NOTE 1. ORGANIZATION AND PRINCIPAL ACTIVITIES
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\n\nIspire Technology Inc. (the\n\u201cCompany\u201d or \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through\nits subsidiaries, the Company is engaged in the research and development, design, commercialization, sales, marketing and distribution\nof branded e-cigarettes and cannabis vaping products.
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\n\nIspire owns a 100% equity\ninterest in Ispire International Limited, a business company incorporated under the laws of the British Virgin Islands (\u201cBVI\u201d)\n(\u201cIspire International\u201d) on July\u00a06, 2022.
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\n\nPrior to July 29, 2022, all\nof the equity of Aspire North America LLC, a California limited liability company (\u201cAspire North America\u201d), was owned by Aspire\nGlobal Inc. (\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (\u201cAspire\nScience\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned subsidiary of Aspire Global.
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\n\nAspire Global and the Company\nare related parties since the same individual is the chief executive officer of both companies. As of March 31, 2026, the chief executive\nofficer and his wife, being directors of both companies, owned 66.5% and 5.0% of the equity of Aspire Global, respectively. As of March\n31, 2026, they owned 57.9% and 4.4% of the equity of the Company, respectively. On July 29, 2022, Aspire Global transferred 100% of the\nequity interest in Aspire North America to the Company. On the same day, Aspire Holdings transferred 100% of the equity of Aspire Science\nto Ispire International. At the time of transfer of the equity in Aspire North America and Aspire Science, the Company had the same stockholders\nas Aspire Global, and the Company\u2019s stockholders held the same percentage interest in the Company as they had in Aspire Global.\nBecause the transfer of the equity in Aspire North America and Aspire Science is a transfer between related parties, the historical financial\ninformation of the subsidiaries is carried forward as the historical financial information of the Company and the 50,000,000 shares that\nwere issued at or about the time of the Company\u2019s organization are treated as being outstanding on July 1, 2020.
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\n\nIn September 2023, the Company\nestablished a wholly-owned subsidiary, Ispire Malaysia Sdn Bhd (\u201cIspire Malaysia\u201d) under the laws of the Federation of Malaysia,\nin order to establish manufacturing operations in Southeast Asia. Ispire Malaysia was formed by Tuanfang Liu, the Company\u2019s Chairman\nand Co-Chief Executive Officer on August 2, 2023, and assigned to the Company on September 22, 2023, at a consideration of 100 Malaysian\nringgits, equivalent to USD 21.
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\n\nIn July 2024, the Company\nestablished a wholly-owned subsidiary, Aspire AME Electronic Cigarettes Trading LLC (\u201cIspire UAE\u201d) under the laws of the United\nArab Emirates (\u201cUAE\u201d), in order to establish sales and marketing in the UAE.
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\n\nIn October 2024, the Company\nestablished a wholly-owned subsidiary, Magellan Trading LLC (\u201cMagellan Trading\u201d) incorporated under the laws of the State\nof California to assist in operations and logistics for the Company.
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\n\nIn January 2025, the Company\nestablished a wholly-owned subsidiary, Ispire Products UK LTD (\u201cIspire UK\u201d) incorporated under the laws of England and Wales\nto assist in sales and marketing for the Company. Ispire UK was dissolved in October 2025.
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\n\nIn May 2025, the Company established\na wholly-owned subsidiary, Ispire Holdings LLC (\u201cIspire Holdings\u201d) incorporated under the laws of the State of Delaware to\nassist in administration for the Company.
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\n\nIn June 2025, the Company\nestablished a wholly-owned subsidiary, Ispire Ike Holdings LLC (\u201cIspire Ike Holdings\u201d) incorporated under the laws of the\nState of Delaware to assist in administration for the Company.
The following table sets forth\ninformation concerning the Company and its subsidiaries as of March 31, 2026:
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\n\n| Name of Entity | \u00a0 | Date of \nOrganization | \u00a0 | Place of \nOrganization | \u00a0 | % of \nOwnership | \u00a0 | Principal \nActivities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
| Ispire Holdings LLC | \u00a0 | May 20, 2025 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Holding Company |
| Ispire Ike Holdings LLC | \u00a0 | June 10, 2025 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Holding Company |
The following table sets forth\ninformation concerning the Company and its subsidiaries as of March 31, 2026:
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\n\n| Name of Entity | \u00a0 | Date of \nOrganization | \u00a0 | Place of \nOrganization | \u00a0 | % of \nOwnership | \u00a0 | Principal \nActivities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
| Ispire Holdings LLC | \u00a0 | May 20, 2025 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Holding Company |
| Ispire Ike Holdings LLC | \u00a0 | June 10, 2025 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Holding Company |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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\n\nBasis of presentation
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\n\nThe unaudited condensed consolidated\nfinancial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair\nstatement of the Company\u2019s consolidated financial position as of March 31, 2026 and the results of operations for the three and\nnine months ended March 31, 2026 and 2025. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered\nnecessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions\nhave been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with\naccounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) and applicable rules and regulations\nof the United States Securities and Exchange Commission (\u201cSEC\u201d) and accordingly do not include all of the disclosures normally\nmade in the Company\u2019s annual consolidated financial statements. Accordingly, these unaudited condensed consolidated financial statements\nshould be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended June 30, 2025.
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\n\nThe unaudited condensed consolidated\nbalance sheet as of June 30, 2025 has been derived from the audited consolidated financial statements at such date. The results of operations\nfor the three and nine months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for\nany other interim periods or for the year ending June\u00a030, 2026.\u00a0
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\n\nUse of significant estimates
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\n\nThe preparation of the unaudited\ncondensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect\nthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements\nand the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses\nand revenue recognition. Actual results could differ from those estimates.
Fair value measurement
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\n\nThe Company applies ASC Topic\n820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands\nfinancial statement disclosure requirements for fair value measurements.
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\n\nASC Topic 820 defines fair\nvalue as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement\ndate in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
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\n\nASC Topic 820 specifies a\nhierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The\nhierarchy is as follows:
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\n\n| \u00a0 | \n\u25cf | \nLevel 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
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\n\n| \u00a0 | \n\u25cf | \nLevel 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
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\n\n| \u00a0 | \n\u25cf | \nLevel 3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions about the assumptions that market participants would use in pricing an asset or liability. |
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\n\nThe carrying value of certain\nof the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable,\naccounts payable related party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates\ntheir fair value because of their short-term maturity.
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\n\nAllowance for credit losses
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\n\nThe Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of\nrisk characteristics of a receivable pool to develop credit losses estimate. In establishing the required allowance for doubtful accounts,\nmanagement considers historical collection experience, aging of the receivables, economic environment, and the credit history and financial\nconditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance is adequate and adjusts\nthe allowance when necessary. Delinquent account balances are written off against allowance for doubtful accounts after management has\ndetermined that the likelihood of collection is not probable.
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\n\nInventories
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\n\nInventories mainly consist\nof finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory\nitem is determined using the weighted average method.
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\n\nWhen management determines\nthat certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value,\nthe Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable\nvalue is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the\nsale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity\nof inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify\nslow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified\nduring this process are reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and\nreserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore,\nbe revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment,\nimpact its ability to sell potentially obsolete inventory. The write-down of inventories was $849,313 and zero for the three months ended\nMarch 31, 2026 and 2025, respectively. The write-down of inventories was $2,386,751 and $73,692 for the nine months ended March 31, 2026\nand 2025, respectively.
Intangible assets, net
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\n\nIntangible assets refer to\ncapitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights.\nThe Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent\ncosts are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the\nlicense agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment\nto capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not\nbe recoverable. $156,349 and $0 of patent fees were capitalized during the three months ended March 31, 2026 and 2025. $449,191 and $781,254\nof patent fees were capitalized during the nine months ended March 31, 2026 and 2025. The amortization of the intangible assets was $28,978\nand $21,627 for the three months ended March 31, 2026 and 2025 respectively. The amortization of the intangible assets was $80,403 and\n$58,180 for the nine months ended March 31, 2026 and 2025 respectively. The amortization expenses were included in the general and administrative\nexpenses.
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\n\nRevenue recognition
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\n\nThe Company sells its vaping\nproducts to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers.\nMany customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are\nfor the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate\ncontract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority\nof the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the\npickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession\nand risks and rewards of goods transfer to the customer.\u00a0
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\n\nRevenue is recognized at the\ntransaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining\nthe transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606.\nThe main sources of variable consideration for the Company are sales returns. These sales returns are recorded as a reduction of revenue\nat the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most\nlikely outcome from a range of possible consideration outcomes.
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\n\nThe Company offers different\npayment terms to different customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon\nplacing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term\nis designed for each customer, based on the business relationship, order size and other considerations. All contract liabilities at the\nbeginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is\nan assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales\ncontracts, a right of return is offered. With a right of return, a customer is given the right to return the products if they are not\nsatisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve is\naccrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
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\n\nDisaggregated Revenue
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\n\nThe Company has taken into\nconsideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales\nby region. The net sales disaggregated by region for the three and nine months ended March 31, 2026 and 2025, were as follows:
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| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 11,801,318 | \u00a0 | \u00a0 | \n$ | 13,235,728 | \u00a0 | \u00a0 | \n$ | 47,283,903 | \u00a0 | \u00a0 | \n$ | 59,174,779 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 3,295,861 | \u00a0 | \u00a0 | \n\u00a0 | 8,788,476 | \u00a0 | \u00a0 | \n\u00a0 | 10,371,364 | \u00a0 | \u00a0 | \n\u00a0 | 29,441,624 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 2,774,049 | \u00a0 | \u00a0 | \n\u00a0 | 2,965,023 | \u00a0 | \u00a0 | \n\u00a0 | 7,673,386 | \u00a0 | \u00a0 | \n\u00a0 | 10,453,766 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 814,273 | \u00a0 | \u00a0 | \n\u00a0 | 1,201,498 | \u00a0 | \u00a0 | \n\u00a0 | 3,994,288 | \u00a0 | \u00a0 | \n\u00a0 | 8,286,729 | \u00a0 |
| Total | \u00a0 | \n$ | 18,685,501 | \u00a0 | \u00a0 | \n$ | 26,190,725 | \u00a0 | \u00a0 | \n$ | 69,322,941 | \u00a0 | \u00a0 | \n$ | 107,356,898 | \u00a0 |
Cost of revenue
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\n\nCost of revenue for the three\nand nine months ended March 31, 2026 and 2025 consisted primarily of the cost of purchasing vaping products, freight-in cost, which were\nmostly purchased from a related party, see Note 11, and inventory impairment.
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\n\nStock-based compensation
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\n\nThe Company measures and recognizes\ncompensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and\nrestricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages\na third-party valuer to assist in determining the fair value of stock options using the binomial option pricing model, with significant\nassumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include\ntime-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting\nconditions.
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\n\nFor stock-based payment awards\nwith time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service\nin exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based\ncompensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award.\nFor stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance\ncondition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that\nare probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair\nvalue of the awards where the performance conditions have been met and the awards have vested.
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\n\nStock-based compensation expense\nis recorded in the sales and marketing expense and general and administrative expense in the unaudited condensed consolidated statements\nof operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
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\n\nEarnings per share
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\n\nThe Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could\ndilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive\nfor the nine months ended March 31, 2026 and 2025. Potentially dilutive shares were as follows:
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\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,543,750 | \u00a0 | \u00a0 | \n\u00a0 | 2,302,709 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 582,980 | \u00a0 | \u00a0 | \n\u00a0 | 669,993 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,299,941 | \u00a0 | \u00a0 | \n\u00a0 | 3,145,913 | \u00a0 |
Segment reporting
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\n\nBased on the criteria established\nby ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its , who review the consolidated results when making decisions\nabout allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable\nsegment. The Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical\nsegments are presented. For the three and nine months ended March 31, 2026 and 2025, the reportable segment revenue, segment profit or\nloss and significant segment expenses are the same as unaudited condensed consolidated comprehensive loss statement.
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\n\nOperating segments are defined\nas components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, or decision-making\ngroup, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODMs are Mr. Tuanfang Liu, the Co-Chief\nExecutive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
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\n\nThe Company\u2019s organizational\nstructure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not\nlimited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based on such organizational\nstructure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The Company has internal reporting\nof revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating segment.
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\n\nThe accounting policies of\nthe single segment are the same as described in the significant accounting policies. The CODM assesses performance for the single segment\nand decides how to allocate resources based on net loss that also is reported on the unaudited condensed consolidated statements of comprehensive\nloss as consolidated net loss. The measure of the single segment assets is reported on the unaudited condensed consolidated balance sheets\nas total consolidated assets.
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\n\nThe CODM reviews revenues\nand expenses at the consolidated level as disclosed in the Company\u2019s unaudited condensed consolidated statements of comprehensive\nloss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking\nto the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing\nthe segment\u2019s performance and in establishing management\u2019s compensation.
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\n\nRecent accounting pronouncements
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\n\nAs an emerging growth company,\nthe Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The\nCompany intends to take advantage of the benefits of this extended transition period for all accounting standards described below, if\napplicable.
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\n\nIn October 2023, the FASB\nissued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety\nof topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements.\nThe adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities\non the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation S-K. If the SEC has not\nremoved the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for\nany entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
In December 2023, the FASB\nissued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about\na reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective\nfor public business entities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning\nafter December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated\nfinancial statements.
\n\n\u00a0
\n\nIn November 2024, the FASB\nissued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve\nthe disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities\nare required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting\nperiods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the Company will be required to disclose in the\nnotes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the\nincome statement. The standard can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing\nand the effect that the updated standard will have on our financial statement disclosures.
\n\n\u00a0
\n\nIn July 2025, the FASB issued\nASU 2025-05, Financial Instruments - Credit Losses (Topic 326), to address challenges encountered when applying the guidance in Topic\n326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical expedient and (2) entities other\nthan public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable\nand current contract assets arising from transactions accounted for under ASC 606. The standard is effective for annual reporting periods\nbeginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted.\nThe standard can be applied prospectively. The Company is currently assessing adoption timing and the effect that the updated standard\nwill have on our financial statement disclosures.
\n\n\u00a0
\n\nIn May 2025, the FASB issued\nASU No. 2025-04, Compensation\u2014Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The amendments\nin this update revise the Master Glossary definition of the term performance condition for share-based consideration payable to a customer.\nThe amendments in this update permit a grantor to apply the new guidance on either a modified retrospective or a retrospective basis.\nThe amendments in this update are effective for all entities for annual reporting periods (including interim reporting periods within\nannual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently assessing adoption\ntiming and the effect that the updated standard will have on our financial statement disclosures.
\n\n\u00a0
\n\nIn December 2025, the FASB\nissued ASU 2025-11, Interim Reporting (Topic 270). The amendments in this update include a disclosure principle that requires entities\nto disclose events since the end of the last annual reporting period that have a material impact on the entity. Early adoption is permitted\nin both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The\nCompany is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
Concentration and risks
\n\n\u00a0
\n\nRisks and Uncertainties
\n\n\u00a0
\n\nThe Company\u2019s business,\nfinancial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters,\nextreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
\n\n\u00a0
\n\nE-cigarette regulation
\n\n\u00a0
\n\nRegulation regarding e-cigarettes\nvaries across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But\nas e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent law and regulations\nto regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in countries and regions\nthat our major customers are located in may adversely affect the Company\u2019s business.
\n\n\u00a0
\n\nThe Federal Food, Drug, and\nCosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the\nUnited States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration (\u201cFDA\u201d).\nFor ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted to the FDA before\nSeptember\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not\nfiled before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may enter the U.S.\nmarket. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce the premarket\nreview requirements for that product pending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject\nthe Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will adversely affect\nthe Company\u2019s business.
\n\n\u00a0
\n\nAmendments to the Prevent\nAll Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping\nproducts, and place significant burdens on sellers of vaping products in the United States which may make it difficult to operate profitably\nin the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping products in the United\nStates, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States does not justify the\nmarketing and regulatory costs involved.
\n\n\u00a0
\n\nIn the United States, cannabis\nvaping products are governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis,\nand no states permit the sale of recreational cannabis products to minors. The Company cannot predict what action states will take or\nthe nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis products that aerosolize liquids,\nit may be more difficult to sell our products in states that permit the sale of cannabis.
\n\n\u00a0
\n\nHowever, cannabis and its\nderivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under\nU.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal law also deems\nit unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes\n\u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing, compounding,\nconverting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body\na controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions\nexist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
\n\n\u00a0
\n\nThe European Commission issued\nthe Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European\nUnion member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on\nthe European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns.\nMember states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no\npromotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020,\n2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and\nensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for products\nsold in Europe.
\n\n\u00a0
\n\nThe sale of cannabis vaping\nproducts is illegal in the European Union and the United Kingdom.\u00a0
Customer and Supplier Concentration
\n\n\u00a0\u00a0
\n\n(a) Customers
\n\n\u00a0
\n\nFor the three and nine months\nended March\u00a031, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated\nrevenue, were as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 29 | % | \u00a0 | \n\u00a0 | 24 | % |
| Customer B | \u00a0 | \n\u00a0 | 19 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 | ||
| Customer C | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represented less than 10% of consolidated revenue. |
\u00a0
\n\n(b)\u00a0Suppliers
\n\n\u00a0
\n\nFor the three months and nine\nended March 31, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier D | \u00a0 | \n\u00a0 | 84 | % | \u00a0 | \n\u00a0 | 87 | % | \u00a0 | \n\u00a0 | 91 | % | \u00a0 | \n\u00a0 | 93 | % |
\u00a0
\n\n| (1) | Major supplier D is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. |
\u00a0
\n\nCredit Risk \u00a0
\n\n\u00a0
\n\nFinancial instruments that\npotentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash\nin financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d)\nup to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia (\u201cPIDM\u201d)\nup to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d) 800,000.\nThe Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit insurance\nas of March 31, 2026 and June 30, 2025 was $17,716,474 and $23,939,618. The Company has not experienced losses on these accounts and management\nbelieves, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
\n\n\u00a0
\n\nAs of March 31, 2026 and June\n30, 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts\nreceivable, net, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| E | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 17 | % |
| F | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | 16 | % |
Basis of presentation
The unaudited condensed consolidated\nfinancial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair\nstatement of the Company\u2019s consolidated financial position as of March 31, 2026 and the results of operations for the three and\nnine months ended March 31, 2026 and 2025. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered\nnecessary in order to make the financial statements not misleading have been included. All significant intercompany accounts and transactions\nhave been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with\naccounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) and applicable rules and regulations\nof the United States Securities and Exchange Commission (\u201cSEC\u201d) and accordingly do not include all of the disclosures normally\nmade in the Company\u2019s annual consolidated financial statements. Accordingly, these unaudited condensed consolidated financial statements\nshould be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended June 30, 2025.
The unaudited condensed consolidated\nbalance sheet as of June 30, 2025 has been derived from the audited consolidated financial statements at such date. The results of operations\nfor the three and nine months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for\nany other interim periods or for the year ending June\u00a030, 2026.\u00a0
"}]},{"name":"rpt:f-414","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of significant estimates
The preparation of the unaudited\ncondensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect\nthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements\nand the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses\nand revenue recognition. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-415","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair value measurement
The Company applies ASC Topic\n820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands\nfinancial statement disclosure requirements for fair value measurements.
ASC Topic 820 defines fair\nvalue as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement\ndate in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
ASC Topic 820 specifies a\nhierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The\nhierarchy is as follows:
| \u00a0 | \n\u25cf | \nLevel 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| \u00a0 | \n\u25cf | \nLevel 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
| \u00a0 | \n\u25cf | \nLevel 3 inputs to the valuation methodology are unobservable and significant to the fair value. Unobservable inputs are valuation technique inputs that reflect the Company\u2019s own assumptions about the assumptions that market participants would use in pricing an asset or liability. |
The carrying value of certain\nof the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable,\naccounts payable related party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates\ntheir fair value because of their short-term maturity.
"}]},{"name":"rpt:f-416","factDimensions":{"xbrl:concept":"ispr:AllowanceForCreditLossesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
The Company adopted Accounting\nStandards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d\non July 1, 2023, under the modified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of\nrisk characteristics of a receivable pool to develop credit losses estimate. In establishing the required allowance for doubtful accounts,\nmanagement considers historical collection experience, aging of the receivables, economic environment, and the credit history and financial\nconditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance is adequate and adjusts\nthe allowance when necessary. Delinquent account balances are written off against allowance for doubtful accounts after management has\ndetermined that the likelihood of collection is not probable.
"}]},{"name":"rpt:f-417","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories
Inventories mainly consist\nof finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory\nitem is determined using the weighted average method.
When management determines\nthat certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value,\nthe Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable\nvalue is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the\nsale. The Company records an allowance for slow moving and potentially obsolete inventory based upon recent sales history, the quantity\nof inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify\nslow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified\nduring this process are reserved for at rates based upon management\u2019s judgment and historical rates. The quantity thresholds and\nreserve rates are based on management\u2019s judgment and knowledge of current and projected demand. The reserve estimates may, therefore,\nbe revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment,\nimpact its ability to sell potentially obsolete inventory. The write-down of inventories was $849,313 and zero for the three months ended\nMarch 31, 2026 and 2025, respectively. The write-down of inventories was $2,386,751 and $73,692 for the nine months ended March 31, 2026\nand 2025, respectively.
"}]},{"name":"rpt:f-418","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2026-01-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"849313","decimals":0}]},{"name":"rpt:f-419","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2025-01-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2386751","decimals":0}]},{"name":"rpt:f-421","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2024-07-01T00:00:00/2025-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"73692","decimals":0}]},{"name":"rpt:f-422","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible assets, net
Intangible assets refer to\ncapitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights.\nThe Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent\ncosts are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the\nlicense agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment\nto capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not\nbe recoverable. $156,349 and $0 of patent fees were capitalized during the three months ended March 31, 2026 and 2025. $449,191 and $781,254\nof patent fees were capitalized during the nine months ended March 31, 2026 and 2025. The amortization of the intangible assets was $28,978\nand $21,627 for the three months ended March 31, 2026 and 2025 respectively. The amortization of the intangible assets was $80,403 and\n$58,180 for the nine months ended March 31, 2026 and 2025 respectively. The amortization expenses were included in the general and administrative\nexpenses.
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The Company sells its vaping\nproducts to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers.\nMany customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are\nfor the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate\ncontract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority\nof the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the\npickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession\nand risks and rewards of goods transfer to the customer.\u00a0
Revenue is recognized at the\ntransaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining\nthe transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606.\nThe main sources of variable consideration for the Company are sales returns. These sales returns are recorded as a reduction of revenue\nat the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most\nlikely outcome from a range of possible consideration outcomes.
The Company offers different\npayment terms to different customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon\nplacing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term\nis designed for each customer, based on the business relationship, order size and other considerations. All contract liabilities at the\nbeginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is\nan assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales\ncontracts, a right of return is offered. With a right of return, a customer is given the right to return the products if they are not\nsatisfied with the product, and a credit would be given. The Company has a very low rate of return in history and a return reserve is\naccrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining\na contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and\nremitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
Disaggregated Revenue
The Company has taken into\nconsideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales\nby region. The net sales disaggregated by region for the three and nine months ended March 31, 2026 and 2025, were as follows:
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 11,801,318 | \u00a0 | \u00a0 | \n$ | 13,235,728 | \u00a0 | \u00a0 | \n$ | 47,283,903 | \u00a0 | \u00a0 | \n$ | 59,174,779 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 3,295,861 | \u00a0 | \u00a0 | \n\u00a0 | 8,788,476 | \u00a0 | \u00a0 | \n\u00a0 | 10,371,364 | \u00a0 | \u00a0 | \n\u00a0 | 29,441,624 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 2,774,049 | \u00a0 | \u00a0 | \n\u00a0 | 2,965,023 | \u00a0 | \u00a0 | \n\u00a0 | 7,673,386 | \u00a0 | \u00a0 | \n\u00a0 | 10,453,766 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 814,273 | \u00a0 | \u00a0 | \n\u00a0 | 1,201,498 | \u00a0 | \u00a0 | \n\u00a0 | 3,994,288 | \u00a0 | \u00a0 | \n\u00a0 | 8,286,729 | \u00a0 |
| Total | \u00a0 | \n$ | 18,685,501 | \u00a0 | \u00a0 | \n$ | 26,190,725 | \u00a0 | \u00a0 | \n$ | 69,322,941 | \u00a0 | \u00a0 | \n$ | 107,356,898 | \u00a0 |
The Company has taken into\nconsideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales\nby region. The net sales disaggregated by region for the three and nine months ended March 31, 2026 and 2025, were as follows:
\n\n\u00a0
\n
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Europe | \u00a0 | \n$ | 11,801,318 | \u00a0 | \u00a0 | \n$ | 13,235,728 | \u00a0 | \u00a0 | \n$ | 47,283,903 | \u00a0 | \u00a0 | \n$ | 59,174,779 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \n\u00a0 | 3,295,861 | \u00a0 | \u00a0 | \n\u00a0 | 8,788,476 | \u00a0 | \u00a0 | \n\u00a0 | 10,371,364 | \u00a0 | \u00a0 | \n\u00a0 | 29,441,624 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \n\u00a0 | 2,774,049 | \u00a0 | \u00a0 | \n\u00a0 | 2,965,023 | \u00a0 | \u00a0 | \n\u00a0 | 7,673,386 | \u00a0 | \u00a0 | \n\u00a0 | 10,453,766 | \u00a0 |
| Others | \u00a0 | \n\u00a0 | 814,273 | \u00a0 | \u00a0 | \n\u00a0 | 1,201,498 | \u00a0 | \u00a0 | \n\u00a0 | 3,994,288 | \u00a0 | \u00a0 | \n\u00a0 | 8,286,729 | \u00a0 |
| Total | \u00a0 | \n$ | 18,685,501 | \u00a0 | \u00a0 | \n$ | 26,190,725 | \u00a0 | \u00a0 | \n$ | 69,322,941 | \u00a0 | \u00a0 | \n$ | 107,356,898 | \u00a0 |
Cost of revenue
Cost of revenue for the three\nand nine months ended March 31, 2026 and 2025 consisted primarily of the cost of purchasing vaping products, freight-in cost, which were\nmostly purchased from a related party, see Note 11, and inventory impairment.
"}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based compensation
The Company measures and recognizes\ncompensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and\nrestricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages\na third-party valuer to assist in determining the fair value of stock options using the binomial option pricing model, with significant\nassumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured\non the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include\ntime-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting\nconditions.
For stock-based payment awards\nwith time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service\nin exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based\ncompensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award.\nFor stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance\ncondition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that\nare probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair\nvalue of the awards where the performance conditions have been met and the awards have vested.
Stock-based compensation expense\nis recorded in the sales and marketing expense and general and administrative expense in the unaudited condensed consolidated statements\nof operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings per share
The Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could\ndilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive\nfor the nine months ended March 31, 2026 and 2025. Potentially dilutive shares were as follows:
| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,543,750 | \u00a0 | \u00a0 | \n\u00a0 | 2,302,709 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 582,980 | \u00a0 | \u00a0 | \n\u00a0 | 669,993 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,299,941 | \u00a0 | \u00a0 | \n\u00a0 | 3,145,913 | \u00a0 |
The Company computes earnings per share (\u201cEPS\u201d) in accordance\nwith ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS\nis measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS\nbut presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants)\nas if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could\ndilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive\nfor the nine months ended March 31, 2026 and 2025. Potentially dilutive shares were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of March\u00a031, | \u00a0 | ||
| Dilutive securities: | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Share options | \u00a0 | \n\u00a0 | 1,543,750 | \u00a0 | \u00a0 | \n\u00a0 | 2,302,709 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \n\u00a0 | 582,980 | \u00a0 | \u00a0 | \n\u00a0 | 669,993 | \u00a0 |
| Warrants | \u00a0 | \n\u00a0 | 173,211 | \u00a0 | \u00a0 | \n\u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 2,299,941 | \u00a0 | \u00a0 | \n\u00a0 | 3,145,913 | \u00a0 |
Segment reporting
Based on the criteria established\nby ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its , who review the consolidated results when making decisions\nabout allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable\nsegment. The Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical\nsegments are presented. For the three and nine months ended March 31, 2026 and 2025, the reportable segment revenue, segment profit or\nloss and significant segment expenses are the same as unaudited condensed consolidated comprehensive loss statement.
Operating segments are defined\nas components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, or decision-making\ngroup, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODMs are Mr. Tuanfang Liu, the Co-Chief\nExecutive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
The Company\u2019s organizational\nstructure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not\nlimited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based on such organizational\nstructure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The Company has internal reporting\nof revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating segment.
The accounting policies of\nthe single segment are the same as described in the significant accounting policies. The CODM assesses performance for the single segment\nand decides how to allocate resources based on net loss that also is reported on the unaudited condensed consolidated statements of comprehensive\nloss as consolidated net loss. The measure of the single segment assets is reported on the unaudited condensed consolidated balance sheets\nas total consolidated assets.
The CODM reviews revenues\nand expenses at the consolidated level as disclosed in the Company\u2019s unaudited condensed consolidated statements of comprehensive\nloss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking\nto the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing\nthe segment\u2019s performance and in establishing management\u2019s compensation.
"}]},{"name":"rpt:f-470","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Based on the criteria established\nby ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker\n(\u201cCODM\u201d) has been identified as its Co-Chief Executive Officers, who review the consolidated results when making decisions\nabout allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable\nsegment."}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"ispr:segment"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"ispr:segment"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent accounting pronouncements
As an emerging growth company,\nthe Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The\nCompany intends to take advantage of the benefits of this extended transition period for all accounting standards described below, if\napplicable.
In October 2023, the FASB\nissued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety\nof topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements.\nThe adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities\non the effective date of the SEC\u2019s removal of the related disclosures from Regulation S-X or Regulation S-K. If the SEC has not\nremoved the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for\nany entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
In December 2023, the FASB\nissued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about\na reporting entity\u2019s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective\nfor public business entities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning\nafter December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated\nfinancial statements.
In November 2024, the FASB\nissued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve\nthe disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities\nare required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting\nperiods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the Company will be required to disclose in the\nnotes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the\nincome statement. The standard can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing\nand the effect that the updated standard will have on our financial statement disclosures.
In July 2025, the FASB issued\nASU 2025-05, Financial Instruments - Credit Losses (Topic 326), to address challenges encountered when applying the guidance in Topic\n326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical expedient and (2) entities other\nthan public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable\nand current contract assets arising from transactions accounted for under ASC 606. The standard is effective for annual reporting periods\nbeginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted.\nThe standard can be applied prospectively. The Company is currently assessing adoption timing and the effect that the updated standard\nwill have on our financial statement disclosures.
In May 2025, the FASB issued\nASU No. 2025-04, Compensation\u2014Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The amendments\nin this update revise the Master Glossary definition of the term performance condition for share-based consideration payable to a customer.\nThe amendments in this update permit a grantor to apply the new guidance on either a modified retrospective or a retrospective basis.\nThe amendments in this update are effective for all entities for annual reporting periods (including interim reporting periods within\nannual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently assessing adoption\ntiming and the effect that the updated standard will have on our financial statement disclosures.
In December 2025, the FASB\nissued ASU 2025-11, Interim Reporting (Topic 270). The amendments in this update include a disclosure principle that requires entities\nto disclose events since the end of the last annual reporting period that have a material impact on the entity. Early adoption is permitted\nin both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The\nCompany is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
"}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration and risks
Risks and Uncertainties
The Company\u2019s business,\nfinancial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters,\nextreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
E-cigarette regulation
Regulation regarding e-cigarettes\nvaries across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But\nas e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent law and regulations\nto regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in countries and regions\nthat our major customers are located in may adversely affect the Company\u2019s business.
The Federal Food, Drug, and\nCosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the\nUnited States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration (\u201cFDA\u201d).\nFor ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted to the FDA before\nSeptember\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not\nfiled before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may enter the U.S.\nmarket. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce the premarket\nreview requirements for that product pending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject\nthe Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will adversely affect\nthe Company\u2019s business.
Amendments to the Prevent\nAll Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping\nproducts, and place significant burdens on sellers of vaping products in the United States which may make it difficult to operate profitably\nin the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping products in the United\nStates, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States does not justify the\nmarketing and regulatory costs involved.
In the United States, cannabis\nvaping products are governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis,\nand no states permit the sale of recreational cannabis products to minors. The Company cannot predict what action states will take or\nthe nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis products that aerosolize liquids,\nit may be more difficult to sell our products in states that permit the sale of cannabis.
However, cannabis and its\nderivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under\nU.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal law also deems\nit unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes\n\u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing, compounding,\nconverting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body\na controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions\nexist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
The European Commission issued\nthe Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European\nUnion member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on\nthe European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns.\nMember states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no\npromotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020,\n2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and\nensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for products\nsold in Europe.
The sale of cannabis vaping\nproducts is illegal in the European Union and the United Kingdom.\u00a0
Customer and Supplier Concentration
(a) Customers
For the three and nine months\nended March\u00a031, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated\nrevenue, were as follows:\u00a0
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 29 | % | \u00a0 | \n\u00a0 | 24 | % |
| Customer B | \u00a0 | \n\u00a0 | 19 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 | ||
| Customer C | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
| * | Represented less than 10% of consolidated revenue. |
(b)\u00a0Suppliers
For the three months and nine\nended March 31, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier D | \u00a0 | \n\u00a0 | 84 | % | \u00a0 | \n\u00a0 | 87 | % | \u00a0 | \n\u00a0 | 91 | % | \u00a0 | \n\u00a0 | 93 | % |
| (1) | Major supplier D is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. |
Credit Risk \u00a0
Financial instruments that\npotentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash\nin financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d)\nup to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia (\u201cPIDM\u201d)\nup to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d) 800,000.\nThe Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit insurance\nas of March 31, 2026 and June 30, 2025 was $17,716,474 and $23,939,618. The Company has not experienced losses on these accounts and management\nbelieves, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
As of March 31, 2026 and June\n30, 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts\nreceivable, net, were as follows:
| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| E | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 17 | % |
| F | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | 16 | % |
For the three and nine months\nended March\u00a031, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated\nrevenue, were as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Customers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Customer A | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 23 | % | \u00a0 | \n\u00a0 | 29 | % | \u00a0 | \n\u00a0 | 24 | % |
| Customer B | \u00a0 | \n\u00a0 | 19 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 17 | % | \u00a0 | \n\u00a0 | \u00a0 | ||
| Customer C | \u00a0 | \n\u00a0 | 14 | % | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 |
\u00a0
\n\n| * | Represented less than 10% of consolidated revenue. |
For the three months and nine\nended March 31, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases,\nwere as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Major Suppliers | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||||
| Supplier D | \u00a0 | \n\u00a0 | 84 | % | \u00a0 | \n\u00a0 | 87 | % | \u00a0 | \n\u00a0 | 91 | % | \u00a0 | \n\u00a0 | 93 | % |
\u00a0
\n\n| (1) | Major supplier D is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 11. |
As of March 31, 2026 and June\n30, 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts\nreceivable, net, were as follows:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| E | \u00a0 | \n\u00a0 | 16 | % | \u00a0 | \n\u00a0 | 17 | % |
| F | \u00a0 | \n\u00a0 | 13 | % | \u00a0 | \n\u00a0 | 16 | % |
NOTE 3. CASH AND RESTRICTED CASH
\n\n\u00a0
\n\nBelow is a breakdown of the\nCompany\u2019s cash balances in banks as of March\u00a031, 2026 and June\u00a030, 2025, both by geography and by currencies (translated\ninto U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 17,520,879 | \u00a0 | \u00a0 | \n$ | 23,336,668 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 152,345 | \u00a0 | \u00a0 | \n\u00a0 | 824,852 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 360,428 | \u00a0 | \u00a0 | \n\u00a0 | 190,245 | \u00a0 |
| Total | \u00a0 | \n$ | 18,033,652 | \u00a0 | \u00a0 | \n$ | 24,351,765 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | \n$ | 8,006,142 | \u00a0 | \u00a0 | \n$ | 14,675,591 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 190,201 | \u00a0 | \u00a0 | \n\u00a0 | 101,743 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 74,028 | \u00a0 | \u00a0 | \n\u00a0 | 139,691 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 12,211 | \u00a0 | \u00a0 | \n\u00a0 | 11,097 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 23,130 | \u00a0 | \u00a0 | \n\u00a0 | 24,091 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,727,940 | \u00a0 | \u00a0 | \n\u00a0 | 9,399,552 | \u00a0 |
| Total | \u00a0 | \n$ | 18,033,652 | \u00a0 | \u00a0 | \n$ | 24,351,765 | \u00a0 |
\u00a0
\n\n\u201cHKD\u201d refers to\nHong Kong dollars, \u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to Malaysia\nringgit, and \u201cRMB\u201d refers to Renminbi.
\n\n\u00a0
\n\nAs of March 31, 2026 and June\n30, 2025, there was restricted cash totaling $50,000\u00a0and , respectively, and was included in the U.S. in USD. These amounts are\nexcluded from the cash and restricted cash totals presented in the table above. It represents a collateral account at a bank for standby\nletter of credit as required by the customs department.\u00a0
"}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the\nCompany\u2019s cash balances in banks as of March\u00a031, 2026 and June\u00a030, 2025, both by geography and by currencies (translated\ninto U.S. dollars):
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Cash in HK | \u00a0 | \n$ | 17,520,879 | \u00a0 | \u00a0 | \n$ | 23,336,668 | \u00a0 |
| Cash in U.S. | \u00a0 | \n\u00a0 | 152,345 | \u00a0 | \u00a0 | \n\u00a0 | 824,852 | \u00a0 |
| Cash in Malaysia | \u00a0 | \n\u00a0 | 360,428 | \u00a0 | \u00a0 | \n\u00a0 | 190,245 | \u00a0 |
| Total | \u00a0 | \n$ | 18,033,652 | \u00a0 | \u00a0 | \n$ | 24,351,765 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | \n$ | 8,006,142 | \u00a0 | \u00a0 | \n$ | 14,675,591 | \u00a0 |
| RM | \u00a0 | \n\u00a0 | 190,201 | \u00a0 | \u00a0 | \n\u00a0 | 101,743 | \u00a0 |
| HKD | \u00a0 | \n\u00a0 | 74,028 | \u00a0 | \u00a0 | \n\u00a0 | 139,691 | \u00a0 |
| EUR | \u00a0 | \n\u00a0 | 12,211 | \u00a0 | \u00a0 | \n\u00a0 | 11,097 | \u00a0 |
| GBP | \u00a0 | \n\u00a0 | 23,130 | \u00a0 | \u00a0 | \n\u00a0 | 24,091 | \u00a0 |
| RMB | \u00a0 | \n\u00a0 | 9,727,940 | \u00a0 | \u00a0 | \n\u00a0 | 9,399,552 | \u00a0 |
| Total | \u00a0 | \n$ | 18,033,652 | \u00a0 | \u00a0 | \n$ | 24,351,765 | \u00a0 |
NOTE 4. ACCOUNTS RECEIVABLE, NET
\n\n\u00a0
\n\nAs of March\u00a031, 2026\nand June\u00a030, 2025, accounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 50,151,620 | \u00a0 | \u00a0 | \n$ | 65,002,773 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (21,500,062 | ) | \u00a0 | \n\u00a0 | (17,971,470 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 28,651,558 | \u00a0 | \u00a0 | \n$ | 47,031,303 | \u00a0 |
\u00a0
\n\nThe\u00a0Company recorded\n$5,564,497 and $6,103,688 credit loss expenses for the three months ended March 31, 2026 and 2025, respectively. The\u00a0Company recorded\n$11,537,950 and $13,389,767 credit loss expenses for the nine months ended March 31, 2026 and 2025, respectively. For the three months\nended March 31, 2026 and 2025, the Company wrote off accounts receivable against allowance for credit losses of $4,928,756 and $2,823,560,\u00a0respectively.\nFor the nine months ended March 31, 2026 and 2025, the Company wrote off accounts receivable against allowance for credit losses of $8,009,358\nand $4,689,765,\u00a0respectively. As of March 31, 2026, there were $6,934,364 accounts receivable \u2013 noncurrent reclassified to\naccounts receivable as its payment term is within one year. As of June 30, 2025, there were $7,367,158 accounts receivable reclassified\nto accounts receivable \u2013 noncurrent due to payment term extension arrangements with customers.
\n\n\u00a0
\n\nActivity in the allowance\nfor credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 17,971,470 | \u00a0 | \u00a0 | \n$ | 5,885,238 | \u00a0 |
| Provision for expected losses | \u00a0 | \n\u00a0 | 11,537,950 | \u00a0 | \u00a0 | \n\u00a0 | 13,389,767 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (8,009,358 | ) | \u00a0 | \n\u00a0 | (4,689,765 | ) |
| Balance at March 31 | \u00a0 | \n\u00a0 | 21,500,062 | \u00a0 | \u00a0 | \n\u00a0 | 14,585,240 | \u00a0 |
As of March\u00a031, 2026\nand June\u00a030, 2025, accounts receivable consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | \n$ | 50,151,620 | \u00a0 | \u00a0 | \n$ | 65,002,773 | \u00a0 |
| Allowance for credit losses | \u00a0 | \n\u00a0 | (21,500,062 | ) | \u00a0 | \n\u00a0 | (17,971,470 | ) |
| Accounts receivable, net | \u00a0 | \n$ | 28,651,558 | \u00a0 | \u00a0 | \n$ | 47,031,303 | \u00a0 |
Activity in the allowance\nfor credit losses is below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 17,971,470 | \u00a0 | \u00a0 | \n$ | 5,885,238 | \u00a0 |
| Provision for expected losses | \u00a0 | \n\u00a0 | 11,537,950 | \u00a0 | \u00a0 | \n\u00a0 | 13,389,767 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \n\u00a0 | (8,009,358 | ) | \u00a0 | \n\u00a0 | (4,689,765 | ) |
| Balance at March 31 | \u00a0 | \n\u00a0 | 21,500,062 | \u00a0 | \u00a0 | \n\u00a0 | 14,585,240 | \u00a0 |
NOTE 5. PREPAID EXPENSES AND OTHER CURRENT\nASSETS
\n\n\u00a0
\n\nAs of March 31, 2026 and June\u00a030,\n2025, prepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 1,195,213 | \u00a0 | \u00a0 | \n$ | 1,133,083 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 126,301 | \u00a0 | \u00a0 | \n\u00a0 | 270,545 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 777,224 | \u00a0 | \u00a0 | \n\u00a0 | 322,690 | \u00a0 |
| Deposits paid | \u00a0 | \n\u00a0 | 256,995 | \u00a0 | \u00a0 | \n\u00a0 | 194,390 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \n\u00a0 | 1,168,008 | \u00a0 | \u00a0 | \n\u00a0 | 323,797 | \u00a0 |
| Total | \u00a0 | \n$ | 3,523,741 | \u00a0 | \u00a0 | \n$ | 2,244,505 | \u00a0 |
As of March 31, 2026 and June\u00a030,\n2025, prepaid expenses and other current assets consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | \n$ | 1,195,213 | \u00a0 | \u00a0 | \n$ | 1,133,083 | \u00a0 |
| Prepayments | \u00a0 | \n\u00a0 | 126,301 | \u00a0 | \u00a0 | \n\u00a0 | 270,545 | \u00a0 |
| Other receivable | \u00a0 | \n\u00a0 | 777,224 | \u00a0 | \u00a0 | \n\u00a0 | 322,690 | \u00a0 |
| Deposits paid | \u00a0 | \n\u00a0 | 256,995 | \u00a0 | \u00a0 | \n\u00a0 | 194,390 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \n\u00a0 | 1,168,008 | \u00a0 | \u00a0 | \n\u00a0 | 323,797 | \u00a0 |
| Total | \u00a0 | \n$ | 3,523,741 | \u00a0 | \u00a0 | \n$ | 2,244,505 | \u00a0 |
NOTE 6. PROPERTY, PLANT AND EQUIPMENT, NET
\n\n\u00a0
\n\nAs of March 31, 2026 and June\u00a030,\n2025, property, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 816,894 | \u00a0 | \u00a0 | \n$ | 817,327 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,655,748 | \u00a0 | \u00a0 | \n\u00a0 | 1,648,733 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 905,271 | \u00a0 | \u00a0 | \n\u00a0 | 877,685 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 1,184,976 | \u00a0 | \u00a0 | \n\u00a0 | 894,919 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 4,562,889 | \u00a0 | \u00a0 | \n\u00a0 | 4,238,664 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (1,897,355 | ) | \u00a0 | \n\u00a0 | (1,285,864 | ) |
| Total | \u00a0 | \n$ | 2,665,534 | \u00a0 | \u00a0 | \n$ | 2,952,800 | \u00a0 |
\u00a0
\n\nFor the three months ended\nMarch 31, 2026 and 2025, depreciation expense amounted to $181,674 and $177,328, respectively. For the nine months ended March 31, 2026\nand 2025, depreciation expense amounted to $611,491 and $534,100, respectively.
\n\n\u00a0
\n\nConstruction-in-progress\nrefers to the office and production plant that are under construction in Malaysia, which are expected to be put into use during fiscal\nyear 2026.
"}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of March 31, 2026 and June\u00a030,\n2025, property, plant and equipment consisted of the following:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Leasehold improvements | \u00a0 | \n$ | 816,894 | \u00a0 | \u00a0 | \n$ | 817,327 | \u00a0 |
| Office and other equipment | \u00a0 | \n\u00a0 | 1,655,748 | \u00a0 | \u00a0 | \n\u00a0 | 1,648,733 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 905,271 | \u00a0 | \u00a0 | \n\u00a0 | 877,685 | \u00a0 |
| Construction-in-progress | \u00a0 | \n\u00a0 | 1,184,976 | \u00a0 | \u00a0 | \n\u00a0 | 894,919 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 4,562,889 | \u00a0 | \u00a0 | \n\u00a0 | 4,238,664 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (1,897,355 | ) | \u00a0 | \n\u00a0 | (1,285,864 | ) |
| Total | \u00a0 | \n$ | 2,665,534 | \u00a0 | \u00a0 | \n$ | 2,952,800 | \u00a0 |
NOTE 7. EQUITY METHOD INVESTMENT
\n\n\u00a0
\n\nOn April 5, 2024, Aspire North\nAmerica entered into a capital contribution, subscription, and joint venture agreement with several other parties. Pursuant to joint venture\nagreement, the parties created a legal entity, IKE Tech LLC (\u201cIKE\u201d), whose business is licensing, owning, operating and developing\nan industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market as the related planned submission of\nPMTA applications that seek FDA marketing orders for cutting-edge technologies across the U.S. e-cigarette market. Ispire contributed\n$1 million to IKE in cash for funding its operating activities and entered into a binding commitment to make an additional capital contribution\nto IKE in the aggregate amount of up to $9 million. In exchange for Ispire\u2019s total investment of $10 million, IKE issued to Ispire\nmembership interests in an aggregate amount initially equal to forty percent (40%) of the membership interests in IKE.
\n\n\u00a0
\n\nAs of March 31, 2026 and June\u00a030,\n2025, the investment in joint venture accounted for under the equity method amounted to $8,839,130 and $9,515,546, respectively. As of\nMarch 31, 2026, the Company noticed no indicator of impairment regarding the investment.
\n\n\u00a0
\n\nFor the three months ended\nMarch 31, 2026 and 2025, the Company\u2019s share of the joint venture\u2019s net loss was $290,083 and $230,360, respectively. For\nthe nine months ended March 31, 2026 and 2025, the Company\u2019s share of the joint venture\u2019s net loss was $676,416 and $407,028,\nrespectively. The loss was included in \u201cother income (expense), net\u201d in the unaudited condensed consolidated statements of\noperations and comprehensive loss.
The tables below present\u00a0the\nsummarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Current assets | \u00a0 | \n$ | 18,743,469 | \u00a0 | \u00a0 | \n$ | 20,583,827 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 3,501,721 | \u00a0 | \u00a0 | \n\u00a0 | 2,568,283 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 1,062,250 | \u00a0 | \u00a0 | \n\u00a0 | 278,128 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 21,182,940 | \u00a0 | \u00a0 | \n\u00a0 | 22,873,982 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Net revenue | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Loss from operations | \u00a0 | \n\u00a0 | 1,691,041 | \u00a0 | \u00a0 | \n\u00a0 | 1,017,570 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 1,691,041 | \u00a0 | \u00a0 | \n\u00a0 | 1,017,570 | \u00a0 |
The tables below present\u00a0the\nsummarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Current assets | \u00a0 | \n$ | 18,743,469 | \u00a0 | \u00a0 | \n$ | 20,583,827 | \u00a0 |
| Noncurrent assets | \u00a0 | \n\u00a0 | 3,501,721 | \u00a0 | \u00a0 | \n\u00a0 | 2,568,283 | \u00a0 |
| Current liabilities | \u00a0 | \n\u00a0 | 1,062,250 | \u00a0 | \u00a0 | \n\u00a0 | 278,128 | \u00a0 |
| Equity | \u00a0 | \n\u00a0 | 21,182,940 | \u00a0 | \u00a0 | \n\u00a0 | 22,873,982 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Net revenue | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 | ||
| Gross profit (loss) | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Loss from operations | \u00a0 | \n\u00a0 | 1,691,041 | \u00a0 | \u00a0 | \n\u00a0 | 1,017,570 | \u00a0 |
| Net loss | \u00a0 | \n\u00a0 | 1,691,041 | \u00a0 | \u00a0 | \n\u00a0 | 1,017,570 | \u00a0 |
NOTE 8. CONTRACT LIABILITIES
\n\n\u00a0
\n\nAs of March\u00a031, 2026\nand June\u00a030, 2025, the Company had total contract liabilities of $3,043,470 and $4,861,250, respectively. These liabilities are advance\ndeposits received from customers after an order has been placed. The decrease in the balance at March\u00a031, 2026 was due to less orders\non hand on that date. The amount of revenue recognized in the nine months ended March 31, 2026, that was included in the opening contract\nliability balance was $3,644,391.
\n\n\u00a0
\n\nChanges in the contract liabilities\nis below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 4,861,250 | \u00a0 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 32,738,937 | \u00a0 | \u00a0 | \n\u00a0 | 23,052,449 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (34,556,717 | ) | \u00a0 | \n\u00a0 | (23,387,872 | ) |
| Balance at March\u00a031 | \u00a0 | \n\u00a0 | 3,043,470 | \u00a0 | \u00a0 | \n\u00a0 | 1,882,743 | \u00a0 |
Changes in the contract liabilities\nis below:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nNine\u00a0Months\u00a0Ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | \n$ | 4,861,250 | \u00a0 | \u00a0 | \n$ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \n\u00a0 | 32,738,937 | \u00a0 | \u00a0 | \n\u00a0 | 23,052,449 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \n\u00a0 | (34,556,717 | ) | \u00a0 | \n\u00a0 | (23,387,872 | ) |
| Balance at March\u00a031 | \u00a0 | \n\u00a0 | 3,043,470 | \u00a0 | \u00a0 | \n\u00a0 | 1,882,743 | \u00a0 |
NOTE 9. LEASES
\n\n\u00a0
\n\nThe Company has operating\nlease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms of two to five years.
\n\n\u00a0
\n\nLeases with an initial term\nof 12 months or less are not presented as right-of-use assets on the unaudited condensed consolidated balance sheet and are expensed over\nthe lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease\nterm at commencement date.
\n\n\u00a0
\n\nThe balances for the right-of-use\nassets and lease liabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of | \u00a0 | \u00a0 | \nAs of | \u00a0 | ||
| \u00a0 | \u00a0 | \nMarch\u00a031, 2026 | \u00a0 | \u00a0 | \nJune\u00a030, 2025 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 3,855,373 | \u00a0 | \u00a0 | \n$ | 5,030,005 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 1,546,770 | \u00a0 | \u00a0 | \n$ | 1,838,815 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 2,265,347 | \u00a0 | \u00a0 | \n\u00a0 | 3,267,522 | \u00a0 |
| Total | \u00a0 | \n$ | 3,812,117 | \u00a0 | \u00a0 | \n$ | 5,106,337 | \u00a0 |
\u00a0
\n\nThe Company had impairment\nof operating lease right-of-use assets during the three and nine months ended March\u00a031, 2026 and 2025.
As of March\u00a031, 2026,\nthe maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, 2026 | \u00a0 | |
| April 1, 2026 to June 30, 2026 | \u00a0 | \n$ | 497,887 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 1,585,914 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 779,653 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \n\u00a0 | 698,977 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \n\u00a0 | 465,985 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,028,416 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (216,299 | ) |
| Total lease liabilities | \u00a0 | \n$ | 3,812,117 | \u00a0 |
\u00a0
\n\nThe Company incurred lease\ncosts, which include the payment of short-term leases, of $560,678 and $434,935 on the Company\u2019s unaudited condensed consolidated\nstatements of operations and comprehensive loss for the three months ended March\u00a031, 2026 and 2025, respectively. The Company incurred\nlease costs, which include the payment of short-term leases, of $1,661,331 and $1,200,668 on the Company\u2019s unaudited condensed consolidated\nstatements of operations and comprehensive loss for the nine months ended March\u00a031, 2026 and 2025, respectively.
\n\n\u00a0
\n\nThe Company made payments\nof $570,488 and $440,173 under the lease agreements during the three months ended March\u00a031, 2026 and 2025, respectively. The Company\nmade payments of $1,630,465 and $1,160,813 under the lease agreements during the nine months ended March\u00a031, 2026 and 2025, respectively.
\n\n\u00a0
\n\nThe weighted-average remaining\nlease term related to the Company\u2019s lease liabilities as of March\u00a031, 2026 and June\u00a030, 2025 was 3.0 years and 3.4 years,\nrespectively.
\n\n\u00a0
\n\nThe discount rate related\nto the Company\u2019s lease liabilities as of March\u00a031, 2026 and June\u00a030, 2025 was 6.1% and 6.4%, respectively. The discount\nrates are generally based on estimates of the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s\nleases cannot be readily determined.
"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRemainingLeaseTerm","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-627","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-628","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use\nassets and lease liabilities where the Company is the lessee are presented as follow:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of | \u00a0 | \u00a0 | \nAs of | \u00a0 | ||
| \u00a0 | \u00a0 | \nMarch\u00a031, 2026 | \u00a0 | \u00a0 | \nJune\u00a030, 2025 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | \n$ | 3,855,373 | \u00a0 | \u00a0 | \n$ | 5,030,005 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | \n$ | 1,546,770 | \u00a0 | \u00a0 | \n$ | 1,838,815 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \n\u00a0 | 2,265,347 | \u00a0 | \u00a0 | \n\u00a0 | 3,267,522 | \u00a0 |
| Total | \u00a0 | \n$ | 3,812,117 | \u00a0 | \u00a0 | \n$ | 5,106,337 | \u00a0 |
As of March\u00a031, 2026,\nthe maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, 2026 | \u00a0 | |
| April 1, 2026 to June 30, 2026 | \u00a0 | \n$ | 497,887 | \u00a0 |
| July 1, 2026 to June 30, 2027 | \u00a0 | \n\u00a0 | 1,585,914 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \n\u00a0 | 779,653 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \n\u00a0 | 698,977 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \n\u00a0 | 465,985 | \u00a0 |
| Total future lease payments | \u00a0 | \n\u00a0 | 4,028,416 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (216,299 | ) |
| Total lease liabilities | \u00a0 | \n$ | 3,812,117 | \u00a0 |
NOTE 10. ACCRUED LIABILITIES AND OTHER PAYABLES
\n\n\u00a0
\n\nAs of March\u00a031, 2026\nand June\u00a030, 2025, accrued liabilities and other payables consisted of the following:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 4,542,863 | \u00a0 | \u00a0 | \n$ | 5,841,174 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 132,277 | \u00a0 | \u00a0 | \n\u00a0 | 502,669 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 73,734 | \u00a0 | \u00a0 | \n\u00a0 | 372,294 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 875,449 | \u00a0 | \u00a0 | \n\u00a0 | 1,180,982 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 378,236 | \u00a0 | \u00a0 | \n\u00a0 | 201,922 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 6,003,509 | \u00a0 | \u00a0 | \n$ | 8,099,991 | \u00a0 |
\u00a0
\n\nJoint venture investment payable\nrefers to payable to IKE, which is a related party, please see Note 7 and Note 11 for details.
"}]},{"name":"rpt:f-659","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of March\u00a031, 2026\nand June\u00a030, 2025, accrued liabilities and other payables consisted of the following:\u00a0
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nAs of March 31, | \u00a0 | \u00a0 | \nAs of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | \n$ | 4,542,863 | \u00a0 | \u00a0 | \n$ | 5,841,174 | \u00a0 |
| Other payables | \u00a0 | \n\u00a0 | 132,277 | \u00a0 | \u00a0 | \n\u00a0 | 502,669 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \n\u00a0 | 73,734 | \u00a0 | \u00a0 | \n\u00a0 | 372,294 | \u00a0 |
| Accrued expenses | \u00a0 | \n\u00a0 | 875,449 | \u00a0 | \u00a0 | \n\u00a0 | 1,180,982 | \u00a0 |
| Reserve for product returns | \u00a0 | \n\u00a0 | 378,236 | \u00a0 | \u00a0 | \n\u00a0 | 201,922 | \u00a0 |
| Other tax payable | \u00a0 | \n\u00a0 | 950 | \u00a0 | \u00a0 | \n\u00a0 | 950 | \u00a0 |
| Total | \u00a0 | \n$ | 6,003,509 | \u00a0 | \u00a0 | \n$ | 8,099,991 | \u00a0 |
NOTE 11. RELATED PARTY TRANSACTIONS\u00a0
\n\n\u00a0
\n\n| a) | The table below sets forth the major related parties and their relationships with the Company: |
\u00a0
\n\n| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| - Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| - Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is an entity wholly owned and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
| - IKE Tech LLC, a joint venture in which the Company has a 40% membership interest. |
| - Jin Wu Health Limited (\u201cJin Wu\u201d), a joint venture in which the Company has a 49% equity interest. |
\u00a0
\n\n| b) | Tuanfang Liu is also Aspire Global\u2019s chief executive officer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director of both companies. As of March\u00a031, 2026, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of March\u00a031, 2026,\u00a0Mr. Liu and Ms. Zhu beneficially own 57.9% and 4.4%, respectively, of the outstanding shares of the Company. |
\u00a0
\n\n| c) | For the three months ended March\u00a031, 2026 and 2025, the majority of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of March\u00a031, 2026 and June 30, 2025, the accounts payable \u2013 related party were $38,159,288 and $52,420,256, respectively, which was payable to Shenzhen Yi Jia. There are no fixed payment terms regarding these balances, and they are classified as current liabilities. For the three months ended March\u00a031, 2026 and 2025, the purchases from Shenzhen Yi Jia were $14,008,888 and $17,951,993, respectively. For the nine months ended March\u00a031, 2026 and 2025, the purchases from Shenzhen Yi Jia were $52,605,290 and $79,510,476, respectively. |
\u00a0
\n\n| d) | The amount due to a related party (non-current) balances at March\u00a031,\n2026 and June\u00a030, 2025 represent amounts due to Shenzhen Yi Jia of $35,000,000 and $25,000,000, respectively. These balances were\nreclassified from accounts payable \u2013 related party as Shenzhen Yi Jia agreed not to seek repayment of this balance for twelve months\nstarting from May 9, 2026. The balances are non-interest bearing and unsecured. |
\u00a0
\n\n| e) | As of March\u00a031, 2026 and June\u00a030, 2025, the Company had total accounts receivable of $399,182\u00a0and\u00a0$75,147\u00a0due from IKE. For the three months ended March\u00a031, 2026 and 2025,\u00a0the Company recorded\u00a0$166,615 and\u00a0$33,221 in other income from IKE from charging administrative fees. For the nine months ended March\u00a031, 2026 and 2025,\u00a0the Company recorded\u00a0$288,829\u00a0and\u00a0$105,293 in other income from IKE from charging administrative fees. |
| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the Co-Chief Executive Officer and Chairman of the Company. |
| - Jiangyan Zhu is the wife of Tuanfang Liu and a director of the Company. |
| - Eigate (Hong Kong) Technology Co., Limited (\u201cEigate\u201d) is an entity wholly owned and controlled by the Company\u2019s Chairman. |
| - Aspire Global is a company controlled by the Chairman of the Company. |
| - Aspire International Hong Kong Limited is a wholly-owned subsidiary of Aspire Global. |
| - Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s Chairman and 5% by the Chairman\u2019s cousin. |
| - IKE Tech LLC, a joint venture in which the Company has a 40% membership interest. |
| - Jin Wu Health Limited (\u201cJin Wu\u201d), a joint venture in which the Company has a 49% equity interest. |
NOTE 12. INCOME TAXES\u00a0
\n\n\u00a0
\n\nFor the three and nine months\nended March\u00a031, 2026 and 2025 loss before income taxes consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 1,195,873 | \u00a0 | \u00a0 | \n$ | 1,083,440 | \u00a0 | \u00a0 | \n$ | 4,978,838 | \u00a0 | \u00a0 | \n$ | 6,616,549 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (9,817,528 | ) | \u00a0 | \n\u00a0 | (11,744,739 | ) | \u00a0 | \n\u00a0 | (21,653,578 | ) | \u00a0 | \n\u00a0 | (28,948,956 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (723,921 | ) | \u00a0 | \n\u00a0 | (18,206 | ) | \u00a0 | \n\u00a0 | (1,939,955 | ) | \u00a0 | \n\u00a0 | (1,023,973 | ) |
| Total | \u00a0 | \n$ | (9,345,576 | ) | \u00a0 | \n$ | (10,679,505 | ) | \u00a0 | \n$ | (18,614,695 | ) | \u00a0 | \n$ | (23,356,380 | ) |
Income\ntaxes recorded for the three and nine months ended\u00a0March\u00a031, 2026 and 2025, were\nestimated using the discrete method. Income taxes are based on the Company\u2019s financial results through the end of the period, as\nwell as the related change in the valuation allowance on deferred tax assets. The Company is unable to estimate the annual effective tax\nrate with sufficient precision for purposes of the effective tax rate method, which requires the Company to consider a projection of full-year\nincome and the expected change in the valuation allowance. The estimated annual effective tax rate method was not reliable due to its\nsensitivity to small changes to forecasted annual pre-tax earnings and the effect of the valuation allowance, which create results with\nsignificant variations in the customary relationship between income tax expense and pre-tax income for the interim periods. As a result,\nthe Company determined that using the discrete method is more appropriate than using the annual effective tax rate method.
\n\n\u00a0
\n\nThe Company\u2019s effective\ntax rate from operations was (1.90%) and (1.66%) for the three months ended March\u00a031, 2026 and 2025, respectively. The Company\u2019s\neffective tax rate from operations was (4.14%) and (4.68%) for the nine months ended March\u00a031, 2026 and 2025, respectively. The Company\u2019s\neffective tax rate differs from the federal statutory rate of 21% in each period primarily due to the Company\u2019s net loss position,\nnondeductible expenses, and valuation allowance.
\n\n\u00a0
\n\nIncome tax expense of $177,407 and $176,990 was from income generated\nduring the three months ended March\u00a031, 2026 and 2025, respectively. Income tax expense of $770,062 and $1,093,774 was from income\ngenerated during the nine months ended March\u00a031, 2026 and 2025, respectively. The Majority of income tax expenses arose from Hong\nKong operations, and the remaining are state taxes from U.S. operations.
"}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-04-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the three and nine months\nended March\u00a031, 2026 and 2025 loss before income taxes consists of:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| HK | \u00a0 | \n$ | 1,195,873 | \u00a0 | \u00a0 | \n$ | 1,083,440 | \u00a0 | \u00a0 | \n$ | 4,978,838 | \u00a0 | \u00a0 | \n$ | 6,616,549 | \u00a0 |
| U.S. | \u00a0 | \n\u00a0 | (9,817,528 | ) | \u00a0 | \n\u00a0 | (11,744,739 | ) | \u00a0 | \n\u00a0 | (21,653,578 | ) | \u00a0 | \n\u00a0 | (28,948,956 | ) |
| Malaysia | \u00a0 | \n\u00a0 | (723,921 | ) | \u00a0 | \n\u00a0 | (18,206 | ) | \u00a0 | \n\u00a0 | (1,939,955 | ) | \u00a0 | \n\u00a0 | (1,023,973 | ) |
| Total | \u00a0 | \n$ | (9,345,576 | ) | \u00a0 | \n$ | (10,679,505 | ) | \u00a0 | \n$ | (18,614,695 | ) | \u00a0 | \n$ | (23,356,380 | ) |
NOTE 13. STOCK-BASED COMPENSATION\u00a0
\n\n\u00a0
\n\nIn October 2022, the board\nof directors and stockholders of the Company approved the 2022 Equity Incentive Plan (as amended, the \u201cPlan\u201d) pursuant to\nwhich up to 15,000,000 shares of common stock may be issued pursuant to options, restricted stock or RSUs grants. The Plan is administered\nby the Compensation Committee of the Board of Directors. Awards under the Plan may be granted to officers, directors, employees and those\nconsultants who qualify as a consultant or advisor under the instructions to the Company\u2019s Form S-8 (File No. 333-273458) initially\nfiled with U.S. Securities and Exchange Commission on July 26, 2023, and amended on November 15, 2024. The Compensation Committee has\nbroad discretion in making awards, provided that any options shall be exercisable at the fair market value on the date of grant.
\n\n\u00a0
\n\nRestricted stock
\n\n\u00a0
\n\nDuring the three months ended March 31, 2026 and 2025, 106,578 and 38,873 shares of common stock were issued to the Company\u2019s board\nof directors and service providers in settlement of restricted stock granted under the Plan, respectively. During the nine months ended\nMarch 31, 2026 and 2025, 190,718 and 206,271 shares of common stock were issued to the Company\u2019s board of directors and service\nproviders in settlement of restricted stock granted under the Plan, respectively. Restricted stock granted to directors were fully vested\nas of March 31, 2026. The Company recognized stock-based compensation expense totaling $235,004 and $126,778 during the three months ended\nMarch 31, 2026 and 2025, respectively, and $475,988 and $320,099 for the nine months ended March 31, 2026 and 2025, respectively. These\nexpenses were related to the restricted stock issued to the Company\u2019s board of directors and a service provider, based on the grant\ndate fair value of the awards, excluding performance shares. There are no unrecognized compensation expenses related to the restricted\nstock awards granted to one service provider as of March 31, 2026.
In June 2024, the Company\nentered into consulting agreements with two consultants which provide for the issuance of up to 150,000 shares of common stock to each\nconsultant (a total of 300,000 shares of common stock). Under the terms of the consulting agreements, (a) 25,000 shares of common stock\nvested upon execution of the consulting agreements (a total of 50,000 shares of common stock), (b) 100,000 shares of common stock will\nvest upon the attainment of five separate sales-based targets, in 20,000 share increments (a total of 200,000 shares of common stock),\nand (c) 25,000 shares of common stock will vest on October 1, 2027, if the consulting agreements have not been terminated (a total of\n50,000 shares of common stock). For the three and nine months ended March\u00a031, 2026 and 2025, the Company has not issued or vested\nany common stock related to this consulting agreement with performance-based conditions.
\n\n\u00a0
\n\nIn July 2024, the Company\nentered into consulting agreements with two consultants, which provide for the issuance of up to 140,000 shares of common stock to each\nconsultant (a total of 280,000 shares of common stock). Under the terms of the consulting agreements, these 140,000 shares of common stock\nwill vest upon the attainment of six separate sales-based targets, in 20,000 share increments, if the consulting agreements have not been\nterminated.
\n\n\u00a0
\n\nIn July 2024, the Company\nentered into consulting agreements with two consultants, which provide for the issuance of up to 400,000 shares of common stock to each\nconsultant (a total of 800,000 shares of common stock). Under the terms of the consulting agreements, (a) 75,000 shares of common stock\nvested upon execution of the consulting agreements, (b) 300,000 shares of common stock will vest upon the attainment of three separate\nsales-based targets, in 100,000 share increments (a total of 300,000 shares of common stock), and (c) 25,000 shares of common stock will\nvest upon the attainment of one separate sales-based target, if the consulting agreements have not been terminated. These consultant agreements\nwere subsequently cancelled by June 30, 2025. Upon cancellation, 150,000 shares from the consultant agreements had been vested and issued,\nand there were 650,000 unissued and unvested shares being cancelled. During the three and nine months ended March 31,2026, the Company\nhas not issued or vested any common stock related to this consulting agreement with performance-based conditions. During the three and\nnine months ended March 31, 2025, zero and 150,000 shares of common stock were issued and vested.
\n\n\u00a0
\n\nThe shares of common stock\nfrom the above discussed consulting agreements that vest upon the attainment of the sales-based targets include performance-based vesting\nconditions, which the Company has determined were not probable of being achieved at March 31, 2026. As such, the Company has not recognized\nany compensation expense for the three and nine months ended March 31, 2026, related to the restricted common stock with performance-based\nvesting conditions. For the three and nine months ended March 31, 2025, the stock-based compensation expense related to the performance-based\nrestricted common stock was and $961,500, respectively.
\n\n\u00a0
\n\nStock Options
\n\n\u00a0
\n\nDuring the three months ended\nMarch 31, 2026, there were stock options granted. During the nine months ended March 31, 2026, there were 490,000 stock options granted,\nand these options shall vest over three years with the initial 1/3 of the awarded options vesting on the one-year anniversary of the grant\ndate, with the remaining 2/3 of the award vesting monthly on a 1/24th pro-rata basis for the following 24 months thereafter\nfor each employee. During the three months ended March 31, 2025, there were 67,500 stock options granted. During the nine months ended\nMarch 31, 2025, there were 465,000 stock options granted, and these options shall vest over four years with the initial 25% of the awarded\noptions vesting on the one-year anniversary of the grant date, with the remaining 75% of the award vesting monthly on a 1/36th\npro-rata basis for the following 36 months thereafter for each employee.\u00a0
\n\n\u00a0
\n\nAccording to the Plan, vested\nstock options that are not exercised within three months after termination of employment will be expired. During the three months ended\nMarch 31, 2026 and 2025, there were 24,479 and zero stock options being expired. During the nine months ended March 31, 2026 and 2025,\nthere were 62,604 and zero stock options being expired.
The following is a summary\nof stock option activity transactions as of and for the nine months ended March 31, 2026 and 2025:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number of options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at July 1, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 490,000 | \u00a0 | \u00a0 | $ | 2.70 | \u00a0 | \u00a0 | $ | 1.62 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| Expired | \u00a0 | \u00a0 | (62,604 | ) | \u00a0 | $ | 8.46 | \u00a0 | \u00a0 | $ | 4.85 | \u00a0 | \u00a0 | \u00a0 | 7.9 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (321,771 | ) | \u00a0 | $ | 5.81 | \u00a0 | \u00a0 | $ | 3.47 | \u00a0 | \u00a0 | \u00a0 | 8.8 | \u00a0 |
| Outstanding at March 31, 2026 | \u00a0 | \u00a0 | 1,543,750 | \u00a0 | \u00a0 | $ | 6.86 | \u00a0 | \u00a0 | $ | 3.87 | \u00a0 | \u00a0 | \u00a0 | 8.8 | \u00a0 |
| Exercisable at March 31, 2026 | \u00a0 | \u00a0 | 694,479 | \u00a0 | \u00a0 | $ | 8.55 | \u00a0 | \u00a0 | $ | 4.68 | \u00a0 | \u00a0 | \u00a0 | 6.7 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | Number of\u00a0 options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at July 1, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.6 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (1,417,219 | ) | \u00a0 | $ | 9.69 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.5 | \u00a0 |
| Outstanding at March 31, 2025 | \u00a0 | \u00a0 | 2,302,709 | \u00a0 | \u00a0 | $ | 8.12 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 7.8 | \u00a0 |
| Exercisable at March 31, 2025 | \u00a0 | \u00a0 | 798,751 | \u00a0 | \u00a0 | $ | 9.07 | \u00a0 | \u00a0 | $ | 4.96 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 |
\u00a0
\n\nThe aggregate intrinsic value\nof options outstanding with an exercise price less than the closing price of the Company\u2019s common stock as of March 31, 2026 was\n$0. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price on the last trading day of the period in\nexcess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
\n\n\u00a0
\n\nTotal expense of options vested\nfor the three months ended March 31, 2026 and 2025, was $318,857 and $564,680, respectively. Total expense of options vested for the nine\nmonths ended March 31, 2026 and 2025, was $957,857 and $189,884, respectively. The options granted during the nine months ended March\n31, 2026 and 2025 were valued using the binomial option pricing model based on the following range of assumptions:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Nine months ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Exercise multiple | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 60 | % | \u00a0 | \u00a0 | 60 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.380 | % | \u00a0 | \u00a0 | 3.650% - 4.540 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
RSUs
\n\n\u00a0
\n\nRSUs granted to employees\nvest cumulatively as to one-third of the restricted stock units on each of the first three anniversaries of the date of grant based on\ncontinues service. Each vested RSU entitles the holder to receive one share of common stock upon exercise. RSUs are accounted for as equity\nusing the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees, directors\nand consultants based upon the grant-date fair value.
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, July 1, 2025 | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n$ | 6.35 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 210,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.70 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (31,990 | ) | \u00a0 | \n\u00a0 | 6.62 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Unvested, March 31, 2026 | \u00a0 | \n\u00a0 | 582,980 | \u00a0 | \u00a0 | \n$ | 5.02 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, July 1, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 1,215,346 | \u00a0 | \u00a0 | \n\u00a0 | 6.15 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (593,608 | ) | \u00a0 | \n\u00a0 | 7.12 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (435,351 | ) | \u00a0 | \n\u00a0 | 8.02 | \u00a0 |
| Unvested, March 31, 2025 | \u00a0 | \n\u00a0 | 669,993 | \u00a0 | \u00a0 | \n$ | 6.68 | \u00a0 |
\u00a0
\n\nTotal expense for the RSUs during the three months ended March 31,\n2026 and 2025 was $438,617 and $779,419, respectively. Total expense for the RSUs during the nine months ended March 31, 2026 and 2025\nwas $1,318,622 and $3,452,268, respectively. During the three months ended March 31, 2026 and 2025, there were 20,000 and 419,600 shares\nissued as a result of employees exercising vested RSUs granted to them. During the nine months ended March 31, 2026 and 2025, there were\n31,990 and 459,548 shares issued as a result of employees exercising vested RSUs granted to them.
\n\n\u00a0
\n\nThe following table summarizes\nthe allocation of stock-based compensation in the accompanying unaudited condensed consolidated statements of operations and comprehensive\nloss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | 924,138 | \u00a0 | \u00a0 | \n$ | 1,385,087 | \u00a0 | \u00a0 | \n$ | 2,437,853 | \u00a0 | \u00a0 | \n$ | 3,701,071 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 68,340 | \u00a0 | \u00a0 | \n\u00a0 | 85,790 | \u00a0 | \u00a0 | \n\u00a0 | 314,614 | \u00a0 | \u00a0 | \n\u00a0 | 1,222,680 | \u00a0 |
| Total | \u00a0 | \n$ | 992,478 | \u00a0 | \u00a0 | \n$ | 1,470,877 | \u00a0 | \u00a0 | \n$ | 2,752,467 | \u00a0 | \u00a0 | \n$ | 4,923,751 | \u00a0 |
\u00a0
\n\nAs of March 31, 2026, the\nCompany had approximately $3,484,146 in unrecognized compensation expenses related to all non-vested options and RSUs that will be recognized\nover the weighted-average period of 1.61 years.
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following is a summary\nof stock option activity transactions as of and for the nine months ended March 31, 2026 and 2025:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | Number of options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at July 1, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 490,000 | \u00a0 | \u00a0 | $ | 2.70 | \u00a0 | \u00a0 | $ | 1.62 | \u00a0 | \u00a0 | \u00a0 | 9.5 | \u00a0 |
| Expired | \u00a0 | \u00a0 | (62,604 | ) | \u00a0 | $ | 8.46 | \u00a0 | \u00a0 | $ | 4.85 | \u00a0 | \u00a0 | \u00a0 | 7.9 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (321,771 | ) | \u00a0 | $ | 5.81 | \u00a0 | \u00a0 | $ | 3.47 | \u00a0 | \u00a0 | \u00a0 | 8.8 | \u00a0 |
| Outstanding at March 31, 2026 | \u00a0 | \u00a0 | 1,543,750 | \u00a0 | \u00a0 | $ | 6.86 | \u00a0 | \u00a0 | $ | 3.87 | \u00a0 | \u00a0 | \u00a0 | 8.8 | \u00a0 |
| Exercisable at March 31, 2026 | \u00a0 | \u00a0 | 694,479 | \u00a0 | \u00a0 | $ | 8.55 | \u00a0 | \u00a0 | $ | 4.68 | \u00a0 | \u00a0 | \u00a0 | 6.7 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | Number of\u00a0 options | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average fair value per option | \u00a0 | \u00a0 | Weighted average remaining contractual life in years | \u00a0 | ||||
| Outstanding at July 1, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.6 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (1,417,219 | ) | \u00a0 | $ | 9.69 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.5 | \u00a0 |
| Outstanding at March 31, 2025 | \u00a0 | \u00a0 | 2,302,709 | \u00a0 | \u00a0 | $ | 8.12 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 7.8 | \u00a0 |
| Exercisable at March 31, 2025 | \u00a0 | \u00a0 | 798,751 | \u00a0 | \u00a0 | $ | 9.07 | \u00a0 | \u00a0 | $ | 4.96 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 |
| \u00a0 | \u00a0 | Nine months ended March 31, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Exercise multiple | \u00a0 | \u00a0 | 2.8 | \u00a0 | \u00a0 | \u00a0 | 2.8 | \u00a0 |
| Expected volatility | \u00a0 | \u00a0 | 60 | % | \u00a0 | \u00a0 | 60 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.380 | % | \u00a0 | \u00a0 | 3.650% - 4.540 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, July 1, 2025 | \u00a0 | \n\u00a0 | 404,970 | \u00a0 | \u00a0 | \n$ | 6.35 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 210,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.70 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (31,990 | ) | \u00a0 | \n\u00a0 | 6.62 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
| Unvested, March 31, 2026 | \u00a0 | \n\u00a0 | 582,980 | \u00a0 | \u00a0 | \n$ | 5.02 | \u00a0 |
\u00a0
\n\n| \u00a0 | \u00a0 | \nShares | \u00a0 | \u00a0 | \nWeighted average grant date fair value | \u00a0 | ||
| Unvested, July 1, 2024 | \u00a0 | \n\u00a0 | 483,606 | \u00a0 | \u00a0 | \n$ | 9.76 | \u00a0 |
| Granted | \u00a0 | \n\u00a0 | 1,215,346 | \u00a0 | \u00a0 | \n\u00a0 | 6.15 | \u00a0 |
| Vested | \u00a0 | \n\u00a0 | (593,608 | ) | \u00a0 | \n\u00a0 | 7.12 | \u00a0 |
| Canceled and forfeited | \u00a0 | \n\u00a0 | (435,351 | ) | \u00a0 | \n\u00a0 | 8.02 | \u00a0 |
| Unvested, March 31, 2025 | \u00a0 | \n\u00a0 | 669,993 | \u00a0 | \u00a0 | \n$ | 6.68 | \u00a0 |
The following table summarizes\nthe allocation of stock-based compensation in the accompanying unaudited condensed consolidated statements of operations and comprehensive\nloss:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| General and administrative expenses | \u00a0 | \n$ | 924,138 | \u00a0 | \u00a0 | \n$ | 1,385,087 | \u00a0 | \u00a0 | \n$ | 2,437,853 | \u00a0 | \u00a0 | \n$ | 3,701,071 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \n\u00a0 | 68,340 | \u00a0 | \u00a0 | \n\u00a0 | 85,790 | \u00a0 | \u00a0 | \n\u00a0 | 314,614 | \u00a0 | \u00a0 | \n\u00a0 | 1,222,680 | \u00a0 |
| Total | \u00a0 | \n$ | 992,478 | \u00a0 | \u00a0 | \n$ | 1,470,877 | \u00a0 | \u00a0 | \n$ | 2,752,467 | \u00a0 | \u00a0 | \n$ | 4,923,751 | \u00a0 |
NOTE 14. LOSS PER SHARE
\n\n\u00a0
\n\nThe following table presents\na reconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (9,522,983 | ) | \u00a0 | \n$ | (10,856,495 | ) | \u00a0 | \n$ | (19,384,757 | ) | \u00a0 | \n$ | (24,450,154 | ) |
| Weighted average basic and diluted share of common stock outstanding | \u00a0 | \n\u00a0 | 57,293,826 | \u00a0 | \u00a0 | \n\u00a0 | 57,003,488 | \u00a0 | \u00a0 | \n\u00a0 | 57,269,726 | \u00a0 | \u00a0 | \n\u00a0 | 56,752,454 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.17 | ) | \u00a0 | \n$ | (0.19 | ) | \u00a0 | \n$ | (0.34 | ) | \u00a0 | \n$ | (0.43 | ) |
The following table presents\na reconciliation of basic net loss per share:
\n\n\u00a0
\n\n| \u00a0 | \u00a0 | \nThree months ended March 31, | \u00a0 | \u00a0 | \nNine months ended March 31, | \u00a0 | ||||||||||
| \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | \u00a0 | \n2026 | \u00a0 | \u00a0 | \n2025 | \u00a0 | ||||
| Net loss | \u00a0 | \n$ | (9,522,983 | ) | \u00a0 | \n$ | (10,856,495 | ) | \u00a0 | \n$ | (19,384,757 | ) | \u00a0 | \n$ | (24,450,154 | ) |
| Weighted average basic and diluted share of common stock outstanding | \u00a0 | \n\u00a0 | 57,293,826 | \u00a0 | \u00a0 | \n\u00a0 | 57,003,488 | \u00a0 | \u00a0 | \n\u00a0 | 57,269,726 | \u00a0 | \u00a0 | \n\u00a0 | 56,752,454 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | \n$ | (0.17 | ) | \u00a0 | \n$ | (0.19 | ) | \u00a0 | \n$ | (0.34 | ) | \u00a0 | \n$ | (0.43 | ) |
NOTE 15. COMMITMENTS AND CONTINGENCIES
\n\n\u00a0
\n\nFrom time to time, the Company\nmay be subject to legal or regulatory proceedings, investigations and claims incidental to the conduct of its business. The Company is\nnot a party to, nor is the Company aware of, any legal or regulatory proceedings, investigations or claims which, in the opinion of our\nmanagement, are likely to have a material adverse effect on our business, financial condition or results of operations.
\n\n\u00a0
\n\nConcurrently with the JV Agreement\n(see Note 7), Ispire entered into an exclusive supply agreement with Berify, whereby Ispire is obligated to purchase all Bluetooth enabled\nintegrated circuits to be used on vape type devices to control the activation of the device that are to be sold to IKE at cost plus a\u00a020%\nmark-up. In addition, IKE entered into an exclusive supply agreement with Ispire, whereby IKE is obligated to purchase at cost plus a\u00a05%\nmark-up all products to be sold by IKE in the nicotine field.
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\n\n\u00a0
\n\nOn February 18, 2026,\nthe Company\u2019s board of director approved the establishment of JinWu, a joint venture between Aspire Science, a wholly owned\nsubsidiary of the Company, and Shandong Jincheng Pharmaceutical Group Co., Ltd. (\u201cJincheng\u201d). A Framework Cooperation\nAgreement of Intent for the formation of a joint venture had been entered into between Aspire Science and Jincheng, in order to explore\nthe opportunity of selling nicotine pouch products, with the aim of enhancing the market competitiveness of both parties. As of the\ndate of this report, the definitive Joint Venture Agreement has not been formally executed, and both parties remain in active\nnegotiations regarding the final terms and conditions.
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