\n\nOn\nMarch 22, 2024, pursuant to a securities purchase agreement with certain purchasers, the Company sold, in a secondary offering, an aggregate\nof 2,050,000 shares of common stock, with par value $0.0001 per share, at a public offering price of $6.00 per share. This offering generated\nproceeds of $12,300,000, offset by offering cost of $1,514,094, which contributed an increase of share capital of $205 and additional\npaid in capital of $10,785,701.
\n\n\u00a0
\n\nThe\nCompany has authorized the issuance of 10,000,000 shares of preferred stock, with a par value of $0.0001 per share. As of and for the\nyears ended June 30, 2025 and 2024, there were no shares of preferred stock issued or outstanding.
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\n\n\u00a0
\n\nThe\nfollowing table presents a reconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (39,240,226 | ) | \u00a0 | \n$ | (14,767,822 | ) |
| Weighted average basic and diluted ordinary shares outstanding | \u00a0 | \n\u00a0 | 56,853,552 | \u00a0 | \u00a0 | \n\u00a0 | 54,812,900 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.69 | ) | \u00a0 | \n$ | (0.27 | ) |
The\nfollowing table presents a reconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nYears ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2024 | \u00a0 | ||
| Net loss | \u00a0 | \n$ | (39,240,226 | ) | \u00a0 | \n$ | (14,767,822 | ) |
| Weighted average basic and diluted ordinary shares outstanding | \u00a0 | \n\u00a0 | 56,853,552 | \u00a0 | \u00a0 | \n\u00a0 | 54,812,900 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.69 | ) | \u00a0 | \n$ | (0.27 | ) |
NOTE\n18. COMMITMENTS AND CONTINGENCIES
\n\n\u00a0
\n\nFrom\ntime to time, the Company may be subject to legal or regulatory proceedings, investigations and claims incidental to the conduct of its\nbusiness. The Company is not a party to, nor is the Company aware of, any legal or regulatory proceedings, investigations or claims which,\nin the opinion of our management, are likely to have a material adverse effect on our business, financial condition or results of operations.
\n\n\u00a0
\n\nConcurrently\nwith the JV Agreement (see Note 8), Ispire entered into an exclusive supply agreement with Berify, whereby Ispire is obligated to purchase\nall Bluetooth enabled integrated circuits to be used on vape type devices to control the activation of the device that are to be sold\nto IKE at cost plus a\u00a020% mark-up. In addition, IKE entered into an exclusive supply agreement with Ispire, whereby IKE is obligated\nto purchase at cost plus a\u00a05% mark-up all products to be sold by IKE in the nicotine field.
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