Cyberattacks are a growing geopolitical risk, becoming larger, more frequent, more intricate and more relentless. These attacks represent a significant threat to individual organizations and their ability to conduct daily operations. We rely on accounting, financial, and operational management information systems to conduct our operations. Any disruption in these systems could adversely affect our ability to conduct our business. Furthermore, as part of our normal business activities, we collect and store common confidential information about customers, employees, vendors, and suppliers. This information is entitled to protection under a number of regulatory regimes.
\u00a0
Any failure to maintain the security of the data, including the penetration of our network security and the misappropriation of confidential and personal information, could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with potentially large costs. This scenario may also result in a deterioration of customer confidence in us and potentially other competitive disadvantages. As such, a cyberattack could have a material adverse impact on our financial condition and results of operations.
\u00a0
While we devote resources to implement and maintain security measures to protect our systems and data, these measures cannot provide absolute security against a cyberattack. In such an event, the insurance coverage we maintain may be inadequate to cover claims, costs, and liabilities relating to cybersecurity incidents.
\u00a0
While we have not been subject to cyberattacks and other cyber incidents, we take cybersecurity preparedness seriously. Our risk management framework considers cybersecurity risk alongside other company risks as part of our overall risk assessment process. Employees receive guidance through the Company\u2019s policies regarding the identification and appropriate handling of potential cybersecurity threats and suspicious communications, including verification procedures for sensitive requests, as well as ongoing warnings and updates regarding emerging cybersecurity risks..]
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The Audit Committee of our Board of Directors (the \u201cAudit Committee\u201d) oversees our policies and practices with respect to risk assessment and risk management, including the review, in coordination with our management, of our management of cybersecurity. The Audit Committee receives regular updates from the Cybersecurity Committee on the state of cybersecurity risks we face. This includes briefings on any significant cyber incidents and ongoing risk management efforts. These updates enable the Audit Committee to provide informed reports on cybersecurity matters to the full Board.
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\u00a0
We have audited the accompanying consolidated balance sheets of Ispire Technology Inc. (the \u201cCompany\u201d) as of June 30, 2026 and 2025, the related consolidated statements of operations and comprehensive loss, changes in stockholders\u2019 (deficit) equity and cash flows for each of the two years in the period ended June 30, 2026, and the related notes (collectively referred to as the \u201cfinancial statements\u201d). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2026, in conformity with accounting principles generally accepted in the United States of America.
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1. ORGANIZATION AND PRINCIPAL ACTIVITIES
\u00a0
Ispire Technology Inc. (the \u201cCompany\u201d or \u201cIspire\u201d) was incorporated under the laws of the State of Delaware on June\u00a013, 2022. Through its subsidiaries, the Company is engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products.
\u00a0
Ispire owns a 100% equity interest in Ispire International Limited, a business company incorporated under the laws of the British Virgin Islands (\u201cBVI\u201d) (\u201cIspire International\u201d) on July\u00a06, 2022.
\u00a0
Prior to July 29, 2022, all of the equity of Aspire North America LLC, a California limited liability company (\u201cAspire North America\u201d), was owned by Aspire Global Inc. (\u201cAspire Global\u201d), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (\u201cAspire Science\u201d), was owned by Aspire Global Holdings Limited (\u201cAspire Holdings\u201d), a wholly-owned subsidiary of Aspire Global.
\u00a0
Aspire Global and the Company are related parties since the same individual is the chief executive officer of both companies. As of June 30, 2026, the chief executive officer and his wife, being directors of both companies, owned 66.5% and 5.0% of the equity of Aspire Global, respectively. As of June 30, 2026, they owned 57.6% and 4.3% of the equity of the Company, respectively. On July 29, 2022, Aspire Global transferred 100% of the equity interest in Aspire North America to the Company. On the same day, Aspire Holdings transferred 100% of the equity of Aspire Science to Ispire International. At the time of transfer of the equity in Aspire North America and Aspire Science, the Company had the same stockholders as Aspire Global, and the Company\u2019s stockholders held the same percentage interest in the Company as they had in Aspire Global. Because the transfer of the equity in Aspire North America and Aspire Science is a transfer between related parties, the historical financial information of the subsidiaries is carried forward as the historical financial information of the Company and the 50,000,000 shares that were issued at or about the time of the Company\u2019s organization are treated as being outstanding on July 1, 2020.
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In September 2023, the Company established a wholly-owned subsidiary, Ispire Malaysia Sdn Bhd (\u201cIspire Malaysia\u201d) under the laws of the Federation of Malaysia, in order to establish manufacturing operations in Southeast Asia. Ispire Malaysia was formed by Tuanfang Liu, the Company\u2019s Chairman and Chief Executive Officer on August 2, 2023, and assigned to the Company on September 22, 2023, at a consideration of 100 Malaysian ringgits, equivalent to USD 21.
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In July 2024, the Company established a wholly-owned subsidiary, Aspire AME Electronic Cigarettes Trading LLC (\u201cIspire UAE\u201d) under the laws of the United Arab Emirates (\u201cUAE\u201d), in order to establish sales and marketing in the UAE.
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In October 2024, the Company established a wholly-owned subsidiary, Magellan Trading LLC (Magellan Trading) incorporated under the laws of the State of California to assist in operations and logistics for the Company.
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In January 2025, the Company established Ispire Products UK LTD (\u201cIspire UK\u201d), a wholly owned subsidiary incorporated under the laws of England and Wales, to support the Company\u2019s sales and marketing activities. Ispire UK did not commence operations and had no financial activity. Ispire UK was dissolved in October 2025, and its dissolution had no impact on the Company\u2019s consolidated financial statements.
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In May 2025, the Company established a wholly-owned subsidiary, Ispire Holdings LLC (\u201cIspire Holdings\u201d) incorporated under the laws of the State of Delaware to assist in administration for the Company.
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In June 2025, the Company established a wholly-owned subsidiary, Ispire Ike Holdings LLC (\u201cIspire Ike Holdings\u201d) incorporated under the laws of the State of Delaware to assist in administration for the Company.
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The following table sets forth information concerning the Company and its subsidiaries as of June 30, 2026:
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| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
| Ispire 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 information concerning the Company and its subsidiaries as of June 30, 2026:
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| Name of Entity | \u00a0 | Date of Organization | \u00a0 | Place of Organization | \u00a0 | % of Ownership | \u00a0 | Principal Activities |
| Ispire Technology Inc. | \u00a0 | June\u00a013, 2022 | \u00a0 | Delaware | \u00a0 | Parent\u00a0Company | \u00a0 | Holding Company |
| Ispire International | \u00a0 | July\u00a06, 2022 | \u00a0 | BVI | \u00a0 | 100% | \u00a0 | Holding Company |
| Aspire North America | \u00a0 | February\u00a022,\u00a02020 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Research and Development, Sales and Marketing |
| Aspire Science | \u00a0 | December\u00a09, 2016 | \u00a0 | Hong Kong | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Ispire Malaysia | \u00a0 | August\u00a02, 2023 | \u00a0 | Malaysia | \u00a0 | 100% | \u00a0 | Manufacturing, Sales and Marketing |
| Ispire Global Products LLC | \u00a0 | January 19, 2024 | \u00a0 | Delaware | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Aspire AME Electronic Cigarettes Trading LLC | \u00a0 | July 19, 2024 | \u00a0 | UAE | \u00a0 | 100% | \u00a0 | Sales and Marketing |
| Magellan Trading LLC | \u00a0 | October 1, 2024 | \u00a0 | California | \u00a0 | 100% | \u00a0 | Operations and Logistics |
| Ispire 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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Basis of presentation
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The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
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Emerging growth company
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The Company is an \u201cemerging growth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
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Further, Section\u00a0102(b)(1)\u00a0of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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Basis of consolidation
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The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.
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Use of estimates
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The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses and revenue recognition. Actual results could differ from those estimates.
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Foreign currency translation and transactions
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The consolidated financial statements are presented in USD, which is also the functional currency of the Company. The functional currency of each significant subsidiary is determined based on the primary economic environment in which the entity operates. The functional currency for Aspire North America and Aspire Science is USD, and the functional currency for Ispire Malaysia is Malaysia ringgit.
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Transactions denominated in currencies other than the Company\u2019s functional currency are translated into functional currency using the exchange rates prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the spot exchange rate at that date. Non-monetary items are translated using historical exchange rates. Gains and losses resulting from foreign currency transactions and remeasurements are recognized in the Consolidated Statements of Operations and Comprehensive Loss under \u201cOther income (expense)\u201d in the period in which they arise.
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For foreign subsidiaries whose functional currency is a currency other than USD, financial statements are translated into USD for consolidation purposes. Assets and liabilities are translated at the closing spot exchange rates in effect at the balance sheet date. Income statement accounts are translated at the weighted-average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are excluded from net income and are recorded as a separate component of accumulated other comprehensive income loss within stockholders\u2019 equity.
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Cash and restricted cash
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Cash includes currency on hand, deposits held by banks and other financial institutions that can be added or withdrawn without limitation.\u00a0Restricted cash consists of cash that is legally or contractually restricted as to withdrawal or usage. It represents collateral held for letters of credit, which is expected to be released from restriction within the next twelve months.
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Fair value measurement
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The Company applies ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement disclosure requirements for fair value measurements.
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ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
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ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
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| \u00a0 | \u25cf | Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
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| \u00a0 | \u25cf | Level 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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| \u00a0 | \u25cf | Level 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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The carrying value of certain of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates their fair value because of their short-term maturity.
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Accounts receivable, net
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Accounts receivable are recognized and carried at the historical carrying amount net of allowance for expected credit loss.
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The Company have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of sales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored payment term are designed for each customer, based on business relationship, order size and other considerations.
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Allowance for credit losses
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The Company adopted Accounting Standards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on July 1, 2023, under the modified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of risk characteristics of a receivable pool to develop credit losses estimate. In establishing the required allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, economic environment, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
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Inventories, net
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Inventories mainly consist of finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using the weighted average method.
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When management determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the sale. The Company records a write-down for slow moving and potentially obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified during this process are written-down based upon management\u2019s judgment and projected demand, taking into account historical experience. These write-downs establish a new cost basis for the inventory and are not subsequently reversed for subsequent recoveries in value. Management's estimates of inventory obsolescence may, therefore, be revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment, impact its ability to sell potentially obsolete inventory. The write-down of inventories related to obsolete finished goods were $2,818,653 and $754,976 for the year ended 30 June 2026 and 2025, respectively.
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Property, plant and equipment, net
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Property, plant and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets from the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
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When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:
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| \u00a0 | \u00a0 | Estimated Useful Life |
| Office and other equipment | \u00a0 | 3 - 5 years |
| Furniture and fixtures | \u00a0 | 7 years |
| Leasehold improvements | \u00a0 |
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Construction in progress represents direct acquisition and construction costs for office and production plant. Amounts classified as construction in progress are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.
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Other investment
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Other investments consist of equity investments in a privately held company that the Company does not have control or significant influence over it. These equity investments do not have readily determinable fair values and are primarily accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.
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The Company also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value and carrying amount of the investment as an impairment loss recorded in the consolidated statements of operations and comprehensive loss.
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Equity method investment
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The Company applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323, Investments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial interest, unless the fair value option is elected for an investment.
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As further discussed in Note 8, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for the purpose of licensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market.
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Under the equity method, the Company\u2019s share of the post-investment profits or losses of the equity method investee is recognized in the consolidated statement of operations. When the Company\u2019s share of losses of the equity method investee equals or exceeds its interest in the equity method investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity method investee. The Company continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair value.
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Intangible assets, net
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Intangible assets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the license agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable. $449,191 and $939,075 of patent fees were capitalized during the years ended June 30, 2026 and 2025, respectively. The amortization of the intangible assets was $109,751 and $82,121 for the years ended June 30, 2026 and 2025 respectively. The amortization expenses were included in the general and administrative expenses.
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The gross carrying amount, accumulated amortization of the intangible assets as of June 30, 2026 and 2025 were as follows:
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| \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | As of | \u00a0 | ||
| \u00a0 | \u00a0 | June\u00a030, 2026 | \u00a0 | \u00a0 | June\u00a030, 2025 | \u00a0 | ||
| Gross carrying amount | \u00a0 | $ | 2,793,950 | \u00a0 | \u00a0 | $ | 2,344,759 | \u00a0 |
| Accumulated amortization | \u00a0 | \u00a0 | (221,890 | ) | \u00a0 | \u00a0 | (112,139 | ) |
| Total | \u00a0 | $ | 2,572,060 | \u00a0 | \u00a0 | $ | 2,232,620 | \u00a0 |
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As of June 30, 2026, the estimated future amortization expense related to the Company\u2019s intangible assets for each of the next five succeeding fiscal years and thereafter is as follows:
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| \u00a0 | \u00a0 | As of June\u00a030, 2026 | \u00a0 | |
| July 1, 2026 to June 30, 2027 | \u00a0 | $ | 109,751 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2030 to June 30, 2031 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| Thereafter | \u00a0 | \u00a0 | 2,023,305 | \u00a0 |
| Total amortization expense | \u00a0 | $ | 2,572,060 | \u00a0 |
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Accounts payable
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Accounts payable represents payables to suppliers and other non-trade vendors. The Company\u2019s major supplier is a related party to the Company. See Note 12.
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Contract liabilities
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Contract liabilities represent advanced deposits received from customers after an order has been placed but before a product has been shipped. The Company\u2019s policy is to require a minimum customer deposit in the range of 10% to 30% of the purchase price upon placement of a sales order. Contract liabilities are realized as revenue when the conditions to revenue recognition are met, primarily when control of goods has transferred to customers.
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Leases
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The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the date on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment of the lease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations over the lease term.
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For leases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease.
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For the Company\u2019s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant.
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Impairment of long-lived assets
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In accordance with ASC Topic 360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset\u2019s estimated fair value and its book value. For the years ended June 30, 2026 and 2025, the impairment of long-lived assets were $301,067 and $151,516, respectively.
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Revenue recognition
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The Company sells its vaping products to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate contract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards of goods transfer to the customer.\u00a0
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Revenue is recognized at the transaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources of variable consideration for the Company are sales returns. These sales incentives are recorded as a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes.
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The Company offers different payment terms to different customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon placing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed for each customer, based on the business relationship, order size and other considerations. The majority of contract liabilities at the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, 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 satisfied with the product, and a credit would be given.The return reserve is accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
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Disaggregated Revenue
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The Company has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated by region for the years ended June 30, 2026 and 2025, were as follows:
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| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Europe | \u00a0 | $ | 61,430,171 | \u00a0 | \u00a0 | $ | 74,107,249 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \u00a0 | 15,127,668 | \u00a0 | \u00a0 | \u00a0 | 32,567,795 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \u00a0 | 10,918,518 | \u00a0 | \u00a0 | \u00a0 | 12,274,022 | \u00a0 |
| Others | \u00a0 | \u00a0 | 8,538,253 | \u00a0 | \u00a0 | \u00a0 | 8,545,238 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
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The net sales disaggregated by products for the years ended June 30, 2026 and 2025 were as follows:
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| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | $ | 80,098,975 | \u00a0 | \u00a0 | $ | 90,490,388 | \u00a0 |
| Cannabis vaping products | \u00a0 | \u00a0 | 15,915,635 | \u00a0 | \u00a0 | \u00a0 | 37,003,916 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
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Cost of revenue
\u00a0
Cost of revenue for the years ended June 30, 2026 and 2025 consisted primarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which were mostly purchased from a related party. See Note 12.
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Research and development expenses \u00a0\u00a0
\u00a0
Research and development expenses represent staff costs for development personnels, and expenses incurred for the testing of new products. For the years ended June 30, 2026 and 2025, the research and development expenses were $81,035 and $363,301, respectively. They are included in the general and administrative expenses.
\u00a0
Stock-based compensation
\u00a0
The Company measures and recognizes compensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and restricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer to assist in determining the fair value of stock options using the binomial option pricing model, with significant assumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured on the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include time-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting conditions.
\u00a0
For stock-based payment awards with time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based compensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award. For stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance condition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that are probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair value of the awards where the performance conditions have been met and the awards have vested.
\u00a0
Stock-based compensation expense is recorded in the sales and marketing expense and general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
\u00a0
Interest income
\u00a0
For the years ended June\u00a030, 2026 and 2025, interest income related to interest on bank deposits.
\u00a0
Income taxes
\u00a0
The Company accounts for income taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.\u00a0
\u00a0
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
\u00a0
The provisions of ASC 740-10 prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company classifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2026 and 2025, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there were any uncertain tax positions as of June\u00a030, 2026 and 2025.
\u00a0
Earnings per share
\u00a0
The Company computes earnings per share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the years ended June 30, 2026 and 2025. Potentially dilutive shares were as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Share options | \u00a0 | \u00a0 | 1,450,000 | \u00a0 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \u00a0 | 204,366 | \u00a0 | \u00a0 | \u00a0 | 404,970 | \u00a0 |
| Warrants | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \u00a0 | 1,827,577 | \u00a0 | \u00a0 | \u00a0 | 2,016,306 | \u00a0 |
\u00a0
Comprehensive loss
\u00a0
Comprehensive loss consists of two components, net loss and other comprehensive loss. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in USD is reported in other comprehensive loss in the consolidated statements of operations and comprehensive loss.
\u00a0
Commitments and contingencies
\u00a0
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
\u00a0
If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, is disclosed.
\u00a0
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
\u00a0
Segment reporting
\u00a0
Based on the criteria established by ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker (\u201cCODM\u201d) were identified as its , who review the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical segments are presented. For the years ended June 30, 2026 and 2025, the reportable segment revenue, segment expenses and segment profit or loss are the same as consolidated revenue, consolidated expenses and consolidated profit or loss in the consolidated statements of operation and comprehensive loss.
\u00a0
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODM for the years ended June 30, 2025 and 2026 were Mr. Tuanfang Liu, the Co-Chief Executive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
\u00a0
The Company\u2019s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based on such organizational structure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The Company has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating segment.
\u00a0
The accounting policies of the single segment are the same as described in the significant accounting policies. The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of comprehensive loss as consolidated net loss. The measure of the single segment assets is reported on the consolidated balance sheets as total consolidated assets.
\u00a0
The CODM reviews revenues and expenses at the consolidated level as disclosed in the Company\u2019s consolidated statements of comprehensive loss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking to the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing the segment\u2019s performance and in establishing management\u2019s compensation.
\u00a0
Related parties
\u00a0
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, immediate family members of principal owners of the Company and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 12.
\u00a0
Recent accounting pronouncements
\u00a0
As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period for all accounting standards described below, if applicable.
\u00a0
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities on 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 removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for any entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
\u00a0
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. For public business entities (PBEs), the ASU is effective for annual periods beginning after December 15, 2024. For all other entities (i.e. non-PBEs), the ASU is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. As an Emerging Growth Company (\u201cEGC\u201d), the Company has elected to use the extended transition period, making the standard effective for the Company for fiscal years beginning after December 15, 2025. Management is currently evaluating the potential impact of adopting this guidance on financial statements requirements and does not expect the adoption to have a material impact.
\u00a0
In November 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In July 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326), to address challenges encountered when applying the guidance in Topic 326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The standard is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The standard can be applied prospectively. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In May 2025, the FASB issued ASU No. 2025-04, Compensation\u2014Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The amendments in this update revise the Master Glossary definition of the term performance condition for share-based consideration payable to a customer. The amendments in this update permit a grantor to apply the new guidance on either a modified retrospective or a retrospective basis. The amendments in this update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). The amendments in this update include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
Concentration and risks
\u00a0
Risks and Uncertainties
\u00a0
The Company\u2019s business, financial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
\u00a0
E-cigarette regulation
\u00a0
Regulation regarding e-cigarettes varies across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But as e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent law and regulations to regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in countries and regions that our major customers are located in may adversely affect the Company\u2019s business.
\u00a0
The Federal Food, Drug, and Cosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the United States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration (\u201cFDA\u201d). For ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted to the FDA before September\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not filed before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may enter the U.S. market. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce the premarket review requirements for that product pending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject the Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will adversely affect the Company\u2019s business.
\u00a0
Amendments to the Prevent All Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping products, and place significant burdens on sellers of vaping products in the United States which may make it difficult to operate profitably in the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping products in the United States, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States does not justify the marketing and regulatory costs involved.
\u00a0
In the United States, cannabis vaping products are governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis, and no states permit the sale of recreational cannabis products to minors. The Company cannot predict what action states will take or the nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis products that aerosolize liquids, it may be more difficult to sell our products in states that permit the sale of cannabis.
\u00a0
However, cannabis and its derivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under U.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal law also deems it unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes \u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing, compounding, converting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body a controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions exist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
\u00a0
The European Commission issued the Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European Union member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on the European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns. Member states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no promotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020, 2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and ensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for products sold in Europe.
\u00a0
The sale of cannabis vaping products is illegal in the European Union and the United Kingdom.\u00a0
\u00a0
Customer and Supplier Concentration
\u00a0\u00a0
(a) Customers
\u00a0
For the years ended June\u00a030, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follows:\u00a0
\u00a0
| \u00a0 | \u00a0 | Years Ended June 30, | \u00a0 | |||||||||||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||||||||
| Major Customers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| A | \u00a0 | $ | 26,191,866 | \u00a0 | \u00a0 | \u00a0 | 27 | % | \u00a0 | $ | 32,736,616 | \u00a0 | \u00a0 | \u00a0 | 26 | % |
| B | \u00a0 | \u00a0 | 24,443,424 | \u00a0 | \u00a0 | \u00a0 | 25 | % | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | % |
\u00a0
| * | Represents the percentage was less than 10%. |
\u00a0
(b)\u00a0Suppliers
\u00a0
For the years ended June 30, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
\u00a0
| \u00a0 | \u00a0 | Year Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Major Suppliers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| C(1) | \u00a0 | \u00a0 | 91 | % | \u00a0 | \u00a0 | 91 | % |
\u00a0
| (1) | Major supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. |
\u00a0
Credit Risk \u00a0
\u00a0
Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash in financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia (\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d) 800,000. The Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit insurance as of June 30, 2026 and 2025 was $18,914,848 and $23,939,618. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
\u00a0
As of June 30, 2026 and 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts receivable, net, were as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| C | \u00a0 | \u00a0 | 32 | % | \u00a0 | \u00a0 | 16 | % |
| D | \u00a0 | \u00a0 | % | \u00a0 | \u00a0 | 17 | % |
\u00a0
| * | Represents the percentage was below 10%. |
Basis of presentation
\u00a0
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) and the applicable rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d).
"}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"ispr:EmergingGrowthCompanyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Emerging growth company
\u00a0
The Company is an \u201cemerging growth company,\u201d as defined in Section\u00a02(a)\u00a0of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section\u00a0404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
\u00a0
Further, Section\u00a0102(b)(1)\u00a0of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company\u2019s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
"}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Basis of consolidation
\u00a0
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.
"}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Use of estimates
\u00a0
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses and revenue recognition. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Foreign currency translation and transactions
\u00a0
The consolidated financial statements are presented in USD, which is also the functional currency of the Company. The functional currency of each significant subsidiary is determined based on the primary economic environment in which the entity operates. The functional currency for Aspire North America and Aspire Science is USD, and the functional currency for Ispire Malaysia is Malaysia ringgit.
\u00a0
Transactions denominated in currencies other than the Company\u2019s functional currency are translated into functional currency using the exchange rates prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the spot exchange rate at that date. Non-monetary items are translated using historical exchange rates. Gains and losses resulting from foreign currency transactions and remeasurements are recognized in the Consolidated Statements of Operations and Comprehensive Loss under \u201cOther income (expense)\u201d in the period in which they arise.
\u00a0
For foreign subsidiaries whose functional currency is a currency other than USD, financial statements are translated into USD for consolidation purposes. Assets and liabilities are translated at the closing spot exchange rates in effect at the balance sheet date. Income statement accounts are translated at the weighted-average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are excluded from net income and are recorded as a separate component of accumulated other comprehensive income loss within stockholders\u2019 equity.
"}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Cash and restricted cash
\u00a0
Cash includes currency on hand, deposits held by banks and other financial institutions that can be added or withdrawn without limitation.\u00a0Restricted cash consists of cash that is legally or contractually restricted as to withdrawal or usage. It represents collateral held for letters of credit, which is expected to be released from restriction within the next twelve months.
"}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Fair value measurement
\u00a0
The Company applies ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands financial statement disclosure requirements for fair value measurements.
\u00a0
ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.
\u00a0
ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:
\u00a0
| \u00a0 | \u25cf | Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
\u00a0
| \u00a0 | \u25cf | Level 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
| \u00a0 | \u25cf | Level 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 of the Company\u2019s financial instruments, including cash, accounts receivable, prepaid expenses and other receivables, accounts payable, accounts payable related party, contract liabilities, accrued liabilities and other payables and due to related parties, approximates their fair value because of their short-term maturity.
"}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Accounts receivable, net
\u00a0
Accounts receivable are recognized and carried at the historical carrying amount net of allowance for expected credit loss.
\u00a0
The Company have different payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of 30% of sales amount upon placing order, and the payment of remaining 70% to be made before shipment. For cannabis vaping business, tailored payment term are designed for each customer, based on business relationship, order size and other considerations.
"}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDeposits","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:RevenueRemainingPerformanceObligationPercentage","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.70","decimals":2}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"ispr:AllowanceForCreditLossesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Allowance for credit losses
\u00a0
The Company adopted Accounting Standards Update 2016-13 \u201cFinancial Instruments \u2013 Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments\u201d on July 1, 2023, under the modified retrospective method of adoption. The Company uses roll rate method or evaluates the aggregation of risk characteristics of a receivable pool to develop credit losses estimate. In establishing the required allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, economic environment, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
"}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Inventories, net
\u00a0
Inventories mainly consist of finished goods purchased from suppliers. Inventories are stated at the lower of cost or net realizable value. The cost of an inventory item is determined using the weighted average method.
\u00a0
When management determines that certain inventories may not be saleable, or there is an indicator that certain inventory costs may exceed expected market value, the Company will record the difference between the cost and the net realizable value as a write down of inventories. The net realizable value is determined based on the estimated selling price, in the ordinary course of business, less estimated costs necessary to make the sale. The Company records a write-down for slow moving and potentially obsolete inventory based upon recent sales history, the quantity of inventory on-hand, and an estimate of expected sellable life of the inventory. The Company periodically reviews inventory to identify slow moving inventories and compares the forecast sales with the quantities and expected sellable life of inventory. Any inventories identified during this process are written-down based upon management\u2019s judgment and projected demand, taking into account historical experience. These write-downs establish a new cost basis for the inventory and are not subsequently reversed for subsequent recoveries in value. Management's estimates of inventory obsolescence may, therefore, be revised if there are changes in the overall market for the Company\u2019s products or market changes that in management\u2019s judgment, impact its ability to sell potentially obsolete inventory. The write-down of inventories related to obsolete finished goods were $2,818,653 and $754,976 for the year ended 30 June 2026 and 2025, respectively.
"}]},{"name":"rpt:f-450","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2818653","decimals":0}]},{"name":"rpt:f-451","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"754976","decimals":0}]},{"name":"rpt:f-452","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Property, plant and equipment, net
\u00a0
Property, plant and equipment are stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets from the time the assets are placed in service. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized.
\u00a0
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:
\u00a0
| \u00a0 | \u00a0 | Estimated Useful Life |
| Office and other equipment | \u00a0 | 3 - 5 years |
| Furniture and fixtures | \u00a0 | 7 years |
| Leasehold improvements | \u00a0 |
\u00a0
Construction in progress represents direct acquisition and construction costs for office and production plant. Amounts classified as construction in progress are transferred to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation is not provided for assets classified in this account.
"}]},{"name":"rpt:f-453","factDimensions":{"xbrl:concept":"ispr:ScheduleOfEstimatedUsefulLivesTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:
\u00a0
| \u00a0 | \u00a0 | Estimated Useful Life |
| Office and other equipment | \u00a0 | 3 - 5 years |
| Furniture and fixtures | \u00a0 | 7 years |
| Leasehold improvements | \u00a0 |
Other investment
\u00a0
Other investments consist of equity investments in a privately held company that the Company does not have control or significant influence over it. These equity investments do not have readily determinable fair values and are primarily accounted for under the measurement alternative. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.
\u00a0
The Company also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value and carrying amount of the investment as an impairment loss recorded in the consolidated statements of operations and comprehensive loss.
"}]},{"name":"rpt:f-458","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Equity method investment
\u00a0
The Company applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323, Investments \u2013 Equity Method and Joint Ventures, over which it has significant influence but does not own a controlling financial interest, unless the fair value option is elected for an investment.
\u00a0
As further discussed in Note 8, the Company invested in an entity with two unrelated parties, whereby a new legal entity was formed for the purpose of licensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market.
\u00a0
Under the equity method, the Company\u2019s share of the post-investment profits or losses of the equity method investee is recognized in the consolidated statement of operations. When the Company\u2019s share of losses of the equity method investee equals or exceeds its interest in the equity method investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity method investee. The Company continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair value.
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsFiniteLivedPolicy","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Intangible assets, net
\u00a0
Intangible assets refer to capitalized external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining patents subsequent to their issuance in the period incurred. Capitalized patent costs are amortized on a straight-line basis over estimated useful lives of 15 \u2013 20 years, which are based on the length of the license agreements as the Company expects to receive economic benefits over that time. The Company assesses the potential impairment to capitalized patent costs when events or changes in circumstances indicate that the carrying amount of our patent portfolio may not be recoverable. $449,191 and $939,075 of patent fees were capitalized during the years ended June 30, 2026 and 2025, respectively. The amortization of the intangible assets was $109,751 and $82,121 for the years ended June 30, 2026 and 2025 respectively. The amortization expenses were included in the general and administrative expenses.
\u00a0
The gross carrying amount, accumulated amortization of the intangible assets as of June 30, 2026 and 2025 were as follows:
\u00a0
| \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | As of | \u00a0 | ||
| \u00a0 | \u00a0 | June\u00a030, 2026 | \u00a0 | \u00a0 | June\u00a030, 2025 | \u00a0 | ||
| Gross carrying amount | \u00a0 | $ | 2,793,950 | \u00a0 | \u00a0 | $ | 2,344,759 | \u00a0 |
| Accumulated amortization | \u00a0 | \u00a0 | (221,890 | ) | \u00a0 | \u00a0 | (112,139 | ) |
| Total | \u00a0 | $ | 2,572,060 | \u00a0 | \u00a0 | $ | 2,232,620 | \u00a0 |
\u00a0
As of June 30, 2026, the estimated future amortization expense related to the Company\u2019s intangible assets for each of the next five succeeding fiscal years and thereafter is as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, 2026 | \u00a0 | |
| July 1, 2026 to June 30, 2027 | \u00a0 | $ | 109,751 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2030 to June 30, 2031 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| Thereafter | \u00a0 | \u00a0 | 2,023,305 | \u00a0 |
| Total amortization expense | \u00a0 | $ | 2,572,060 | \u00a0 |
\u00a0
The gross carrying amount, accumulated amortization of the intangible assets as of June 30, 2026 and 2025 were as follows:
\u00a0
| \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | As of | \u00a0 | ||
| \u00a0 | \u00a0 | June\u00a030, 2026 | \u00a0 | \u00a0 | June\u00a030, 2025 | \u00a0 | ||
| Gross carrying amount | \u00a0 | $ | 2,793,950 | \u00a0 | \u00a0 | $ | 2,344,759 | \u00a0 |
| Accumulated amortization | \u00a0 | \u00a0 | (221,890 | ) | \u00a0 | \u00a0 | (112,139 | ) |
| Total | \u00a0 | $ | 2,572,060 | \u00a0 | \u00a0 | $ | 2,232,620 | \u00a0 |
As of June 30, 2026, the estimated future amortization expense related to the Company\u2019s intangible assets for each of the next five succeeding fiscal years and thereafter is as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, 2026 | \u00a0 | |
| July 1, 2026 to June 30, 2027 | \u00a0 | $ | 109,751 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| July 1, 2030 to June 30, 2031 | \u00a0 | \u00a0 | 109,751 | \u00a0 |
| Thereafter | \u00a0 | \u00a0 | 2,023,305 | \u00a0 |
| Total amortization expense | \u00a0 | $ | 2,572,060 | \u00a0 |
Accounts payable
\u00a0
Accounts payable represents payables to suppliers and other non-trade vendors. The Company\u2019s major supplier is a related party to the Company. See Note 12.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"ispr:ContractLiabilitiesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Contract liabilities
\u00a0
Contract liabilities represent advanced deposits received from customers after an order has been placed but before a product has been shipped. The Company\u2019s policy is to require a minimum customer deposit in the range of 10% to 30% of the purchase price upon placement of a sales order. Contract liabilities are realized as revenue when the conditions to revenue recognition are met, primarily when control of goods has transferred to customers.
"}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDepositsMoneyMarket","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.10","decimals":2}]},{"name":"rpt:f-484","factDimensions":{"xbrl:concept":"us-gaap:PercentageOfInterestBearingDomesticDepositsToDepositsMoneyMarket","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.30","decimals":2}]},{"name":"rpt:f-485","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Leases
\u00a0
The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the date on which the underlying asset is made available for the Company\u2019s use by the lessor. The Company\u2019s assessment of the lease term reflects any rent-free periods. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations over the lease term.
\u00a0
\u00a0
For leases with a term exceeding 12\u00a0months, an operating lease liability is recorded on the Company\u2019s consolidated balance sheet at lease commencement reflecting the present value of its remaining fixed minimum payment obligations over the lease term. A corresponding operating lease right-of-use asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company\u2019s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment of the associated lease.
\u00a0
For the Company\u2019s operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of 12\u00a0months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company\u2019s consolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant.
"}]},{"name":"rpt:f-486","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-487","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseRenewalTerm","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Impairment of long-lived assets
\u00a0
In accordance with ASC Topic 360-10, Impairment and Disposal of Long-Lived Assets, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset\u2019s estimated fair value and its book value. For the years ended June 30, 2026 and 2025, the impairment of long-lived assets were $301,067 and $151,516, respectively.
"}]},{"name":"rpt:f-489","factDimensions":{"xbrl:concept":"ispr:ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"true"}]},{"name":"rpt:f-490","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfLongLivedAssetsHeldForUse","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LongLivedAssetsHeldForSaleByAssetTypeAxis":"ispr:ImpairmentOfLongLivedAssetsMember"},"factValues":[{"value":"301067","decimals":0}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfLongLivedAssetsHeldForUse","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD","us-gaap:LongLivedAssetsHeldForSaleByAssetTypeAxis":"ispr:ImpairmentOfLongLivedAssetsMember"},"factValues":[{"value":"151516","decimals":0}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Revenue recognition
\u00a0
The Company sells its vaping products to customers and recognizes revenue in accordance with the guidance of ASC 606,\u00a0Revenue from Contracts with\u00a0Customers. Many customers are distributors that resell the Company\u2019s products in various geographic regions. The performance obligations are for the Company to transfer the title and control of the goods to a customer for a determined price. Each order is considered a separate contract with a single performance obligation. Revenue is recognized when control of goods has transferred to customers. For the majority of the Company\u2019s customer arrangements, control transfers to customers at a point-in-time when goods have been delivered to the pickup location specified by the customer or a forwarder appointed by the customer, as that is generally when legal title, physical possession and risks and rewards of goods transfer to the customer.\u00a0
\u00a0
Revenue is recognized at the transaction price based on the purchase order as adjusted for the anticipated rebates, discounts and other sales incentives. When determining the transaction price, management estimates variable consideration applying the portfolio approach practical expedient under ASC 606. The main sources of variable consideration for the Company are sales returns. These sales incentives are recorded as a reduction of revenue at the time of the initial sale using the most-likely amount estimation method. The most-likely amount method is based on the single most likely outcome from a range of possible consideration outcomes.
\u00a0
The Company offers different payment terms to different customers. For nicotine vaping products, the general payment term is a deposit of 30% of sales amount upon placing order, and the payment of the remaining 70% to be made before shipment. For cannabis vaping products, a tailored payment term is designed for each customer, based on the business relationship, order size and other considerations. The majority of contract liabilities at the beginning of the period were recognized as revenues in the reporting period. The Company offers a thirty-day warranty. The warranty is an assurance-type warranty, and it offers replacement of products in case the products sold do not function as expected. In certain sales contracts, 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 satisfied with the product, and a credit would be given.The return reserve is accrued\u00a0based on historical return rate and the management\u2019s judgement. The Company has minimal incremental costs of obtaining a contract and are expensed when incurred. Sales taxes, which are sales and use or other similar taxes collected from the customer and remitted to the applicable taxing authority by the Company in accordance with applicable law,\u00a0are excluded from revenue.
\u00a0
Disaggregated Revenue
\u00a0
The Company has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated by region for the years ended June 30, 2026 and 2025, were as follows:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Europe | \u00a0 | $ | 61,430,171 | \u00a0 | \u00a0 | $ | 74,107,249 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \u00a0 | 15,127,668 | \u00a0 | \u00a0 | \u00a0 | 32,567,795 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \u00a0 | 10,918,518 | \u00a0 | \u00a0 | \u00a0 | 12,274,022 | \u00a0 |
| Others | \u00a0 | \u00a0 | 8,538,253 | \u00a0 | \u00a0 | \u00a0 | 8,545,238 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
\u00a0
The net sales disaggregated by products for the years ended June 30, 2026 and 2025 were as follows:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | $ | 80,098,975 | \u00a0 | \u00a0 | $ | 90,490,388 | \u00a0 |
| Cannabis vaping products | \u00a0 | \u00a0 | 15,915,635 | \u00a0 | \u00a0 | \u00a0 | 37,003,916 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
The Company has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated by region for the years ended June 30, 2026 and 2025, were as follows:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Europe | \u00a0 | $ | 61,430,171 | \u00a0 | \u00a0 | $ | 74,107,249 | \u00a0 |
| North America (the U.S. and Canada) | \u00a0 | \u00a0 | 15,127,668 | \u00a0 | \u00a0 | \u00a0 | 32,567,795 | \u00a0 |
| Asia Pacific (excluding PRC) | \u00a0 | \u00a0 | 10,918,518 | \u00a0 | \u00a0 | \u00a0 | 12,274,022 | \u00a0 |
| Others | \u00a0 | \u00a0 | 8,538,253 | \u00a0 | \u00a0 | \u00a0 | 8,545,238 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
\u00a0
The net sales disaggregated by products for the years ended June 30, 2026 and 2025 were as follows:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Tobacco vaping products | \u00a0 | $ | 80,098,975 | \u00a0 | \u00a0 | $ | 90,490,388 | \u00a0 |
| Cannabis vaping products | \u00a0 | \u00a0 | 15,915,635 | \u00a0 | \u00a0 | \u00a0 | 37,003,916 | \u00a0 |
| Total | \u00a0 | \u00a0 | 96,014,610 | \u00a0 | \u00a0 | \u00a0 | 127,494,304 | \u00a0 |
Cost of revenue
\u00a0
Cost of revenue for the years ended June 30, 2026 and 2025 consisted primarily of the cost of purchasing vaping products, freight-in cost and inventory impairment, which were mostly purchased from a related party. See Note 12.
"}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Research and development expenses \u00a0\u00a0
\u00a0
Research and development expenses represent staff costs for development personnels, and expenses incurred for the testing of new products. For the years ended June 30, 2026 and 2025, the research and development expenses were $81,035 and $363,301, respectively. They are included in the general and administrative expenses.
"}]},{"name":"rpt:f-514","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"81035","decimals":0}]},{"name":"rpt:f-515","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2024-07-01T00:00:00/2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"363301","decimals":0}]},{"name":"rpt:f-516","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Stock-based compensation
\u00a0
The Company measures and recognizes compensation expenses for stock-based payment awards, including stock options, restricted stock granted to directors and advisors, and restricted stock units (\u201cRSUs\u201d) granted to employees, based on the grant date fair value of the awards. The Company engages a third-party valuer to assist in determining the fair value of stock options using the binomial option pricing model, with significant assumption of exercise multiple, expected volatility, risk-free interest rate and expected dividend yield. The fair value of RSUs is measured on the grant date based on the closing market price of the Company\u2019s common stock. The stock-based payment awards typically include time-based vesting conditions, however, certain of the Company\u2019s stock-based payment awards may include performance-based vesting conditions.
\u00a0
For stock-based payment awards with time-based vesting conditions, the resulting cost is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period, which is generally four years for stock options and three years for RSUs. Stock-based compensation expense is recognized on a straight-line basis over the period during which services are provided in exchange for the award. For stock-based payment awards with performance-based vesting conditions, the Company will estimate the probability that the performance condition will be met at each reporting date. Stock-based compensation expense is only recognized for stock-based payment awards that are probable of vesting. Ultimately, the cumulative stock-based compensation expense recognized by the Company is the grant date fair value of the awards where the performance conditions have been met and the awards have vested.
\u00a0
Stock-based compensation expense is recorded in the sales and marketing expense and general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based payment awards upon\u00a0occurrence.
"}]},{"name":"rpt:f-517","factDimensions":{"xbrl:concept":"ispr:InterestIncomePolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Interest income
\u00a0
For the years ended June\u00a030, 2026 and 2025, interest income related to interest on bank deposits.
"}]},{"name":"rpt:f-518","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Income taxes
\u00a0
The Company accounts for income taxes under ASC 740, Income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.\u00a0
\u00a0
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
\u00a0
The provisions of ASC 740-10 prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company classifies the interest and penalties, if any, as a component of income tax expense. For the years ended June 30, 2026 and 2025, the Company did not incur any interest or penalties related to an uncertain tax position. The Company does not believe that there were any uncertain tax positions as of June\u00a030, 2026 and 2025.
"}]},{"name":"rpt:f-519","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Earnings per share
\u00a0
The Company computes earnings per share (\u201cEPS\u201d) in accordance with ASC 260, Earnings per Share. ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net loss divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (for example, convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potentially dilutive shares could dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been antidilutive for the years ended June 30, 2026 and 2025. Potentially dilutive shares were as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Share options | \u00a0 | \u00a0 | 1,450,000 | \u00a0 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \u00a0 | 204,366 | \u00a0 | \u00a0 | \u00a0 | 404,970 | \u00a0 |
| Warrants | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \u00a0 | 1,827,577 | \u00a0 | \u00a0 | \u00a0 | 2,016,306 | \u00a0 |
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Dilutive securities: | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Share options | \u00a0 | \u00a0 | 1,450,000 | \u00a0 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 |
| Unvested restricted stock units | \u00a0 | \u00a0 | 204,366 | \u00a0 | \u00a0 | \u00a0 | 404,970 | \u00a0 |
| Warrants | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 |
| Total | \u00a0 | \u00a0 | 1,827,577 | \u00a0 | \u00a0 | \u00a0 | 2,016,306 | \u00a0 |
Comprehensive loss
\u00a0
Comprehensive loss consists of two components, net loss and other comprehensive loss. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in USD is reported in other comprehensive loss in the consolidated statements of operations and comprehensive loss.
"}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Commitments and contingencies
\u00a0
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
\u00a0
If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company\u2019s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, is disclosed.
\u00a0
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
"}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Segment reporting
\u00a0
Based on the criteria established by ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker (\u201cCODM\u201d) were identified as its , who review the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. Therefore, no geographical segments are presented. For the years ended June 30, 2026 and 2025, the reportable segment revenue, segment expenses and segment profit or loss are the same as consolidated revenue, consolidated expenses and consolidated profit or loss in the consolidated statements of operation and comprehensive loss.
\u00a0
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company\u2019s CODM for the years ended June 30, 2025 and 2026 were Mr. Tuanfang Liu, the Co-Chief Executive Officer and Chairman, and Mr. Michael Wang, the Co-Chief Executive Officer.
\u00a0
The Company\u2019s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run its business operations which include, but not limited to, customer base, homogeneity of products and technology. The Company\u2019s operating segment is based on such organizational structure and information reviewed by the Company\u2019s CODM to evaluate the operating segment results. The Company has internal reporting of revenue, cost and expenses by nature as a whole. Hence, the Company has only\u00a0one\u00a0operating segment.
\u00a0
The accounting policies of the single segment are the same as described in the significant accounting policies. The CODM assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the consolidated statements of comprehensive loss as consolidated net loss. The measure of the single segment assets is reported on the consolidated balance sheets as total consolidated assets.
\u00a0
The CODM reviews revenues and expenses at the consolidated level as disclosed in the Company\u2019s consolidated statements of comprehensive loss and uses net loss to evaluate return on assets and to monitor budget versus actual results and in competitive analysis by benchmarking to the Company\u2019s competitors. The competitive analysis and the monitoring of budgeted versus actual results are used in assessing the segment\u2019s performance and in establishing management\u2019s compensation.
"}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Based on the criteria established by ASC 280, and ASU 2023-07 that Company adopted during the year ended June 30, 2025, the Company\u2019s chief operating decision maker (\u201cCODM\u201d) were identified as its Co-Chief Executive Officers, who review the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only\u00a0one\u00a0reportable segment."}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"ispr:segment"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-534","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"ispr:segment"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"ispr:RelatedPartiesPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Related parties
\u00a0
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, immediate family members of principal owners of the Company and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all significant related party transactions in Note 12.
"}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Recent accounting pronouncements
\u00a0
As an emerging growth company, the Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period for all accounting standards described below, if applicable.
\u00a0
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements. The amendments in this update modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The adoption of the amendment will occur on a prospective basis. The amendments in this ASU will be effective for public business entities on 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 removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will not become effective for any entity. The Company is currently evaluating the impacts of the provisions of ASU 2023-06.
\u00a0
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. For public business entities (PBEs), the ASU is effective for annual periods beginning after December 15, 2024. For all other entities (i.e. non-PBEs), the ASU is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. As an Emerging Growth Company (\u201cEGC\u201d), the Company has elected to use the extended transition period, making the standard effective for the Company for fiscal years beginning after December 15, 2025. Management is currently evaluating the potential impact of adopting this guidance on financial statements requirements and does not expect the adoption to have a material impact.
\u00a0
In November 2024, the FASB issued ASU 2024-03, Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about an entity\u2019s expenses. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the Company will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In July 2025, the FASB issued ASU 2025-05, Financial Instruments\u2014Credit Losses (Topic 326), to address challenges encountered when applying the guidance in Topic 326, Financial Instruments\u2014Credit Losses. The amendment provides (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The standard is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The standard can be applied prospectively. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In May 2025, the FASB issued ASU No. 2025-04, Compensation\u2014Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). The amendments in this update revise the Master Glossary definition of the term performance condition for share-based consideration payable to a customer. The amendments in this update permit a grantor to apply the new guidance on either a modified retrospective or a retrospective basis. The amendments in this update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
\u00a0
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). The amendments in this update include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
"}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Concentration and risks
\u00a0
Risks and Uncertainties
\u00a0
The Company\u2019s business, financial condition and results of operations may be negatively impacted by risks related to government regulations, natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Company\u2019s operations.
\u00a0
E-cigarette regulation
\u00a0
Regulation regarding e-cigarettes varies across countries, from no regulation to a total ban. The legal status of e-cigarettes is currently pending in many countries. But as e-cigarettes have become more and more popular recently, many countries are considering imposing more stringent law and regulations to regulate this market. Changes in existing law and regulations and the imposition of new laws and regulations in countries and regions that our major customers are located in may adversely affect the Company\u2019s business.
\u00a0
The Federal Food, Drug, and Cosmetic Act requires all Electronic Nicotine Delivery Systems (\u201cENDS\u201d) product manufacturers that market products in the United States to submit Premarket Tobacco Product Applications (\u201cPMTAs\u201d) to the Food and Drug Administration (\u201cFDA\u201d). For ENDS products that were on the U.S. market on or before August\u00a08, 2016, a PMTA was required to be submitted to the FDA before September\u00a09, 2020; for ENDS products that were not on the U.S. market prior to August\u00a08, 2016, and for which a PMTA was not filed before September 9, 2020, a PMTA premarket authorization issued by FDA is required before the subject product may enter the U.S. market. The Company has submitted a PMTA filing for one ENDS product, and, under apparent FDA policies, FDA will not enforce the premarket review requirements for that product pending review of its PMTA. However, even with submission of the PMTA application, the FDA may reject the Company\u2019s application and may prevent the Company\u2019s ENDS products from being sold in U.S., which will adversely affect the Company\u2019s business.
\u00a0
Amendments to the Prevent All Cigarette Trafficking (\u201cPACT\u201d) Act, which became law in 2021, extend the PACT Act to include e-cigarette and all vaping products, and place significant burdens on sellers of vaping products in the United States which may make it difficult to operate profitably in the United States. Because of tighter government regulations, the Company has stopped marketing tobacco vaping products in the United States, as the volume of sales from the one tobacco vaping product which the Company may sell in the United States does not justify the marketing and regulatory costs involved.
\u00a0
In the United States, cannabis vaping products are governed by state laws, which vary from state to state. Most states do not permit the adult recreational use of cannabis, and no states permit the sale of recreational cannabis products to minors. The Company cannot predict what action states will take or the nature and amount of taxes they may impose. However, to the extent the PACT Act applies to cannabis products that aerosolize liquids, it may be more difficult to sell our products in states that permit the sale of cannabis.
\u00a0
However, cannabis and its derivatives containing more than 0.3% delta-9 tetrahydrocannabinol on a dry weight basis remain Schedule I controlled substances under U.S. federal law, meaning that federal law generally prohibits their manufacture and distribution. United States federal law also deems it unlawful to sell, offer for sale, transport in interstate commerce, import, or export \u201cdrug paraphernalia,\u201d which includes \u201cany equipment, product, or material of any kind which is primarily intended or designed for use in manufacturing, compounding, converting, concealing, producing, processing, preparing, injecting, ingesting, inhaling, or otherwise introducing into the human body a controlled substance\u201d the possession of which federal law prohibits, including Schedule I \u201cmarijuana.\u201d Limited exemptions exist, most notably when state or local law authorizes these items\u2019 manufacture, possession, or distribution.
\u00a0
The European Commission issued the Tobacco Products Directive (the \u201cTPD\u201d), which became effective on May\u00a019, 2014, and became applicable in the European Union member states on May\u00a020, 2016. The TPD regulates e-cigarettes on the packaging, labelling and ingredients of the products on the European Union market, the creation of smoke-free environments, tax measures and activities against illegal trade and anti-smoke campaigns. Member states of the European Union are required to ensure that advertisements for any tobacco related product are prohibited, and no promotion shall be made as to those devices with an intention to promote e-cigarettes. For the e-cigarettes released after May\u00a020, 2016, TPD requires e-cigarette manufacturers to submit product sales applications to the regulatory market six months in advance, and ensure their products can meet the TPD requirements before they can be released. The Company has complied with TPD requirement for products sold in Europe.
\u00a0
The sale of cannabis vaping products is illegal in the European Union and the United Kingdom.\u00a0
\u00a0
Customer and Supplier Concentration
\u00a0\u00a0
(a) Customers
\u00a0
For the years ended June\u00a030, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follows:\u00a0
\u00a0
| \u00a0 | \u00a0 | Years Ended June 30, | \u00a0 | |||||||||||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||||||||
| Major Customers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| A | \u00a0 | $ | 26,191,866 | \u00a0 | \u00a0 | \u00a0 | 27 | % | \u00a0 | $ | 32,736,616 | \u00a0 | \u00a0 | \u00a0 | 26 | % |
| B | \u00a0 | \u00a0 | 24,443,424 | \u00a0 | \u00a0 | \u00a0 | 25 | % | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | % |
\u00a0
| * | Represents the percentage was less than 10%. |
\u00a0
(b)\u00a0Suppliers
\u00a0
For the years ended June 30, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
\u00a0
| \u00a0 | \u00a0 | Year Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Major Suppliers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| C(1) | \u00a0 | \u00a0 | 91 | % | \u00a0 | \u00a0 | 91 | % |
\u00a0
| (1) | Major supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. |
\u00a0
Credit Risk \u00a0
\u00a0
Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and accounts receivable. The Company maintains its cash in financial institutions. Accounts at United States financial institutions are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) up to $250,000. Accounts at Malaysian financial institutions are insured by the Perbadanan Insurans Deposit Malaysia (\u201cPIDM\u201d) up to RM 250,000. The Hong Kong Deposit Protection Board pays compensation up to a limit of Hong Kong Dollar (\u201cHKD\u201d) 800,000. The Company may carry cash balances at financial institutions in excess of the insured limits. The amount in excess of the deposit insurance as of June 30, 2026 and 2025 was $18,914,848 and $23,939,618. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
\u00a0
As of June 30, 2026 and 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts receivable, net, were as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| C | \u00a0 | \u00a0 | 32 | % | \u00a0 | \u00a0 | 16 | % |
| D | \u00a0 | \u00a0 | % | \u00a0 | \u00a0 | 17 | % |
\u00a0
| * | Represents the percentage was below 10%. |
For the years ended June\u00a030, 2026 and 2025, the Company\u2019s major customers, who accounted for more than 10% of the Company\u2019s consolidated revenue, were as follows:\u00a0
\u00a0
| \u00a0 | \u00a0 | Years Ended June 30, | \u00a0 | |||||||||||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||||||||||
| Major Customers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||||
| A | \u00a0 | $ | 26,191,866 | \u00a0 | \u00a0 | \u00a0 | 27 | % | \u00a0 | $ | 32,736,616 | \u00a0 | \u00a0 | \u00a0 | 26 | % |
| B | \u00a0 | \u00a0 | 24,443,424 | \u00a0 | \u00a0 | \u00a0 | 25 | % | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | % |
\u00a0
| * | Represents the percentage was less than 10%. |
For the years ended June 30, 2026 and 2025, the Company\u2019s suppliers, who accounted for more than 10% of the Company\u2019s total purchases, were as follows:
\u00a0
| \u00a0 | \u00a0 | Year Ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Major Suppliers | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| C(1) | \u00a0 | \u00a0 | 91 | % | \u00a0 | \u00a0 | 91 | % |
\u00a0
| (1) | Major supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company\u2019s co-chief executive officer and principal stockholder. See Note 12. |
As of June 30, 2026 and 2025, the Company\u2019s customers, whose accounts receivable balances accounted for more than 10% of the Company\u2019s total accounts receivable, net, were as follows:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| Customers | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| C | \u00a0 | \u00a0 | 32 | % | \u00a0 | \u00a0 | 16 | % |
| D | \u00a0 | \u00a0 | % | \u00a0 | \u00a0 | 17 | % |
\u00a0
| * | Represents the percentage was below 10%. |
NOTE 3. CASH
\u00a0
Below is a breakdown of the Company\u2019s cash balances in banks as of June\u00a030, 2026 and 2025, both by geography and by currencies (translated into U.S. dollars):
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Cash in HK | \u00a0 | $ | 18,771,026 | \u00a0 | \u00a0 | $ | 23,336,668 | \u00a0 |
| Cash in U.S. | \u00a0 | \u00a0 | 328,508 | \u00a0 | \u00a0 | \u00a0 | 824,852 | \u00a0 |
| Cash in Malaysia | \u00a0 | \u00a0 | 229,116 | \u00a0 | \u00a0 | \u00a0 | 190,245 | \u00a0 |
| Total | \u00a0 | $ | 19,328,650 | \u00a0 | \u00a0 | $ | 24,351,765 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | $ | 9,180,075 | \u00a0 | \u00a0 | $ | 14,675,591 | \u00a0 |
| RM | \u00a0 | \u00a0 | 152,748 | \u00a0 | \u00a0 | \u00a0 | 101,743 | \u00a0 |
| HKD | \u00a0 | \u00a0 | 77,364 | \u00a0 | \u00a0 | \u00a0 | 139,691 | \u00a0 |
| EUR | \u00a0 | \u00a0 | 12,150 | \u00a0 | \u00a0 | \u00a0 | 11,097 | \u00a0 |
| GBP | \u00a0 | \u00a0 | 23,248 | \u00a0 | \u00a0 | \u00a0 | 24,091 | \u00a0 |
| RMB | \u00a0 | \u00a0 | 9,883,065 | \u00a0 | \u00a0 | \u00a0 | 9,399,552 | \u00a0 |
| Total | \u00a0 | $ | 19,328,650 | \u00a0 | \u00a0 | $ | 24,351,765 | \u00a0 |
\u00a0
\u201cHKD\u201d refers to Hong Kong dollars, \u201cGBP\u201d refers to British pounds, \u201cEUR\u201d refers to Euros, \u201cRM\u201d refers to Malaysia ringgit, and \u201cRMB\u201d refers to Renminbi.
\u00a0
As of June 30, 2026 and 2025, there was restricted cash totaling $50,228\u00a0and\u00a0, respectively, and was included in the U.S. in USD. These amounts are excluded from breakdown of cash balances above. It represents a collateral account at a bank for standby letter of credit as required by the customs department.
"}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Below is a breakdown of the Company\u2019s cash balances in banks as of June\u00a030, 2026 and 2025, both by geography and by currencies (translated into U.S. dollars):
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| By Geography: | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Cash in HK | \u00a0 | $ | 18,771,026 | \u00a0 | \u00a0 | $ | 23,336,668 | \u00a0 |
| Cash in U.S. | \u00a0 | \u00a0 | 328,508 | \u00a0 | \u00a0 | \u00a0 | 824,852 | \u00a0 |
| Cash in Malaysia | \u00a0 | \u00a0 | 229,116 | \u00a0 | \u00a0 | \u00a0 | 190,245 | \u00a0 |
| Total | \u00a0 | $ | 19,328,650 | \u00a0 | \u00a0 | $ | 24,351,765 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| By Currency: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| USD | \u00a0 | $ | 9,180,075 | \u00a0 | \u00a0 | $ | 14,675,591 | \u00a0 |
| RM | \u00a0 | \u00a0 | 152,748 | \u00a0 | \u00a0 | \u00a0 | 101,743 | \u00a0 |
| HKD | \u00a0 | \u00a0 | 77,364 | \u00a0 | \u00a0 | \u00a0 | 139,691 | \u00a0 |
| EUR | \u00a0 | \u00a0 | 12,150 | \u00a0 | \u00a0 | \u00a0 | 11,097 | \u00a0 |
| GBP | \u00a0 | \u00a0 | 23,248 | \u00a0 | \u00a0 | \u00a0 | 24,091 | \u00a0 |
| RMB | \u00a0 | \u00a0 | 9,883,065 | \u00a0 | \u00a0 | \u00a0 | 9,399,552 | \u00a0 |
| Total | \u00a0 | $ | 19,328,650 | \u00a0 | \u00a0 | $ | 24,351,765 | \u00a0 |
NOTE 4. ACCOUNTS RECEIVABLE, NET
\u00a0
As of June\u00a030, 2026 and 2025, accounts receivable consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | $ | 45,957,544 | \u00a0 | \u00a0 | $ | 64,927,626 | \u00a0 |
| Allowance for credit losses | \u00a0 | \u00a0 | (26,138,064 | ) | \u00a0 | \u00a0 | (17,971,470 | ) |
| Accounts receivable, net | \u00a0 | $ | 19,819,480 | \u00a0 | \u00a0 | $ | 46,956,156 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Accounts receivable, net \u2013 current portion | \u00a0 | \u00a0 | 19,819,480 | \u00a0 | \u00a0 | \u00a0 | 39,588,998 | \u00a0 |
| Accounts receivable, net \u2013 non current portion | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,367,158 | \u00a0 | |
| Accounts receivable, net | \u00a0 | $ | 19,819,480 | \u00a0 | \u00a0 | $ | 46,956,156 | \u00a0 |
\u00a0
The\u00a0Company recorded $20,715,826 and $22,034,812 credit loss expenses for accounts receivable for the years ended June\u00a030, 2026 and 2025, respectively. The decrease in the credit loss expenses was the combined effect of the tightening of the North American sales strategy, including stricter payment terms and higher deposit requirements for new accounts, offset by the lack of improvement in long-aged accounts receivable balances. For the years ended June\u00a030, 2026 and 2025, the Company wrote off accounts receivable against allowance for credit losses of $12,549,232 and $9,948,580,\u00a0respectively. As of June 30, 2026 and 2025, there were and $7,367,158 accounts receivable reclassified to accounts receivable \u2013 non current due to payment term extension arrangements with customers.
\u00a0
Activity in the allowance for credit losses is below:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | $ | 17,971,470 | \u00a0 | \u00a0 | $ | 5,885,238 | \u00a0 |
| Provision for expected losses | \u00a0 | \u00a0 | 20,715,826 | \u00a0 | \u00a0 | \u00a0 | 22,034,812 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \u00a0 | (12,549,232 | ) | \u00a0 | \u00a0 | (9,948,580 | ) |
| Balance at June 30 | \u00a0 | \u00a0 | 26,138,064 | \u00a0 | \u00a0 | \u00a0 | 17,971,470 | \u00a0 |
As of June\u00a030, 2026 and 2025, accounts receivable consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Accounts receivable \u2013 gross | \u00a0 | $ | 45,957,544 | \u00a0 | \u00a0 | $ | 64,927,626 | \u00a0 |
| Allowance for credit losses | \u00a0 | \u00a0 | (26,138,064 | ) | \u00a0 | \u00a0 | (17,971,470 | ) |
| Accounts receivable, net | \u00a0 | $ | 19,819,480 | \u00a0 | \u00a0 | $ | 46,956,156 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Accounts receivable, net \u2013 current portion | \u00a0 | \u00a0 | 19,819,480 | \u00a0 | \u00a0 | \u00a0 | 39,588,998 | \u00a0 |
| Accounts receivable, net \u2013 non current portion | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 7,367,158 | \u00a0 | |
| Accounts receivable, net | \u00a0 | $ | 19,819,480 | \u00a0 | \u00a0 | $ | 46,956,156 | \u00a0 |
Activity in the allowance for credit losses is below:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | $ | 17,971,470 | \u00a0 | \u00a0 | $ | 5,885,238 | \u00a0 |
| Provision for expected losses | \u00a0 | \u00a0 | 20,715,826 | \u00a0 | \u00a0 | \u00a0 | 22,034,812 | \u00a0 |
| Write-offs charged against the allowance | \u00a0 | \u00a0 | (12,549,232 | ) | \u00a0 | \u00a0 | (9,948,580 | ) |
| Balance at June 30 | \u00a0 | \u00a0 | 26,138,064 | \u00a0 | \u00a0 | \u00a0 | 17,971,470 | \u00a0 |
NOTE 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS
\u00a0
As of June\u00a030, 2026 and 2025, prepaid expenses and other current assets consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | $ | 469,058 | \u00a0 | \u00a0 | $ | 1,133,083 | \u00a0 |
| Prepayments | \u00a0 | \u00a0 | 170,585 | \u00a0 | \u00a0 | \u00a0 | 270,545 | \u00a0 |
| Other receivable | \u00a0 | \u00a0 | 497,786 | \u00a0 | \u00a0 | \u00a0 | 437,146 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \u00a0 | 705,152 | \u00a0 | \u00a0 | \u00a0 | 323,797 | \u00a0 |
| Reserve for return inventory | \u00a0 | \u00a0 | 676,548 | \u00a0 | \u00a0 | \u00a0 | 79,934 | \u00a0 |
| Total | \u00a0 | $ | 2,519,129 | \u00a0 | \u00a0 | $ | 2,244,505 | \u00a0 |
\u00a0
For the year ended June 30, 2026, the Company recorded an impairment charge $539,497 related to prepayments for inventory purchase that management determined to be fully unrecoverable.
"}]},{"name":"rpt:f-610","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2026 and 2025, prepaid expenses and other current assets consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Prepayment for inventory purchases | \u00a0 | $ | 469,058 | \u00a0 | \u00a0 | $ | 1,133,083 | \u00a0 |
| Prepayments | \u00a0 | \u00a0 | 170,585 | \u00a0 | \u00a0 | \u00a0 | 270,545 | \u00a0 |
| Other receivable | \u00a0 | \u00a0 | 497,786 | \u00a0 | \u00a0 | \u00a0 | 437,146 | \u00a0 |
| Prepaid provisional tax | \u00a0 | \u00a0 | 705,152 | \u00a0 | \u00a0 | \u00a0 | 323,797 | \u00a0 |
| Reserve for return inventory | \u00a0 | \u00a0 | 676,548 | \u00a0 | \u00a0 | \u00a0 | 79,934 | \u00a0 |
| Total | \u00a0 | $ | 2,519,129 | \u00a0 | \u00a0 | $ | 2,244,505 | \u00a0 |
NOTE 6. PROPERTY, PLANT AND EQUIPMENT, NET
\u00a0
As of June\u00a030, 2026 and 2025, property, plant and equipment consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Leasehold improvements | \u00a0 | $ | 817,328 | \u00a0 | \u00a0 | $ | 817,327 | \u00a0 |
| Office and other equipment | \u00a0 | \u00a0 | 1,652,901 | \u00a0 | \u00a0 | \u00a0 | 1,648,733 | \u00a0 |
| Furniture and fixtures | \u00a0 | \u00a0 | 900,184 | \u00a0 | \u00a0 | \u00a0 | 877,685 | \u00a0 |
| Construction-in-progress | \u00a0 | \u00a0 | 1,174,204 | \u00a0 | \u00a0 | \u00a0 | 894,919 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 4,544,617 | \u00a0 | \u00a0 | \u00a0 | 4,238,664 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \u00a0 | (2,121,108 | ) | \u00a0 | \u00a0 | (1,285,864 | ) |
| Total | \u00a0 | $ | 2,423,509 | \u00a0 | \u00a0 | $ | 2,952,800 | \u00a0 |
\u00a0
For the years ended June\u00a030, 2026 and 2025, depreciation expense amounted to $835,244 and $730,362, respectively.
\u00a0
Construction-in-progress refers to the production plant that are under construction in Malaysia, which are expected to be put into use in year 2027.
"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2026 and 2025, property, plant and equipment consisted of the following:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June 30, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Leasehold improvements | \u00a0 | $ | 817,328 | \u00a0 | \u00a0 | $ | 817,327 | \u00a0 |
| Office and other equipment | \u00a0 | \u00a0 | 1,652,901 | \u00a0 | \u00a0 | \u00a0 | 1,648,733 | \u00a0 |
| Furniture and fixtures | \u00a0 | \u00a0 | 900,184 | \u00a0 | \u00a0 | \u00a0 | 877,685 | \u00a0 |
| Construction-in-progress | \u00a0 | \u00a0 | 1,174,204 | \u00a0 | \u00a0 | \u00a0 | 894,919 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | 4,544,617 | \u00a0 | \u00a0 | \u00a0 | 4,238,664 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \u00a0 | (2,121,108 | ) | \u00a0 | \u00a0 | (1,285,864 | ) |
| Total | \u00a0 | $ | 2,423,509 | \u00a0 | \u00a0 | $ | 2,952,800 | \u00a0 |
NOTE 7. OTHER INVESTMENT
\u00a0
On February 20, 2024, the Company acquired shares of preferred equity\u00a0investment\u00a0in Touch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation (\u201cBerify\u201d). The Company purchased 908,464 shares of Berify Series\u00a0Seed\u00a0Preferred equity for $1 million, yielding a 2.3% ownership in Berify. On April 4, 2024, the Company invested an additional of $1 million into Berify\u2019s preferred equity for 908,464 shares, giving the Company a total of 1,816,928 shares equal to a 4.5% interest in Berify. As of June 30, 2026 and 2025, the investment in Berify amounted to $2,000,000 and $2,000,000, respectively.
\u00a0
The Series Seed Preferred Shares are convertible at any time into Berify common stock on a one-to-one basis, subject to certain specified adjustment provisions, and are mandatorily convertible upon an initial public offering or upon the election of the holders of a majority of the outstanding shares of Berify preferred stock. The Series Seed Preferred Shares will be paid in preference to the holders of common stock upon any voluntary or involuntary liquidation, dissolution or winding up of the entity, or upon a deemed liquidation event (consisting of (a) a merger or consolidation, or (b) the sale, lease, transfer of all or substantially all of the entity\u2019s assets), based on the original issue price plus declared but unpaid dividends. The Series Seed Preferred Shares do not provide the Company with the ability to require repurchase of the shares at any specified time or upon any specified event.
\u00a0
The Series Seed Preferred equity comes with a variety of protective rights for Series Seed Preferred shareholders, including the ability to approve the creation of new classes of capital stock, redemptions of capital stock, declare dividends on capital stock and effecting a deemed liquidation event or liquidation, dissolution or winding up of the entity. The holders of Berify Series Seed Preferred Shares vote with holders of common stock on an as-converted basis.
\u00a0
The Company accounts for the investment in Berify Series Seed Preferred Shares as equity securities under ASC 321. The Company initially recognized the investment based on its transaction price, reflective of the fair value of the investment. As the investment does not have a readily determinable fair value, the Company applies the measurement alternative, and measures at cost less any impairment on a subsequent measurement basis, until there are any observable price changes that can be applied to the measurement of the investment.
"}]},{"name":"rpt:f-643","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction","xbrl:period":"2024-02-20T00:00:00/2024-02-21T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-644","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-02-21T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-645","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction","xbrl:period":"2024-02-20T00:00:00/2024-02-21T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.023","decimals":3}]},{"name":"rpt:f-646","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentAggregateCost","xbrl:period":"2024-04-05T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000","decimals":-6}]},{"name":"rpt:f-647","factDimensions":{"xbrl:concept":"ispr:AdditionalSharePurchased","xbrl:period":"2024-04-05T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"908464","decimals":0}]},{"name":"rpt:f-648","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction","xbrl:period":"2024-04-04T00:00:00/2024-04-05T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1816928","decimals":0}]},{"name":"rpt:f-649","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction","xbrl:period":"2024-04-04T00:00:00/2024-04-05T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.045","decimals":3}]},{"name":"rpt:f-650","factDimensions":{"xbrl:concept":"us-gaap:OtherLongTermInvestments","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2000000","decimals":0}]},{"name":"rpt:f-651","factDimensions":{"xbrl:concept":"us-gaap:OtherLongTermInvestments","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2000000","decimals":0}]},{"name":"rpt:f-652","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsDisclosureTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"NOTE 8. EQUITY METHOD INVESTMENT
\u00a0
On April 5, 2024, Aspire North America entered into a capital contribution, subscription, and joint venture agreement with several other parties. Pursuant to joint venture agreement, the parties created a legal entity, IKE Tech LLC (\u201cIKE\u201d), whose business is licensing, owning, operating and developing an industry-standard age-verification solution for vapor (e-cigarette) devices in the U.S. market as the related planned submission of PMTA applications that seek FDA marketing orders for cutting-edge technologies across the U.S. e-cigarette market. Ispire contributed $1 million to IKE in cash for funding its operating activities and entered into a binding commitment to make an additional capital contribution to IKE in the aggregate amount of up to $9 million. In exchange for Ispire\u2019s total investment of $10 million, IKE issued to Ispire membership interests in an aggregate amount initially equal to forty percent (40%) of the membership interests in IKE.
\u00a0
As of June\u00a030, 2026 and 2025, the investment in joint venture accounted for under the equity method amounted to $8,611,823 and $9,515,546. As of June 30, 2026, the carrying amount of the investment exceeded the Company\u2019s 40% share of IKE\u2019s net assets, which is accounted for as equity method goodwill and is not subject to amortization. As of June 30, 2026, the Company noticed no indicator of impairment regarding the investment.
\u00a0
For the years ended June 30, 2026 and 2025, the Company\u2019s share of the joint venture\u2019s net loss was $903,723 and $732,502. The loss was included in \u201cother (expense) income, net\u201d in the consolidated statements of operations and comprehensive loss.
\u00a0
The tables below present\u00a0the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Current assets | \u00a0 | $ | 17,755,309 | \u00a0 | \u00a0 | $ | 20,583,827 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 4,162,321 | \u00a0 | \u00a0 | \u00a0 | 2,568,283 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 1,332,955 | \u00a0 | \u00a0 | \u00a0 | 278,128 | \u00a0 |
| Equity | \u00a0 | \u00a0 | 20,584,675 | \u00a0 | \u00a0 | \u00a0 | 22,873,982 | \u00a0 |
\u00a0
\u00a0
| \u00a0 | \u00a0 | For the years\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Net revenue | \u00a0 | $ | 136,752 | \u00a0 | \u00a0 | $ | \u00a0 | |
| Gross profit | \u00a0 | \u00a0 | 126,669 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Loss from operations | \u00a0 | \u00a0 | 2,289,307 | \u00a0 | \u00a0 | \u00a0 | 1,831,254 | \u00a0 |
| Net loss | \u00a0 | \u00a0 | 2,289,307 | \u00a0 | \u00a0 | \u00a0 | 1,831,254 | \u00a0 |
The tables below present\u00a0the summarized financial information, as provided to the Company by the investee, for the unconsolidated company:
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Current assets | \u00a0 | $ | 17,755,309 | \u00a0 | \u00a0 | $ | 20,583,827 | \u00a0 |
| Noncurrent assets | \u00a0 | \u00a0 | 4,162,321 | \u00a0 | \u00a0 | \u00a0 | 2,568,283 | \u00a0 |
| Current liabilities | \u00a0 | \u00a0 | 1,332,955 | \u00a0 | \u00a0 | \u00a0 | 278,128 | \u00a0 |
| Equity | \u00a0 | \u00a0 | 20,584,675 | \u00a0 | \u00a0 | \u00a0 | 22,873,982 | \u00a0 |
\u00a0
\u00a0
| \u00a0 | \u00a0 | For the years\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Net revenue | \u00a0 | $ | 136,752 | \u00a0 | \u00a0 | $ | \u00a0 | |
| Gross profit | \u00a0 | \u00a0 | 126,669 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Loss from operations | \u00a0 | \u00a0 | 2,289,307 | \u00a0 | \u00a0 | \u00a0 | 1,831,254 | \u00a0 |
| Net loss | \u00a0 | \u00a0 | 2,289,307 | \u00a0 | \u00a0 | \u00a0 | 1,831,254 | \u00a0 |
NOTE 9. CONTRACT LIABILITIES
\u00a0
As of June 30, 2026 and 2025, the Company had total contract liabilities of $1,886,012 and $4,861,250, respectively. These liabilities are advance deposits received from customers after an order has been placed. The decrease in the balance at June 30, 2026 was due to less orders on hand on that date. The amount of revenue recognized in the year ended June 30, 2026, that was included in the opening contract liability balance was $4,275,147.
\u00a0
Changes in the contract liabilities is below:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | $ | 4,861,250 | \u00a0 | \u00a0 | $ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \u00a0 | 43,673,322 | \u00a0 | \u00a0 | \u00a0 | 41,129,592 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \u00a0 | (46,648,560 | ) | \u00a0 | \u00a0 | (38,486,508 | ) |
| Balance at June 30 | \u00a0 | \u00a0 | 1,886,012 | \u00a0 | \u00a0 | \u00a0 | 4,861,250 | \u00a0 |
Changes in the contract liabilities is below:
\u00a0
| \u00a0 | \u00a0 | For the year\u00a0ended June 30, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Balance at July 1 | \u00a0 | $ | 4,861,250 | \u00a0 | \u00a0 | $ | 2,218,166 | \u00a0 |
| Contract liabilities recognized related to advanced deposits | \u00a0 | \u00a0 | 43,673,322 | \u00a0 | \u00a0 | \u00a0 | 41,129,592 | \u00a0 |
| Revenue recognized in current period | \u00a0 | \u00a0 | (46,648,560 | ) | \u00a0 | \u00a0 | (38,486,508 | ) |
| Balance at June 30 | \u00a0 | \u00a0 | 1,886,012 | \u00a0 | \u00a0 | \u00a0 | 4,861,250 | \u00a0 |
NOTE 10. LEASES
\u00a0
The Company has operating lease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms of to years.
\u00a0
Leases with an initial term of 12 months or less are not presented as right-of-use assets on the consolidated balance sheet and are expensed over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date.
\u00a0
The balances for the right-of-use assets and lease liabilities where the Company is the lessee are presented as follow:
\u00a0
| \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | As of | \u00a0 | ||
| \u00a0 | \u00a0 | June\u00a030, 2026 | \u00a0 | \u00a0 | June\u00a030, 2025 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | $ | 3,329,452 | \u00a0 | \u00a0 | $ | 5,181,521 | \u00a0 |
| Impairment | \u00a0 | \u00a0 | (301,067 | ) | \u00a0 | \u00a0 | (151,516 | ) |
| Total | \u00a0 | $ | 3,028,385 | \u00a0 | \u00a0 | $ | 5,030,005 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | $ | 1,443,763 | \u00a0 | \u00a0 | $ | 1,838,815 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \u00a0 | 1,893,249 | \u00a0 | \u00a0 | \u00a0 | 3,267,522 | \u00a0 |
| Total | \u00a0 | $ | 3,337,012 | \u00a0 | \u00a0 | $ | 5,106,337 | \u00a0 |
\u00a0
As of June 30, 2026, the maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, 2026 | \u00a0 | |
| July 1, 2026 to June 30, 2027 | \u00a0 | $ | 1,607,967 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \u00a0 | 803,628 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \u00a0 | 722,952 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \u00a0 | 481,968 | \u00a0 |
| Total future lease payments | \u00a0 | \u00a0 | 3,616,515 | \u00a0 |
| Less: imputed interest | \u00a0 | \u00a0 | (279,503 | ) |
| Total lease liabilities | \u00a0 | $ | 3,337,012 | \u00a0 |
\u00a0
The Company incurred lease costs, which include the payment of short-term leases, of $2,066,548 and $1,757,022 on the Company\u2019s consolidated statements of operations and comprehensive loss for the years ended June 30, 2026 and 2025, respectively.
\u00a0
The Company made payments of $2,135,952 and $1,654,992 under the lease agreements during the years ended June 30, 2026 and 2025, respectively.
\u00a0
The weighted-average remaining lease term related to the Company\u2019s lease liabilities as of June 30, 2026 and 2025 was 2.9 years and 3.4 years, respectively.
\u00a0
The discount rate related to the Company\u2019s lease liabilities as of June 30, 2026 and 2025 was 6.0% and 6.4%. The discount rates are generally based on estimates of the Company\u2019s incremental borrowing rate, as the discount rates implicit in the Company\u2019s leases cannot be readily determined.
"}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseTermOfContract","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The balances for the right-of-use assets and lease liabilities where the Company is the lessee are presented as follow:
\u00a0
| \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | As of | \u00a0 | ||
| \u00a0 | \u00a0 | June\u00a030, 2026 | \u00a0 | \u00a0 | June\u00a030, 2025 | \u00a0 | ||
| Operating lease right-of-use assets | \u00a0 | $ | 3,329,452 | \u00a0 | \u00a0 | $ | 5,181,521 | \u00a0 |
| Impairment | \u00a0 | \u00a0 | (301,067 | ) | \u00a0 | \u00a0 | (151,516 | ) |
| Total | \u00a0 | $ | 3,028,385 | \u00a0 | \u00a0 | $ | 5,030,005 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Operating lease liabilities \u2013 current | \u00a0 | $ | 1,443,763 | \u00a0 | \u00a0 | $ | 1,838,815 | \u00a0 |
| Operating lease liabilities \u2013 non-current | \u00a0 | \u00a0 | 1,893,249 | \u00a0 | \u00a0 | \u00a0 | 3,267,522 | \u00a0 |
| Total | \u00a0 | $ | 3,337,012 | \u00a0 | \u00a0 | $ | 5,106,337 | \u00a0 |
As of June 30, 2026, the maturities of our lease liabilities (excluding short-term leases) are as follows:\u00a0
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, 2026 | \u00a0 | |
| July 1, 2026 to June 30, 2027 | \u00a0 | $ | 1,607,967 | \u00a0 |
| July 1, 2027 to June 30, 2028 | \u00a0 | \u00a0 | 803,628 | \u00a0 |
| July 1, 2028 to June 30, 2029 | \u00a0 | \u00a0 | 722,952 | \u00a0 |
| July 1, 2029 to June 30, 2030 | \u00a0 | \u00a0 | 481,968 | \u00a0 |
| Total future lease payments | \u00a0 | \u00a0 | 3,616,515 | \u00a0 |
| Less: imputed interest | \u00a0 | \u00a0 | (279,503 | ) |
| Total lease liabilities | \u00a0 | $ | 3,337,012 | \u00a0 |
NOTE 11. ACCRUED LIABILITIES AND OTHER PAYABLES
\u00a0
As of June\u00a030, 2026 and 2025, accrued liabilities and other payables consisted of the following:\u00a0
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | $ | 3,513,863 | \u00a0 | \u00a0 | $ | 5,841,174 | \u00a0 |
| Other payables | \u00a0 | \u00a0 | 179,721 | \u00a0 | \u00a0 | \u00a0 | 502,669 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \u00a0 | 79,775 | \u00a0 | \u00a0 | \u00a0 | 372,294 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 774,718 | \u00a0 | \u00a0 | \u00a0 | 1,180,982 | \u00a0 |
| Reserve for product returns | \u00a0 | \u00a0 | 983,076 | \u00a0 | \u00a0 | \u00a0 | 201,922 | \u00a0 |
| Other tax payable | \u00a0 | \u00a0 | 950 | \u00a0 | \u00a0 | \u00a0 | 950 | \u00a0 |
| Total | \u00a0 | $ | 5,532,103 | \u00a0 | \u00a0 | $ | 8,099,991 | \u00a0 |
\u00a0
Joint venture investment payable refers to payable to IKE, which is a related party, please see Note 8 and Note 12 for details.
"}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"As of June\u00a030, 2026 and 2025, accrued liabilities and other payables consisted of the following:\u00a0
\u00a0
| \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | \u00a0 | As of June\u00a030, | \u00a0 | ||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Joint venture investment payable | \u00a0 | $ | 3,513,863 | \u00a0 | \u00a0 | $ | 5,841,174 | \u00a0 |
| Other payables | \u00a0 | \u00a0 | 179,721 | \u00a0 | \u00a0 | \u00a0 | 502,669 | \u00a0 |
| Accrued salaries and related benefits | \u00a0 | \u00a0 | 79,775 | \u00a0 | \u00a0 | \u00a0 | 372,294 | \u00a0 |
| Accrued expenses | \u00a0 | \u00a0 | 774,718 | \u00a0 | \u00a0 | \u00a0 | 1,180,982 | \u00a0 |
| Reserve for product returns | \u00a0 | \u00a0 | 983,076 | \u00a0 | \u00a0 | \u00a0 | 201,922 | \u00a0 |
| Other tax payable | \u00a0 | \u00a0 | 950 | \u00a0 | \u00a0 | \u00a0 | 950 | \u00a0 |
| Total | \u00a0 | $ | 5,532,103 | \u00a0 | \u00a0 | $ | 8,099,991 | \u00a0 |
NOTE 12. RELATED PARTY TRANSACTIONS\u00a0
\u00a0
| a) | The table below sets forth the major related parties and their relationships with the Company: |
\u00a0
| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the 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 that the Company has 40% membership interests. |
| - Jin Wu Health Limited (\u201cJin Wu\u201d), a joint venture in which the Company has a 49% equity interest. |
\u00a0
| b) | Tuanfang Liu is also Aspire Global\u2019s chief executive officer and a director of both the Company and Aspire Global, and his wife, Jiangyan Zhu, is also a director of both companies. As of June 30, 2026, Mr. Liu and Ms. Zhu beneficially own 66.5% and 5.0%, respectively, of the outstanding shares of Aspire Global. As of June 30, 2026, Mr. Liu and Ms. Zhu beneficially own 57.6% and 4.3%, respectively, of the outstanding shares of the Company. |
\u00a0
| c) | For both years ended June 30, 2026 and 2025, the majority of the Company\u2019s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June 30, 2026 and 2025, the accounts payable \u2013 related party was $29,312,960 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 years ended June 30, 2026 and 2025, the purchases from Shenzhen Yi Jia were $72,132,008 and $94,657,848, respectively. |
\u00a0
| d) | The balances due to a related party at June 30, 2026 and 2025 represent amounts due to Shenzhen Yi Jia of $47,000,000 and $25,000,000, respectively. The balance of $22,000,000 as of June 30, 2026 was reclassified from accounts payable \u2013 related party as Shenzhen Yijia agreed not to seek repayment of this balance for twelve months starting from September 17, 2026. The balance of $25,000,000 as of June 30, 2025 was reclassified from accounts payable \u2013 related party as Shenzhen Yijia agreed not to seek repayment of this balance for twelve months starting from September 30, 2025. The balances are non-interest bearing and unsecured. |
\u00a0
| e) | As of June 30, 2026 and 2025, the Company had $590,911\u00a0and\u00a0$75,147\u00a0due from IKE. For the years ended June 30, 2026 and 2025,\u00a0the Company recorded\u00a0$558,229 and\u00a0$109,349\u00a0in other income from IKE from charging administrative fees. |
| Name of related parties and Relationship with the Company |
| - Tuanfang Liu is the 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 that the Company has 40% membership interests. |
| - Jin Wu Health Limited (\u201cJin Wu\u201d), a joint venture in which the Company has a 49% equity interest. |
NOTE 13. INCOME TAXES\u00a0
\u00a0
BVI
\u00a0
Under the current laws of the BVI, the Company\u2019s BVI subsidiary, Ispire International, is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholding tax in the BVI.
\u00a0
Hong Kong
\u00a0
Under the two-tiered profits tax rates regime for Hong Kong, the first 2 million HKD of profits of the qualifying entity will be taxed at 8.25%, and profits above HKD 2 million will be taxed at 16.5%.
\u00a0
United States
\u00a0
The Company and Aspire North America LLC are each subject to the federal income tax rate of 21% if in a taxable position.
\u00a0
Malaysia
\u00a0
Ispire Malaysia Sdn Bhd are subject to the standard corporate tax rate of 24% if in a taxable position. However, resident companies that qualify as small and medium-sized enterprises may benefit from a reduced tax rate of 15% on the first RM 150,000 of chargeable income and 17% on the next RM 450,000.
\u00a0
For the years ended June\u00a030, 2026 and 2025 income (loss) before income taxes by major taxing jurisdiction consists of:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| HK | \u00a0 | $ | 7,038,205 | \u00a0 | \u00a0 | $ | 7,447,310 | \u00a0 |
| U.S. | \u00a0 | \u00a0 | (36,451,950 | ) | \u00a0 | \u00a0 | (44,039,142 | ) |
| Malaysia | \u00a0 | \u00a0 | (2,642,917 | ) | \u00a0 | \u00a0 | (1,444,690 | ) |
| Total | \u00a0 | $ | (32,056,662 | ) | \u00a0 | $ | (38,036,522 | ) |
\u00a0
The provision for income taxes consisted of the following:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Current provision: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \u00a0 | 14,190 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Foreign | \u00a0 | \u00a0 | 1,218,905 | \u00a0 | \u00a0 | \u00a0 | 1,203,704 | \u00a0 |
| Total current provision | \u00a0 | \u00a0 | 1,233,095 | \u00a0 | \u00a0 | \u00a0 | 1,203,704 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred provision: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \u00a0 | (85,713 | ) | \u00a0 | \u00a0 | \u00a0 | |
| Total deferred provision: | \u00a0 | \u00a0 | (85,713 | ) | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total provision for income tax | \u00a0 | $ | 1,147,382 | \u00a0 | \u00a0 | $ | 1,203,704 | \u00a0 |
\u00a0
The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax income is as follows:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Federal statutory income tax rate | \u00a0 | $ | (6,732,256 | ) | \u00a0 | $ | (7,987,670 | ) |
| State income taxes, net of federal benefit | \u00a0 | \u00a0 | (2,469,295 | ) | \u00a0 | \u00a0 | (3,054,267 | ) |
| Global Intangible Low-Taxes Income | \u00a0 | \u00a0 | 666,641 | \u00a0 | \u00a0 | \u00a0 | 1,007,772 | \u00a0 |
| Permanent Differences | \u00a0 | \u00a0 | 237,117 | \u00a0 | \u00a0 | \u00a0 | 56,843 | \u00a0 |
| Foreign Rate Differential | \u00a0 | \u00a0 | (396,378 | ) | \u00a0 | \u00a0 | (373,481 | ) |
| Effect of entity tax reclassification | \u00a0 | \u00a0 | 448,686 | \u00a0 | \u00a0 | \u00a0 | 4,832,943 | \u00a0 |
| Hong Kong Preferential Rate | \u00a0 | \u00a0 | (21,538 | ) | \u00a0 | \u00a0 | (11,908 | ) |
| Change in valuation allowance | \u00a0 | \u00a0 | 9,401,452 | \u00a0 | \u00a0 | \u00a0 | 6,750,352 | \u00a0 |
| Other | \u00a0 | \u00a0 | 12,953 | \u00a0 | \u00a0 | \u00a0 | (16,880 | ) |
| Income tax expense | \u00a0 | $ | 1,147,382 | \u00a0 | \u00a0 | $ | 1,203,704 | \u00a0 |
\u00a0
The Company\u2019s effective tax rate for the years ended June 30, 2026 and 2025, was different from the United States statutory income tax rate due primarily to the U.S. and Malaysia subsidiaries being in a loss position and the Hong Kong subsidiary being in an income position. No tax benefit has been recognized for these current losses and the related carryforward losses of these subsidiaries, as a full valuation allowance has been established against the deferred tax asset arising from these losses.
\u00a0
As of June 30, 2026, the Company had deferred tax assets totaling $29,025,130. Of this amount, $17,973,556 related to federal, state, and foreign net operating loss carryforwards, which may provide future income tax benefits. These deferred tax assets are attributable to gross net operating loss carryforwards of $54,221,556 for federal, $78,411,629 for state and $4,629,480 \u00a0for foreign jurisdictions. In accordance with the Tax Cuts and Jobs Act enacted in December 2017, federal NOL carryforwards arising from tax years beginning after January 1, 2018 can be carried forward indefinitely, subject to a taxable income limitation. State net operating loss carryforwards will begin to expire in 2043, and foreign net operating loss carryforwards will begin to expire in 2034.
\u00a0
The amount of the valuation allowance as of June 30, 2026 was $28,018,555, resulting from an addition of $9,401,452 to the valuation allowance. Valuation allowances provided against the deferred tax assets are related to all net operating loss carryforwards, as the Company\u2019s management does not believe that sufficient positive evidence exists to conclude that the benefits of such deferred tax assets are more likely than not to be realized in full.
\u00a0
After the valuation allowance, there is remaining deferred tax assets of $1,006,575 and deferred tax liabilities of $920,862 resulting in a net deferred tax asset of $85,713 which is recognized by Hong Kong subsidiary. Deferred tax assets and liabilities represent the future effects on income taxes that result from temporary differences and carryforwards that exist at the balance sheet date, and are measured using enacted rates and provisions of the tax law. Deferred tax assets are recognized for deductible temporary differences as well as tax attributes.
\u00a0
The Company generated Global Intangible Low-Taxes Income during the year. However, no corresponding U.S. federal income tax expense was recognized due to the utilization of net operating loss carryforwards. The Company will continue to monitor the impact of Global Intangible Low-Taxes Income on its future tax positions.
\u00a0
On July 4, 2025, the One Big Beautiful Bill Act (\u201cOBBBA\u201d) was enacted, significantly amending U.S. federal tax law, including changes to international tax provisions, expensing of research and experimental expenditures, depreciation, and interest deduction rules. The company does not expect the OBBBA to have a material impact on its effective tax rate.
\u00a0
Significant components of the Company\u2019s deferred tax liabilities and assets as of June 30, 2026 and 2025 are as follows:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Deferred tax assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | $ | 17,973,556 | \u00a0 | \u00a0 | $ | 10,839,605 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \u00a0 | 6,487,479 | \u00a0 | \u00a0 | \u00a0 | 5,456,177 | \u00a0 |
| Share based compensation | \u00a0 | \u00a0 | 2,194,433 | \u00a0 | \u00a0 | \u00a0 | 1,868,307 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 830,588 | \u00a0 | \u00a0 | \u00a0 | 1,270,401 | \u00a0 |
| Others | \u00a0 | \u00a0 | 1,539,074 | \u00a0 | \u00a0 | \u00a0 | 775,701 | \u00a0 |
| Total deferred tax assets | \u00a0 | \u00a0 | 29,025,130 | \u00a0 | \u00a0 | \u00a0 | 20,210,191 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (28,018,555 | ) | \u00a0 | \u00a0 | (18,617,103 | ) |
| Net deferred assets | \u00a0 | \u00a0 | 1,006,575 | \u00a0 | \u00a0 | \u00a0 | 1,593,088 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment | \u00a0 | \u00a0 | (167,217 | ) | \u00a0 | \u00a0 | (353,363 | ) |
| Intangible Assets | \u00a0 | \u00a0 | (22,399 | ) | \u00a0 | \u00a0 | (8,405 | ) |
| Right of use assets | \u00a0 | \u00a0 | (731,246 | ) | \u00a0 | \u00a0 | (1,231,320 | ) |
| Net deferred tax liabilities | \u00a0 | \u00a0 | (920,862 | ) | \u00a0 | \u00a0 | (1,593,088 | ) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net deferred tax asset | \u00a0 | $ | 85,713 | \u00a0 | \u00a0 | $ | \u00a0 |
\u00a0
Movement of valuation allowance:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| At the beginning of the year | \u00a0 | $ | 18,617,103 | \u00a0 | \u00a0 | $ | 11,850,516 | \u00a0 |
| Current year addition | \u00a0 | \u00a0 | 9,401,452 | \u00a0 | \u00a0 | \u00a0 | 6,766,587 | \u00a0 |
| At the end of the year | \u00a0 | $ | 28,018,555 | \u00a0 | \u00a0 | $ | 18,617,103 | \u00a0 |
\u00a0
The Company is subject to income taxes in the U.S. federal, state, and various foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply.
\u00a0
United States
\u00a0
The subsidiary in United States is subject to US federal income tax examinations by the Internal Revenue Service (\u201cIRS\u201d). Under the Internal Revenue Code, the statute of limitations for the IRS to assess additional taxes generally expires three years from the later of the tax return filing date or its due date (including extensions). However, this period may be extended to six years in cases of substantial understatement of income (>25% of gross income) or indefinitely in instances of fraud or failure to file a return.\u201d
\u00a0
Hong Kong
\u00a0
An additional assessment may be made by an HKIRD tax assessor if a taxpayer chargeable to tax has not been assessed to tax or has been assessed at less than the proper amount. The assessment must be made within the relevant year of assessment or within six years after the end of that year of assessment. The time limit for making additional assessments is extended when a taxpayer either has not been assessed, or is under-assessed, due to fraud or wilful evasion. In that case, an additional assessment may be made up to ten years after the end of the relevant assessment year.
\u00a0
Malaysia
\u00a0
Additional assessments can be made within five years (seven years for transfer pricing assessments) after the expiration of the relevant year of assessment. This time limit is not applicable where fraud, wilful default, or negligence has been committed.
\u00a0
The Company does not have any tax audits or other issues pending.
"}]},{"name":"rpt:f-764","factDimensions":{"xbrl:concept":"ispr:ProfitsTaxRatesRegime","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-765","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"0.0825","decimals":4}]},{"name":"rpt:f-766","factDimensions":{"xbrl:concept":"ispr:ProfitsTaxRatesRegime","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:HKD","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"2000000","decimals":-6}]},{"name":"rpt:f-767","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:HK"},"factValues":[{"value":"0.165","decimals":3}]},{"name":"rpt:f-768","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"0.21","decimals":2}]},{"name":"rpt:f-769","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationDeductions","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:MY","srt:OwnershipAxis":"ispr:IspireMalaysiaMember"},"factValues":[{"value":"0.24","decimals":2}]},{"name":"rpt:f-770","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:OwnershipAxis":"ispr:IspireMalaysiaMember"},"factValues":[{"value":"0.15","decimals":2}]},{"name":"rpt:f-771","factDimensions":{"xbrl:concept":"ispr:ChargeableIncome","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:MYR","srt:OwnershipAxis":"ispr:IspireMalaysiaMember"},"factValues":[{"value":"150000","decimals":0}]},{"name":"rpt:f-772","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","srt:StatementGeographicalAxis":"country:MY","srt:OwnershipAxis":"ispr:IspireMalaysiaMember"},"factValues":[{"value":"0.17","decimals":2}]},{"name":"rpt:f-773","factDimensions":{"xbrl:concept":"ispr:ChargeableIncome","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:MYR","srt:StatementGeographicalAxis":"country:MY","srt:OwnershipAxis":"ispr:IspireMalaysiaMember"},"factValues":[{"value":"450000","decimals":0}]},{"name":"rpt:f-774","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"For the years ended June\u00a030, 2026 and 2025 income (loss) before income taxes by major taxing jurisdiction consists of:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| HK | \u00a0 | $ | 7,038,205 | \u00a0 | \u00a0 | $ | 7,447,310 | \u00a0 |
| U.S. | \u00a0 | \u00a0 | (36,451,950 | ) | \u00a0 | \u00a0 | (44,039,142 | ) |
| Malaysia | \u00a0 | \u00a0 | (2,642,917 | ) | \u00a0 | \u00a0 | (1,444,690 | ) |
| Total | \u00a0 | $ | (32,056,662 | ) | \u00a0 | $ | (38,036,522 | ) |
The provision for income taxes consisted of the following:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Current provision: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | $ | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \u00a0 | 14,190 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
| Foreign | \u00a0 | \u00a0 | 1,218,905 | \u00a0 | \u00a0 | \u00a0 | 1,203,704 | \u00a0 |
| Total current provision | \u00a0 | \u00a0 | 1,233,095 | \u00a0 | \u00a0 | \u00a0 | 1,203,704 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred provision: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| United States \u2013 Federal | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| United States - State | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Foreign | \u00a0 | \u00a0 | (85,713 | ) | \u00a0 | \u00a0 | \u00a0 | |
| Total deferred provision: | \u00a0 | \u00a0 | (85,713 | ) | \u00a0 | \u00a0 | \u00a0 | |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Total provision for income tax | \u00a0 | $ | 1,147,382 | \u00a0 | \u00a0 | $ | 1,203,704 | \u00a0 |
The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory tax rate to pre-tax income is as follows:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Federal statutory income tax rate | \u00a0 | $ | (6,732,256 | ) | \u00a0 | $ | (7,987,670 | ) |
| State income taxes, net of federal benefit | \u00a0 | \u00a0 | (2,469,295 | ) | \u00a0 | \u00a0 | (3,054,267 | ) |
| Global Intangible Low-Taxes Income | \u00a0 | \u00a0 | 666,641 | \u00a0 | \u00a0 | \u00a0 | 1,007,772 | \u00a0 |
| Permanent Differences | \u00a0 | \u00a0 | 237,117 | \u00a0 | \u00a0 | \u00a0 | 56,843 | \u00a0 |
| Foreign Rate Differential | \u00a0 | \u00a0 | (396,378 | ) | \u00a0 | \u00a0 | (373,481 | ) |
| Effect of entity tax reclassification | \u00a0 | \u00a0 | 448,686 | \u00a0 | \u00a0 | \u00a0 | 4,832,943 | \u00a0 |
| Hong Kong Preferential Rate | \u00a0 | \u00a0 | (21,538 | ) | \u00a0 | \u00a0 | (11,908 | ) |
| Change in valuation allowance | \u00a0 | \u00a0 | 9,401,452 | \u00a0 | \u00a0 | \u00a0 | 6,750,352 | \u00a0 |
| Other | \u00a0 | \u00a0 | 12,953 | \u00a0 | \u00a0 | \u00a0 | (16,880 | ) |
| Income tax expense | \u00a0 | $ | 1,147,382 | \u00a0 | \u00a0 | $ | 1,203,704 | \u00a0 |
Significant components of the Company\u2019s deferred tax liabilities and assets as of June 30, 2026 and 2025 are as follows:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Deferred tax assets: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | ||
| Net operating loss carryforward | \u00a0 | $ | 17,973,556 | \u00a0 | \u00a0 | $ | 10,839,605 | \u00a0 |
| Accounts receivable impairment | \u00a0 | \u00a0 | 6,487,479 | \u00a0 | \u00a0 | \u00a0 | 5,456,177 | \u00a0 |
| Share based compensation | \u00a0 | \u00a0 | 2,194,433 | \u00a0 | \u00a0 | \u00a0 | 1,868,307 | \u00a0 |
| Lease liabilities | \u00a0 | \u00a0 | 830,588 | \u00a0 | \u00a0 | \u00a0 | 1,270,401 | \u00a0 |
| Others | \u00a0 | \u00a0 | 1,539,074 | \u00a0 | \u00a0 | \u00a0 | 775,701 | \u00a0 |
| Total deferred tax assets | \u00a0 | \u00a0 | 29,025,130 | \u00a0 | \u00a0 | \u00a0 | 20,210,191 | \u00a0 |
| Less: Valuation allowance | \u00a0 | \u00a0 | (28,018,555 | ) | \u00a0 | \u00a0 | (18,617,103 | ) |
| Net deferred assets | \u00a0 | \u00a0 | 1,006,575 | \u00a0 | \u00a0 | \u00a0 | 1,593,088 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Property, plant and equipment | \u00a0 | \u00a0 | (167,217 | ) | \u00a0 | \u00a0 | (353,363 | ) |
| Intangible Assets | \u00a0 | \u00a0 | (22,399 | ) | \u00a0 | \u00a0 | (8,405 | ) |
| Right of use assets | \u00a0 | \u00a0 | (731,246 | ) | \u00a0 | \u00a0 | (1,231,320 | ) |
| Net deferred tax liabilities | \u00a0 | \u00a0 | (920,862 | ) | \u00a0 | \u00a0 | (1,593,088 | ) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net deferred tax asset | \u00a0 | $ | 85,713 | \u00a0 | \u00a0 | $ | \u00a0 |
\u00a0
"}]},{"name":"rpt:f-825","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOperatingLossCarryforwards","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17973556","decimals":0}]},{"name":"rpt:f-826","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOperatingLossCarryforwards","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10839605","decimals":0}]},{"name":"rpt:f-827","factDimensions":{"xbrl:concept":"ispr:DeferredTaxAssetsAccountsReceivableImpairment","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6487479","decimals":0}]},{"name":"rpt:f-828","factDimensions":{"xbrl:concept":"ispr:DeferredTaxAssetsAccountsReceivableImpairment","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5456177","decimals":0}]},{"name":"rpt:f-829","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2194433","decimals":0}]},{"name":"rpt:f-830","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1868307","decimals":0}]},{"name":"rpt:f-831","factDimensions":{"xbrl:concept":"ispr:DeferredTaxAssetsLeaseLiabilities","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"830588","decimals":0}]},{"name":"rpt:f-832","factDimensions":{"xbrl:concept":"ispr:DeferredTaxAssetsLeaseLiabilities","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1270401","decimals":0}]},{"name":"rpt:f-833","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOther","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1539074","decimals":0}]},{"name":"rpt:f-834","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsOther","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"775701","decimals":0}]},{"name":"rpt:f-835","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsGross","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"29025130","decimals":0}]},{"name":"rpt:f-836","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsGross","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"20210191","decimals":0}]},{"name":"rpt:f-837","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"28018555","decimals":0}]},{"name":"rpt:f-838","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsValuationAllowance","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18617103","decimals":0}]},{"name":"rpt:f-839","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsNet","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1006575","decimals":0}]},{"name":"rpt:f-840","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsNet","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1593088","decimals":0}]},{"name":"rpt:f-841","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"167217","decimals":0}]},{"name":"rpt:f-842","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesPropertyPlantAndEquipment","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"353363","decimals":0}]},{"name":"rpt:f-843","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"22399","decimals":0}]},{"name":"rpt:f-844","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8405","decimals":0}]},{"name":"rpt:f-845","factDimensions":{"xbrl:concept":"ispr:DeferredTaxLiabilitiesRightOfUseAssets","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"731246","decimals":0}]},{"name":"rpt:f-846","factDimensions":{"xbrl:concept":"ispr:DeferredTaxLiabilitiesRightOfUseAssets","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1231320","decimals":0}]},{"name":"rpt:f-847","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilities","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"920862","decimals":0}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxLiabilities","xbrl:period":"2025-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1593088","decimals":0}]},{"name":"rpt:f-849","factDimensions":{"xbrl:concept":"us-gaap:DeferredTaxAssetsLiabilitiesNet","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"85713","decimals":0}]},{"name":"rpt:f-850","factDimensions":{"xbrl:concept":"us-gaap:SummaryOfValuationAllowanceTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"Movement of valuation allowance:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| At the beginning of the year | \u00a0 | $ | 18,617,103 | \u00a0 | \u00a0 | $ | 11,850,516 | \u00a0 |
| Current year addition | \u00a0 | \u00a0 | 9,401,452 | \u00a0 | \u00a0 | \u00a0 | 6,766,587 | \u00a0 |
| At the end of the year | \u00a0 | $ | 28,018,555 | \u00a0 | \u00a0 | $ | 18,617,103 | \u00a0 |
NOTE 14. WARRANTS\u00a0
\u00a0
The following table summarizes information with respect to outstanding warrants to purchase common stock during the years ended June 30, 2026 and 2025:
\u00a0
| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Outstanding at June 30, 2026 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 81 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
On April 3, 2023, the Company issued the representative of the underwriters in the Company\u2019s initial public offering 62,100 warrants. Each warrant entitles the holder to purchase one share of common stock at an exercise price of $8.75, during the period commencing April 3, 2023, and expiring on April 3, 2028. On April 5, 2024, the Company issued a warrant to purchase 111,111 shares of its Common Stock to Berify in a private placement concurrent with the closing of investment in Ike Tech LLC, the joint venture. See Note 8. The Warrant has an exercise price of $9.00 per share, is exercisable immediately, and will expire years from the date of issuance, or April 5, 2034.\u00a0None of the warrants have been exercised.
"}]},{"name":"rpt:f-858","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"The following table summarizes information with respect to outstanding warrants to purchase common stock during the years ended June 30, 2026 and 2025:
\u00a0
| Name | \u00a0 | Warrants Outstanding | \u00a0 | \u00a0 | Warrants Exercisable | \u00a0 | \u00a0 | Weighted average exercise price | \u00a0 | \u00a0 | Weighted average remaining life in months | \u00a0 | \u00a0 | Aggregate intrinsic value | \u00a0 | |||||
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 93 | \u00a0 | \u00a0 | \u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Exercised | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Expired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Outstanding at June 30, 2026 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 173,211 | \u00a0 | \u00a0 | \u00a0 | 8.91 | \u00a0 | \u00a0 | \u00a0 | 81 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
NOTE 15. STOCK-BASED COMPENSATION\u00a0
\u00a0
In October 2022, the board of directors and stockholders of the Company approved the 2022 Equity Incentive Plan (as amended, the \u201cPlan\u201d) pursuant to which up to 15,000,000 shares of common stock may be issued pursuant to options, restricted stock or RSUs grants. The Plan is administered by the Compensation Committee of the Board of Directors. Awards under the Plan may be granted to officers, directors, employees and those consultants who qualify as a consultant or advisor under the instructions to the Company\u2019s Form S-8 (File No. 333-273458) initially filed with U.S. Securities and Exchange Commission on July 26, 2023, and amended on November 15, 2024. The Compensation Committee has broad discretion in making awards, provided that any options shall be exercisable at the fair market value on the date of grant.
\u00a0
Restricted stock
\u00a0
During the years ended June 30, 2026 and 2025, 190,718 and 206,271 shares of common stock were issued to the Company\u2019s board of directors and service providers in settlement of restricted stock granted under the Plan, respectively. Restricted stock granted to directors vests over three months and was fully vested as of June 30, 2025. The Company recognized stock-based compensation expense totaling $475,988 and $1,251,328 during the year ended June 30, 2026 and 2025, which were related to the restricted stock issued to the Company\u2019s board of directors and a service provider, based on the grant date fair value of the awards. There are nil unrecognized compensation expenses related to the restricted stock awards granted to one service provider as of June 30, 2026.
\u00a0
In June 2024, the Company entered into consulting agreements with two consultants which provide for the issuance of up to 150,000 shares of common stock to each consultant (a total of 300,000 shares of common stock). Under the terms of the consulting agreements, (a) 25,000 shares of common stock vested upon execution of the consulting agreements (a total of 50,000 shares of common stock), (b) 100,000 shares of common stock will vest upon the attainment of five separate sales-based targets, in 20,000 share increments (a total of 200,000 shares of common stock), and (c) 25,000 shares of common stock will vest on October 1, 2027, if the consulting agreements have not been terminated (a total of 50,000 shares of common stock). The Company estimated the grant date fair value of the restricted stock to be $7.14 per share. Upon execution of the consulting agreements, the Company issued a total of 50,000 shares of common stock and recognized stock-based compensation expense totaling $357,000.
\u00a0
In July 2024, the Company entered into consulting agreements with two consultants, which provide for the issuance of up to 140,000 shares of common stock to each consultant (a total of 280,000 shares of common stock). Under the terms of the consulting agreements, these 140,000 shares of common stock will vest upon the attainment of six separate sales-based targets, in 20,000 share increments, if the consulting agreements have not been terminated.
\u00a0
In July 2024, the Company entered into consulting agreements with two consultants, which provide for the issuance of up to 400,000 shares of common stock to each consultant (a total of 800,000 shares of common stock). Under the terms of the consulting agreements, (a) 75,000 shares of common stock vested upon execution of the consulting agreements (a total of 150,000 shares of common stock issued during the three months ended September 30, 2024), (b) 300,000 shares of common stock will vest upon the attainment of three separate sales-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 vest upon the attainment of one separate sales-based target, if the consulting agreements have not been terminated. These consultant agreements were cancelled during the year ended June 30, 2025. Upon cancellation, 150,000 shares from the consultant agreements had been vested and issued, and there were 650,000 unissued and unvested shares being cancelled.
\u00a0
The shares of common stock that vest upon the attainment of the sales-based targets include performance-based vesting conditions, which the Company has determined were not probable of being achieved at June 30, 2026. As such, the Company has t recognized any compensation expense as of June 30, 2026, related to the restricted common stock with performance-based vesting conditions. The shares of common stock that vest on October 1, 2027, include time-based vesting criteria. For these shares, the Company recognizes stock-based compensation expense based on the grant date fair value on a straight-line basis over the required service period. For the year ended June 30, 2026, the stock-based compensation expense related to the restricted common stock with time-based vesting conditions was zero.
\u00a0
Stock Options
\u00a0
The following is a summary of stock option activity transactions as of and for the years ended June 30, 2026 and 2025:
\u00a0
| \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 June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.3 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Expired | \u00a0 | \u00a0 | (224,376 | ) | \u00a0 | $ | 9.76 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (2,057,499 | ) | \u00a0 | $ | 9.00 | \u00a0 | \u00a0 | $ | 5.12 | \u00a0 | \u00a0 | \u00a0 | 8.4 | \u00a0 |
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 490,000 | \u00a0 | \u00a0 | $ | 2.70 | \u00a0 | \u00a0 | $ | 1.62 | \u00a0 | \u00a0 | \u00a0 | 9.0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Expired | \u00a0 | \u00a0 | (135,521 | ) | \u00a0 | $ | 7.97 | \u00a0 | \u00a0 | $ | 4.56 | \u00a0 | \u00a0 | \u00a0 | 7.5 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (342,604 | ) | \u00a0 | $ | 6.39 | \u00a0 | \u00a0 | $ | 3.80 | \u00a0 | \u00a0 | \u00a0 | 8.9 | \u00a0 |
| Outstanding at June 30, 2026 | \u00a0 | \u00a0 | 1,450,000 | \u00a0 | \u00a0 | $ | 6.80 | \u00a0 | \u00a0 | $ | 3.83 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 |
| Exercisable at June 30, 2026 | \u00a0 | \u00a0 | 685,104 | \u00a0 | \u00a0 | $ | 8.59 | \u00a0 | \u00a0 | $ | 4.71 | \u00a0 | \u00a0 | \u00a0 | 6.2 | \u00a0 |
\u00a0
The aggregate intrinsic value of options outstanding with an exercise price less than the closing price of the Company\u2019s common stock as of June\u00a030, 2026 was $0. Aggregate intrinsic value represents the value of the Company\u2019s closing stock price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
\u00a0
Total expense of options vested for the years ended June 30, 2026 and 2025, was $1,288,318 and $513,553, respectively. The options granted during year ended June 30, 2026 and 2025 were valued using the binomial option pricing model based on the following range of assumptions:
\u00a0
| \u00a0 | \u00a0 | Years ended June 30, | \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 | 50% - 55 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.062% -4.812 | % | \u00a0 | \u00a0 | 4.062% -4.812 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
\u00a0
RSUs
\u00a0
RSUs granted to employees vest cumulatively as to one-third of the restricted stock units on each of the first three anniversaries of the date of grant based on continues service. Each vested RSU entitles holder to receive one share of common stock upon exercise. RSUs are accounted for as equity using the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees, directors and consultants based upon the grant-date fair value.
\u00a0
| \u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2024 | \u00a0 | \u00a0 | 483,606 | \u00a0 | \u00a0 | $ | 9.76 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1,223,830 | \u00a0 | \u00a0 | \u00a0 | 6.10 | \u00a0 |
| Vested | \u00a0 | \u00a0 | (606,379 | ) | \u00a0 | \u00a0 | 7.15 | \u00a0 |
| Canceled and forfeited | \u00a0 | \u00a0 | (696,087 | ) | \u00a0 | \u00a0 | 7.68 | \u00a0 |
| Unvested, June 30, 2025 | \u00a0 | \u00a0 | 404,970 | \u00a0 | \u00a0 | $ | 6.35 | \u00a0 |
\u00a0
\u00a0
| \u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2025 | \u00a0 | \u00a0 | 404,970 | \u00a0 | \u00a0 | $ | 6.35 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 210,000 | \u00a0 | \u00a0 | \u00a0 | 2.70 | \u00a0 |
| Vested | \u00a0 | \u00a0 | (400,604 | ) | \u00a0 | \u00a0 | 4.46 | \u00a0 |
| Canceled and forfeited | \u00a0 | \u00a0 | ) | \u00a0 | \u00a0 | \u00a0 | ||
| Unvested, June 30, 2026 | \u00a0 | \u00a0 | 204,366 | \u00a0 | \u00a0 | $ | 6.38 | \u00a0 |
\u00a0
Total expense for the RSUs during the years ended June 30, 2026 and 2025 was $1,723,901 and $3,851,401, respectively. During the years ended June 30, 2026 and 2025, there were 241,990 and 516,827 shares issued as a result of employees exercising vested RSUs granted to them.
\u00a0
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| General and administrative expenses | \u00a0 | $ | 3,094,586 | \u00a0 | \u00a0 | $ | 5,453,313 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \u00a0 | 393,621 | \u00a0 | \u00a0 | \u00a0 | 162,969 | \u00a0 |
| Total | \u00a0 | $ | 3,488,207 | \u00a0 | \u00a0 | $ | 5,616,282 | \u00a0 |
\u00a0
As of June 30, 2026, the Company had approximately $2,627,199 in unrecognized compensation expenses related to all non-vested options and RSUs that will be recognized over the weighted-average period of 1.5 years.
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:StockIssuedDuringPeriodSharesShareBasedCompensationGross","xbrl:period":"2027-10-01T00:00:00/2027-10-02T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"50000","decimals":0}]},{"name":"rpt:f-888","factDimensions":{"xbrl:concept":"ispr:RestrictedStock","xbrl:period":"2024-06-30T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"7.14","decimals":2}]},{"name":"rpt:f-889","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesNewIssues","xbrl:period":"2024-06-30T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"50000","decimals":0}]},{"name":"rpt:f-890","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-06-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"357000","decimals":0}]},{"name":"rpt:f-891","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"140000","decimals":0}]},{"name":"rpt:f-892","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"ispr:ConsultantMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"280000","decimals":0}]},{"name":"rpt:f-893","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:SubsidiarySaleOfStockAxis":"ispr:SalesBasedTargetsMember"},"factValues":[{"value":"140000","decimals":0}]},{"name":"rpt:f-894","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"20000","decimals":0}]},{"name":"rpt:f-895","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"400000","decimals":0}]},{"name":"rpt:f-896","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"800000","decimals":0}]},{"name":"rpt:f-897","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"75000","decimals":0}]},{"name":"rpt:f-898","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesIssuedForServices","xbrl:period":"2024-07-01T00:00:00/2024-10-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"150000","decimals":0}]},{"name":"rpt:f-899","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:SubsidiarySaleOfStockAxis":"ispr:ThreeSeparateSalesBasedTargetsMember","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"300000","decimals":0}]},{"name":"rpt:f-900","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesPeriodIncreaseDecrease","xbrl:period":"2024-07-31T00:00:00/2024-08-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"ispr:ConsultingAgreementsMember"},"factValues":[{"value":"100000","decimals":0}]},{"name":"rpt:f-901","factDimensions":{"xbrl:concept":"us-gaap:SharebasedC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following is a summary of stock option activity transactions as of and for the years ended June 30, 2026 and 2025:
\u00a0
| \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 June 30, 2024 | \u00a0 | \u00a0 | 3,255,000 | \u00a0 | \u00a0 | $ | 9.10 | \u00a0 | \u00a0 | $ | 5.13 | \u00a0 | \u00a0 | \u00a0 | 9.1 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 465,000 | \u00a0 | \u00a0 | $ | 6.06 | \u00a0 | \u00a0 | $ | 3.69 | \u00a0 | \u00a0 | \u00a0 | 9.3 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Expired | \u00a0 | \u00a0 | (224,376 | ) | \u00a0 | $ | 9.76 | \u00a0 | \u00a0 | $ | 5.50 | \u00a0 | \u00a0 | \u00a0 | 8.2 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (2,057,499 | ) | \u00a0 | $ | 9.00 | \u00a0 | \u00a0 | $ | 5.12 | \u00a0 | \u00a0 | \u00a0 | 8.4 | \u00a0 |
| Outstanding at June 30, 2025 | \u00a0 | \u00a0 | 1,438,125 | \u00a0 | \u00a0 | $ | 8.15 | \u00a0 | \u00a0 | $ | 4.61 | \u00a0 | \u00a0 | \u00a0 | 8.0 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 490,000 | \u00a0 | \u00a0 | $ | 2.70 | \u00a0 | \u00a0 | $ | 1.62 | \u00a0 | \u00a0 | \u00a0 | 9.0 | \u00a0 |
| Exercised | \u00a0 | \u00a0 | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | $ | - | \u00a0 | \u00a0 | \u00a0 | - | \u00a0 |
| Expired | \u00a0 | \u00a0 | (135,521 | ) | \u00a0 | $ | 7.97 | \u00a0 | \u00a0 | $ | 4.56 | \u00a0 | \u00a0 | \u00a0 | 7.5 | \u00a0 |
| Forfeiture | \u00a0 | \u00a0 | (342,604 | ) | \u00a0 | $ | 6.39 | \u00a0 | \u00a0 | $ | 3.80 | \u00a0 | \u00a0 | \u00a0 | 8.9 | \u00a0 |
| Outstanding at June 30, 2026 | \u00a0 | \u00a0 | 1,450,000 | \u00a0 | \u00a0 | $ | 6.80 | \u00a0 | \u00a0 | $ | 3.83 | \u00a0 | \u00a0 | \u00a0 | 7.4 | \u00a0 |
| Exercisable at June 30, 2026 | \u00a0 | \u00a0 | 685,104 | \u00a0 | \u00a0 | $ | 8.59 | \u00a0 | \u00a0 | $ | 4.71 | \u00a0 | \u00a0 | \u00a0 | 6.2 | \u00a0 |
\u00a0
| \u00a0 | \u00a0 | Years ended June 30, | \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 | 50% - 55 | % |
| Risk-free interest rate | \u00a0 | \u00a0 | 4.062% -4.812 | % | \u00a0 | \u00a0 | 4.062% -4.812 | % |
| Expected dividend yield | \u00a0 | \u00a0 | 0 | % | \u00a0 | \u00a0 | 0 | % |
\u00a0
| \u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2024 | \u00a0 | \u00a0 | 483,606 | \u00a0 | \u00a0 | $ | 9.76 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 1,223,830 | \u00a0 | \u00a0 | \u00a0 | 6.10 | \u00a0 |
| Vested | \u00a0 | \u00a0 | (606,379 | ) | \u00a0 | \u00a0 | 7.15 | \u00a0 |
| Canceled and forfeited | \u00a0 | \u00a0 | (696,087 | ) | \u00a0 | \u00a0 | 7.68 | \u00a0 |
| Unvested, June 30, 2025 | \u00a0 | \u00a0 | 404,970 | \u00a0 | \u00a0 | $ | 6.35 | \u00a0 |
\u00a0
| \u00a0 | \u00a0 | Shares | \u00a0 | \u00a0 | Weighted average grant date fair value | \u00a0 | ||
| Unvested, June 30, 2025 | \u00a0 | \u00a0 | 404,970 | \u00a0 | \u00a0 | $ | 6.35 | \u00a0 |
| Granted | \u00a0 | \u00a0 | 210,000 | \u00a0 | \u00a0 | \u00a0 | 2.70 | \u00a0 |
| Vested | \u00a0 | \u00a0 | (400,604 | ) | \u00a0 | \u00a0 | 4.46 | \u00a0 |
| Canceled and forfeited | \u00a0 | \u00a0 | ) | \u00a0 | \u00a0 | \u00a0 | ||
| Unvested, June 30, 2026 | \u00a0 | \u00a0 | 204,366 | \u00a0 | \u00a0 | $ | 6.38 | \u00a0 |
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations and comprehensive loss:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| General and administrative expenses | \u00a0 | $ | 3,094,586 | \u00a0 | \u00a0 | $ | 5,453,313 | \u00a0 |
| Sales and marketing expenses | \u00a0 | \u00a0 | 393,621 | \u00a0 | \u00a0 | \u00a0 | 162,969 | \u00a0 |
| Total | \u00a0 | $ | 3,488,207 | \u00a0 | \u00a0 | $ | 5,616,282 | \u00a0 |
NOTE 16. STOCKHOLDERS\u2019 EQUITY
\u00a0
The Company has authorized the issuance of 140,000,000 shares of common stock, with a par value of $0.0001 per share.
\u00a0
The Company has authorized the issuance of 10,000,000 shares of preferred stock, with a par value of $0.0001 per share. As of and for the years ended June 30, 2026 and 2025, there were shares of preferred stock issued or outstanding.
\u00a0
During the year ended June 30, 2026, the Company repurchased 17,046 shares of its common stock, par value $0.0001 per share, which were subsequently cancelled.
"}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesAuthorized","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"140000000","decimals":0}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.0001","decimals":4}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockSharesAuthorized","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"10000000","decimals":0}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:PreferredStockParOrStatedValuePerShare","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.0001","decimals":4}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockCommonShares","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"17046","decimals":0}]},{"name":"rpt:f-999","factDimensions":{"xbrl:concept":"us-gaap:CommonStockParOrStatedValuePerShare","xbrl:period":"2026-07-01T00:00:00","xbrl:entity":"cik:0001948455","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"0.0001","decimals":4}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerShareTextBlock","xbrl:period":"2025-07-01T00:00:00/2026-07-01T00:00:00","xbrl:entity":"cik:0001948455"},"factValues":[{"value":"NOTE 17. LOSS PER SHARE
\u00a0
The following table presents a reconciliation of basic net loss per share:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Net loss | \u00a0 | $ | (33,204,044 | ) | \u00a0 | $ | (39,240,226 | ) |
| Weighted average basic and diluted common stock outstanding | \u00a0 | \u00a0 | 57,306,470 | \u00a0 | \u00a0 | \u00a0 | 56,853,552 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | $ | (0.58 | ) | \u00a0 | $ | (0.69 | ) |
The following table presents a reconciliation of basic net loss per share:
\u00a0
| \u00a0 | \u00a0 | Years ended June\u00a030, | \u00a0 | |||||
| \u00a0 | \u00a0 | 2026 | \u00a0 | \u00a0 | 2025 | \u00a0 | ||
| Net loss | \u00a0 | $ | (33,204,044 | ) | \u00a0 | $ | (39,240,226 | ) |
| Weighted average basic and diluted common stock outstanding | \u00a0 | \u00a0 | 57,306,470 | \u00a0 | \u00a0 | \u00a0 | 56,853,552 | \u00a0 |
| Net loss per basic and diluted share of common stock | \u00a0 | $ | (0.58 | ) | \u00a0 | $ | (0.69 | ) |
NOTE 18. COMMITMENTS AND CONTINGENCIES
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From time to time, the Company may be subject to legal or regulatory proceedings, investigations and claims incidental to the conduct of its business. The Company is not a party to, nor is the Company aware of, any legal or regulatory proceedings, investigations or claims which, in the opinion of our management, are likely to have a material adverse effect on our business, financial condition or results of operations.
\u00a0
Concurrently with the JV Agreement (see Note 8), Ispire entered into an exclusive supply agreement with Berify, whereby Ispire is obligated to purchase all Bluetooth enabled integrated 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% mark-up. In addition, IKE entered into an exclusive supply agreement with Ispire, whereby IKE is obligated to purchase at cost plus a\u00a05% mark-up all products to be sold by IKE in the nicotine field. As of June 30, 2026, we recorded an unpaid $3.5 million consideration in accrued liabilities and other payables on the consolidated balance sheet for a committed investment of $9 million into a joint venture investment named IKE Tech LLC.
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\u00a0
In August 2026, Aspire Science and Technology Limited, a wholly owned subsidiary of the Company, entered into a definitive cooperation agreement with Shandong Jincheng Pharmaceutical & Chemical Co., Ltd. and certain related parties. The agreement provides for the operation of JinWu Health Limited, a joint venture owned 49% by Aspire Science and 51% by Jincheng Pharmaceutical & Chemical, to pursue the development, production and sale of nicotine pouch products. The definitive agreement establishes the framework for the parties to advance their long-term cooperation.
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