Note 1. Company Information and Basis of Presentation
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Nature of Operations
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Upexi, Inc., is a Delaware corporation, originally formed as a Nevada corporation in 2018. The Company is made up of seven active subsidiaries.\u00a0We are in the cryptocurrency industry and the management of cash assets through a cryptocurrency portfolio, primarily focused on Solana tokens and staking of those tokens. We continue to be a brand owner specializing in the development, manufacturing, and distribution of consumer products.
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Solana Treasury Strategy. We diversified into the cryptocurrency industry and cash management of assets through a cryptocurrency portfolio, primarily focused on Solana tokens and staking of those tokens. Early in 2025, we updated and modified our cash management and treasury strategy to include holding digital currency assets directly on our balance sheet. This was a shift from holding excess cash primarily in FDIC-insured interest-bearing accounts. We adopted this strategy to obtain the highest yield on excess cash. Under our new approach, our treasury policy focuses primarily on Solana (\u201cSOL\u201d), an asset that is considered early in its lifecycle, with respect to both development and usage, as well as institutional adoption. This strategy involves applying a public-market treasury model similar to what has been done with Bitcoin. Management will focus its resources to this digital asset strategy, and a significant portion of the balance sheet will be the Company\u2019s Solana digital asset treasury. Currently, our treasury is exclusively dedicated to the SOL digital asset and we do not intend to dedicate any of the treasury allocated capital to other digital assets.
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Our products are distributed in the United States of America and internationally through multiple entities and managed through our locations in Florida.
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Upexi operates from our corporate location in Tampa, Florida, where direct to consumer, wholesale and Amazon sales are driven by on-site and remote teams for all brands. The Tampa location also supports all the other locations with accounting, corporate oversight, day-to-day finances, business development and operational management operating from this location.\u00a0
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MW Products operates from our corporate headquarters, managing direct to consumer, wholesale and Amazon sales for multiple brands and develops new products through our research and development team in Henderson, Nevada and distributes products through our Tampa, Florida warehouse.
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LuckyTail operates from our Tampa, Florida warehouse with sales and marketing driven by on-site and remote teams that operate the Amazon sales strategy and daily business operations.
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HAVZ, LLC, d/b/a Steam Wholesale operates manufacturing and/or distribution centers in Odessa, Florida, supporting our health and wellness products, including those products manufactured with hemp ingredients and our overall distribution operations. During December 2025, the Company decided on a course of action to exit certain manufacturing and distribution operations (see Note 16).
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Upexi Distribution operates from our Tampa, Florida warehouse providing warehousing, distribution and other services in support of our product sales.
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Basis of Presentation and Principles of Consolidation
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The Company\u2019s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes included in the Company\u2019s Annual Report on Form 10-K for the year ended June 30, 2025. The unaudited condensed consolidated financial statements include the accounts of all subsidiaries in which the Company holds a controlling financial interest as of March 31, 2026 and June 30, 2025 and for the periods ending March 31, 2026 and 2025.
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In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. All significant intercompany transactions and balances are eliminated in consolidation. However, the results of operations included in such financial statements may not necessarily be indicative of annual results.
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The significant accounting policies followed are:
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Use of Estimates\u00a0-\u00a0The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Significant estimates underlying the Company\u2019s reported financial position and results of operations include the allowance for credit losses, useful lives of property and equipment, impairment of long-lived assets, inventory valuation, fair value of stock-based compensation, fair value of digital assets, fair value of the Phantom Stock Unit compensation, and valuation allowance on deferred tax assets.
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Cash -\u00a0The Company considers all highly liquid investment instruments with a maturity of three months or less to be cash equivalents. Cash is maintained at financial institutions and at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances.
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Accounts Receivable\u00a0-\u00a0Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within a specified time from the invoice date. The trade terms vary based on the customer and typically range from prepaid to 45 days from the invoice date. Interest is not charged by the Company on past due accounts. The carrying amount of receivables is reduced by an allowance for expected credit losses, as necessary, that reflects management\u2019s best estimate of the amount that will not be collected. This estimation takes into consideration historical experience, current conditions and as applicable, reasonable supportable forecasts. Actual results could vary from the estimate. Accounts are charged against the allowance when management deems them to be uncollectible. The net accounts receivable balances at March 31, 2026, June 30, 2025, and June 30, 2024, were $496,393, $157,515, and $606,885, respectively. Based on management\u2019s review of accounts receivable, the allowance for credit losses was approximately $38,041 at March 31, 2026 and $636,600 at June 30, 2025. For the three months ended March 31, 2026 and 2025, the Company had no credit losses and $773,915, respectively. For the nine months ended March 31, 2026 and 2025, the Company had credit losses of $5,565 and $783,915, respectively.\u00a0
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Inventory\u00a0-\u00a0The Company reviews the inventory level of all products and raw materials quarterly. For most products that have been in the market for one year or more, we consider inventory levels of greater than one year\u2019s sales to be excess or other items that show slower than projected sales. Products that are no longer part of the current product offering are considered obsolete. The potential for re-sale of slow-moving and obsolete inventories is based upon our assumptions about future demand and market conditions. The recorded cost of obsolete inventories is then reduced to zero. The slow-moving and obsolete inventory is written off and recorded as charges to cost of goods sold. All adjustments for obsolete inventory establish a new cost basis for that inventory as we believe such reductions are permanent declines in the market price of our products. Generally, obsolete inventory is sold to companies that specialize in liquidation, while we continue to market slow-moving inventories until they are sold or become obsolete. Inventory consists of raw materials and finished goods and is stated at the lower of cost or net realizable value, cost is determined by the weighted average moving cost inventory method. Net realizable value is determined, with appropriate consideration given to obsolescence, excessive levels, deterioration, and other factors.
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Digital Assets - Pursuant to Accounting Standards Update (\u201cASU\u201d) 2023-08, Intangibles \u2014 Goodwill and Other \u2014 Crypto Assets: Accounting for and Disclosure of Crypto Assets, codified into ASC subtopic 350-60, in-scope crypto assets are required to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard.
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The Company adopted this guidance effective April 1, 2025, as this was the start of the Company first holding digital assets. SOL tokens are measured using Level 1 inputs under Accounting Standards Codification (\u201cASC\u201d) 820, Fair Value Measurement and Disclosures, (\u201cASC 820\u201d), based on quoted prices from a principal market. ASC 820 defines the principal market as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and, as a result, the market participants in the principal market) is made from the perspective of the reporting entity. The digital assets held by the Company are traded on a number of active markets globally. The Company determines CoinMarketCap as its principal market, as it is one of the earliest and the most trusted sources by users, institutions, and media for comparing thousands of crypto assets and selected by the U.S. government. The Company recognizes revenue by utilizing daily close prices obtained from CoinMarketCap.
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Property and Equipment\u00a0-\u00a0Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 20 years. Leasehold improvements are amortized over the shorter of their estimated useful lives of 5 years or the related lease term. Gains and losses upon disposition are reflected in the Condensed Consolidated Statements of Operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred.
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Goodwill - The Company evaluates its goodwill for possible impairment, simplifying the test for goodwill impairment at least annually and\u00a0when one or more triggering events or circumstances indicate that the goodwill might be impaired. Under this guidance, annual or interim goodwill impairment testing is performed by comparing the estimated fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit\u2019s fair value, not to exceed the carrying value of goodwill.
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The Company performed its annual test as of June 30, 2025 and 2024, respectively. As of March 31, 2026 and June 30, 2025, the amount in goodwill was $673,854 and $848,854, respectively. During the nine months ended March 31, 2026, as a result of the Company\u2019s disposition of certain assets associated with Moonwlkr, the Company recorded a disposal on goodwill, which decreased goodwill by $175,000.
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Revenue Recognition\u00a0-\u00a0In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay.
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The Company recognizes revenue from sales of our products, including sales to our distributors, at a point in time, generally upon shipment or delivery to the customer or distributor, depending upon the terms of the sales order. Control is considered transferred when title and risk of loss pass, when the customer becomes obligated to pay and, where applicable, when the customer has accepted the products or upon expiration of the acceptance period. For sales to distributors, payment is due on our standard commercial terms and is not contingent upon the distributors\u2019 resale of the products.
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Shipping and handling fees billed to customers are included in revenue. Shipping and handling fees associated with inbound freight are generally included in cost of revenue.
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Our business is subject to contingencies related to customer orders, including:
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Right of Return
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A large portion of our revenue comes from the sale of consumable products, which are sold in high-volume and low quantities, and are generally maintained at stock levels of less than ninety days in our facility. Customer returns have historically represented a very small percentage of sales on an annual basis. Other product sales relate to some pet products, including small mechanical devices.
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Warranties
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The Company does not accept sales returns from wholesale customers, as the products are pre-approved prior to production and shipment. E-Commerce product returns must be completed within 45 days of the date of purchase. The Company accrues an allowance for refunds, returned deposits and discounts given by customer services post shipment of the product based on historical experience and management\u2019s estimate of future expenses, including replacement, freight charges and other fulfilment expenses.
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Conditions of Acceptance
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Sales of our consumable products and pet products generally do not have customer acceptance terms.
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Revenue by Geography and Product Source
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The following table, which excludes digital asset revenue, discloses disaggregated revenue:
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\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Primary geographical markets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
United States of America | \u00a0 | $ | 997,216 | \u00a0 | \u00a0 | $ | 3,116,889 | \u00a0 | \u00a0 | $ | 6,950,947 | \u00a0 | \u00a0 | $ | 11,344,823 | \u00a0 |
Other | \u00a0 | \u00a0 | 53,451 | \u00a0 | \u00a0 | \u00a0 | 43,591 | \u00a0 | \u00a0 | \u00a0 | 164,375 | \u00a0 | \u00a0 | \u00a0 | 177,664 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
Product source: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internally manufactured | \u00a0 | $ | 268,859 | \u00a0 | \u00a0 | $ | 2,205,436 | \u00a0 | \u00a0 | $ | 4,512,709 | \u00a0 | \u00a0 | $ | 7,049,894 | \u00a0 |
Contract manufactured | \u00a0 | \u00a0 | 744,321 | \u00a0 | \u00a0 | \u00a0 | 725,169 | \u00a0 | \u00a0 | \u00a0 | 2,524,549 | \u00a0 | \u00a0 | \u00a0 | 2,038,348 | \u00a0 |
Purchased as finished good | \u00a0 | \u00a0 | 37,487 | \u00a0 | \u00a0 | \u00a0 | 229,875 | \u00a0 | \u00a0 | \u00a0 | 78,064 | \u00a0 | \u00a0 | \u00a0 | 2,434,245 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
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Deferred Revenue\u00a0-\u00a0The Company records deposits as deferred revenue when a customer pays in advance of shipping the product. Once the product is shipped, the deposit is recorded as revenue and the related commissions are paid. All products were shipped related to deposits in deferred revenue, in less than one year.
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We expect to recognize 100% of the deferred revenue at March 31, 2026 and June 30, 2025, as revenue in the year ended June 30, 2026.
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Digital Assets Revenue, Realized and Unrealized Gains and Losses
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Acquisition of Solana tokens
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We acquire liquid Solana tokens through purchases. In the case of liquid bulk purchases, we recognize for cost basis as the actual price paid. In the case of liquid VWAP (volume-weighted average price) or TWAP (time-weighted average price) over multiple hours or days, we recognize the cost basis as the average price paid for all tokens purchases.
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The Company is able to acquire Solana tokens that are locked through direct negotiations with the owner of a third party at a discounted price from the Solana market value price. These locked tokens will unlock over a period of time and once unlocked can be sold on several Solana exchanges. With the purchase of locked Solana, we recognize the cost basis as the actual price paid.\u00a0While the tokens remain locked, the Solana is marketed to fair value based on a 14% discount to the end of the period market price and the unrealized gain or loss is recognized.\u00a0The unlocking of the purchased Solana occurs over a series of dates as prescribed by the purchase agreement. At the time of unlocking, tokens can remain in the original wallet or be transferred into the wallet at our custodian or sold on an open exchange.\u00a0Once the Solana is unlocked, the fair value is measured at the end of the period at the market value without a discount.
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Per ASC 350-60-45-2, gains and losses from the remeasurement of crypto assets shall be included in net income and presented separately from changes in the carrying value of other intangible assets. Pursuant to this guidance, changes in fair value are reflected on the Condensed Consolidated Statements of Operations in the line item Realized and unrealized (gain) loss on digital assets or Unrealized (gain) loss on digital assets, if there were no realized sales in the period, in the operating expense section of the Condensed Consolidated Statements of Operations. We measure changes in fair value as the difference between the cost basis and the prevailing market price of the digital asset at the date of measurement, multiplied by the quantity held of the digital asset. Our policy on prevailing market price is the last trading price prior to midnight.
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Remeasurement on a recurring basis
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Subsequent to the acquisitions of Solana tokens, remeasurement of change in fair value is done by taking the spot price from CoinMarketCap at the end of a month. Our tokens are bifurcated between liquid and locked tokens. In the case of liquid tokens, the aggregate fair value is computed by taking the number of liquid tokens and multiplying that number by the month-end spot price. In the case of locked tokens, the aggregate fair value is computed by taking the number of locked tokens, discounted by 14%, and multiplying that number by the month-end spot price. As locked tokens become unlocked over time, they will be added to the count of liquid tokens and accordingly, make up less of that discount percentage over time when computing aggregate fair value on locked tokens. The discount used by management is based on the historical purchases of locked Solana management has made on behalf of the Company. Management monitors this discount percentage and adjusts when appropriate. Per ASC 350-60-45-2, gains and losses from the remeasurement of crypto assets shall be included in net income and presented separately from changes in the carrying value of other intangible assets. Pursuant to this guidance, changes in fair value are reflected on the Condensed Consolidated Statements of Operations in the line item Realized and unrealized (gain) loss on digital assets, or Unrealized (gain) loss on digital assets, if there were no realized sales in the period in the operating expense section of the Condensed Consolidated Statements of Operations.
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Staking revenue
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We earn staking rewards by delegating our digital assets to third-party validators on proof-of-stake blockchain networks. These tokens remain under the Company\u2019s control and are not derecognized, as the delegation does not constitute a transfer of control under ASC 610-20 or ASC 350-60. Rewards are recognized as income when the Company obtains control of the new tokens, typically upon receipt into its wallet. While there is no explicit guidance under U.S. GAAP for staking activities, the Company applies the principles of ASC 606, Revenue from Contracts with Customers, by analogy. Management evaluates whether a contract exists, identifies the performance obligations, and determines whether the Company acts as a principal or agent in the transaction. The transaction price is measured at the fair value of the digital assets received at the time control is obtained. Due to the evolving nature of blockchain protocols and limited regulatory guidance, management exercises significant judgment in evaluating validator reliability and the risk of slashing or forfeiture. Changes in protocol rules or accounting interpretations may materially impact how staking revenue is recognized and measured. Solana tokens held by the Company, whether liquid or locked, are eligible for staking. Staking revenue is calculated based on the number of tokens earned and the month-end spot price. This revenue is reported on the Condensed Consolidated Statements of Operations under the line item Digital asset revenue. Changes in fair market value of the staking revenue after the initial digital asset revenue is disclosed on the Condensed Consolidated Statements of Operations as Realized and unrealized (gain) loss on digital assets, or Unrealized (gain) loss on digital assets, if there were no realized sales in the period.
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Realized gains and losses on digital assets
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To the extent staking rewards are converted into U.S. dollars, realized gains and losses are recognized for the difference between the proceeds received and the carrying value of the digital assets at the time of conversion. These amounts are presented within operating expenses in the Condensed Consolidated Statements of Operations as realized gain (loss) on digital asset revenue conversion to USD.
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To the extent digital assets are sold, realized gains and losses are recognized for the difference between the proceeds received and the carrying value of the digital assets at the time of sale. These amounts are presented within operating expenses in the Condensed Consolidated Statements of Operations as realized gain (loss) on sale of digital assets.
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Advertising\u00a0-\u00a0The Company supports its products with advertising to build brand awareness of the Company\u2019s various products in addition to other marketing programs executed by the Company\u2019s marketing team. The Company believes continual investment in advertising is critical to the development and sale of its branded products. Advertising costs of $384,967 and $491,510 were expensed as incurred during the three months ended March 31, 2026 and 2025, respectively. Advertising costs of $1,567,257 and $1,331,133 were expensed as incurred during the nine months ended March 31, 2026 and 2025, respectively.
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Stock-Based Compensation\u00a0- The Company recognizes all stock-based payments to employees, including grants of employee stock options and grants of restricted shares as compensation expense in the condensed consolidated financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the stock-based payments vest immediately.
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Non-Employee Stock-Based Payments\u00a0-\u00a0The Company\u2019s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows ASC 718, Compensation\u2013Stock Compensation, which applies to all stock-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor\u2019s own operations by issuing stock-based payment awards. Stock-based payments related to non-employees are accounted for based on the fair value of the related stock or options or the fair value of the services, whichever is more readily determinable. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor\u2019s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
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Fair Value Measurements\u00a0- The Company accounts for financial instruments in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity\u2019s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
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The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
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\u00a0 | \u00b7 | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
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\u00a0 | \u00b7 | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
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\u00a0 | \u00b7 | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. |
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Liquid Solana tokens are measured at fair value using quoted prices from CoinMarketCap (Level 1 inputs). The fair value of locked tokens is computed by taking the number of locked tokens and discounting the quoted prices from CoinMarketCap price by 14%. The discount, a Level 2 input, used by management is based on the Company\u2019s historical purchases of locked Solana. Management monitors this discount percentage and adjusts when appropriate.
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The estimated fair value of certain financial instruments, including cash, accounts receivable, accounts payable, accrued expenses, deferred revenue and debt are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
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Leases\u00a0-\u00a0The Company determines if a contract contains a lease at inception. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is defined as having both the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are changed. Leases with an initial term of 12 months or less are not recorded within the accompanying Condensed Consolidated Balance Sheets. GAAP requires that the Company\u2019s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option will result in an economic penalty. All the Company\u2019s real estate leases are classified as operating leases.
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Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional two years. The exercise of lease renewal options is at the Company\u2019s discretion. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.
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The Company\u2019s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment.
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Income Taxes\u00a0-\u00a0Income taxes are provided for the tax effects of transactions reported in the condensed consolidated financial statements and consist of taxes currently due plus deferred taxes resulting from temporary differences. Such temporary differences result from differences in the carrying value of assets and liabilities for tax and financial reporting purposes. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At March 31, 2026 and June 30, 2025, there was a valuation allowance of $10,092,765.
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The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.
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The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity\u2019s condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
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The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date.\u00a0
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ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise\u2019s condensed consolidated financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There were no material uncertain tax positions at March 31, 2026 or June 30, 2025.
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Reverse Stock Split - On September 18, 2024, we filed a Certificate of Change with the Nevada Secretary of State to effect a reverse stock split of our common stock at a rate of 1-for-20 (the \"Reverse Stock Split\"), which became effective as of October 3, 2024 (the \"Effective Date\"). The Reverse Stock Split was approved by the Board of Directors in accordance with Nevada law. The Reverse Stock Split did not have any impact on the par value of common stock.
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On the Effective Date, every twenty shares of common stock issued and outstanding were automatically combined into one share of common stock, without any change in the par value per share. As the per-share par value did not change, we reclassified $19,860 from common stock to Additional Paid-in-Capital on the Effective Date. The exercise prices and the number of shares issuable upon exercise of outstanding stock options, equity awards and warrants, and the number of shares available for future issuance under the equity incentive plans were adjusted in accordance with their respective terms. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder\u2019s percentage interest in our common stock. We did not issue any fractional shares in connection with the Reverse Stock Split. Instead, fractional shares were initially rounded up to the next largest whole number, resulting in the issuance of 8 shares on October 3, 2024, the Effective Date, and an additional issuance of 38 shares on October 8, 2024. On October 10, 2024, the transfer agent received additional requests to issue a total of 202,183 shares of common stock for round up of fractional shares. These shares were issued on October 23, 2024 and on October 30, 2024 we were notified that the shares were returned to the Company\u2019s transfer agent. Although the Company did receive the common stock back after issuance, the potential dilution remains a risk and is the subject of a complaint filed by the Company in the United States District Court for the District of Nevada with the purpose of eliminating any said risk. The Reverse Stock Split did not modify the relative rights or preferences of the common stock.
\u00a0
Unless otherwise indicated, all issued and outstanding shares of common stock and all outstanding securities entitling their holders to purchase shares of our common stock or acquire shares of our common stock, including stock options, restricted stock units, and warrants per share data, share prices and exercise prices, as required by the terms of those securities, have been adjusted retroactively to reflect the Reverse Stock Split.\u00a0
\u00a0
Loss Per Share
\u00a0
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Basic loss per share: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Numerator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Net loss | \u00a0 | $ | (109,343,830 | ) | \u00a0 | $ | (3,831,660 | ) | \u00a0 | $ | (221,520,638 | ) | \u00a0 | $ | (6,758,547 | ) |
Denominator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Weighted average common shares outstanding | \u00a0 | \u00a0 | 65,506,837 | \u00a0 | \u00a0 | \u00a0 | 1,336,373 | \u00a0 | \u00a0 | \u00a0 | 60,522,907 | \u00a0 | \u00a0 | \u00a0 | 1,140,995 | \u00a0 |
Basic loss per share | \u00a0 | $ | (1.67 | ) | \u00a0 | $ | (2.87 | ) | \u00a0 | $ | (3.66 | ) | \u00a0 | $ | (5.92 | ) |
\u00a0
For the three and nine months ended March 31, 2026 and 2025, the Company was in a net loss position and therefore, diluted loss per share equals basic loss per share, as potential dilutive securities were anti-dilutive.
\u00a0
Convertible Debt and Securities\u00a0-\u00a0The Company accounts for convertible notes as a single debt instrument measured at amortized cost. The Company has not identified any embedded features contained within its notes which would require bifurcation from the debt host. As applicable, any debt discount and debt issuance costs incurred in connection with the issuance of the notes are recorded as a direct deduction from the carrying amount of the notes. These amounts are amortized to interest expense using the effective interest method over the expected term of the notes. Upon conversion, the carrying amount of the notes, including any unamortized debt issuance costs and unamortized discounts, are reduced by the amount converted, with any difference being reflected as a change in equity.
\u00a0
Recent Accounting Pronouncements - From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, (\u201cFASB\u201d), or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are applicable and not yet effective will not have a material impact on the Company\u2019s financial position or results of operations upon adoption. What follows below are accounting pronouncements adopted or issued but not yet adopted. The Company qualifies as an emerging growth company, and as such, has elected to use the extended transition period for complying with new or revised accounting standards and is not subject to the new or revised accounting standards applicable to public companies during the extended transition period. The accounting standards discussed below indicate effective dates for the Company as an emerging growth company using the extended transition period.
\u00a0
In December 2023, the FASB issued ASU 2023-09,\u00a0Improvements to Income Tax Disclosures\u00a0(\u201cASU 2023-09\u201d). The amendments expand income tax disclosure requirements by requiring an entity to disclose (i) specific categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, and (iii) the amount of taxes paid disaggregated by jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2024. The Company has adopted this guidance effective for the annual reporting period beginning July 1, 2025 (fiscal year ended June 30, 2026). The adoption of ASU 2023-09 will impact the Company\u2019s disclosures but will not impact financial position nor results of operations.
\u00a0
In December 2023, the FASB issued ASU 2023-08,\u00a0Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets\u00a0(\u201cASU 2023-08\u201d),\u00a0which establishes accounting guidance for crypto assets meeting certain criteria. Solana meets these criteria. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect adjustment was made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2023-08 for the year ended June 30, 2025, effective as of July 1, 2024. As a result of the adoption, the Company did not have a cumulative-effect adjustment as the Company did not have any Crypto Assets prior to January 1, 2025. In the current year for the three months and nine months ended and date as of March 31, 2026, SOL, the token of Solana blockchain, is recognized at fair value.
\u00a0
In November 2024, the FASB issued ASU 2024-03, Income Statement\u2014Reporting Comprehensive Income\u2014Expense Disaggregation Disclosures (\u201cASU 2024-03\u201d) requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)\u2013(e), (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity\u2019s definition of selling expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The ASU is effective for annual periods beginning after December 15, 2026, and interim report periods beginning after December 15, 2027. Early application of the amendment is permitted. The ASU should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the effect that ASU 2024-03 will have on its consolidated financial statements and related disclosures.
\u00a0
In July 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides for all entities with the option to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of an asset, with respect to estimates of expected credit losses. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted and application of guidance prospectively. We are currently evaluating the effect of this pronouncement.
\u00a0
For the fiscal year beginning July 1, 2025, there have been no other recent accounting pronouncements issued but not yet adopted that are expected to be material to the Company.
"}]},{"name":"rpt:f-605","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Use of Estimates\u00a0-\u00a0The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
\u00a0
Significant estimates underlying the Company\u2019s reported financial position and results of operations include the allowance for credit losses, useful lives of property and equipment, impairment of long-lived assets, inventory valuation, fair value of stock-based compensation, fair value of digital assets, fair value of the Phantom Stock Unit compensation, and valuation allowance on deferred tax assets.
"}]},{"name":"rpt:f-606","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Cash -\u00a0The Company considers all highly liquid investment instruments with a maturity of three months or less to be cash equivalents. Cash is maintained at financial institutions and at times, balances may exceed federally insured limits. The Company has never experienced any losses related to these balances.
"}]},{"name":"rpt:f-607","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Accounts Receivable\u00a0-\u00a0Accounts receivable are uncollateralized customer obligations due under normal trade terms requiring payment within a specified time from the invoice date. The trade terms vary based on the customer and typically range from prepaid to 45 days from the invoice date. Interest is not charged by the Company on past due accounts. The carrying amount of receivables is reduced by an allowance for expected credit losses, as necessary, that reflects management\u2019s best estimate of the amount that will not be collected. This estimation takes into consideration historical experience, current conditions and as applicable, reasonable supportable forecasts. Actual results could vary from the estimate. Accounts are charged against the allowance when management deems them to be uncollectible. The net accounts receivable balances at March 31, 2026, June 30, 2025, and June 30, 2024, were $496,393, $157,515, and $606,885, respectively. Based on management\u2019s review of accounts receivable, the allowance for credit losses was approximately $38,041 at March 31, 2026 and $636,600 at June 30, 2025. For the three months ended March 31, 2026 and 2025, the Company had no credit losses and $773,915, respectively. For the nine months ended March 31, 2026 and 2025, the Company had credit losses of $5,565 and $783,915, respectively.\u00a0
"}]},{"name":"rpt:f-608","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNet","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"496393","decimals":0}]},{"name":"rpt:f-609","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNet","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"157515","decimals":0}]},{"name":"rpt:f-610","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNet","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"606885","decimals":0}]},{"name":"rpt:f-611","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"38041","decimals":0}]},{"name":"rpt:f-612","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"636600","decimals":0}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetCreditLossExpense","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"773915","decimals":0}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetCreditLossExpense","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5565","decimals":0}]},{"name":"rpt:f-615","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerAssetCreditLossExpense","xbrl:period":"2024-07-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"783915","decimals":0}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Inventory\u00a0-\u00a0The Company reviews the inventory level of all products and raw materials quarterly. For most products that have been in the market for one year or more, we consider inventory levels of greater than one year\u2019s sales to be excess or other items that show slower than projected sales. Products that are no longer part of the current product offering are considered obsolete. The potential for re-sale of slow-moving and obsolete inventories is based upon our assumptions about future demand and market conditions. The recorded cost of obsolete inventories is then reduced to zero. The slow-moving and obsolete inventory is written off and recorded as charges to cost of goods sold. All adjustments for obsolete inventory establish a new cost basis for that inventory as we believe such reductions are permanent declines in the market price of our products. Generally, obsolete inventory is sold to companies that specialize in liquidation, while we continue to market slow-moving inventories until they are sold or become obsolete. Inventory consists of raw materials and finished goods and is stated at the lower of cost or net realizable value, cost is determined by the weighted average moving cost inventory method. Net realizable value is determined, with appropriate consideration given to obsolescence, excessive levels, deterioration, and other factors.
"}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"upxi:CryptoAssetPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Digital Assets - Pursuant to Accounting Standards Update (\u201cASU\u201d) 2023-08, Intangibles \u2014 Goodwill and Other \u2014 Crypto Assets: Accounting for and Disclosure of Crypto Assets, codified into ASC subtopic 350-60, in-scope crypto assets are required to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard.
\u00a0
The Company adopted this guidance effective April 1, 2025, as this was the start of the Company first holding digital assets. SOL tokens are measured using Level 1 inputs under Accounting Standards Codification (\u201cASC\u201d) 820, Fair Value Measurement and Disclosures, (\u201cASC 820\u201d), based on quoted prices from a principal market. ASC 820 defines the principal market as the market with the greatest volume and level of activity for the asset or liability. The determination of the principal market (and, as a result, the market participants in the principal market) is made from the perspective of the reporting entity. The digital assets held by the Company are traded on a number of active markets globally. The Company determines CoinMarketCap as its principal market, as it is one of the earliest and the most trusted sources by users, institutions, and media for comparing thousands of crypto assets and selected by the U.S. government. The Company recognizes revenue by utilizing daily close prices obtained from CoinMarketCap.
"}]},{"name":"rpt:f-618","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0
Property and Equipment\u00a0-\u00a0Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 20 years. Leasehold improvements are amortized over the shorter of their estimated useful lives of 5 years or the related lease term. Gains and losses upon disposition are reflected in the Condensed Consolidated Statements of Operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred.
"}]},{"name":"rpt:f-619","factDimensions":{"xbrl:concept":"us-gaap:PublicUtilitiesPropertyPlantAndEquipmentEquipmentUsefulLife","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","us-gaap:PlanNameAxis":"upxi:BottomMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:PublicUtilitiesPropertyPlantAndEquipmentEquipmentUsefulLife","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","us-gaap:PlanNameAxis":"upxi:TopMember"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"us-gaap:PublicUtilitiesPropertyPlantAndEquipmentEquipmentUsefulLife","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Goodwill - The Company evaluates its goodwill for possible impairment, simplifying the test for goodwill impairment at least annually and\u00a0when one or more triggering events or circumstances indicate that the goodwill might be impaired. Under this guidance, annual or interim goodwill impairment testing is performed by comparing the estimated fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit\u2019s fair value, not to exceed the carrying value of goodwill.
\u00a0
The Company performed its annual test as of June 30, 2025 and 2024, respectively. As of March 31, 2026 and June 30, 2025, the amount in goodwill was $673,854 and $848,854, respectively. During the nine months ended March 31, 2026, as a result of the Company\u2019s disposition of certain assets associated with Moonwlkr, the Company recorded a disposal on goodwill, which decreased goodwill by $175,000.
"}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"673854","decimals":0}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"848854","decimals":0}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:GoodwillWrittenOffRelatedToSaleOfBusinessUnit","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"175000","decimals":0}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Revenue Recognition\u00a0-\u00a0In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay.
\u00a0
The Company recognizes revenue from sales of our products, including sales to our distributors, at a point in time, generally upon shipment or delivery to the customer or distributor, depending upon the terms of the sales order. Control is considered transferred when title and risk of loss pass, when the customer becomes obligated to pay and, where applicable, when the customer has accepted the products or upon expiration of the acceptance period. For sales to distributors, payment is due on our standard commercial terms and is not contingent upon the distributors\u2019 resale of the products.
\u00a0
Shipping and handling fees billed to customers are included in revenue. Shipping and handling fees associated with inbound freight are generally included in cost of revenue.
\u00a0
Our business is subject to contingencies related to customer orders, including:
\u00a0
Right of Return
\u00a0
A large portion of our revenue comes from the sale of consumable products, which are sold in high-volume and low quantities, and are generally maintained at stock levels of less than ninety days in our facility. Customer returns have historically represented a very small percentage of sales on an annual basis. Other product sales relate to some pet products, including small mechanical devices.
\u00a0
Warranties
\u00a0
The Company does not accept sales returns from wholesale customers, as the products are pre-approved prior to production and shipment. E-Commerce product returns must be completed within 45 days of the date of purchase. The Company accrues an allowance for refunds, returned deposits and discounts given by customer services post shipment of the product based on historical experience and management\u2019s estimate of future expenses, including replacement, freight charges and other fulfilment expenses.
\u00a0
Conditions of Acceptance
\u00a0
Sales of our consumable products and pet products generally do not have customer acceptance terms.
\u00a0
Revenue by Geography and Product Source
\u00a0
The following table, which excludes digital asset revenue, discloses disaggregated revenue:
\u00a0
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Primary geographical markets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
United States of America | \u00a0 | $ | 997,216 | \u00a0 | \u00a0 | $ | 3,116,889 | \u00a0 | \u00a0 | $ | 6,950,947 | \u00a0 | \u00a0 | $ | 11,344,823 | \u00a0 |
Other | \u00a0 | \u00a0 | 53,451 | \u00a0 | \u00a0 | \u00a0 | 43,591 | \u00a0 | \u00a0 | \u00a0 | 164,375 | \u00a0 | \u00a0 | \u00a0 | 177,664 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
Product source: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internally manufactured | \u00a0 | $ | 268,859 | \u00a0 | \u00a0 | $ | 2,205,436 | \u00a0 | \u00a0 | $ | 4,512,709 | \u00a0 | \u00a0 | $ | 7,049,894 | \u00a0 |
Contract manufactured | \u00a0 | \u00a0 | 744,321 | \u00a0 | \u00a0 | \u00a0 | 725,169 | \u00a0 | \u00a0 | \u00a0 | 2,524,549 | \u00a0 | \u00a0 | \u00a0 | 2,038,348 | \u00a0 |
Purchased as finished good | \u00a0 | \u00a0 | 37,487 | \u00a0 | \u00a0 | \u00a0 | 229,875 | \u00a0 | \u00a0 | \u00a0 | 78,064 | \u00a0 | \u00a0 | \u00a0 | 2,434,245 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Primary geographical markets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
United States of America | \u00a0 | $ | 997,216 | \u00a0 | \u00a0 | $ | 3,116,889 | \u00a0 | \u00a0 | $ | 6,950,947 | \u00a0 | \u00a0 | $ | 11,344,823 | \u00a0 |
Other | \u00a0 | \u00a0 | 53,451 | \u00a0 | \u00a0 | \u00a0 | 43,591 | \u00a0 | \u00a0 | \u00a0 | 164,375 | \u00a0 | \u00a0 | \u00a0 | 177,664 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
Product source: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Internally manufactured | \u00a0 | $ | 268,859 | \u00a0 | \u00a0 | $ | 2,205,436 | \u00a0 | \u00a0 | $ | 4,512,709 | \u00a0 | \u00a0 | $ | 7,049,894 | \u00a0 |
Contract manufactured | \u00a0 | \u00a0 | 744,321 | \u00a0 | \u00a0 | \u00a0 | 725,169 | \u00a0 | \u00a0 | \u00a0 | 2,524,549 | \u00a0 | \u00a0 | \u00a0 | 2,038,348 | \u00a0 |
Purchased as finished good | \u00a0 | \u00a0 | 37,487 | \u00a0 | \u00a0 | \u00a0 | 229,875 | \u00a0 | \u00a0 | \u00a0 | 78,064 | \u00a0 | \u00a0 | \u00a0 | 2,434,245 | \u00a0 |
Total | \u00a0 | $ | 1,050,667 | \u00a0 | \u00a0 | $ | 3,160,480 | \u00a0 | \u00a0 | $ | 7,115,322 | \u00a0 | \u00a0 | $ | 11,522,487 | \u00a0 |
Deferred Revenue\u00a0-\u00a0The Company records deposits as deferred revenue when a customer pays in advance of shipping the product. Once the product is shipped, the deposit is recorded as revenue and the related commissions are paid. All products were shipped related to deposits in deferred revenue, in less than one year.
\u00a0
We expect to recognize 100% of the deferred revenue at March 31, 2026 and June 30, 2025, as revenue in the year ended June 30, 2026.
"}]},{"name":"rpt:f-657","factDimensions":{"xbrl:concept":"upxi:CryptoAssetsRevenueRealizedAndUnrealizedGainsAndLossesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Acquisition of Solana tokens
\u00a0
We acquire liquid Solana tokens through purchases. In the case of liquid bulk purchases, we recognize for cost basis as the actual price paid. In the case of liquid VWAP (volume-weighted average price) or TWAP (time-weighted average price) over multiple hours or days, we recognize the cost basis as the average price paid for all tokens purchases.
\u00a0
The Company is able to acquire Solana tokens that are locked through direct negotiations with the owner of a third party at a discounted price from the Solana market value price. These locked tokens will unlock over a period of time and once unlocked can be sold on several Solana exchanges. With the purchase of locked Solana, we recognize the cost basis as the actual price paid.\u00a0While the tokens remain locked, the Solana is marketed to fair value based on a 14% discount to the end of the period market price and the unrealized gain or loss is recognized.\u00a0The unlocking of the purchased Solana occurs over a series of dates as prescribed by the purchase agreement. At the time of unlocking, tokens can remain in the original wallet or be transferred into the wallet at our custodian or sold on an open exchange.\u00a0Once the Solana is unlocked, the fair value is measured at the end of the period at the market value without a discount.
\u00a0
Per ASC 350-60-45-2, gains and losses from the remeasurement of crypto assets shall be included in net income and presented separately from changes in the carrying value of other intangible assets. Pursuant to this guidance, changes in fair value are reflected on the Condensed Consolidated Statements of Operations in the line item Realized and unrealized (gain) loss on digital assets or Unrealized (gain) loss on digital assets, if there were no realized sales in the period, in the operating expense section of the Condensed Consolidated Statements of Operations. We measure changes in fair value as the difference between the cost basis and the prevailing market price of the digital asset at the date of measurement, multiplied by the quantity held of the digital asset. Our policy on prevailing market price is the last trading price prior to midnight.
\u00a0
Remeasurement on a recurring basis
\u00a0
Subsequent to the acquisitions of Solana tokens, remeasurement of change in fair value is done by taking the spot price from CoinMarketCap at the end of a month. Our tokens are bifurcated between liquid and locked tokens. In the case of liquid tokens, the aggregate fair value is computed by taking the number of liquid tokens and multiplying that number by the month-end spot price. In the case of locked tokens, the aggregate fair value is computed by taking the number of locked tokens, discounted by 14%, and multiplying that number by the month-end spot price. As locked tokens become unlocked over time, they will be added to the count of liquid tokens and accordingly, make up less of that discount percentage over time when computing aggregate fair value on locked tokens. The discount used by management is based on the historical purchases of locked Solana management has made on behalf of the Company. Management monitors this discount percentage and adjusts when appropriate. Per ASC 350-60-45-2, gains and losses from the remeasurement of crypto assets shall be included in net income and presented separately from changes in the carrying value of other intangible assets. Pursuant to this guidance, changes in fair value are reflected on the Condensed Consolidated Statements of Operations in the line item Realized and unrealized (gain) loss on digital assets, or Unrealized (gain) loss on digital assets, if there were no realized sales in the period in the operating expense section of the Condensed Consolidated Statements of Operations.
\u00a0
Staking revenue
\u00a0
We earn staking rewards by delegating our digital assets to third-party validators on proof-of-stake blockchain networks. These tokens remain under the Company\u2019s control and are not derecognized, as the delegation does not constitute a transfer of control under ASC 610-20 or ASC 350-60. Rewards are recognized as income when the Company obtains control of the new tokens, typically upon receipt into its wallet. While there is no explicit guidance under U.S. GAAP for staking activities, the Company applies the principles of ASC 606, Revenue from Contracts with Customers, by analogy. Management evaluates whether a contract exists, identifies the performance obligations, and determines whether the Company acts as a principal or agent in the transaction. The transaction price is measured at the fair value of the digital assets received at the time control is obtained. Due to the evolving nature of blockchain protocols and limited regulatory guidance, management exercises significant judgment in evaluating validator reliability and the risk of slashing or forfeiture. Changes in protocol rules or accounting interpretations may materially impact how staking revenue is recognized and measured. Solana tokens held by the Company, whether liquid or locked, are eligible for staking. Staking revenue is calculated based on the number of tokens earned and the month-end spot price. This revenue is reported on the Condensed Consolidated Statements of Operations under the line item Digital asset revenue. Changes in fair market value of the staking revenue after the initial digital asset revenue is disclosed on the Condensed Consolidated Statements of Operations as Realized and unrealized (gain) loss on digital assets, or Unrealized (gain) loss on digital assets, if there were no realized sales in the period.
\u00a0
Realized gains and losses on digital assets
\u00a0
To the extent staking rewards are converted into U.S. dollars, realized gains and losses are recognized for the difference between the proceeds received and the carrying value of the digital assets at the time of conversion. These amounts are presented within operating expenses in the Condensed Consolidated Statements of Operations as realized gain (loss) on digital asset revenue conversion to USD.
\u00a0
To the extent digital assets are sold, realized gains and losses are recognized for the difference between the proceeds received and the carrying value of the digital assets at the time of sale. These amounts are presented within operating expenses in the Condensed Consolidated Statements of Operations as realized gain (loss) on sale of digital assets.
"}]},{"name":"rpt:f-658","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Advertising\u00a0-\u00a0The Company supports its products with advertising to build brand awareness of the Company\u2019s various products in addition to other marketing programs executed by the Company\u2019s marketing team. The Company believes continual investment in advertising is critical to the development and sale of its branded products. Advertising costs of $384,967 and $491,510 were expensed as incurred during the three months ended March 31, 2026 and 2025, respectively. Advertising costs of $1,567,257 and $1,331,133 were expensed as incurred during the nine months ended March 31, 2026 and 2025, respectively.
"}]},{"name":"rpt:f-659","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"384967","decimals":0}]},{"name":"rpt:f-660","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"491510","decimals":0}]},{"name":"rpt:f-661","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1567257","decimals":0}]},{"name":"rpt:f-662","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2024-07-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1331133","decimals":0}]},{"name":"rpt:f-663","factDimensions":{"xbrl:concept":"us-gaap:CompensationRelatedCostsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Stock-Based Compensation\u00a0- The Company recognizes all stock-based payments to employees, including grants of employee stock options and grants of restricted shares as compensation expense in the condensed consolidated financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the stock-based payments vest immediately.
"}]},{"name":"rpt:f-664","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Non-Employee Stock-Based Payments\u00a0-\u00a0The Company\u2019s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows ASC 718, Compensation\u2013Stock Compensation, which applies to all stock-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor\u2019s own operations by issuing stock-based payment awards. Stock-based payments related to non-employees are accounted for based on the fair value of the related stock or options or the fair value of the services, whichever is more readily determinable. The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor\u2019s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
"}]},{"name":"rpt:f-665","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Fair Value Measurements\u00a0- The Company accounts for financial instruments in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity\u2019s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
\u00a0
The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
\u00a0
\u00a0 | \u00b7 | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
\u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00b7 | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g. interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
\u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00b7 | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. |
\u00a0
Liquid Solana tokens are measured at fair value using quoted prices from CoinMarketCap (Level 1 inputs). The fair value of locked tokens is computed by taking the number of locked tokens and discounting the quoted prices from CoinMarketCap price by 14%. The discount, a Level 2 input, used by management is based on the Company\u2019s historical purchases of locked Solana. Management monitors this discount percentage and adjusts when appropriate.
\u00a0
The estimated fair value of certain financial instruments, including cash, accounts receivable, accounts payable, accrued expenses, deferred revenue and debt are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
"}]},{"name":"rpt:f-666","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Leases\u00a0-\u00a0The Company determines if a contract contains a lease at inception. A contract contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is defined as having both the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are changed. Leases with an initial term of 12 months or less are not recorded within the accompanying Condensed Consolidated Balance Sheets. GAAP requires that the Company\u2019s leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset, together with renewal option periods when the exercise of the renewal option is reasonably certain and failure to exercise such option will result in an economic penalty. All the Company\u2019s real estate leases are classified as operating leases.
\u00a0
Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term for an additional two years. The exercise of lease renewal options is at the Company\u2019s discretion. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.
\u00a0
The Company\u2019s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment.
"}]},{"name":"rpt:f-667","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Income Taxes\u00a0-\u00a0Income taxes are provided for the tax effects of transactions reported in the condensed consolidated financial statements and consist of taxes currently due plus deferred taxes resulting from temporary differences. Such temporary differences result from differences in the carrying value of assets and liabilities for tax and financial reporting purposes. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At March 31, 2026 and June 30, 2025, there was a valuation allowance of $10,092,765.
\u00a0
The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.
\u00a0
The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity\u2019s condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
\u00a0
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date.\u00a0
\u00a0
ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise\u2019s condensed consolidated financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There were no material uncertain tax positions at March 31, 2026 or June 30, 2025.
"}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10092765","decimals":0}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"upxi:ReverseStockSplitPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Reverse Stock Split - On September 18, 2024, we filed a Certificate of Change with the Nevada Secretary of State to effect a reverse stock split of our common stock at a rate of 1-for-20 (the \"Reverse Stock Split\"), which became effective as of October 3, 2024 (the \"Effective Date\"). The Reverse Stock Split was approved by the Board of Directors in accordance with Nevada law. The Reverse Stock Split did not have any impact on the par value of common stock.
\u00a0
On the Effective Date, every twenty shares of common stock issued and outstanding were automatically combined into one share of common stock, without any change in the par value per share. As the per-share par value did not change, we reclassified $19,860 from common stock to Additional Paid-in-Capital on the Effective Date. The exercise prices and the number of shares issuable upon exercise of outstanding stock options, equity awards and warrants, and the number of shares available for future issuance under the equity incentive plans were adjusted in accordance with their respective terms. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder\u2019s percentage interest in our common stock. We did not issue any fractional shares in connection with the Reverse Stock Split. Instead, fractional shares were initially rounded up to the next largest whole number, resulting in the issuance of 8 shares on October 3, 2024, the Effective Date, and an additional issuance of 38 shares on October 8, 2024. On October 10, 2024, the transfer agent received additional requests to issue a total of 202,183 shares of common stock for round up of fractional shares. These shares were issued on October 23, 2024 and on October 30, 2024 we were notified that the shares were returned to the Company\u2019s transfer agent. Although the Company did receive the common stock back after issuance, the potential dilution remains a risk and is the subject of a complaint filed by the Company in the United States District Court for the District of Nevada with the purpose of eliminating any said risk. The Reverse Stock Split did not modify the relative rights or preferences of the common stock.
\u00a0
Unless otherwise indicated, all issued and outstanding shares of common stock and all outstanding securities entitling their holders to purchase shares of our common stock or acquire shares of our common stock, including stock options, restricted stock units, and warrants per share data, share prices and exercise prices, as required by the terms of those securities, have been adjusted retroactively to reflect the Reverse Stock Split.\u00a0
"}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityReverseStockSplit","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"1-for-20"}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:AdditionalPaidInCapitalCommonStock","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19860","decimals":0}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"upxi:FractionalSharesIssued","xbrl:period":"2024-10-04T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"8","decimals":0}]},{"name":"rpt:f-673","factDimensions":{"xbrl:concept":"upxi:FractionalSharesIssued","xbrl:period":"2024-10-09T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"38","decimals":0}]},{"name":"rpt:f-674","factDimensions":{"xbrl:concept":"upxi:AdditionalIssuanceSharesOfCommonStock","xbrl:period":"2024-10-11T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"202183","decimals":0}]},{"name":"rpt:f-675","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Basic loss per share: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Numerator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Net loss | \u00a0 | $ | (109,343,830 | ) | \u00a0 | $ | (3,831,660 | ) | \u00a0 | $ | (221,520,638 | ) | \u00a0 | $ | (6,758,547 | ) |
Denominator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Weighted average common shares outstanding | \u00a0 | \u00a0 | 65,506,837 | \u00a0 | \u00a0 | \u00a0 | 1,336,373 | \u00a0 | \u00a0 | \u00a0 | 60,522,907 | \u00a0 | \u00a0 | \u00a0 | 1,140,995 | \u00a0 |
Basic loss per share | \u00a0 | $ | (1.67 | ) | \u00a0 | $ | (2.87 | ) | \u00a0 | $ | (3.66 | ) | \u00a0 | $ | (5.92 | ) |
\u00a0
For the three and nine months ended March 31, 2026 and 2025, the Company was in a net loss position and therefore, diluted loss per share equals basic loss per share, as potential dilutive securities were anti-dilutive.
"}]},{"name":"rpt:f-676","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicByCommonClassTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Basic loss per share: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Numerator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Net loss | \u00a0 | $ | (109,343,830 | ) | \u00a0 | $ | (3,831,660 | ) | \u00a0 | $ | (221,520,638 | ) | \u00a0 | $ | (6,758,547 | ) |
Denominator: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Weighted average common shares outstanding | \u00a0 | \u00a0 | 65,506,837 | \u00a0 | \u00a0 | \u00a0 | 1,336,373 | \u00a0 | \u00a0 | \u00a0 | 60,522,907 | \u00a0 | \u00a0 | \u00a0 | 1,140,995 | \u00a0 |
Basic loss per share | \u00a0 | $ | (1.67 | ) | \u00a0 | $ | (2.87 | ) | \u00a0 | $ | (3.66 | ) | \u00a0 | $ | (5.92 | ) |
Convertible Debt and Securities\u00a0-\u00a0The Company accounts for convertible notes as a single debt instrument measured at amortized cost. The Company has not identified any embedded features contained within its notes which would require bifurcation from the debt host. As applicable, any debt discount and debt issuance costs incurred in connection with the issuance of the notes are recorded as a direct deduction from the carrying amount of the notes. These amounts are amortized to interest expense using the effective interest method over the expected term of the notes. Upon conversion, the carrying amount of the notes, including any unamortized debt issuance costs and unamortized discounts, are reduced by the amount converted, with any difference being reflected as a change in equity.
"}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Recent Accounting Pronouncements - From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, (\u201cFASB\u201d), or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are applicable and not yet effective will not have a material impact on the Company\u2019s financial position or results of operations upon adoption. What follows below are accounting pronouncements adopted or issued but not yet adopted. The Company qualifies as an emerging growth company, and as such, has elected to use the extended transition period for complying with new or revised accounting standards and is not subject to the new or revised accounting standards applicable to public companies during the extended transition period. The accounting standards discussed below indicate effective dates for the Company as an emerging growth company using the extended transition period.
\u00a0
In December 2023, the FASB issued ASU 2023-09,\u00a0Improvements to Income Tax Disclosures\u00a0(\u201cASU 2023-09\u201d). The amendments expand income tax disclosure requirements by requiring an entity to disclose (i) specific categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, and (iii) the amount of taxes paid disaggregated by jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2024. The Company has adopted this guidance effective for the annual reporting period beginning July 1, 2025 (fiscal year ended June 30, 2026). The adoption of ASU 2023-09 will impact the Company\u2019s disclosures but will not impact financial position nor results of operations.
\u00a0
In December 2023, the FASB issued ASU 2023-08,\u00a0Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets\u00a0(\u201cASU 2023-08\u201d),\u00a0which establishes accounting guidance for crypto assets meeting certain criteria. Solana meets these criteria. The amendments require crypto assets meeting the criteria to be recognized at fair value with changes recognized in net income each reporting period. Upon adoption, a cumulative-effect adjustment was made to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. ASU 2023-08 is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2023-08 for the year ended June 30, 2025, effective as of July 1, 2024. As a result of the adoption, the Company did not have a cumulative-effect adjustment as the Company did not have any Crypto Assets prior to January 1, 2025. In the current year for the three months and nine months ended and date as of March 31, 2026, SOL, the token of Solana blockchain, is recognized at fair value.
\u00a0
In November 2024, the FASB issued ASU 2024-03, Income Statement\u2014Reporting Comprehensive Income\u2014Expense Disaggregation Disclosures (\u201cASU 2024-03\u201d) requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)\u2013(e), (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity\u2019s definition of selling expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The ASU is effective for annual periods beginning after December 15, 2026, and interim report periods beginning after December 15, 2027. Early application of the amendment is permitted. The ASU should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the effect that ASU 2024-03 will have on its consolidated financial statements and related disclosures.
\u00a0
In July 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides for all entities with the option to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of an asset, with respect to estimates of expected credit losses. This guidance is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted and application of guidance prospectively. We are currently evaluating the effect of this pronouncement.
\u00a0
For the fiscal year beginning July 1, 2025, there have been no other recent accounting pronouncements issued but not yet adopted that are expected to be material to the Company.
"}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Note 3. Inventory
\u00a0
Inventory, net, consisted of the following:
\u00a0
\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Raw materials | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 489,574 | \u00a0 |
Finished goods | \u00a0 | \u00a0 | 215,237 | \u00a0 | \u00a0 | \u00a0 | 663,296 | \u00a0 |
Inventory, net\u00a0 | \u00a0 | $ | 215,237 | \u00a0 | \u00a0 | $ | 1,152,870 | \u00a0 |
\u00a0
The Company writes off the value of inventory deemed excessive or obsolete. During the three months ended March 31, 2026 and 2025, the Company wrote off inventory valued at $858,876 and $369,290, respectively, primarily related to slow-moving and obsolete products associated with legacy health and wellness and hemp-related product lines. During the nine months ended March 31, 2026 and 2025, the Company wrote off inventory valued at $1,019,811 and $418,030, respectively. At March 31, 2026 and June 30, 2025, the Company had inventory reserves of $799,098 and $593,539, respectively.
"}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Raw materials | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 489,574 | \u00a0 |
Finished goods | \u00a0 | \u00a0 | 215,237 | \u00a0 | \u00a0 | \u00a0 | 663,296 | \u00a0 |
Inventory, net\u00a0 | \u00a0 | $ | 215,237 | \u00a0 | \u00a0 | $ | 1,152,870 | \u00a0 |
Note 4. Property and Equipment
\u00a0
Property and equipment, net, consisted of the following:
\u00a0
\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Furniture and fixtures | \u00a0 | $ | 141,729 | \u00a0 | \u00a0 | $ | 127,050 | \u00a0 |
Computer equipment | \u00a0 | \u00a0 | 18,037 | \u00a0 | \u00a0 | \u00a0 | 102,279 | \u00a0 |
Internal use software | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 570,645 | \u00a0 |
Manufacturing equipment | \u00a0 | \u00a0 | 13,775 | \u00a0 | \u00a0 | \u00a0 | 2,112,561 | \u00a0 |
Leasehold improvements | \u00a0 | \u00a0 | 176,292 | \u00a0 | \u00a0 | \u00a0 | 852,825 | \u00a0 |
Vehicles | \u00a0 | \u00a0 | 206,501 | \u00a0 | \u00a0 | \u00a0 | 206,501 | \u00a0 |
Property and equipment, gross | \u00a0 | \u00a0 | 556,334 | \u00a0 | \u00a0 | \u00a0 | 3,971,861 | \u00a0 |
Less accumulated depreciation | \u00a0 | \u00a0 | (315,119 | ) | \u00a0 | \u00a0 | (1,919,288 | ) |
Property and equipment, net\u00a0 | \u00a0 | $ | 241,215 | \u00a0 | \u00a0 | $ | 2,052,573 | \u00a0 |
\u00a0
Depreciation expense for the three months ended March 31, 2026 and 2025 was $88,289 and $198,519, respectively. Depreciation expense for the nine months ended March 31, 2026 and 2025 was $358,579 and $658,986, respectively.
"}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Furniture and fixtures | \u00a0 | $ | 141,729 | \u00a0 | \u00a0 | $ | 127,050 | \u00a0 |
Computer equipment | \u00a0 | \u00a0 | 18,037 | \u00a0 | \u00a0 | \u00a0 | 102,279 | \u00a0 |
Internal use software | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 570,645 | \u00a0 |
Manufacturing equipment | \u00a0 | \u00a0 | 13,775 | \u00a0 | \u00a0 | \u00a0 | 2,112,561 | \u00a0 |
Leasehold improvements | \u00a0 | \u00a0 | 176,292 | \u00a0 | \u00a0 | \u00a0 | 852,825 | \u00a0 |
Vehicles | \u00a0 | \u00a0 | 206,501 | \u00a0 | \u00a0 | \u00a0 | 206,501 | \u00a0 |
Property and equipment, gross | \u00a0 | \u00a0 | 556,334 | \u00a0 | \u00a0 | \u00a0 | 3,971,861 | \u00a0 |
Less accumulated depreciation | \u00a0 | \u00a0 | (315,119 | ) | \u00a0 | \u00a0 | (1,919,288 | ) |
Property and equipment, net\u00a0 | \u00a0 | $ | 241,215 | \u00a0 | \u00a0 | $ | 2,052,573 | \u00a0 |
Note 5. Digital Assets
\u00a0
The following table summarizes the Company\u2019s digital asset holdings as of:
\u00a0
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Approximate number of Solana tokens held | \u00a0 | \u00a0 | 2,361,931 | \u00a0 | \u00a0 | \u00a0 | 744,026 | \u00a0 |
Digital assets, fair value | \u00a0 | $ | 184,902,888 | \u00a0 | \u00a0 | $ | 105,997,180 | \u00a0 |
\u00a0
The following table summarizes the Company\u2019s digital asset purchases, unrealized gain (loss) on digital assets, and revenue from staking for the three and nine months ended March 31, 2026 and 2025:
\u00a0
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Number of Solana tokens purchased | \u00a0 | \u00a0 | 274,000 | \u00a0 | \u00a0 | \u00a0 | 359 | \u00a0 | \u00a0 | \u00a0 | 1,665,519 | \u00a0 | \u00a0 | \u00a0 | 359 | \u00a0 |
Digital asset purchases | \u00a0 | $ | 36,759,536 | \u00a0 | \u00a0 | $ | 50,000 | \u00a0 | \u00a0 | $ | 266,849,664 | \u00a0 | \u00a0 | $ | 50,000 | \u00a0 |
Unrealized loss on digital assets | \u00a0 | $ | (92,307,488 | ) | \u00a0 | $ | (5,268 | ) | \u00a0 | $ | (178,806,383 | ) | \u00a0 | $ | (5,268 | ) |
Revenue from staking | \u00a0 | $ | 3,506,432 | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 14,733,562 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Approximate number of Solana tokens earned as revenue | \u00a0 | \u00a0 | 34,727 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 100,447 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
\u00a0
Cost basis is reflected in the above table within digital asset purchases.
\u00a0
The following table summarizes the composition of Solana tokens held broken out by liquid and locked as of:
\u00a0
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Number of Solana tokens liquid | \u00a0 | \u00a0 | 1,383,079 | \u00a0 | \u00a0 | \u00a0 | 322,575 | \u00a0 |
Number of Solana tokens locked | \u00a0 | \u00a0 | 978,852 | \u00a0 | \u00a0 | \u00a0 | 421,451 | \u00a0 |
\u00a0
The Company has approximately 95% of its Solana treasury staked as of March 31, 2026 and as of June 30, 2025. The Company maintains control over the delegated SOL tokens throughout the staking period. Although the tokens undergo a bonding process with validators, the Company retains the ability to initiate unbonding at any time. Upon notification to the validator, the unbonding process begins, which typically takes up to two days. During this period, the tokens remain unavailable for transfer or sale on the open market. Validators do not gain control over the tokens in a manner that meets derecognition criteria. They cannot sell, pledge, or otherwise dispose of the tokens. As such, the Company continues to recognize the delegated SOL tokens as part of its digital asset holdings.
\u00a0
The Company has 978,852 tokens that are considered locked at March 31, 2026. The following table summarizes the unlocking schedule of Solana tokens currently locked as of March 31, 2026 in the years then ended:\u00a0
\u00a0
June 30, 2026 | \u00a0 | \u00a0 | 141,175 | \u00a0 |
June 30, 2027 | \u00a0 | \u00a0 | 565,307 | \u00a0 |
June 30, 2028 | \u00a0 | \u00a0 | 272,370 | \u00a0 |
Total | \u00a0 | \u00a0 | 978,852 | \u00a0 |
\u00a0
The Company valued the Solana treasury at $83.11 per liquid token and $71.47 per locked token as of March 31, 2026. The Company valued the Solana treasury at $154.74 per liquid token and $133.07 per locked token as of June 30, 2025. The aggregate fair value of locked tokens is computed by taking the number of locked tokens and discounting the month-end spot price by 14%. The discount used by management is based on the historical purchases of locked Solana management has made on behalf of the Company. Management monitors this discount percentage and adjusts when appropriate. $83.11 and $154.74 are the market prices from the closing price listed by CoinMarketCap at March 31, 2026 and June 30, 2025, respectively.
"}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"us-gaap:CryptoAssetHoldingTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Approximate number of Solana tokens held | \u00a0 | \u00a0 | 2,361,931 | \u00a0 | \u00a0 | \u00a0 | 744,026 | \u00a0 |
Digital assets, fair value | \u00a0 | $ | 184,902,888 | \u00a0 | \u00a0 | $ | 105,997,180 | \u00a0 |
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Number of Solana tokens purchased | \u00a0 | \u00a0 | 274,000 | \u00a0 | \u00a0 | \u00a0 | 359 | \u00a0 | \u00a0 | \u00a0 | 1,665,519 | \u00a0 | \u00a0 | \u00a0 | 359 | \u00a0 |
Digital asset purchases | \u00a0 | $ | 36,759,536 | \u00a0 | \u00a0 | $ | 50,000 | \u00a0 | \u00a0 | $ | 266,849,664 | \u00a0 | \u00a0 | $ | 50,000 | \u00a0 |
Unrealized loss on digital assets | \u00a0 | $ | (92,307,488 | ) | \u00a0 | $ | (5,268 | ) | \u00a0 | $ | (178,806,383 | ) | \u00a0 | $ | (5,268 | ) |
Revenue from staking | \u00a0 | $ | 3,506,432 | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 14,733,562 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Approximate number of Solana tokens earned as revenue | \u00a0 | \u00a0 | 34,727 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 100,447 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Number of Solana tokens liquid | \u00a0 | \u00a0 | 1,383,079 | \u00a0 | \u00a0 | \u00a0 | 322,575 | \u00a0 |
Number of Solana tokens locked | \u00a0 | \u00a0 | 978,852 | \u00a0 | \u00a0 | \u00a0 | 421,451 | \u00a0 |
June 30, 2026 | \u00a0 | \u00a0 | 141,175 | \u00a0 |
June 30, 2027 | \u00a0 | \u00a0 | 565,307 | \u00a0 |
June 30, 2028 | \u00a0 | \u00a0 | 272,370 | \u00a0 |
Total | \u00a0 | \u00a0 | 978,852 | \u00a0 |
Note 6. Intangible Assets
\u00a0
Intangible assets as of March 31, 2026:
\u00a0
\u00a0 | \u00a0 | Estimated Life | \u00a0 | Cost | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Net Book Value | \u00a0 | |||
Customer relationships | \u00a0 | 4 years | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 |
Trade name | \u00a0 | 5 years | \u00a0 | \u00a0 | 383,792 | \u00a0 | \u00a0 | \u00a0 | 278,249 | \u00a0 | \u00a0 | \u00a0 | 105,543 | \u00a0 |
Online sales channels | \u00a0 | 2 years | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Vendor relationships | \u00a0 | 5 years | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Royalty interest | \u00a0 | Indefinite | \u00a0 | \u00a0 | 750,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 750,000 | \u00a0 |
Intangible assets | \u00a0 | \u00a0 | \u00a0 | $ | 1,133,792 | \u00a0 | \u00a0 | $ | 278,249 | \u00a0 | \u00a0 | $ | 855,543 | \u00a0 |
\u00a0
Intangible assets as of June 30, 2025:
\u00a0
\u00a0 | \u00a0 | Estimated Life | \u00a0 | Cost | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Net Book Value | \u00a0 | |||
Customer relationships | \u00a0 | 4 years | \u00a0 | $ | 1,834,692 | \u00a0 | \u00a0 | $ | 1,834,692 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Trade name | \u00a0 | 5 years | \u00a0 | \u00a0 | 383,792 | \u00a0 | \u00a0 | \u00a0 | 220,679 | \u00a0 | \u00a0 | \u00a0 | 163,113 | \u00a0 |
Online sales channels | \u00a0 | 2 years | \u00a0 | \u00a0 | 1,800,000 | \u00a0 | \u00a0 | \u00a0 | 1,800,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Vendor relationships | \u00a0 | 5 years | \u00a0 | \u00a0 | 6,000,000 | \u00a0 | \u00a0 | \u00a0 | 6,000,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Royalty interest | \u00a0 | Indefinite | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Intangible assets | \u00a0 | \u00a0 | \u00a0 | $ | 10,018,484 | \u00a0 | \u00a0 | $ | 9,855,371 | \u00a0 | \u00a0 | $ | 163,113 | \u00a0 |
\u00a0
For the three months ended March 31, 2026 and 2025, the Company recognized amortization expense of $19,190. For the nine months ended March 31, 2026 and 2025, the Company recognized amortization expense of $57,570.
\u00a0
During the three months ended March 31, 2026, the Company disposed of fully amortized intangible assets with an original cost of approximately $9.6 million. As the intangible assets had no remaining net book value, the disposals did not result in a gain or loss.
\u00a0
On August 28, 2025, the Company entered into an agreement with Cybersyn Holdings, LLC, which hosts and owns the platform for Alpha City Exchange. Under the terms of the agreement, the Company paid $750,000 to acquire a contractual royalty interest equal to 14.90% of all future gross revenue generated by the platform.
\u00a0
The agreement provides for two additional potential investments of $250,000 each: (i) upon completion of the platform and achievement of 10,000 active users, which would increase the Company\u2019s royalty interest to 19.90% of gross revenue, and (ii) upon the achievement of 25,000 active users. Upon achievement of the second milestone, the Company may elect to either maintain its 19.90% royalty interest in perpetuity or convert a portion of its royalty interest into a 9.99% equity ownership in Alpha City Exchange on a fully diluted basis.
\u00a0
As the royalty interest has no contractual termination and extends in perpetuity, the Company accounts for the initial $750,000 investment as an indefinite-lived intangible asset. The royalty interest is not amortized and is evaluated for impairment at least annually or more frequently if indicators of impairment arise.
\u00a0
As of March 31, 2026, the agreement remains in effect and the platform has not generated gross revenue from which the Company would be entitled to amounts under the royalty interest.
\u00a0
Future amortization of intangible assets as of March 31, 2026 is set forth below in the years then ended: | \u00a0 | |||
June 30, 2026 | \u00a0 | $ | 19,190 | \u00a0 |
June 30, 2027 | \u00a0 | \u00a0 | 76,758 | \u00a0 |
June 30, 2028 | \u00a0 | \u00a0 | 9,595 | \u00a0 |
Total\u00a0 | \u00a0 | $ | 105,543 | \u00a0 |
\u00a0 | \u00a0 | Estimated Life | \u00a0 | Cost | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Net Book Value | \u00a0 | |||
Customer relationships | \u00a0 | 4 years | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 |
Trade name | \u00a0 | 5 years | \u00a0 | \u00a0 | 383,792 | \u00a0 | \u00a0 | \u00a0 | 278,249 | \u00a0 | \u00a0 | \u00a0 | 105,543 | \u00a0 |
Online sales channels | \u00a0 | 2 years | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Vendor relationships | \u00a0 | 5 years | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Royalty interest | \u00a0 | Indefinite | \u00a0 | \u00a0 | 750,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 750,000 | \u00a0 |
Intangible assets | \u00a0 | \u00a0 | \u00a0 | $ | 1,133,792 | \u00a0 | \u00a0 | $ | 278,249 | \u00a0 | \u00a0 | $ | 855,543 | \u00a0 |
\u00a0 | \u00a0 | Estimated Life | \u00a0 | Cost | \u00a0 | \u00a0 | Accumulated Amortization | \u00a0 | \u00a0 | Net Book Value | \u00a0 | |||
Customer relationships | \u00a0 | 4 years | \u00a0 | $ | 1,834,692 | \u00a0 | \u00a0 | $ | 1,834,692 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Trade name | \u00a0 | 5 years | \u00a0 | \u00a0 | 383,792 | \u00a0 | \u00a0 | \u00a0 | 220,679 | \u00a0 | \u00a0 | \u00a0 | 163,113 | \u00a0 |
Online sales channels | \u00a0 | 2 years | \u00a0 | \u00a0 | 1,800,000 | \u00a0 | \u00a0 | \u00a0 | 1,800,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Vendor relationships | \u00a0 | 5 years | \u00a0 | \u00a0 | 6,000,000 | \u00a0 | \u00a0 | \u00a0 | 6,000,000 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Royalty interest | \u00a0 | Indefinite | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Intangible assets | \u00a0 | \u00a0 | \u00a0 | $ | 10,018,484 | \u00a0 | \u00a0 | $ | 9,855,371 | \u00a0 | \u00a0 | $ | 163,113 | \u00a0 |
Future amortization of intangible assets as of March 31, 2026 is set forth below in the years then ended: | \u00a0 | |||
June 30, 2026 | \u00a0 | $ | 19,190 | \u00a0 |
June 30, 2027 | \u00a0 | \u00a0 | 76,758 | \u00a0 |
June 30, 2028 | \u00a0 | \u00a0 | 9,595 | \u00a0 |
Total\u00a0 | \u00a0 | $ | 105,543 | \u00a0 |
Note 7. Prepaid Expenses and Other Receivables
\u00a0
Prepaid and other receivables consist of the following at:
\u00a0
\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Insurance | \u00a0 | $ | 190,008 | \u00a0 | \u00a0 | $ | 107,256 | \u00a0 |
Prepayment to vendors | \u00a0 | \u00a0 | 108,179 | \u00a0 | \u00a0 | \u00a0 | 201,192 | \u00a0 |
Deposits on services | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 10,000 | \u00a0 |
Subscriptions and services being amortized over the service period | \u00a0 | \u00a0 | 686,615 | \u00a0 | \u00a0 | \u00a0 | 26,500 | \u00a0 |
Other receivables | \u00a0 | \u00a0 | 6,155 | \u00a0 | \u00a0 | \u00a0 | 5,888 | \u00a0 |
Prepaid expenses and other receivables | \u00a0 | $ | 990,957 | \u00a0 | \u00a0 | $ | 350,836 | \u00a0 |
\u00a0
All prepaid expenses are expected to be expensed within one year.
"}]},{"name":"rpt:f-829","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Insurance | \u00a0 | $ | 190,008 | \u00a0 | \u00a0 | $ | 107,256 | \u00a0 |
Prepayment to vendors | \u00a0 | \u00a0 | 108,179 | \u00a0 | \u00a0 | \u00a0 | 201,192 | \u00a0 |
Deposits on services | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 10,000 | \u00a0 |
Subscriptions and services being amortized over the service period | \u00a0 | \u00a0 | 686,615 | \u00a0 | \u00a0 | \u00a0 | 26,500 | \u00a0 |
Other receivables | \u00a0 | \u00a0 | 6,155 | \u00a0 | \u00a0 | \u00a0 | 5,888 | \u00a0 |
Prepaid expenses and other receivables | \u00a0 | $ | 990,957 | \u00a0 | \u00a0 | $ | 350,836 | \u00a0 |
Note 8. Operating Leases
\u00a0
We have entered into various non-cancellable operating and finance lease agreements for certain of our offices, manufacturing, technology, and equipment. We determine if an arrangement is a lease, or contains a lease, at inception, and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years, when it is reasonably certain that we will exercise that option. As of March 31, 2026, no option to extend the lease was recognized as right-of-use (\u201cROU\u201d) assets and lease liabilities. We have lease agreements with lease and non-lease components, and non-lease components are accounted for separately and not included in our ROU assets and corresponding liabilities. We have elected not to present short-term leases in the Condensed Consolidated Balance Sheets as these leases have a lease term of 12 months or less at lease inception.
\u00a0
Operating leases are included in operating ROU assets. Current and non-current operating lease liabilities, and finance leases are included in property, plant and equipment, accrued expenses and other current liabilities, and other liabilities in the Condensed Consolidated Balance Sheets. As of March 31, 2026, our finance leases are not material.
\u00a0
The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized in the condensed consolidated balance sheet as of March 31, 2026:
\u00a0
2026 | \u00a0 | $ | 128,220 | \u00a0 |
2027 | \u00a0 | \u00a0 | 319,437 | \u00a0 |
2028 | \u00a0 | \u00a0 | 329,051 | \u00a0 |
2029 | \u00a0 | \u00a0 | 42,027 | \u00a0 |
Total undiscounted future minimum lease payments | \u00a0 | \u00a0 | 818,735 | \u00a0 |
Less: Imputed interest | \u00a0 | \u00a0 | (41,989 | ) |
Present value of operating lease payable\u00a0 | \u00a0 | \u00a0 | 776,746 | \u00a0 |
Less: current portion of operating lease payable | \u00a0 | \u00a0 | 339,669 | \u00a0 |
Operating lease payable, net of current portion | \u00a0 | $ | 437,077 | \u00a0 |
\u00a0
The Company\u2019s weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, 2026 and 2025 are:
\u00a0
\u00a0 | \u00a0 | March 31, | \u00a0 | |||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Weighted average remaining lease term months | \u00a0 | \u00a0 | 27 | \u00a0 | \u00a0 | \u00a0 | 37 | \u00a0 |
Weighted average incremental borrowing rate | \u00a0 | \u00a0 | 5.0 | % | \u00a0 | \u00a0 | 5.0 | % |
\u00a0
For the three and nine months ended March 31, 2026 and 2025, the components of lease expense, included in general and administrative expenses and interest expense in the Condensed Consolidated Statement of Operations, are as follows:
\u00a0
\u00a0 | \u00a0 | Three Months Ended March 31, | \u00a0 | \u00a0 | Nine Months Ended March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Lease expense: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Amortization of ROU assets | \u00a0 | $ | 127,447 | \u00a0 | \u00a0 | $ | 185,148 | \u00a0 | \u00a0 | $ | 508,027 | \u00a0 | \u00a0 | $ | 555,444 | \u00a0 |
Interest expense | \u00a0 | \u00a0 | 15,589 | \u00a0 | \u00a0 | \u00a0 | 24,993 | \u00a0 | \u00a0 | \u00a0 | 54,342 | \u00a0 | \u00a0 | \u00a0 | 80,781 | \u00a0 |
Operating lease cost | \u00a0 | \u00a0 | 1,910 | \u00a0 | \u00a0 | \u00a0 | 3,750 | \u00a0 | \u00a0 | \u00a0 | 5,730 | \u00a0 | \u00a0 | \u00a0 | 11,279 | \u00a0 |
Short-term lease expense | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Variable lease expense | \u00a0 | \u00a0 | 42,532 | \u00a0 | \u00a0 | \u00a0 | 56,819 | \u00a0 | \u00a0 | \u00a0 | 143,610 | \u00a0 | \u00a0 | \u00a0 | 160,490 | \u00a0 |
Total lease expense | \u00a0 | $ | 187,478 | \u00a0 | \u00a0 | $ | 270,710 | \u00a0 | \u00a0 | $ | 711,709 | \u00a0 | \u00a0 | $ | 807,994 | \u00a0 |
2026 | \u00a0 | $ | 128,220 | \u00a0 |
2027 | \u00a0 | \u00a0 | 319,437 | \u00a0 |
2028 | \u00a0 | \u00a0 | 329,051 | \u00a0 |
2029 | \u00a0 | \u00a0 | 42,027 | \u00a0 |
Total undiscounted future minimum lease payments | \u00a0 | \u00a0 | 818,735 | \u00a0 |
Less: Imputed interest | \u00a0 | \u00a0 | (41,989 | ) |
Present value of operating lease payable\u00a0 | \u00a0 | \u00a0 | 776,746 | \u00a0 |
Less: current portion of operating lease payable | \u00a0 | \u00a0 | 339,669 | \u00a0 |
Operating lease payable, net of current portion | \u00a0 | $ | 437,077 | \u00a0 |
\u00a0 | \u00a0 | March 31, | \u00a0 | |||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Weighted average remaining lease term months | \u00a0 | \u00a0 | 27 | \u00a0 | \u00a0 | \u00a0 | 37 | \u00a0 |
Weighted average incremental borrowing rate | \u00a0 | \u00a0 | 5.0 | % | \u00a0 | \u00a0 | 5.0 | % |
\u00a0 | \u00a0 | Three Months Ended March 31, | \u00a0 | \u00a0 | Nine Months Ended March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Lease expense: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
Amortization of ROU assets | \u00a0 | $ | 127,447 | \u00a0 | \u00a0 | $ | 185,148 | \u00a0 | \u00a0 | $ | 508,027 | \u00a0 | \u00a0 | $ | 555,444 | \u00a0 |
Interest expense | \u00a0 | \u00a0 | 15,589 | \u00a0 | \u00a0 | \u00a0 | 24,993 | \u00a0 | \u00a0 | \u00a0 | 54,342 | \u00a0 | \u00a0 | \u00a0 | 80,781 | \u00a0 |
Operating lease cost | \u00a0 | \u00a0 | 1,910 | \u00a0 | \u00a0 | \u00a0 | 3,750 | \u00a0 | \u00a0 | \u00a0 | 5,730 | \u00a0 | \u00a0 | \u00a0 | 11,279 | \u00a0 |
Short-term lease expense | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Variable lease expense | \u00a0 | \u00a0 | 42,532 | \u00a0 | \u00a0 | \u00a0 | 56,819 | \u00a0 | \u00a0 | \u00a0 | 143,610 | \u00a0 | \u00a0 | \u00a0 | 160,490 | \u00a0 |
Total lease expense | \u00a0 | $ | 187,478 | \u00a0 | \u00a0 | $ | 270,710 | \u00a0 | \u00a0 | $ | 711,709 | \u00a0 | \u00a0 | $ | 807,994 | \u00a0 |
Note 9. Accrued Liabilities
\u00a0
Accrued liabilities consist of the following at:
\u00a0
\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Accrued professional fees | \u00a0 | $ | 501,834 | \u00a0 | \u00a0 | $ | 300,000 | \u00a0 |
Accrued sales tax | \u00a0 | \u00a0 | 8,972 | \u00a0 | \u00a0 | \u00a0 | 38,281 | \u00a0 |
Accrued services | \u00a0 | \u00a0 | 1,606,682 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Other accrued liabilities | \u00a0 | \u00a0 | 49,334 | \u00a0 | \u00a0 | \u00a0 | 17,783 | \u00a0 |
Accrued liabilities\u00a0 | \u00a0 | $ | 2,166,822 | \u00a0 | \u00a0 | $ | 356,064 | \u00a0 |
\u00a0 | \u00a0 | March 31, 2026 | \u00a0 | \u00a0 | June 30, 2025 | \u00a0 | ||
Accrued professional fees | \u00a0 | $ | 501,834 | \u00a0 | \u00a0 | $ | 300,000 | \u00a0 |
Accrued sales tax | \u00a0 | \u00a0 | 8,972 | \u00a0 | \u00a0 | \u00a0 | 38,281 | \u00a0 |
Accrued services | \u00a0 | \u00a0 | 1,606,682 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Other accrued liabilities | \u00a0 | \u00a0 | 49,334 | \u00a0 | \u00a0 | \u00a0 | 17,783 | \u00a0 |
Accrued liabilities\u00a0 | \u00a0 | $ | 2,166,822 | \u00a0 | \u00a0 | $ | 356,064 | \u00a0 |
Note 10. Convertible Notes, Cygnet Subsidiary Notes Payable, Promissory Notes, and Short-Term Treasury Debt
\u00a0
Convertible Notes, Notes Payable and Promissory Notes outstanding are summarized below:
\u00a0
\u00a0 | \u00a0 | Maturity | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | Date | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Convertible Notes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Convertible Notes \u2013 July 2025 Issuance, issued in exchange for digital assets, due July 16, 2027. Interest rate per annum is 2.00%. Accrued interest is payable quarterly. At any time prior to maturity, the notes are convertible, at the option of the holder, into shares of the Company\u2019s common stock at a conversion price of $4.25 per share; if a note is not converted prior to maturity, the Company will settle the obligation through the return of the digital assets originally received in exchange for that note. | \u00a0 | July 16, 2027 | \u00a0 | $ | 149,996,123 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Unamortized deferred financing costs on Convertible Notes \u2013 July 2025 Issuance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,927,025 | ) | \u00a0 | \u00a0 | - | \u00a0 |
Convertible Notes \u2013 July 2025 Issuance, net | \u00a0 | \u00a0 | \u00a0 | $ | 145,069,098 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Convertible Note \u2013 January 2026 Issuance, issued in exchange for digital assets, due January 9, 2028. Interest rate per annum is 1.00%. Accrued interest is payable quarterly. At any time prior to maturity, the note is convertible, at the option of the holder, into shares of the Company\u2019s common stock at a conversion price of $2.39 per share; if the note is not converted prior to maturity, the Company will settle the obligation through the return of the digital assets originally received in exchange for the note. | \u00a0 | January 9, 2028 | \u00a0 | $ | 35,961,975 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Total Convertible Notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 181,031,073 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Less: current portion | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Convertible notes payable | \u00a0 | \u00a0 | \u00a0 | $ | 181,031,073 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cygnet Subsidiary Notes Payable: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
SBA note payable, 30-year term note, 10.25% interest rate and collateralized with all assets of the Company | \u00a0 | October 6, 2051 | \u00a0 | $ | 3,694,721 | \u00a0 | \u00a0 | $ | 3,694,721 | \u00a0 |
Inventory consignment note,\u00a060 monthly payments, with first payment due June 30, 2022, 3.50% interest rate and no security interest in the assets of the business | \u00a0 | June 30, 2027 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 1,000,290 | \u00a0 |
GF Note, 6 annual payments,\u00a0with first payment due December 31, 2022, 3.50% interest rate and no security interest in the assets of the business | \u00a0 | November 7, 2026 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 685,899 | \u00a0 |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,694,721 | \u00a0 | \u00a0 | \u00a0 | 5,380,910 | \u00a0 |
Current portion of Cygnet subsidiary notes payable | \u00a0 | \u00a0 | \u00a0 | $ | 3,694,721 | \u00a0 | \u00a0 | $ | 5,380,910 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Promissory Notes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Promissory Notes,\u00a012.00% interest rate that is paid in cash monthly, and maturity date of June 1, 2026. These Promissory Notes are subordinate to the Convertible Notes. These Promissory Notes are convertible into shares of common stock at the option of the holders, at any time and from time to time. The conversion price is $3.00 per share. | \u00a0 | June 1, 2026 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 560,000 | \u00a0 |
Current portion of promissory notes | \u00a0 | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 560,000 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total Convertible Notes, Cygnet Subsidiary Notes Payable, and Promissory Notes | \u00a0 | \u00a0 | \u00a0 | $ | 184,725,794 | \u00a0 | \u00a0 | $ | 5,940,910 | \u00a0 |
\u00a0
As of March 31, 2026, future payments on Convertible Notes, Notes Payable and Promissory Notes are set forth below:
\u00a0
\u00a0 | \u00a0 | Total | \u00a0 | |
2026 \u2013 Cygnet Subsidiary Notes Payable | \u00a0 | $ | 3,694,721 | \u00a0 |
2027 | \u00a0 | \u00a0 | - | \u00a0 |
2028 \u2013 Convertible Notes* | \u00a0 | \u00a0 | 185,958,098 | \u00a0 |
Total principal payments | \u00a0 | \u00a0 | 189,652,819 | \u00a0 |
Unamortized deferred financing costs on convertible notes | \u00a0 | \u00a0 | (4,927,025 | ) |
Total | \u00a0 | $ | 184,725,794 | \u00a0 |
__________________\u00a0
* The convertible notes cannot be repaid in cash. The Convertible Notes \u2013 July 2025 Issuance can only be converted into approximately 35,293,206 of the Company\u2019s common stock at a per share price of $4.25 or repaid at the end of the term of the note with approximately 962,955 SOL tokens. The Convertible Note \u2013 January 2026 Issuance can only be converted into approximately 15,046,851 of the Company\u2019s common stock at a per share price of $2.39 or repaid at the end of the term of the note with approximately 265,500 SOL tokens.
\u00a0
Convertible Notes
\u00a0
On July 16, 2025, the Company entered into securities purchase agreements with certain investors, pursuant to which the Company agreed to sell and issue to the investors in a private placement offering secured convertible notes (the \u201cConvertible Notes \u2013 July 2025 Issuance\u201d) in exchange for locked and spot Solana in the aggregate, original principal amount of approximately $151.2 million, with a maturity date of July 16, 2027. The applicable interest rate is an annual rate equal to 2.00%. Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, and accrues daily commencing on July 16, 2025, with interest paid quarterly. At the maturity date, the holders of the notes are entitled to an amount equal to the accrued and unpaid interest and liquidated damages (if any) and, to the extent unpaid principal remains, the return of the subscription amount (pro-rated to the extent principal was paid down) in the form of digital assets paid to the Company. At any time after the issue date until the notes are no longer outstanding, the notes shall be convertible into shares of common stock of the Company at the option of the holder, at any time and from time to time. The conversion price is $4.25 per share. Furthermore, the Company may deliver forced conversion notices. Under the terms of the forced conversion, if after the legend removal date, the volume-weighted average price for each of the 30 consecutive trading days exceeds $6.37, the Company may within five trading days deliver a notice to the holders to cause the holder to convert all or part of the outstanding principal on the notes.
\u00a0
On January 9, 2026, the Company entered into a securities purchase agreement with an investor, pursuant to which the Company issued to the investor a secured convertible note (the \u201cConvertible Note \u2013 January 2026 Issuance\u201d) in the original principal amount of approximately $36.0 million, in exchange for the transfer and contribution of 265,500 units of Solana in the form of locked Solana, with a maturity date of January 9, 2028. The note bears interest at a rate of 1.00% per annum, payable quarterly in cash. At maturity, or upon acceleration following an event of default, to the extent the note has not been converted in full, the investor is entitled to receive a pro rata return of the digital assets corresponding to the outstanding principal balance of the note at such time. The principal amount of the note is convertible, in whole or in part, at the option of the investor at any time, into shares of the Company\u2019s common stock at a fixed conversion price of $2.39 per share, subject to customary adjustments, ownership limitations, and other conditions set forth in the agreement. Furthermore, the Company may deliver forced conversion notices. The note also provides for forced conversion under certain circumstances, subject to satisfaction of specified conditions, including trading price and liquidity thresholds, the effectiveness of a resale registration statement covering the shares issuable upon conversion, and the absence of events of default.
\u00a0
The Company accounts for convertible notes as a single debt instrument measured at amortized cost. The Company has not identified any embedded features contained within its convertible notes that would require bifurcation from the debt host. As applicable, any debt discount and debt issuance costs incurred in connection with the issuance of the convertible notes are recorded as a direct deduction from the carrying amount of the convertible notes. These amounts are amortized to interest expense using the effective interest method over the expected term of the convertible notes. Upon conversion, the carrying amount of the convertible notes, including any unamortized debt issuance costs and unamortized discounts, are reduced by the amount converted, with any difference being reflected as a change in equity.
\u00a0
During July 2025, the Company issued 276,238 shares of common stock upon conversion of a portion of the Convertible Notes \u2013 July 2025 Issuance, resulting in a reduction of the outstanding principal balance of $1,173,046 and accrued interest of $964.
\u00a0
Cygnet Subsidiary Notes Payable
\u00a0
The SBA note payable balance is current as payment amounts that have been due have since passed. The SBA note payable maturity date in the above table refers to the original maturity date per the original executed agreement.
\u00a0
During March 2026, an arbitration ruling resulted in the extinguishment of certain debt obligations and recognition of a receivable for approximately $0.4 million from the counterparty. In connection with the ruling, the Company extinguished (i) an inventory consignment note with an outstanding principal balance of approximately $1.0 million, (ii) a GF Note with an outstanding principal balance of approximately $0.7 million, and (iii) the elimination of approximately $0.2 million of accrued interest associated with these obligations. As of March 31, 2026, the Company has reserved the $0.4 million receivable in full and accrued approximately $0.5 million for future expenses and liabilities in connection with the ruling. As a result, the Company recognized a gain on extinguishment of debt of approximately $1.3 million during the three and nine months ended March 31, 2026.
\u00a0
\u00a0 | \u00a0 | Maturity | \u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | |||
\u00a0 | \u00a0 | Date | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | |||
Short-Term Treasury Debt: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
BitGo Credit Facility, 11.50% interest rate per annum. The term of the credit facility is for one year and is renewable for successive one-year options. | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | $ | 57,295,723 | \u00a0 | \u00a0 | $ | 20,000,000 | \u00a0 |
\u00a0
Short-Term Treasury Debt
\u00a0
The Company entered into a credit facility with BitGo Prime, LLC (\u201cBitGo\u201d). Pursuant to a Master Loan Agreement at March 31, 2026 the Company may borrow in excess of $71,000,000 for the purchase of digital assets with interest at the rate of 11.50% per year. The term of the credit facility is for one year and is renewable for successive one-year options. Each individual loan under the facility is negotiable as to the amount, term prepayment or recall (payment demand). The loans shall be collateralized by the Company\u2019s treasury assets, already held at BitGo. The initial availability is based on a 260% collateral level and a margin call level of 175%. There are no requirements or fees for non-use of the credit facility and the facility can be increased in the future based on the value of the assets BitGo is the custodian of for the Company.\u00a0At March 31, 2026 and June 30, 2025, the outstanding balance of the credit facility was $57,295,723 and $20,000,000, respectively. The credit facility was used for the purchase of SOL.
"}]},{"name":"rpt:f-898","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | Maturity | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | ||
\u00a0 | \u00a0 | Date | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
Convertible Notes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
Convertible Notes \u2013 July 2025 Issuance, issued in exchange for digital assets, due July 16, 2027. Interest rate per annum is 2.00%. Accrued interest is payable quarterly. At any time prior to maturity, the notes are convertible, at the option of the holder, into shares of the Company\u2019s common stock at a conversion price of $4.25 per share; if a note is not converted prior to maturity, the Company will settle the obligation through the return of the digital assets originally received in exchange for that note. | \u00a0 | July 16, 2027 | \u00a0 | $ | 149,996,123 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Unamortized deferred financing costs on Convertible Notes \u2013 July 2025 Issuance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (4,927,025 | ) | \u00a0 | \u00a0 | - | \u00a0 |
Convertible Notes \u2013 July 2025 Issuance, net | \u00a0 | \u00a0 | \u00a0 | $ | 145,069,098 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Convertible Note \u2013 January 2026 Issuance, issued in exchange for digital assets, due January 9, 2028. Interest rate per annum is 1.00%. Accrued interest is payable quarterly. At any time prior to maturity, the note is convertible, at the option of the holder, into shares of the Company\u2019s common stock at a conversion price of $2.39 per share; if the note is not converted prior to maturity, the Company will settle the obligation through the return of the digital assets originally received in exchange for the note. | \u00a0 | January 9, 2028 | \u00a0 | $ | 35,961,975 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Total Convertible Notes | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 181,031,073 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Less: current portion | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Convertible notes payable | \u00a0 | \u00a0 | \u00a0 | $ | 181,031,073 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cygnet Subsidiary Notes Payable: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
SBA note payable, 30-year term note, 10.25% interest rate and collateralized with all assets of the Company | \u00a0 | October 6, 2051 | \u00a0 | $ | 3,694,721 | \u00a0 | \u00a0 | $ | 3,694,721 | \u00a0 |
Inventory consignment note,\u00a060 monthly payments, with first payment due June 30, 2022, 3.50% interest rate and no security interest in the assets of the business | \u00a0 | June 30, 2027 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 1,000,290 | \u00a0 |
GF Note, 6 annual payments,\u00a0with first payment due December 31, 2022, 3.50% interest rate and no security interest in the assets of the business | \u00a0 | November 7, 2026 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 685,899 | \u00a0 |
Total | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 3,694,721 | \u00a0 | \u00a0 | \u00a0 | 5,380,910 | \u00a0 |
Current portion of Cygnet subsidiary notes payable | \u00a0 | \u00a0 | \u00a0 | $ | 3,694,721 | \u00a0 | \u00a0 | $ | 5,380,910 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Promissory Notes: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Promissory Notes,\u00a012.00% interest rate that is paid in cash monthly, and maturity date of June 1, 2026. These Promissory Notes are subordinate to the Convertible Notes. These Promissory Notes are convertible into shares of common stock at the option of the holders, at any time and from time to time. The conversion price is $3.00 per share. | \u00a0 | June 1, 2026 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 560,000 | \u00a0 |
Current portion of promissory notes | \u00a0 | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | 560,000 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total Convertible Notes, Cygnet Subsidiary Notes Payable, and Promissory Notes | \u00a0 | \u00a0 | \u00a0 | $ | 184,725,794 | \u00a0 | \u00a0 | $ | 5,940,910 | \u00a0 |
\u00a0 | \u00a0 | Total | \u00a0 | |
2026 \u2013 Cygnet Subsidiary Notes Payable | \u00a0 | $ | 3,694,721 | \u00a0 |
2027 | \u00a0 | \u00a0 | - | \u00a0 |
2028 \u2013 Convertible Notes* | \u00a0 | \u00a0 | 185,958,098 | \u00a0 |
Total principal payments | \u00a0 | \u00a0 | 189,652,819 | \u00a0 |
Unamortized deferred financing costs on convertible notes | \u00a0 | \u00a0 | (4,927,025 | ) |
Total | \u00a0 | $ | 184,725,794 | \u00a0 |
\u00a0 | \u00a0 | Maturity | \u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | June 30, | \u00a0 | |||
\u00a0 | \u00a0 | Date | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | |||
Short-Term Treasury Debt: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
BitGo Credit Facility, 11.50% interest rate per annum. The term of the credit facility is for one year and is renewable for successive one-year options. | \u00a0 | \u00a0 | N/A | \u00a0 | \u00a0 | $ | 57,295,723 | \u00a0 | \u00a0 | $ | 20,000,000 | \u00a0 |
Note 11. Related Party Transactions
\u00a0
In March 2025, Allan Marshall purchased 125,000 shares of Series A preferred shares from the Company at a per share price of $2.60 per preferred share. This purchase was settled through the cancellation of a $400,000 related party advance. There are no advances due to Allan Marshall at March 31, 2026, or June 30, 2025.
\u00a0
On April 1, 2024, the Company entered into a lease agreement with MFA 2510 Merchant LLC, which is owned by our CEO, Allan Marshall. The lease is for approximately 10,000 square feet of warehouse and office space, located in Odessa, Florida for $20,060 per month. The initial term of the lease is five years. The Company is responsible for real estate taxes, utilities, and repairs under the terms of certain of the operating leases and accounted for as non-lease components and not part of what we include in ROU assets. The Company spent $611,768 in leasehold improvements to prepare the facility for product manufacturing, which will be amortized over the five-year lease term. Product manufacturing was at full capacity and fully moved from the Nevada facility as of August 1, 2024. During the three months ended March 31, 2026 and 2025, the Company recognized lease expense related to this lease of $26,648 and $79,944, respectively. During the nine months ended March 31, 2026 and 2025, the Company recognized lease expense related to this lease of $186,536 and $239,832, respectively. As a result of the Company\u2019s course of action to terminate the CBD gummy and other operations, a loss on disposal of leasehold improvements of approximately $477,000 was recorded during the nine months ended March 31, 2026. No such loss was recognized during the three months ended March 31, 2026, or during the three and nine months ended March 31, 2025. As of March 31, 2026, the Company no longer leases this facility or has obligations related to this facility.
\u00a0
On June 13, 2024, the Company entered into a Stock Purchase Agreement pursuant to which the Company sold one hundred percent (100%) of the issued and outstanding equity of its wholly owned subsidiary VitaMedica, Inc. to three investors (the \u201cBuyers\u201d). One of the minority interest Buyers is Allan Marshall, the Company\u2019s CEO. The purchase price for the stock was $6,000,000, subject to certain customary post-closing adjustments. The proceeds of the transaction have been used for working capital, the reduction of debt and the reduction of other liabilities. At March 31, 2026 and June 30, 2025, the outstanding purchase price receivable was $1,340,000 and $2,000,000, respectively.
\u00a0
The above related party transactions are not necessarily indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent parties.
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12. Equity Transactions
\u00a0
Convertible Preferred Stock
\u00a0
The Company has 150,000\u00a0shares of preferred stock issued and outstanding to Allan Marshall, CEO. The preferred stock is convertible into 138,889 shares of the Company\u2019s common stock at the holder\u2019s option, has preferential liquidation rights and the preferred stock shall vote together with the common stock as a single class on all matters to which shareholders of the Company are entitled to vote at the rate of ten votes per share of preferred stock.
\u00a0
Common Stock
\u00a0
During the nine months ended March 31, 2026:
\u00a0
7,889,226 pre-funded warrants were exercised for 7,889,226 shares of common stock in connection with the private placement offering occurring in April 2025 in which the Company issued 35,970,383 shares of common stock at an offering price of $2.28 per share.
\u00a0
In connection with a private placement offering of equity in July 2025, 12,457,186 shares of common stock were issued.
\u00a0
In connection with the notice of conversion relating to convertible debt in July 2025, 276,238 shares of common stock were issued.
\u00a0
In connection with the cashless exercises of warrants, 678,352 shares of common stock were issued.
\u00a0
In connection with the exercise of warrants for cash, 33,334 shares of common stock were issued.
\u00a0
In connection with the vesting of restricted stock units, 508,665 shares of common stock were issued.
\u00a0
In connection with the Company\u2019s at-the-market offering program, the Company issued 50,000 shares of common stock for aggregate gross proceeds of approximately $0.1 million.
\u00a0
In connection with a private placement offering of equity in November 2025, the Company issued 3,289,474 shares of common stock and 3,289,474 common stock purchase warrants to purchase up to 3,289,474 shares of common stock for aggregate gross proceeds of $10.0 million, representing an effective purchase price of $3.04 per share of common stock and accompanying warrant. Each warrant is exercisable for one share of common stock. In connection with the February 2026 private placement, the Company amended the warrants issued in November 2025 to reduce the exercise price from $4.00 to $2.83 per share.
\u00a0
In connection with a private placement offering of equity in February 2026, the Company issued 6,337,000 shares of common stock and 6,337,000 common stock purchase warrants to purchase up to 6,337,000 shares of common stock for aggregate gross proceeds of approximately $7.4 million, representing an effective purchase price of $1.17 per share of common stock and accompanying warrant. Each warrant is exercisable for one share of common stock at an exercise price of $1.50 per share.
\u00a0
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant\u2019s specific terms and applicable authoritative guidance included in ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, whether the warrants meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815. Warrants that meet all of the criteria for equity classification are required to be recorded as a component of additional paid-in capital at the time of issuance, or when the conditions for equity classification are met, and are not remeasured. Warrants that do not meet the required criteria for equity classification are classified as liabilities.
\u00a0
The Company evaluated the warrants and concluded that they met the criteria to be classified within stockholders\u2019 equity within additional paid-in-capital. The warrants are equity classified because they (1) are freestanding financial instruments that are legally detachable and separately exercisable from the common stock, (2) are immediately exercisable, (3) do not embody an obligation for the Company to repurchase its shares, (4) permit the holder to receive a fixed number of shares of common stock upon exercise, (5) are indexed to the Company's common stock and (6) meet the equity classification criteria. As of March 31, 2026, the Company had 3,289,474 warrants outstanding related to the November 2025 private placement offering and 6,337,000 warrants outstanding related to the February 2026 private placement offering.
\u00a0
Stock Repurchase Program
\u00a0
In November 2025, the Company\u2019s Board of Directors authorized a share repurchase program of up to $50.0 million of common stock. The timing, manner, price, and amount of repurchases will be determined at management\u2019s discretion, based on factors such as share price, market conditions, and available liquidity. The program does not obligate the Company to acquire any specific number of shares and may be suspended or discontinued at any time.
\u00a0
During the three months ended March 31, 2026, the Company repurchased 2,478,061 shares of common stock at a weighted-average price, including fees, of $0.80 per share, for total consideration of approximately $2.0 million.
\u00a0
During the nine months ended March 31, 2026, the Company repurchased 2,894,287 shares of common stock at a weighted-average price, including fees, of $0.96 per share, for total consideration of approximately $2.8 million.
\u00a0
As of March 31, 2026, all repurchased shares have been retired and are not reflected as treasury stock in the Condensed Consolidated Balance Sheets.
\u00a0
Stock Split
\u00a0
The Company effectuated a reverse stock split, at a rate of 20 to 1, effective at 12:01 am ET, October 3, 2024. The total issued and outstanding shares of the Company\u2019s common stock, post reverse stock split was 1,040,886. The Depository Trust Company (\u201cDTC\u201d) has requested an additional 202,183 shares of the Company\u2019s common stock to round up, pursuant to the terms of the reverse stock split, the holdings of DTC\u2019s beneficial holders. These shares were issued on October 23, 2024 and on October 30, 2024 we were notified that the shares were returned to the Company\u2019s transfer agent. Although the Company did receive the common stock back after issuance, the potential dilution remains a risk, and is the subject of a complaint filed by the Company in the United States District Court for the District of Nevada with the purpose of eliminating any said risk. The Reverse Stock Split did not modify the relative rights or preferences of the common stock.
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to 1"}]},{"name":"rpt:f-1012","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits","xbrl:period":"2024-10-01T00:00:00/2024-10-04T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1040886","decimals":0}]},{"name":"rpt:f-1013","factDimensions":{"xbrl:concept":"upxi:StockIssuedDuringPeriodSharesAdditionalReverseStockSplits","xbrl:period":"2024-10-01T00:00:00/2024-10-04T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"202183","decimals":0}]},{"name":"rpt:f-1014","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Note 13. Stock-Based Compensation
\u00a0
The Board of Directors of the Company may, from time to time, in its discretion, grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase shares of common stock. The options are exercisable for a period of up to\u00a010\u00a0years from the date of the grant.
\u00a0
A summary of stock option activity for the nine months ended March 31, 2026 is as follows:
\u00a0
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | \u00a0 | ||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | Remaining | \u00a0 | \u00a0 | Aggregated | \u00a0 | |||||
\u00a0 | \u00a0 | Options | \u00a0 | \u00a0 | Exercise | \u00a0 | \u00a0 | Contractual | \u00a0 | \u00a0 | Intrinsic | \u00a0 | ||||
\u00a0 | \u00a0 | Outstanding | \u00a0 | \u00a0 | Price | \u00a0 | \u00a0 | Life (Years) | \u00a0 | \u00a0 | Value | \u00a0 | ||||
Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 621,353 | \u00a0 | \u00a0 | $ | 3.39 | \u00a0 | \u00a0 | \u00a0 | 5.66 | \u00a0 | \u00a0 | $ | 374,500 | \u00a0 |
Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Forfeited | \u00a0 | \u00a0 | (76,875 | ) | \u00a0 | \u00a0 | 7.66 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Granted | \u00a0 | \u00a0 | 125,000 | \u00a0 | \u00a0 | \u00a0 | 4.63 | \u00a0 | \u00a0 | \u00a0 | 1.87 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Options outstanding at March 31, 2026 | \u00a0 | \u00a0 | 669,478 | \u00a0 | \u00a0 | $ | 3.13 | \u00a0 | \u00a0 | \u00a0 | 4.88 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Options exercisable at March 31, 2026 (vested) | \u00a0 | \u00a0 | 619,320 | \u00a0 | \u00a0 | $ | 3.15 | \u00a0 | \u00a0 | \u00a0 | 4.89 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0
A summary of stock option activity for the nine months ended March 31, 2025 is as follows:
\u00a0
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | \u00a0 | ||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | Remaining | \u00a0 | \u00a0 | Aggregated | \u00a0 | |||||
\u00a0 | \u00a0 | Options | \u00a0 | \u00a0 | Exercise | \u00a0 | \u00a0 | Contractual | \u00a0 | \u00a0 | Intrinsic | \u00a0 | ||||
\u00a0 | \u00a0 | Outstanding | \u00a0 | \u00a0 | Price | \u00a0 | \u00a0 | Life (Years) | \u00a0 | \u00a0 | Value | \u00a0 | ||||
Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 200,714 | \u00a0 | \u00a0 | $ | 57.40 | \u00a0 | \u00a0 | \u00a0 | 5.83 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Forfeited | \u00a0 | \u00a0 | (181,137 | ) | \u00a0 | \u00a0 | 58.51 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Granted | \u00a0 | \u00a0 | 85,000 | \u00a0 | \u00a0 | \u00a0 | 3.46 | \u00a0 | \u00a0 | \u00a0 | 9.22 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Options outstanding at March 31, 2025 | \u00a0 | \u00a0 | 104,577 | \u00a0 | \u00a0 | $ | 18.26 | \u00a0 | \u00a0 | \u00a0 | 7.40 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Options exercisable at March 31, 2025 (vested) | \u00a0 | \u00a0 | 106,457 | \u00a0 | \u00a0 | $ | 20.28 | \u00a0 | \u00a0 | \u00a0 | 7.60 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0
The closing market price per common share on March 31, 2026 was $0.99.
\u00a0
Stock-based compensation attributable to stock options was $321 and $244,530 for the three months ended March 31, 2026 and 2025, respectively. Stock-based compensation attributable to stock options was $91,620 and $418,406 for the nine months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was approximately $89,091 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was 0.42 years.
\u00a0
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. In the year ended June 30, 2025, in light of the 1-20 reverse split, certain grants were cancelled and re-issued. The estimate of forfeitures relating to terminations is still 0%.\u00a0
\u00a0
There were 19,165,778 shares available for issuance as of March 31, 2026, under the 2019 Plan as amended. The Plan contains an \u201cevergreen\u201d provision pursuant to which shares authorized for issuance may be automatically replenished.
\u00a0
Restricted Stock Units
\u00a0
Stock-based compensation from RSUs was approximately $3,987,193 for the three months ended March 31, 2026 and $276,823 for the three months ended March 31, 2025. Stock-based compensation from RSUs was approximately $13,230,694 for the nine months ended March 31, 2026 and $276,823 for the nine months ended March 31, 2025.
\u00a0
Pursuant to the 2019 Plan, restricted stock units may be granted. As of March 31, 2026, there was approximately $7,650,511 of unrecognized compensation expense related to 2,211,089 restricted stock units. The weighted-average term remaining on the unvested shares was approximately 0.48 years.
\u00a0
\u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted- Average Grant Date Fair Value | \u00a0 | ||
Outstanding as of June 30, 2024 | \u00a0 | \u00a0 | 7,500 | \u00a0 | \u00a0 | $ | 9.82 | \u00a0 |
Granted | \u00a0 | \u00a0 | 224,000 | \u00a0 | \u00a0 | \u00a0 | 3.40 | \u00a0 |
Cancelled or Forfeited | \u00a0 | \u00a0 | (130,000 | ) | \u00a0 | \u00a0 | 3.37 | \u00a0 |
Issued | \u00a0 | \u00a0 | (20,000 | ) | \u00a0 | \u00a0 | 3.37 | \u00a0 |
Outstanding as of March 31, 2025 | \u00a0 | \u00a0 | 81,500 | \u00a0 | \u00a0 | $ | 4.03 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Outstanding as of June 30, 2025 | \u00a0 | \u00a0 | 221,917 | \u00a0 | \u00a0 | $ | 2.48 | \u00a0 |
Granted | \u00a0 | \u00a0 | 4,814,000 | \u00a0 | \u00a0 | \u00a0 | 4.57 | \u00a0 |
Cancelled or Forfeited | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Issued | \u00a0 | \u00a0 | (508,665 | ) | \u00a0 | \u00a0 | 3.38 | \u00a0 |
Outstanding as of March 31, 2026 | \u00a0 | \u00a0 | 4,527,252 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 |
\u00a0
At March 31, 2026, there were approximately 2,316,163 vested RSUs that are included in the 4,527,252 RSUs outstanding above as they are not included in the Company\u2019s issued and outstanding common stock.
\u00a0
The components of stock-based compensation are as follows:
\u00a0
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Stock options amortization | \u00a0 | $ | 321 | \u00a0 | \u00a0 | $ | 244,530 | \u00a0 | \u00a0 | $ | 91,620 | \u00a0 | \u00a0 | $ | 418,406 | \u00a0 |
Restricted stock units amortization | \u00a0 | \u00a0 | 3,987,193 | \u00a0 | \u00a0 | \u00a0 | 276,823 | \u00a0 | \u00a0 | \u00a0 | 13,230,694 | \u00a0 | \u00a0 | \u00a0 | 276,823 | \u00a0 |
Warrants amortization granted to asset manager | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 4,722,271 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Total stock-based compensation | \u00a0 | $ | 3,987,514 | \u00a0 | \u00a0 | $ | 521,353 | \u00a0 | \u00a0 | $ | 18,044,585 | \u00a0 | \u00a0 | $ | 695,229 | \u00a0 |
\u00a0
As a result of the termination of the Company\u2019s asset management agreement, the Company expensed all remaining unamortized costs associated with the warrants granted to the asset manager, which was approximately $4.7 million for the nine months ended March 31, 2026. No such expense was recognized during the three months ended March 31, 2026. These expenses are included within Stock-based compensation in the Condensed Consolidated Statements of Operations.
"}]},{"name":"rpt:f-1015","factDimensions":{"xbrl:concept":"us-gaap:GuarantorObligationTerm1","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-1016","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | \u00a0 | ||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | Remaining | \u00a0 | \u00a0 | Aggregated | \u00a0 | |||||
\u00a0 | \u00a0 | Options | \u00a0 | \u00a0 | Exercise | \u00a0 | \u00a0 | Contractual | \u00a0 | \u00a0 | Intrinsic | \u00a0 | ||||
\u00a0 | \u00a0 | Outstanding | \u00a0 | \u00a0 | Price | \u00a0 | \u00a0 | Life (Years) | \u00a0 | \u00a0 | Value | \u00a0 | ||||
Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 621,353 | \u00a0 | \u00a0 | $ | 3.39 | \u00a0 | \u00a0 | \u00a0 | 5.66 | \u00a0 | \u00a0 | $ | 374,500 | \u00a0 |
Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Forfeited | \u00a0 | \u00a0 | (76,875 | ) | \u00a0 | \u00a0 | 7.66 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Granted | \u00a0 | \u00a0 | 125,000 | \u00a0 | \u00a0 | \u00a0 | 4.63 | \u00a0 | \u00a0 | \u00a0 | 1.87 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Options outstanding at March 31, 2026 | \u00a0 | \u00a0 | 669,478 | \u00a0 | \u00a0 | $ | 3.13 | \u00a0 | \u00a0 | \u00a0 | 4.88 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Options exercisable at March 31, 2026 (vested) | \u00a0 | \u00a0 | 619,320 | \u00a0 | \u00a0 | $ | 3.15 | \u00a0 | \u00a0 | \u00a0 | 4.89 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | \u00a0 | ||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | Average | \u00a0 | \u00a0 | Remaining | \u00a0 | \u00a0 | Aggregated | \u00a0 | |||||
\u00a0 | \u00a0 | Options | \u00a0 | \u00a0 | Exercise | \u00a0 | \u00a0 | Contractual | \u00a0 | \u00a0 | Intrinsic | \u00a0 | ||||
\u00a0 | \u00a0 | Outstanding | \u00a0 | \u00a0 | Price | \u00a0 | \u00a0 | Life (Years) | \u00a0 | \u00a0 | Value | \u00a0 | ||||
Outstanding at June 30, 2024 | \u00a0 | \u00a0 | 200,714 | \u00a0 | \u00a0 | $ | 57.40 | \u00a0 | \u00a0 | \u00a0 | 5.83 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Forfeited | \u00a0 | \u00a0 | (181,137 | ) | \u00a0 | \u00a0 | 58.51 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Granted | \u00a0 | \u00a0 | 85,000 | \u00a0 | \u00a0 | \u00a0 | 3.46 | \u00a0 | \u00a0 | \u00a0 | 9.22 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Options outstanding at March 31, 2025 | \u00a0 | \u00a0 | 104,577 | \u00a0 | \u00a0 | $ | 18.26 | \u00a0 | \u00a0 | \u00a0 | 7.40 | \u00a0 | \u00a0 | $ | - | \u00a0 |
Options exercisable at March 31, 2025 (vested) | \u00a0 | \u00a0 | 106,457 | \u00a0 | \u00a0 | $ | 20.28 | \u00a0 | \u00a0 | \u00a0 | 7.60 | \u00a0 | \u00a0 | $ | - | \u00a0 |
\u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted- Average Grant Date Fair Value | \u00a0 | ||
Outstanding as of June 30, 2024 | \u00a0 | \u00a0 | 7,500 | \u00a0 | \u00a0 | $ | 9.82 | \u00a0 |
Granted | \u00a0 | \u00a0 | 224,000 | \u00a0 | \u00a0 | \u00a0 | 3.40 | \u00a0 |
Cancelled or Forfeited | \u00a0 | \u00a0 | (130,000 | ) | \u00a0 | \u00a0 | 3.37 | \u00a0 |
Issued | \u00a0 | \u00a0 | (20,000 | ) | \u00a0 | \u00a0 | 3.37 | \u00a0 |
Outstanding as of March 31, 2025 | \u00a0 | \u00a0 | 81,500 | \u00a0 | \u00a0 | $ | 4.03 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Outstanding as of June 30, 2025 | \u00a0 | \u00a0 | 221,917 | \u00a0 | \u00a0 | $ | 2.48 | \u00a0 |
Granted | \u00a0 | \u00a0 | 4,814,000 | \u00a0 | \u00a0 | \u00a0 | 4.57 | \u00a0 |
Cancelled or Forfeited | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Issued | \u00a0 | \u00a0 | (508,665 | ) | \u00a0 | \u00a0 | 3.38 | \u00a0 |
Outstanding as of March 31, 2026 | \u00a0 | \u00a0 | 4,527,252 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 |
\u00a0 | \u00a0 | Three Months Ended | \u00a0 | \u00a0 | Nine Months Ended | \u00a0 | ||||||||||
\u00a0 | \u00a0 | March 31, | \u00a0 | \u00a0 | March 31, | \u00a0 | ||||||||||
\u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||
Stock options amortization | \u00a0 | $ | 321 | \u00a0 | \u00a0 | $ | 244,530 | \u00a0 | \u00a0 | $ | 91,620 | \u00a0 | \u00a0 | $ | 418,406 | \u00a0 |
Restricted stock units amortization | \u00a0 | \u00a0 | 3,987,193 | \u00a0 | \u00a0 | \u00a0 | 276,823 | \u00a0 | \u00a0 | \u00a0 | 13,230,694 | \u00a0 | \u00a0 | \u00a0 | 276,823 | \u00a0 |
Warrants amortization granted to asset manager | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | \u00a0 | 4,722,271 | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
Total stock-based compensation | \u00a0 | $ | 3,987,514 | \u00a0 | \u00a0 | $ | 521,353 | \u00a0 | \u00a0 | $ | 18,044,585 | \u00a0 | \u00a0 | $ | 695,229 | \u00a0 |
Note 14. Phantom Stock Appreciation Plan
\u00a0
On July 1, 2025, the Board of Directors with the recommendation of the Compensation Committee approved the Upexi, Inc. Phantom Stock Appreciation Plan (the \u201cPlan\u201d). The Plan permits the granting of Phantom Stock Unit (\u201cPSU\u201d) awards to employees selected and approved by the Board of Directors.
\u00a0
The PSU awards vest on June 30 following the grant date, provided the participant remains employed by the Company on such date. The value of each PSU equals the excess of (a) the 30-day average closing price of Upexi, Inc. common stock for the period June 1 to June 30 immediately preceding the payment date, over (b) the grant date value. The PSU award value is settled in cash to the participant subsequent to June 30. As the PSU awards are settled in cash, they are classified as liability awards under ASC 718.
\u00a0
At March 31, 2026, the Board of Directors had awarded the following PSUs with the following grant date values:
\u00a0
\u00a0 | \u00a0 | 2026 | \u00a0 | |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Phantom Stock Units with a grant value of $1.17 | \u00a0 | \u00a0 | 158,425 | \u00a0 |
Phantom Stock Units with a grant value of $1.91 | \u00a0 | \u00a0 | 1,760,000 | \u00a0 |
Phantom Stock Units with a grant value of $2.89 | \u00a0 | \u00a0 | 1,153,997 | \u00a0 |
Phantom Stock Units with a grant value of $3.04 | \u00a0 | \u00a0 | 82,238 | \u00a0 |
Phantom Stock Units with a grant value of $4.00 | \u00a0 | \u00a0 | 311,432 | \u00a0 |
Phantom Stock Units with a grant value of $4.25 | \u00a0 | \u00a0 | 6,908 | \u00a0 |
Total Phantom Stock Units granted | \u00a0 | \u00a0 | 3,473,000 | \u00a0 |
\u00a0
The Company recognizes the estimated compensation cost related to the PSU awards in its condensed consolidated financial statements in accordance with ASC 718. Compensation cost is recognized over the requisite service period, with the liability remeasured at fair value at each reporting date. Changes in the estimated fair value are recognized in General and administrative expense in the Condensed Consolidated Statement of Operations and the related liability is presented within Accrued compensation in the Condensed Consolidated Balance Sheets.
\u00a0
Management\u2019s estimate of the fair value of the PSU awards at the reporting date is based on a combination of valuation approaches designed to reflect the expected settlement value of the awards. In determining this estimate, the Company considered multiple inputs and methodologies, including valuations derived from Black-Scholes option pricing model, the Company\u2019s common stock price as of the reporting date, and management\u2019s estimate of the PSU award value. Management evaluated these approaches and selected the methodology it believes best reflects the value of the liability as of the balance sheet date consistent with the cash settlement features of the Plan.
\u00a0
During the nine months ended March 31, 2026, the Company recognized compensation expense related to the Plan of $1,441,987. No such compensation expense was recognized during the three months ended March 31, 2026, or during the three and nine months ended March 31, 2025.
"}]},{"name":"rpt:f-1114","factDimensions":{"xbrl:concept":"upxi:ScheduleOfPhantomStockUnitsGrantedToDirectorsTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"\u00a0 | \u00a0 | 2026 | \u00a0 | |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | |
Phantom Stock Units with a grant value of $1.17 | \u00a0 | \u00a0 | 158,425 | \u00a0 |
Phantom Stock Units with a grant value of $1.91 | \u00a0 | \u00a0 | 1,760,000 | \u00a0 |
Phantom Stock Units with a grant value of $2.89 | \u00a0 | \u00a0 | 1,153,997 | \u00a0 |
Phantom Stock Units with a grant value of $3.04 | \u00a0 | \u00a0 | 82,238 | \u00a0 |
Phantom Stock Units with a grant value of $4.00 | \u00a0 | \u00a0 | 311,432 | \u00a0 |
Phantom Stock Units with a grant value of $4.25 | \u00a0 | \u00a0 | 6,908 | \u00a0 |
Total Phantom Stock Units granted | \u00a0 | \u00a0 | 3,473,000 | \u00a0 |
Note 15. Income Taxes
\u00a0
The Company computed the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income and adjusted for discrete tax items in the period. For the three and nine months ended March 31, 2026, the Company\u2019s effective tax rate was 0.0% due to the significant unrealized losses on the Company\u2019s digital assets and timing differences between book and tax. For the three and nine months ended March 31, 2025, the Company reserved 100% of the benefit calculated as income tax benefit and computed income tax benefit of $988,500 and $1,691,500, respectively.
\u00a0
The estimated effective tax rate is subject to fluctuation based on the mix of earnings and losses by tax jurisdiction and the relative impact of permanent book to tax differences. Each quarter, a cumulative adjustment is recorded for any fluctuations in the estimated annual effective tax rate as compared to the prior quarter. As a result of these factors, and due to potential changes in the Company\u2019s period-to-period results, fluctuations in the Company\u2019s effective tax rate and respective tax provisions or benefits may occur. For the three and nine months ended March 31, 2026, the difference between the U.S. statutory rate and the Company\u2019s effective tax rate is due to the\u00a0significant unrealized losses on the Company\u2019s digital assets and timing differences between book and tax for an effective tax rate of approximately 0.0%. The income tax benefit for the three and nine months ended March 31, 2025, was primarily attributable to federal and state income taxes and non-deductible expenses for an effective tax rate of approximately\u00a025.8%.
\u00a0
Deferred tax assets and liabilities resulting from temporary differences in the recognition of income and expenses for tax and financial reporting purposes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred taxes. Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. On June 30, 2025, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company also considered whether there was any currently available information about future years. The Company determined that it is more likely than not that the Company will have future taxable income. As of March 31, 2026 and June 30, 2025, the Company had a valuation reserve of $10,092,765.
\u00a0
The Company files federal and state income tax returns in jurisdictions with varying statutes of limitations. Income tax returns generally remain subject to examination by federal and most state tax authorities. The Company is not currently under examination in any federal or state jurisdiction.
"}]},{"name":"rpt:f-1124","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"0.000","decimals":1}]},{"name":"rpt:f-1125","factDimensions":{"xbrl:concept":"upxi:IncomeTaxExpenseBenefitReserve","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-1126","factDimensions":{"xbrl:concept":"us-gaap:OtherTaxExpenseBenefit","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"988500","decimals":0}]},{"name":"rpt:f-1127","factDimensions":{"xbrl:concept":"us-gaap:OtherTaxExpenseBenefit","xbrl:period":"2024-07-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1691500","decimals":0}]},{"name":"rpt:f-1128","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationBeatPercent","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"0.000","decimals":2}]},{"name":"rpt:f-1129","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateContinuingOperations","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"0.258","decimals":3}]},{"name":"rpt:f-1130","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10092765","decimals":0}]},{"name":"rpt:f-1131","factDimensions":{"xbrl:concept":"upxi:DistributionOperationsDisclosureTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Note 16. Exit of Manufacturing and Distribution Operations
\u00a0
During December 2025, the Company decided on a course of action to shut down certain manufacturing and distribution centers supporting the Company\u2019s health and wellness products, including those products manufactured with hemp ingredients and certain related distribution operations, which it completed during February 2026.
\u00a0
The Company has focused its resources on the digital asset strategy and this exit is intended to allow the reallocation of resources toward other business initiatives consistent with the Company\u2019s broader strategy. The Company continues to operate other non-hemp consumer product lines.
\u00a0
During the nine months ended March 31, 2026, as a result of the Company\u2019s course of action to shut down these manufacturing and distribution centers, a loss on disposal of $1,422,289 was recognized within Impairment on assets from manufacturing shut down within the Condensed Consolidated Statements of Operations. No such loss was recognized during the three months ended March 31, 2026, or during the three and nine months ended March 31, 2025.
\u00a0
As of April 1, 2026, the Company had 10 full-time employees. As of June 1, 2026, the Company will no longer lease warehouse space, with all brand distributions activities to be handled by third-party providers.
"}]},{"name":"rpt:f-1132","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1422289","decimals":0}]},{"name":"rpt:f-1133","factDimensions":{"xbrl:concept":"upxi:RisksAndUncertaintiesDisclosureTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Note 17. Risks and Uncertainties
\u00a0
The Company holds a significant portion of its assets in cryptocurrencies, which are subject to substantial market volatility, evolving regulatory frameworks, liquidity constraints, cybersecurity threats, and technological risks. These factors may cause material fluctuations in the fair value of the Company\u2019s holdings and could adversely affect its financial condition and results of operations.\u00a0
"}]},{"name":"rpt:f-1134","factDimensions":{"xbrl:concept":"us-gaap:SubsequentEventsTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"Note 18. Subsequent Events
\u00a0
During April and May 2026, subsequent to the end of the reporting period, in connection with the Company\u2019s at-the-market offering program, the Company issued\u00a03,345,534 shares of common stock for aggregate gross proceeds of approximately $4.5 million.
"}]},{"name":"rpt:f-1135","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesOther","xbrl:period":"2026-04-01T00:00:00/2026-06-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"xbrla:shares","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember","us-gaap:ShortTermDebtTypeAxis":"upxi:AtTheMarketOfferingProgramMember"},"factValues":[{"value":"3345534","decimals":0}]},{"name":"rpt:f-1136","factDimensions":{"xbrl:concept":"us-gaap:PaymentsOfStockIssuanceCosts","xbrl:period":"2026-04-01T00:00:00/2026-06-01T00:00:00","xbrl:entity":"cik:0001775194","xbrl:unit":"iso4217:USD","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember","us-gaap:ShortTermDebtTypeAxis":"upxi:AtTheMarketOfferingProgramMember"},"factValues":[{"value":"4500000","decimals":-5}]},{"name":"rpt:f-1137","factDimensions":{"xbrl:concept":"ecd:InsiderTrdPoliciesProcNotAdoptedTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001775194"},"factValues":[{"value":"For the period ended March 31, 2026, no director or officer of the Company\u00a0adopted\u00a0or\u00a0terminated\u00a0a \u201cRule 10b5-1 trading arrangement\u201d or \u201cnon-Rule 10b5-1 trading arrangement,\u201d as each term is defined in Item 408(a) of Regulation S-K.
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