アメリカ合衆国
証券取引委員会
ワシントン D. C. 20549
形式
本財政年度末まで
OR
_______ から _______ への移行期間について ___________________
依頼書類番号：
(登録者の正確な氏名はその定款に記載)
| (明またはその他の司法管轄権 法人または組織 ） | (税務署の雇用主 識別番号 ） 。 |
| （ 主 要 執行 役 所の 住 所 ） | (郵便番号) |
（ 登録者の電話番号を含む ） 地域コード ）
第 12 条 （ b ） に基づく登録証券 法律の ：
| 授業ごとのテーマ： | 取引コード： | 登録されている各取引所の名前： | ||
| ♪the the the |
第 12 条 （ g ） に基づく登録証券 法律の ：
なし
登録者が A である場合はチェックマークで示します。 証券法第 405 条に定義されている有名な経験豊富な発行者。
⇒ はい 」と
新興成長型会社
」と
↓ ↓
登録者が登録しているかどうかをチェックマークで示す
報告書を提出し，その経営陣の財務内部統制の有効性の評価を証明した
サバンズ·オキシリー法(“アメリカ法典”第15編第7262(B)条)第404(B)条に基づいて報告書を提出する公認会計士事務所
監査報告書を発表しました。
」と
その中に何か間違いがあるかどうかをチェックマークで示す
登録者が受け取ったインセンティブに基づく補償の回収分析の再説明が必要である
第240.10 D-1(B)節の規定により、関連する回復期内に、上級管理者が管理者となる。
☐そうなの
| 」と | いいえ | 2024年9月26日までに | ||
| 登録者の普通株は、1株当たり額面0.0001ドル(“普通株”)が発行されている。 | 目次ページ | ページ | ||
| 前向きな陳述に関する警告説明 |
第1項。
第1 A項。
項目1 B。
プロジェクト1 C
第二項です。
属性
第四項です。
炭鉱安全情報開示
五番目です。
i
電子液体をニコチン濃度 20 mg / ml 以下に制限する
●
ニコチン含有製品またはその包装が子供に耐性があり改ざん防止的であること
●
着色剤、覚せい剤、発がん性、変異性、再生毒性成分を含む特定の成分を禁止する
●
欧州連合の分類、ラベリングおよびパッケージング規制に沿った新しいラベリング要件と警告を含みます。
●
すべての電子タバコと電子液体は、販売される前に MHRA に通知する必要があります。
業績の実際の変動または予想および業績予想の変更または修正
●
ii
証券研究アナリストの財務推定の変動
●私たちまたは私たちの競争相手は、新しい製品とサービス提供、買収、戦略関係、合弁企業、または資本約束を発表します”
●
| 上級管理職の増任や退職 | ● | |
| 当社、経営陣、業界に対する有害なネガティブな宣伝 | ● | |
| 解除またはロックアップの満了または その他の発行済普通株式の譲渡制限 | ● | |
| 販売または追加の普通株式の潜在的な販売を認識しました。 | 「新興成長企業」としての Jumpstart Our Business Startups Act または JOBS Act の下で、当社は特定の開示の免除に依存することが許可され、また、 要件だ | |
| 「新興成長企業」として、 ジョブズ法では、特定の開示要件からの免除に依存し、依存することが許可されています。新興成長企業です 一番早くまで | ● | |
| 当社の年間総売上高が 12 億 3500 万ドル以上の会計年度最終日 | ● | |
| 株式公開 5 周年後の会計年度最終日である 2023 年 4 月 3 日 | ● | |
| 時々私たちは法的拘束を受けるかもしれません 訴訟、調査、そして私たちの業務展開に付随するクレーム。 | 私たちはパーティーではなく 法的手続き、調査、クレームがあることもわかりませんが、私たちの経営陣はこれらの訴訟、調査、あるいはクレームは大きな意味を持っている可能性が高いと思っています。 私たちの業務、財務状況、または経営結果に悪影響を及ぼす。 | |
| プロジェクト4.地雷と安全 開示する | 該当しない。 | |
| パート II | 項目5.登録者普通株式市場、関連株主 事項と発行者による株式証券の購入 | |
| 市場情報 | 私たちの普通株はナスダック株式市場で取引されています “ISPR。” | |
| 記録保持者 | AS 2024年9月24日現在、私たちは約19人の普通株式保有者がいる。 我々の原始株主以外の人が持ち，仲介人や他の機関が株主を代表して保有しているという数字は 実益が私たちの株を持っている株主の総数ではありません。 | |
| 配当政策 | 私たちは現金配当金を発表したり支払ったりしたことがない。 私たちの株にあります。私たちは予測可能な未来に私たちの普通株に現金配当金を支払わないと予想する。私たちは今のところ すべての利用可能な資金と任意の将来の収益を維持して、私たちの運営を支援し、私たちの業務の成長と発展に資金を提供します。どんなものでも 将来、私たちの配当政策に関する決定は私たちの取締役会が適宜決定し、以下の要素に依存します。 その他の要素、私たちの経営結果、財務状況、資本要求、契約制限、業務の見通し、 既存または当時存在していた債務ツールの要求と、私たちの取締役会が関連していると考える可能性のある他の要素。私たちの子会社は 当時唯一の株主で、私たちの連合席最高経営責任者の劉団芳に配当金を支払うことを発表した。項目13.ある関係を参照 関連取引や役員の独立性と | |
| 許可された証券 株式補償計画に基づいて発行する | 次の表に以下の方面に関する情報を示す 株式補償計画に基づいて認可された証券は、2024年6月30日まで。 |
iii
| 量 | 証券は | |
| 発行日 | 運動の | |
| 優秀な | オプション、株式承認証及び権利 | |
| 加重平均 | 運動 | |
| 価格の | 優秀な | |
| オプション、令状、権利 | 数量 | |
| 証券 | 残る | |
| 利用できる | 未来 |
発行について
| アンダー · エクイティ | 補償 | |
| 計画 （ （ a ） 列の有価証券を除く ） | 計画種別 | |
| 証券保有者が承認した持分補償計画 | 証券保有者の許可を得ていない持分補償計画 | |
| 総額 | 2022 年株式予約普通株式 1，68 1，822 株を除く。 インセンティブ · プランは、制限付き株式 （ 「 RSU 」 ） およびパフォーマンス · ストック · ユニット （ 「 PSU 」 ） の発行を条件とします。 | |
| 最近売られている未登録証券 | 我々の 変化する味を満たすためにタバコと大麻蒸発製品を開発·販売する能力 大人の消費者。 |
iv
●
♪the the the 競争の影響。
●
♪the the the マリファナ蒸発製品を開発する国際市場は アメリカのある州に限られています
●
♪the the the この2つの疫病の影響他の大流行や他の疾患の爆発は制限を招きます 政府が強制的に実施することは、私たちが製品を購入したり組み立てたりする能力にも影響を与えるかもしれません エンドユーザーが私たちの製品を購入する能力。
結果は…。 運営部
次の表は私たちのを示しています 2023年6月30日終了年度と2024年6月30日終了年度の総合業務報告書と包括収益(千ドル 1株当たりの金額を除く)
6月30日までの年度は
(重述)
1
% of
収益
% of
| 収益 | ||||||||||||||||
| 2023 | 2024 | |||||||||||||||
| 収益 | % | 収入コスト | % | |||||||||||||
| 総利益 | $ | 58,764 | 50.8 | % | $ | 65,260 | 43.0 | % | ||||||||
| 運営費 | 41,608 | 36.0 | % | 63,080 | 41.5 | % | ||||||||||
| 運営損失 | 14,919 | 12.9 | % | 17,589 | 11.6 | % | ||||||||||
| 以下の表は、収益、収益原価、粗利益を示しています。 当社の製品 （ 数千ドル単位 ） | 315 | 0.3 | % | 5,980 | 3.9 | % | ||||||||||
| 2023 年 6 月 30 日終了 （ 復元 ） | 115,606 | 100 | % | 151,909 | 100 | % | ||||||||||
収益
コスト
収益
2
毛収入
利潤
毛収入
利益%.2024 年 6 月 30 日終了
3
収益
コスト
収益
毛収入
利潤
4
毛収入
利益%
粗利益は $9，00 5，382 、または 43.3% 増加しました。 2023 年 6 月 30 日に終了した年度の 20，77 7，0 64 ドル （ 改定 ） から 2024 年 6 月 30 日に終了した年度の 29，78 2，446 ドルとなりました。 18.0% から 1 9.6% に増加しました
粗利益率の増加は主に 2024 年 6 月 30 日に終了した年度における高利益率製品の販売による製品ミックスの変更。
運営費プロジェクト9 Bその他の情報
適用されません。
5
項目 9 C 。防止する外国法域に関する開示 検査
適用されません。
第三部
ITEM 10 。取締役 · 執行役員 · コーポレートガバナンス
以下は、取締役の氏名と 執行役員、本年次報告書の時点での年齢、在籍役職および勤務を開始した年。
名前.名前
年齢
役職/肩書
劉俊方
共同最高経営責任者兼会長
マイケル · ワン
6
Aspire North America 共同最高経営責任者兼社長
ジェームズ · パトリック · マコーミック
最高財務責任者
7
ティルダード · ロウハニ
総裁.総裁
スティーブン · プシビラグラント 投稿日量未投資 株式または
8
単位
市場
価値があります
分かち合う
まだです
既得
量
未投資 株式または
単位
市場
9
Value of
未投資
株や
職場.職場
劉俊芳
マイケル · ワン
ティルダード · ロウハニ
スティーブン · プリズビラ
ジェームズ · マコーミック
10
オプション 賞
ストック 賞
名前.名前
グラント 投稿日
番号 未行使オプションの有価証券 （ # ） 実行可能 （ 2 ）
番号 未行使オプションの有価証券 （ # ） 未行使
エクイティ インセンティブ · プラン · アワード ： 未行使未獲得オプションの有価証券数 （ # ）
オプション 行使価格 （ $ ）
オプション 有効期限日
11
数字 未譲渡の株式又は株式単位 （ # ）
マーケット 譲渡されていない株式または株式単位の価値 （ $ ） （ 1 ）
エクイティ インセンティブ · プラン · アワード ： 未取得の株式、ユニット、その他の譲渡されていない権利の数 （ # ）
株式会社
インセンティブ
計画
賞 ：
市場または
賞
12
選択権
賞
不公平
インセンティブ
計画
補償
不合格になる
延期
13
補償
収益
他のすべての
補償
合計する
朱江燕
クリストファー · ロバート · バーチ
ブレント · コックス
ジョン · ファーギス
14
ジョエル · パリッツ
ミス。 ジュの補償は香港ドルで支払われ、これは同時期の平均為替レートで米ドルに換算される。 2024 年 6 月 30 日を末日とする年度は 7.8186 香港ドル対 1.0 0 ドルでした。
101.カール*
インライン XBRL Taxonomy 拡張 計算 Linkbase ドキュメント
101.定義*
| インライン XBRL Taxonomy 拡張 定義 Linkbase ドキュメント | 101.実験所* |
| インライン XBRL Taxonomy 拡張 ラベル Linkbase ドキュメント | 101.前期* |
| インライン XBRL Taxonomy 拡張 プレゼンテーション Linkbase ドキュメント | 本局に提出します。 |
| 家具付き、未提出 ここに。 | インディケート 経営契約または補償計画、契約または取り決め。 |
| 項目16.表格10-Kの概要 | 適用されない |
| 署名 | 証券取引法第 12 条の要件に基づく 1934 年の登録者は、下記署名者によってこの報告書に署名するよう正当に促し、これに対して正当に承認しました 26 |
これは…。
2024 年 9 月の日
| ISPIRE テクノロジー 株式会社 | 投稿者： |
| / s / マイケル · ワン | マイケル · ワン |
| 合同最高経営責任者 | (首席行政主任) |
15
投稿者：
/ s / ジェームズ · パトリック · マコーミック
ジェームズ · パトリック · マコーミック
財務最高責任者
（ プリンシパル · ファイナンシャル 会計士 ）
証券の要件に従って 法 ， この登録声明は、能力と表示された日に、以下の者によって署名されました ：
サイン
タイトル
日取り
/ s / 劉俊芳
16
共同最高経営責任者兼会長
2024 年 9 月 26 日
劉俊芳
(首席行政官)
/ s / マイケル · ワン
合同最高経営責任者
|
|
2024 年 9 月 26 日 | マイケル · ワン |
| (首席行政官) | / s / ジェームズ · パトリック · マコーミック | |
| 最高財務責任者 | 2024 年 9 月 26 日 |
ジェームズ · パトリック · マコーミック
| (首席財務会計官) | / s / 朱江燕 | |
| ディレクター | 2024 年 9 月 26 日 | |
| 朱江燕 | / s / クリストファー · ロバート · バーチ | |
| ディレクター | 2024 年 9 月 26 日 | |
| クリストファー · ロバート · バーチ | / s / Brent Cox | |
| ディレクター | 2024 年 9 月 26 日 | |
| ブレント · コックス | / s / ジョン · ファーgis |
17
MSPC
MSPC
| 公認会計士 · 顧問 | 専門企業 |
| 2022 年から 2023 年まで監査役を務めました。 | ニューヨークでは |
| ニューヨークです | 2023年9月19日 |
www.mspc.cpa
提携した独立系企業
340 North Avenue ， Cranford ， NJ 07016 — 2496
ムーア · グローバル · ネットワーク
これは…。
アベニュー 6 号
これは…。
フロア， ニューヨーク， NY 10036 — 5000
株式会社スペアテクノロジー
合併貸借対照表
(In$USD （ 株式および 1 株あたりのデータを除く ）
六月三十日
(重述)
18
資産
流動資産：
現金
売掛金純額
在庫、純額
前払い費用と他の流動資産
投資 — その他
流動資産総額
その他の資産：
財産·工場·設備·純価値
無形資産、純額
19
使用権資産 — オペレーティングリース
その他の投資
権益法投資
他の非流動資産
その他資産総額
総資産
負債と株主権益
経常負債
売掛金
20
売掛金-関連先
契約責任
負債その他の支払を計算すべきである
関係者の都合で
所得税に対処する
オペレーティングリース負債 — 現在の部分
21
流動負債総額
他の負債：
オペレーティングリース負債 （ 経常部分のネット ）
負債総額
引受金とその他の事項
株主権益：
普通株、額面$
1 株当たり
株式認可
22
そして
2023 年 6 月 30 日および 2024 年 6 月 30 日時点の発行済株式
優先株、額面$
株当たり、
株式認可、
違います。
23
2023 年 6 月 30 日および 2024 年 6 月 30 日に発行された株式
追加実収資本
利益剰余金(累積損失)
その他の総合収入を累計する
株主権益総額総負債と株主権益連結財務諸表付記を参照してください。
24
株式会社スペアテクノロジー
連結営業決算書および
総合損失
(In$USD （ 株式および 1 株あたりのデータを除く ）
6 月 30 日終了。
(重述)
25
収益
収入コスト
総利益
運営費用：
販売とマーケティング費用
一般と行政費用t総運営費
26
運営損失
その他の収入(支出)：
利子収入，純額
為替損失、純
その他の収入，純額
その他の収入合計，純額
所得税前損失
27
所得税 — 現状
純損失
その他総合損失
外国為替換算調整
総合損失
1株当たり純損失
基本的希釈の
| 加重平均流通株： | 基本的希釈の |
| 連結財務諸表の注記を参照。 | 株式会社アイスペアテクノロジー |
| 連結株主変動計算書」 株式会社 | (In$USD （ 株式および 1 株あたりのデータを除く ） |
| 普通株 | その他の内容 |
| 保持 | 収益 / |
積算
28
その他
総額
番号をつける
支払い済み
(累計)
全面的に
29
株主の
株式です
金額
資本
赤字)
（ 損失 ） / 収益
30
株式会社
バランス、 2023 年 7 月 1 日
純損失 （ 改定 ）
普通株発行
外貨換算調整
残高 2023 年 6 月 30 日 （ 改定 ）
純損失
保険費用を差し引いた二次募集普通株式の発行
31
株式インセンティブのための普通株式の発行
取り分で計算した報酬費用
株式承認証を発行する
外貨換算調整
バランス、 2024 年 6 月 30 日
連結への注記を参照 財務諸表
株式会社アイスペアテクノロジー
32
統合現金フロー表
(In$USD （ 株式および 1 株あたりのデータを除く ）
6 月 30 日に終了。
(重述)
純損失
純損失と経営活動への現金純額の調整：
減価償却 · 償却
33
信用損失費用
使用権資産の償却
株に基づく報酬費用
在庫品が値下がりする
権益法投資損失
34
営業資産 · 負債の変動
売掛金
在庫情報
前払い費用と他の流動資産
買掛金および買掛金 — 関連当事者
契約責任
負債その他の支払を計算すべきである
リース負債を経営する
所得税に対処する
35
経営活動のための現金純額
投資活動によるキャッシュフロー：
不動産 · 設備の購入
無形資産の買収.
短期投資を購入する
36
短期投資の満期
その他投資の取得
株式法投資の取得
投資活動が提供する現金純額
資金調達活動のキャッシュフロー：
37
株式公開の純利益
株式公開費用の支払い
株式募集の収益
株式募集の発行コスト
配当金の支払い
関係者からの前払いの返済
融資活動が提供する現金純額
38
現金の純減少
現金--期初
現金--期末
補足的なノンキャッシュ投資 · ファイナンス活動
| 営業リース負債と引き換えに取得したリース資産 | 未払持分法による未払債務その他の買掛金への投資 | |
| エクイティ · メソッド投資に伴うワラント発行 | 未払い無形資産の未払い債務その他の買掛金 | |
| シェアが 当社の組織化当時またはその頃に発行されたものは、 2020 年 7 月 1 日に未払いのものとみなされます。 | 2023 年 9 月、当社は マレーシア連邦の法律に基づき、完全子会社である Ispire Malaysia Sdn Bhd （ 「 Ispire Malaysia 」 ） を設立しました。 東南アジアに製造事業を設立するためですIspire Malaysia は、同社の会長である Tuanfang Liu によって設立されました 2023 年 8 月 2 日に共同最高経営責任者兼執行役員に就任し、 2023 年 9 月 22 日に当社に異動。 |
マレーシア人 リングギット。
以下のテーブルセット 第 4 条 2024 年 6 月 30 日現在における当社およびその子会社に関する情報
実体名
39
日付
組織
場所：
組織
% of
オーナーシップ
元金
アクティビティ
40
株式会社イスパイアテクノロジー
2022 年 6 月 13 日
| デラウェア州 | 親会社 |
| 持株会社 | イスペア · インターナショナル |
| 2022 年 7 月 6 日 | 英領バージン諸島 |
| 持株会社 | アスピア北アメリカ | |
| 2020 年 2 月 22 日 | カリフォルニア州 | |
| 研究開発 · 販売 · マーケティング | アスピア · サイエンス | |
| 2016 年 12 月 9 日 | 香港.香港 | |
| 販売とマーケティング | スパイアマレーシア | |
| 2023 年 8 月 2 日 | マレーシア |
製造 · 販売 · マーケティング
イスペアグローバルプロダクト LLC
| 2024年1月19日 | デラウェア州 |
| 販売とマーケティング | Ispire は持株会社です いかなる活動にも関与しません事業は、 2 つの営業子会社である Aspire North America によって運営されています。 2020 年半ばに導入された大麻蒸気製品の開発、マーケティング、販売に従事しており、 Aspire Science は たばこ蒸気製品のマーケティング · 販売に従事しており、製品は主にヨーロッパとアジア太平洋地域 （ 除く ） で販売されています 中華人民共和国 （ 「 PRC 」 ） |
| 注釈 2.発行済財務諸表の改定 | 改めて述べる. 2023年6月30日までの年度連結財務諸表 |
| .の間に 2023年12月31日と2024年3月31日の四半期まで、会社は分類と列報にいくつかの誤りがあることを発見しました。 また，会社は使用権資産を最初に確認·計測した際に誤りを発見し， ♪the the the 明らかにされた影響は先に述べた | ● |
41
2023年6月30日終了年度の統合キャッシュフロー表では、
2023年9月30日に終了した3ヶ月間の連結キャッシュフロー表では、資金調達活動から経営活動に訂正する必要がある
●
この誤りを訂正した結果，会社は開示$を増やす必要がある
2023年6月30日終了年度の総合キャッシュフロー表では、経営リース負債を非現金融資プロジェクトとして取得したリース資産と#ドル
●
誤って輸送·運搬コストを販売·マーケティング費用(運営費用)と確認するのではなく、収入コストであることを確認する
販売費用から2023年6月30日までの年間収入コスト$に調整する必要があります
2023年9月30日までの3ヶ月とドル
と $
42
2023年12月31日までの3ヶ月と6ヶ月
●
当社の経営リースに関する使用権資産とリース負債の初期計量·確認ミス、及び当該等の経営リースに関する費用の後続計量及び確認ミス
最初の記録は前払い賃貸料であり，使用権資産の構成要素として記録されており，(2)会社賃貸負債は#ドル減少している
2023年6月30日現在，将来の賃貸支払いの現在値の計測が修正されたため，(3)2023年6月30日までに年度確認された賃貸料支出は#ドル減少した
毎月のレンタル料金によって計算される変化。
開ける 一時的な基礎として、改めて述べるため、会社は以下の点に注目している
| ● | 2023年9月30日現在、使用権資産が増加しています$ 記録的なドルに修正することも含めて | 使用権資産の構成要素としての前払い賃貸料；賃貸負債の減少#ドル 利益剰余金が増えた | それは.2023年9月30日までの3ヶ月間、賃貸料支出は#ドル減少した それは.2023年9月30日までの3ヶ月間、経営活動のための現金純額は#ドル増加した | |||||||
| 融資活動のための現金純額は#ドル減少した | 4,121 | $ | 388,000 | ● | ||||||
| 37,100 | (1) | $ | 872,719 | 記録的なドルに修正することも含めて | ||||||
| 1,850 | $ | 81,323 | 利益剰余金が増えた | |||||||
| それは | 31,000 | $ | 127,076 | と $ | ||||||
| (1) | それぞれ，である.2023年12月31日までの6ヶ月間、経営活動に用いられた純現金は変わらない。 |
●
賃貸負債を経営しています
流動負債総額
オペレーティングリース負債 — 経常部分のネット
負債総額
43
留保利益
株主権益総額
総負債と株主権益
連結業績計算書および包括損失 2023 年 6 月 30 日期末
AS
報告
調整、調整
AS
リステート
収入コスト
| 総利益 販売とマーケティング費用 一般と行政費用 総運営費 運営損失 所得税前損失 | 所得税 純損失 総合損失 2023 年 6 月 30 日期連結キャッシュ · フロー計算書 AS | 報告 調整、調整 AS リステート 純損失 利用権資産の償却額 前払い費用と他の流動資産 リース負債を経営する 経営活動のための現金純額 | ||||||||||
| リース支払の主な部分 | (a) (1) | (b) (1) | (c) | |||||||||
| 資金調達活動に使用された純現金 | 3,255,000 | $ | 9.11 | 10,063,178 | ||||||||
| 補足的なノンキャッシュ投資 · ファイナンス活動 ： | - | - | - | |||||||||
| 営業リース負債と引き換えに取得したリース資産 | 3,255,000 | $ | 9.11 | 10,063,178 | ||||||||
| (1) | 注釈 3 。SIGNIFICANt 会計の概要 ポリシー |
陳述の基礎
6 月 30 日、
主要サプライヤー
44
主要サプライヤー b は深セン Yi Jia 、中国企業です
% 同社の共同最高経営責任者および主要株主が所有しています。注釈 13 を参照。
信用リスク
金融 当社が信用リスクの集中にさらされる可能性のある商品は、現金、売掛金、投資です。 — 他。当社は、金融機関に現金を保持しています。当該預金が最大保険額を超えた場合 レベルは無保険です
2023 年 6 月 30 日および 2024 年 6 月 30 日現在、 当社の売掛金残高が当社の売掛金総額の 10% 以上を占めるお客様 次のようなものでした
As Of
6 月 30 日、
As Of
6 月 30 日、
顧客
45
代表者 割合は 10% 未満でした
注 4 。キャッシュ
以下は、の内訳です 2023 年 6 月 30 日および 2024 年 6 月 30 日現在における当社銀行における現金残高 （ 地域別および通貨別 ） は以下の通りです。
As Of
6 月 30 日、As Of 6 月 30 日、
地理によって ：
香港の現金
アメリカ合衆国の現金
マレーシアの現金
46
総額
通貨別：
ドル
RM について
香港ドル
ユーロ
GBP
人民元
総額
47
「 HKD 」とは 香港ドルへ、「 GBP 」は英国ポンド、「 EUR 」はユーロ、「 RM 」はマレーシアを指します リンギット、「 RMB 」は Renminbi を指します。
注釈 5 。受取口座、ネット2023 年 6 月 30 日現在 2024 年の売掛債権は以下のとおりです
| As Of | 6 月 30 日、 |
| As Of | 6 月 30 日、 |
| 売掛金 — 総額 | 信用損失準備 |
| 売掛金純額 | 会社が記録する $ |
| と $ | 2023 年 6 月 30 日と 2024 年 6 月 30 日に終了した年度の信用損失費用。6 月 30 日に終了した年度は、 2023 年と 2024 年、当社は債権額を信用損失引当金に対して償却しました。 |
| と $ | それぞれ，である. |
信用損失引当金における活動は以下の通りです。
現在までの年度
| 6 月 30 日 | ||||||||||||||||
2023 | 2024 | |||||||||||||||
| 当期予想損失引当金 手当から差し引かれた押し売り | 2024年6月30日の残高 注釈 6 。前払い経費およびその他の経常 資産 | |||||||||||||||
| 2023 年 6 月 30 日現在 2024 年の前払い費用およびその他の経常資産は以下のとおりです。 | $ | 115,606 | 100.0 | % | $ | 151,909 | 100.0 | % | ||||||||
| As Of | (94,828 | ) | (82.0 | )% | (122,126 | ) | (80.4 | )% | ||||||||
| 6 月 30 日、 | 20,777 | 18.0 | % | 29,783 | 19.6 | % | ||||||||||
| As Of | (25,251 | ) | (21.8 | )% | (43,677 | ) | (28.8 | )% | ||||||||
| 6 月 30 日、 | (4,474 | ) | (3.9 | )% | (13,894 | ) | (9.1 | )% | ||||||||
| 在庫購入の前払い | (285 | ) | (0.2 | )% | 409 | 0.3 | % | |||||||||
| 繰り上げ返済する | (4,758 | ) | (4.1 | )% | (13,486 | ) | (8.9 | )% | ||||||||
| その他売掛金 | (1,245 | ) | (1.1 | )% | (1,282 | ) | (0.8 | )% | ||||||||
| 前払い仮税 | (6,004 | ) | (5.2 | )% | (14,768 | ) | (9.7 | )% | ||||||||
| 総額 | 21 | (0.0 | )% | 221 | 0.1 | % | ||||||||||
| 注釈 7 。不動産 · プラント · 設備、ネット | (5,983 | ) | (5.2 | )% | (14,546 | ) | (9.6 | )% | ||||||||
| 2023 年 6 月 30 日現在 2024 年の資産、設備は以下のとおりです。 | $ | (0.12 | ) | $ | (0.27 | ) | ||||||||||
| As Of | 50,725,814 | 54,812,900 | ||||||||||||||
48
6 月 30 日、
As Of
| 6 月 30 日 、 | ||||||||
| 2023 | 2024 | |||||||
| 賃借権改善 | 50.8 | % | 43.0 | % | ||||
| オフィスや他の装置は | 36.0 | % | 41.5 | % | ||||
| 家具と固定装置 | 12.9 | % | 11.6 | % | ||||
| 建設中の工事 | 0.3 | % | 3.9 | % | ||||
| 減算：減価償却累計 | 100.0 | % | 100.0 | % | ||||
総額
6 月 30 日に終了した年度は、 2023 年と 2024 年の減価償却費は $
と $
それぞれ。
当社は可変権益エンティティ(“VIE”)の権益を評価する そして、その中に持株権を持ち、主要な受益者とされている任意のVIEを統合する。制御性の 財務利益には以下の2つの特徴がある：(1)VIEの最も重要な活動を指導する権力 その経済表現に影響を与えること；および(2)VIEがVIEまたはVIEに重大な損失をもたらす可能性のある義務を負うこと VIEからVIEに大きな意味を持つ可能性のある利益を得る権利を得る。この2つの特徴が満たされていれば 主な受益者となるので、このVIEを私たちの連結財務諸表に統合します。
| その会社は決定した IKEは可変利益エンティティ(VIE)であり、追加資金がない場合、IKEは運用を継続するのに十分なリスク持株を持っていないので、IKEは可変利益エンティティ(VIE)である。 財政的支援。 エリックの経済パフォーマンスに最も影響を与える経営活動。当社の投資入金項目の下 IKEに大きな影響を与えるため、権益会計方法。資本法の下で投資は最初は コスト記録によって、その後、被投資者の収入における私たちの割合を増加させ、私たちの割合を反映するために減少します。 被投資先の損失シェア、受信した配当金、非一時的減値。2024年6月30日、当社はその権益を評価した どのような減値方法で投資しても、減値指標がないと結論した。 | ||||||||||||||
| 2024年6月30日までにこの投資は 合営企業で権益法で入金された金額は$ | 6月30日までの年度。
2024年、合弁企業の純損失における会社のシェアは$ これは“他の収入”に含まれています 連結経営報告書と全面赤字中の“純額”。 | 下の表は
As Of | 6 月 30 日 流動資産 | |||||||||||
| $ | 115,606 | $ | 94,828 | $ | 20,778 | 18.0 | % | |||||||
| 非流動資産 | ||||||||||||||
| 経常負債 | 株式会社 現在までの年度 | 6 月 30 日 純収入 | 毛利(損) 運営損失 | |||||||||||
| $ | 151,909 | $ | 122,126 | $ | 29,782 | 19.6 | % | |||||||
49
純損失
付記10.契約責任
2023年6月30日と2024年6月30日まで 同社の契約負債総額は#ドルです
と $
それぞれ，である.これらの負債は受け取った前払い預金だ。 注文をした後、お客様から。2024年6月30日までに、会社はすべての契約債務が返済されると予想しています 一年もたたないうちに。2024年6月30日の残高が増加したのは、当日の手元の注文が多いためだ。
契約負債の変動状況は以下のとおりである
現在までの年度
6 月 30 日
2023 年 7 月 1 日の残高
確認された前払い預金に関する契約負債
今期は収入が確認されました
2024年6月30日の残高
注11.賃貸借契約
当社はすでに運営を開始しました 香港、カリフォルニア、マレーシアのオフィスビルレンタル手配。これらのレンタル契約は通常以下の条項があります
二つ
50
トゥ
5人
年間
初期期限の借約がある 12ヶ月以下の資産は、総合貸借対照表に使用権貸借対照として記載されておらず、リース期間内に支出される。 他のすべての賃貸資産と賃貸負債は、レンタル開始時のレンタル期間の賃貸支払いの現在値に基づいて確認されます。 デートします。
使用権のバランスに関する問題 当社のテナント向け資産と賃貸負債を以下に示す
As Of
6 月 30 日、
As Of （ 復元 ） | 六月三十日 2024 | 経営的リース使用権資産 | % レンタル負債を経営しています--流動負債 | |||||||||||||
| レンタル負債を経営しています--非流動負債 | $ | 84,811 | $ | 102,572 | $ | 17,761 | 20.9 | % | ||||||||
| 総額 | 55,855 | 85,991 | 30,136 | 54.0 | % | |||||||||||
| 2024 年 6 月 30 日現在、 当社のリース負債 （ 短期リースを除く ） の満期は以下のとおりです。 | 28,956 | 16,581 | (12,375 | ) | (42.7 | )% | ||||||||||
As Of
| 6 月 30 日 2024 年 7 月 1 日 — 2025 年 6 月 30 日 |
||||||||||||
| 2025 年 7 月 1 日 ～ 2026 年 6 月 30 日 | 2023 2026 年 7 月 1 日 ～ 2027 年 6 月 30 日 |
2024 | 2027 年 7 月 1 日 ～ 2028 年 6 月 30 日 将来のレンタル支払総額 |
|||||||||
| 差し引く：推定利息 | $ | (8,456 | ) | $ | (18,302 | ) | $ | (9,846 | ) | |||
| リース総負債 | (10,154 | ) | 2,990 | 13,144 | ||||||||
| 当社はリースを発生しました 短期リースの支払を含む費用は $ | (15,570 | ) | 10,083 | 25,653 | ||||||||
| と $ | $ | (34,180 | ) | $ | (5,229 | ) | $ | 28,951 | ||||
当社の連結財務諸表について 2023 年 6 月 30 日と 2024 年 6 月 30 日に終了した年間の営業損失と包括損失。
51
当社が支払った $の
と $
2023 年 6 月 30 日と 2024 年 6 月 30 日に終了した年間のリース契約の下で。
加重平均残り 2023 年 6 月 30 日および 2024 年 6 月 30 日時点における当社のリース債務に関するリース期間は
年間と
年々、それぞれ。
関連割引率 2023 年 6 月 30 日および 2024 年 6 月 30 日時点のリース負債は
% と
%.割引率は一般的に見積もりに基づいています。 当社のリース契約に暗黙の割引率が容易に決定できないため、当社の増分借入金利を制限します。
52
注釈 12 。発生した負債およびその他の支払金
2023 年 6 月 30 日現在 2024 年の未払い債務その他の支払債権は以下のとおりです。
As Of
6 月 30 日、
As Of
6 月 30 日、
合弁投資の支払額
その他の支払い
給与 · 福利厚生
発生経費
商品返品の予約
53
その他支払税額
， それぞれ、深セン Yi Jia に支払うべきだった。これらの残高には決済条件がなく、経常負債に分類されます。2023 年 6 月 30 日と 2024 年の深セン Yi Jia からの購入額は $
と $
それぞれ。
注14.所得税
英領バージン諸島(“英領バージン諸島”)
現行の法律の下で BVI 、当社の BVI 子会社である Ispire International は、所得税またはキャピタルゲイン税の対象ではありません。さらに、配当 支払いは BVI で源泉徴収税の対象ではありません
香港.香港
2 階層の利益の下で 香港の税率制度は、最初の
適格な事業体の利益の 100 万香港ドルは課税されます
% 、および利益以上 HKD
100 万ドルは課税されます
アメリカ合衆国
54
当社と Aspire North America LLC は、それぞれ連邦政府の規制の対象となります。 所得税率は
課税ポジションの場合% 。
6 月 30 日に終了した年度は、 2023 年および 2024 年の所得税前の所得 （ 損失 ） は、主要課税管轄区域別で以下のとおりです。
締切り年数
6 月 30 日、
| (1) | 香港.香港 |
| (2) | アメリカです。 |
| (3) | マレーシア |
総額
締切り年数
6 月 30 日、
55
連邦法定所得税率
州所得税、連邦福祉と評価手当を差し引いた純額
| 1). | 恒久的差異 |
| 2). |
| 3). | 評価免除額を変更する |
| 4). | 他の人は |
所得税費用
当社の有効 2023年と2024年6月30日までの税率は米国の法定所得税率と異なり、主な原因は 米国とマレーシアの子会社は赤字状態にあり、香港子会社は利益状態にある。 当該等の付属会社の当期損失及び関連繰越損失を確認し，全額評価額を計上して準備する. 損失による繰延税金資産を相殺する。:
2024年6月30日までに
| 1). |
| 2). | 連邦、州、海外の純営業損失を繰り越したかどうか |
| 3). | 、と$ |
| 4). | 丁寧に言う。 米国連邦政府が2017年12月に公布した減税と雇用法案による。連邦所得税の目的でNOL繰り越し 2018年1月1日からの納税年度に生じる収入は無期限繰り越しが可能ですが、課税収入の制限を受けることになります。 国NOLは2043年に満期になり、外国NOLは2034年に満期になる。 |
そして、 $が増加したため
#ドルまでの評価免税額
2023 年 6 月 30 日現在。評価手当
繰延税金資産は、当社の経営陣が十分でないと判断したため、純営業損失の繰越に関連しています。
このような繰延税金資産の利益は完全に実現されないよりも可能性が高いと結論付ける肯定的な証拠があります
重要な構成要素 2023 年 6 月 30 日および 2024 年 6 月 30 日現在における当社の繰延税金債務および資産は以下のとおりです。
締切り年数
6 月 30 日、
56
繰延税金資産：
純営業損失が繰り越す
外国借金
| 売掛金減損 | シェアに基づく報酬 | リース負債 | ||
| 他の人は3 | 51 | 繰延税金資産総額 | ||
| 減算：推定免税額 | 61 | 繰延純資産 | ||
| 繰延税金負債： | 57 | 不動産 · 設備 | ||
| 使用権資産 | 41 | 繰延税金純負債 | ||
| 繰延税項目純資産 | 38 | 評価手当の動き ： | ||
| 締切り年数 | 48 | 6 月 30 日、 | ||
| 年明けに1,2,3 | 56 | 今年度の加算 | ||
| 年末には1,2 | 41 | 当社は、 アメリカ合衆国連邦、州、および様々な外国の管轄区域における所得税。各管轄区域の税制は、 関連する税法規制の解釈を適用するために重要な判断が必要です。会社のすべての納税年度 米国連邦および州の税務当局による審査のために開かれたまま、申告書が提出された日から、または納期日 （ いずれにせよ ） 後です。当社は、税務監査その他の未解決の問題はありません。 | ||
| 注釈 15 。ワラント1,2,3 | 57 | 以下の表は要約です。 2023 年 6 月 30 日および 2024 年 6 月 30 日期における普通株式購入令状の発行状況 |
| 1 | 名前.名前 |
| 2 | 株式承認証 |
| 3 | 卓越した |
株式承認証練習可能である
重みをつける平均値
57
トレーニングをする値段
重みをつける平均値
残りLife in
58
1か月骨材
固有の値
2023年6月30日現在の未返済債務授与する
鍛えられた期限が切れる
59
2024年6月30日現在の未返済債務
ON 2023 年 4 月 3 日、当社は引受者の代表者を発行しました。
逮捕状だ各ワラントは保有者に購入する権利を与えます
1つは
通常株式の行使価格で $
， 2023 年 4 月 3 日から 2028 年 4 月 3 日までの期間中。なし 令状はまだ行使されています
2024 年 4 月 5 日、同社は 購入令状を発行しました
投資のクローズと同時にプライベート · プレイスメントで Berify の普通株式の株式 合弁会社 Ike Tech LLC にあります注記 9 を参照。ワラントの行使価格は $です。
1 株当たり、直ちに行使可能であり、 失効する
10年
株式オプション
以下は概要です。 2023 年 6 月 30 日および 2024 年 6 月 30 日を末日とする年度のストックオプション取引の金額 ：
60
数量
オプションについて
| 重みをつける | 平均 | |
| 運動 | 価格 | |
| 重みをつける | 平均フェア | |
| 値あたりの | オプション | |
| 重みをつける | 平均 | |
| 残り | 契約 | |
| Life in | 年 | |
| 2023年6月30日現在の未返済債務 | 授与する | |
| 鍛えられた | 期限が切れる |
没収する
| 2024年6月30日現在の未返済債務 | 2024 年 6 月 30 日付 | |
| 総本質的価値 2024 年 6 月 30 日現在の当社普通株式の終値を下回る行使価格のオプションの残高 $だった | .総固有価値は、期間の最終取引日における当社の終値の価値を表します。 加重平均行使価格に未払いまたは行使可能なオプションの数を掛け合わせたものを超えています | |
| オプションの総費用 2023 年 6 月 30 日と 2024 年 6 月 30 日を末日とする年度の付与額は | と $ | |
| それぞれ。 | 6 月 30 日に付与されたオプション 2024 年は、以下の仮定に基づいて二項式オプション価格モデルを使用して評価されました。 | |
| 年.年 | 終了 |
61
6 月 30 日
何度も運動する
| 予想ボラティリティ | リスクフリー金利 | |
| 期待配当収益率 | RSU | |
| 従業員への RSU 付与 付与日の最初の 3 周年の各日に制限株式の 3 分の 1 を累積して譲渡します サービス継続。各付与 RSU は、行使時に普通株式 1 株を受け取る権利を有する。 | RSU は自己資本として計上される 従業員に与えられるすべての報酬に対する報酬費用の測定と認識を必要とする公正価値法を用いて 付与日の公正価値に基づいて取締役およびコンサルタント。 | |
| 株価 | 加重平均 |
助成年日
公正価値
| 未投資、 2023 年 6 月 30 日 | 授与する |
| 既得 | 取り消しと没収 |
| 未着用、 2024 年 6 月 30 日 | RSU の総費用 2023 年 6 月 30 日と 2024 年は |
| ゼロ | と $ |
| 以下の表は要約です。 連結営業決算書における株式報酬の配分及び包括損失 | 締切り年数 |
6 月 30 日、
一般と行政費用
販売とマーケティング費用
総額
62
2024 年 6 月 30 日現在、 会社は約 $
提供によって相殺 費用は $
株式資本の増資に貢献しました
追加で支払われた資本金 $
2024 年 3 月 22 日に 特定の購入者との有価証券購入契約に基づき、当社はセカンダリーオファリングにおいて、
株式 普通株式の額面価値 $
1 株当たり公募価格 $
1 株あたりこの募集は $
， 提供コスト $で相殺されます
株式資本の増資に貢献しました
資本金の追加支払 $の
当社は承認 発行は
63
優先株の株価額は $
1 株あたり2024 年 6 月 30 日末期 2023 年には優先株の発行 · 発行はありませんでした
注釈 18 。1 株あたりの損失
| 以下の表は和解を示す。 1 株当たり基本純損失 ：5 | ||||||||||||||||||||||||||||||||||
締切り年数 6 月 30 日、 | （ 復元 ） | 純損失 | 加重平均基本株式 · 希釈普通株式発行済 | 流動負債総額 | オペレーティングリース負債 — 経常部分のネット | 負債総額 | 留保利益 | 株主権益総額 | 総負債と株主権益 | |||||||||||||||||||||||||
| 連結貸借対照表 2023 年 12 月 31 日現在 | AS | ($) | ($) | ($)(4) | ($)(4) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||
| 報告(1)(2) | 2024 | 245,568 | — | — | — | — | — | — | 245,568 | |||||||||||||||||||||||||
| 2023 | 206,720 | — | — | — | — | — | — | 206,720 | ||||||||||||||||||||||||||
| 調整、調整(2) | 2024 | 350,000 | — | 2,760,001 | 5,537,903 | — | — | — | 8,647,904 | |||||||||||||||||||||||||
| 2023 | 393,447 | — | — | — | — | — | — | 393,447 | ||||||||||||||||||||||||||
| AS (3) | 2024 | 297,500 | 300,000 | 1,134,509 | 1,661,371 | — | — | — | 3,393,380 | |||||||||||||||||||||||||
| 2023 | 233,493 | 25,000 | — | — | — | — | — | 258,493 | ||||||||||||||||||||||||||
| リステート | 2024 | 216,039 | 40,000 | — | 553,790 | — | — | — | 809,829 | |||||||||||||||||||||||||
| 他の非流動資産 | 2024 | 234,936 | 20,000 | — | — | — | — | — | 254,936 | |||||||||||||||||||||||||
| 使用権資産 — オペレーティングリース | 2024 | 32,500 | — | — | 819,029 | — | — | — | 851,529 | |||||||||||||||||||||||||
| (1) | その他資産総額 |
| (2) | 総資産 |
| (3) | 賃貸負債を経営しています |
| (4) | 流動負債総額 |
| (5) | オペレーティングリース負債 — 経常部分のネット |
64
負債総額
留保利益
株主権益総額
総負債と株主権益
連結貸借対照表 2024 年 3 月 31 日
AS
報告
調整、調整
AS
65
リステート
他の非流動資産
使用権資産 — オペレーティングリース
その他資産総額
総資産
賃貸負債を経営しています
流動負債総額
オペレーティングリース負債 — 経常部分のネット
負債総額
| 利益剰余金(累積損失) | 株主権益総額 | |||||||||||||||||
| 総負債と株主権益 | 未監査コンデンサ
2023 年 9 月 30 日に終了した 3 ヶ月間の連結営業決算書及び包括損失項目、および第 3 および第 6 期
2023 年 12 月 31 日を末日とする 3 ヶ月間および 2024 年 3 月 31 日を末日とする 9 ヶ月間は以下のとおりです。 2023 年 9 月 30 日期連結業績計算書 | AS
報告 | AS リステート 収入コスト 総利益 販売とマーケティング費用 | 一般と行政費用 総運営費 | 所得税前損失 総合損失 1株当たり純損失： | |||||||||||||
| 基本的希釈の | - | - | - | - | - | |||||||||||||
| 2023 年 12 月末期連結業績計算書および包括損失計算書 | 9/4/2023 | 282,787 | $ | 2,760,001 | 1,000,000 | $ | 5,537,904 | |||||||||||
| AS | 9/4/2023 | 84,837 | $ | 828,009 | 300,000 | $ | 1,661,371 | |||||||||||
| 報告 | 9/4/2023 | - | $ | - | 100,000 | $ | 553,790 | |||||||||||
| 調整、調整 | 5/17/2024 | - | $ | - | 200,000 | $ | 819,029 | |||||||||||
66
| AS | リステート | |||||||||||||||||||||||||||||||
| 収入コスト | 総利益 | 販売とマーケティング費用 | 一般と行政費用 | 総運営費 | 運営損失 | 所得税前損失 | 所得税 | 純損失 | 総合損失 | 2023 年 12 月末期連結業績計算書 AS 報告 調整、調整 AS リステート 収入コスト 総利益 販売とマーケティング費用 一般と行政費用 総運営費 運営損失 所得税前損失 所得税 | ||||||||||||||||||||||
| 純損失 | ||||||||||||||||||||||||||||||||
| 総合損失 | 9/4/2023(3) | 1,000,000 | 9.76 | 09/04/2033 | 282,787 | 2,262,296 | - | |||||||||||||||||||||||||
| 連結業績計算書および包括損失 2024 年 3 月 31 日までの 3 ヶ月間 | 9/4/2023(4) | 300,000 | 9.76 | 09/04/2033 | 84,837 | 678,696 | - | |||||||||||||||||||||||||
| AS | 9/4/2023(5) | 100,000 | 9.76 | 09/04/2033 | - | |||||||||||||||||||||||||||
| 報告 | 5/17/2024(6) | 200,000 | 7.19 | 05/17/2034 | - | |||||||||||||||||||||||||||
| 1. | 調整、調整 |
| 2. | AS |
| 3. | リステート一般と行政費用総運営費 |
| 4. | 運営損失所得税前損失所得税 |
| 5. | 純損失総合損失2024 年 3 月末期 9 ヶ月間の連結業績計算書 |
| 6. | AS |
| 7. | 報告 |
調整、調整
AS
67
リステート
収入コストグロス利益販売とマーケティング費用一般と行政費用総運営費
運営損失
所得税前損失
所得税
純損失
総合損失
| 未監査コンデンサート 2023 年 9 月 30 日期 3 ヶ月間、 2023 年 12 月 31 日期 6 ヶ月間のキャッシュ · フロー · 項目連結計算書 2024 年 3 月 31 日までの 9 ヶ月間は以下のとおりです。 | 2023 年 9 月 30 日期連結キャッシュ · フロー · 決算書 | |
| AS | 報告 | |
| 調整、調整 | AS | |
| リステート | 純損失 |
使用権資産の償却
リース負債を経営する
経営活動のための現金純額
リース支払の主な部分
68
資金調達活動に使用された純現金
補足的なノンキャッシュ投資 · ファイナンス活動 ：
営業リース負債と引き換えに取得したリース資産 | 2023 年 12 月末期連結キャッシュ · フロー計算書 AS 報告 調整、調整 ($) | AS リステート ($) (3) | 純損失 利用権資産の償却額 ($) | 前払い費用と他の流動資産 リース負債を経営する 経営活動のための現金純額 補足的なノンキャッシュ投資 · ファイナンス活動 ： ($) | 営業リース負債と引き換えに取得したリース資産 連結キャッシュ · フロー計算書 2024 年 3 月期末 9 ヶ月間 AS 報告 ($) | 調整、調整 AS ($) | リステート ($) | |||||||||||||||||||||
| 純損失(1) | $ | 92,088 | $ | 92,088 | ||||||||||||||||||||||||
| 使用権資産の償却 | 48,000 | 36,000 | 84,000 | |||||||||||||||||||||||||
| 前払い費用と他の流動資産 | 60,000 | 60,000 | 120,000 | |||||||||||||||||||||||||
| リース負債を経営する | 36,000 | 48,000 | 84,000 | |||||||||||||||||||||||||
| 経営活動のための現金純額(2) | - | 15,000 | 15,000 | |||||||||||||||||||||||||
| (1) | 補足的なノンキャッシュ投資 · ファイナンス活動 ： |
| (2) | アメリカ-公認会計基準：前払いメンバーを保留 |
| (3) | アメリカ公認会計原則：他の総合収入メンバーを累計 |
| アメリカ-アメリカ公認会計基準：普通株式メンバー | US-GAAP：AdditionalPaidInCapitalMembers |
| アメリカ-公認会計基準：前払いメンバーを保留 | アメリカ公認会計原則：他の総合収入メンバーを累計 |
| アメリカ-アメリカ公認会計基準：普通株式メンバー | US-GAAP：AdditionalPaidInCapitalMembers |
| アメリカ-公認会計基準：前払いメンバーを保留 | アメリカ公認会計原則：他の総合収入メンバーを累計 |
| ispr ： インターナショナル会員 | ispr ： MrLiuMember |
| ispr： MsZhuMember | ispr： AspireGlobalMember |
ispr： InspireTechnologyIncMember
ispr： AspireGlobal 移籍メンバー
| ispr： AspireHoldings 移籍メンバー | ispr： AspireGlobalMember |
| ispr： チュアンファン · 劉メンバー | ispr： InspireTechnologyIncMember |
69
ispr： IspireInternationalMember
ispr： AspireNorthAmericaMember
| ispr： AspireScienceMember | ispr ： InspireMalaysia メンバー |
| ispr： Ispire グローバルプロダクトズ LLC メンバー | SRT：メンバの再調整 |
| SRT：メンバの再調整 | SRT：メンバの再調整 |
ispr： リース負債メンバー
SRT：メンバの再調整
SRT：メンバの再調整
SRT：メンバの再調整
| ispr： リース負債メンバー | ||||||||
| SRT：メンバの再調整(1) | SRT：メンバの再調整 | % | ||||||
| ispr： リース負債メンバー(2)(3)(4) | ||||||||
| SRT：シーン先に報告されたメンバ(2)(3)(4) | 35,750,000 | 63.1 | % | |||||
| SRT：シーン先に報告されたメンバ(2)(3) | 33,250,000 | 58.7 | % | |||||
| SRT：メンバの再調整 | ||||||||
| アメリカ公認会計基準：売掛金メンバー | 1,425,644 | 2.5 | % | |||||
| SRT：最小メンバ数 | 134,837 | * | ||||||
| SRT：最大メンバ数 | 0 | * | ||||||
| SRT：最小メンバ数 | 0 | * | ||||||
| SRT：最大メンバ数 | 5,425 | * | ||||||
| ispr： 深セン YiJia メンバー | 10,814 | * | ||||||
| SRT：最小メンバ数 | 10,366 | * | ||||||
| アメリカ-GAAP：OfficeEquipmentMembers | 37,337,086 | 65.9 | % | |||||
| (1) | SRT：最大メンバ数 |
| (2) | アメリカ-GAAP：OfficeEquipmentMembers |
| (3) | アメリカ-GAAP：家具と固定機器のメンバー |
| (4) | SRT：ヨーロッパメンバ |
| (5) | SRT：ヨーロッパメンバ |
| * | SRT：北米メンバ |
70
SRT：北米メンバ
SRT：アジア太平洋地域メンバ
SRT：アジア太平洋地域メンバ
| ispr： OthersMember |
| ispr ： OthersMember |
| ispr： ShareOptionsMember |
| ispr： ShareOptionsMember |
| 米国-GAAP：制限株式単位RSUメンバー |
| 米国-GAAP：制限株式単位RSUメンバー |
| アメリカ公認会計基準：保証メンバー |
アメリカ公認会計基準：保証メンバー
ispr： CustomerAMember
米国-GAAP：SalesRevenueNetMembers
| US-GAAP：顧客集中度リスクメンバー | ispr： CustomerAMember |
| 米国-GAAP：SalesRevenueNetMembers | US-GAAP：顧客集中度リスクメンバー |
ispr： サプライヤーリスクベンチマークメンバー
米国-GAAP：サプライヤー集中度リスクメンバー
ispr： SupplierAMember
71
ispr： サプライヤーリスクベンチマークメンバー
| 米国-GAAP：サプライヤー集中度リスクメンバー | ispr： SupplierAMember |
| ispr ： CustomerCMember | アメリカ公認会計基準：売掛金メンバー |
US-GAAP：顧客集中度リスクメンバー
ispr ： CustomerCMember
アメリカ公認会計基準：売掛金メンバー
US-GAAP：顧客集中度リスクメンバー
| ispr： CustomerDMember | アメリカ公認会計基準：売掛金メンバー |
| US-GAAP：顧客集中度リスクメンバー | ispr： CustomerDMember |
| アメリカ公認会計基準：売掛金メンバー | US-GAAP：顧客集中度リスクメンバー |
| ispr： 顧客メンバー | アメリカ公認会計基準：売掛金メンバー |
| US-GAAP：顧客集中度リスクメンバー | ispr： 顧客メンバー |
アメリカ公認会計基準：売掛金メンバー
72
US-GAAP：顧客集中度リスクメンバー
国：香港
| 国：香港 国： 米国 | ||||||||
| 2023 | 2024 | |||||||
| 国： 米国 | $ | 643,235 | $ | - | ||||
| 国/地域：私の | $ | - | $ | 851,600 | ||||
| 国/地域：私の | $ | - | $ | 60,010 | ||||
| 通貨： USD | $ | - | $ | - | ||||
| 通貨： USD | $ | - | $ | - | ||||
| 貨幣：馬幣 | $ | - | $ | - | ||||
貨幣：馬幣
通貨： HKD
通貨： HKD
通貨：ユーロ
通貨：ユーロ
通貨：ポンド
通貨：ポンド
金種：人民元
金種：人民元
ispr： VerifyMember
ispr： BerifysPreferredEquityMember
ispr： VerifyMember
73
ispr： VerifyMember
アメリカ公認会計基準：Corporation JointVentureMembers
ispr： メンバーシップ興味メンバー
アメリカ公認会計基準：Corporation JointVentureMembers
米国-GAAP：株式投資方法非統合投資またはグループメンバー
米国-GAAP：株式投資方法非統合投資またはグループメンバー
アメリカ-公認会計基準：リース契約メンバー
アメリカ-公認会計基準：リース契約メンバー
| アメリカ-公認会計基準：リース契約メンバー | アメリカ-公認会計基準：リース契約メンバー | |
| 3.1 | ispr： MrLiuMember | |
| 3.2* | ispr： JiangyanZhu メンバー | |
| 4.1* | ispr： MsZhuMember | |
| 4.2 | ispr： JiangyanZhu メンバー | |
| 4.3 | ispr： MrLiuMember | |
| 10.1 | ispr： MsZhuMember | |
| 10.2 | ispr： 深セン YiJia メンバー | |
| 10.3† | ispr： 深セン YiJia メンバー | |
| 10.4† | ispr： チュアンファン · 劉メンバー | |
| 10.6† | ispr： JiangyanZhu メンバー | |
| 10.7† | ispr： EigateMember | |
| 10.8 | ispr： AspireGlobalMember | |
| 10.9 | ispr： AspireInternationalMember | |
| 10.10 | ispr： 深セン YiJia メンバー |
74
| 10.11† | us—gaap ： InlandRevenueHongKong メンバー | |
| 10.12† | 国： 米国 | |
| 10.13† | ispr： AspireNorthAmericaLLC 会員 | |
| 10.14† | 国：香港 | |
| 10.15 | 国：香港 | |
| 10.16 | 国： 米国 | |
| 10.17 | 国： 米国 | |
| 10.18 | 国/地域：私の | |
| 16.1 | 国/地域：私の | |
| 19.1* | アメリカ公認会計基準：保証メンバー | |
| 21.1* | アメリカ公認会計基準：保証メンバー | |
| 23.1* | アメリカ公認会計基準：保証メンバー | |
| 23.2* | アメリカ公認会計基準：保証メンバー | |
| 31.1* | アメリカ公認会計基準：保証メンバー | |
| 31.2* | アメリカ公認会計基準：保証メンバー | |
| 32.1** | アメリカ公認会計基準：保証メンバー | |
| 97.1* | ispr： TwothousandTwentyTwoEquityIncentivePlanMember | |
| 米国-公認会計基準：制限された株式メンバー | SRT：最小メンバ数 | |
| 米国-公認会計基準：制限された株式メンバー | SRT：最大メンバ数 | |
| 米国-公認会計基準：制限された株式メンバー | 米国-公認会計基準：制限された株式メンバー | |
| ispr： コンサルティング契約会員 | ispr： コンサルタントメンバー | |
| ispr： SalesBasedTargetsMember | SRT：シーン予測メンバ | |
| ispr： コンサルティング契約会員 | SRT：シーン予測メンバ |
| * | 米国-公認会計基準：株式オプションメンバー |
| ** | 米国-GAAP：制限株式単位RSUメンバー |
| † | 米国-公認会計基準：株式オプションメンバー |
米国-公認会計基準：株式オプションメンバー
米国-公認会計基準：株式オプションメンバー
75
SRT：最小メンバ数
SRT：最大メンバ数米国-GAAP：制限株式単位RSUメンバー米国-GAAP：制限株式単位RSUメンバー
| アメリカ-公認会計基準：一般と行政費用メンバー | ||
| アメリカ-公認会計基準：一般と行政費用メンバー | 米国-公認会計基準：研究·開発費メンバー | |
| 米国-公認会計基準：研究·開発費メンバー | ||
| アメリカ-アメリカ公認会計基準：普通株式メンバー | ||
| 米国-GAAP：IPOメンバー | ||
| アメリカ-アメリカ公認会計基準：普通株式メンバー | 米国-GAAP：IPOメンバー | |
| アメリカ公認会計基準：超過割当オプションメンバー | ||
| アメリカ公認会計基準：超過割当オプションメンバー | ||
| アメリカ公認会計基準：超過割当オプションメンバー | ||
米国-GAAP：IPOメンバー
| アメリカ-GAAP：投資家のメンバー | US-GAAP：PrivatePlacementMembers | アメリカ-GAAP：投資家のメンバー | ||
| US-GAAP：PrivatePlacementMembers | US-GAAP：PrivatePlacementMembers | US-GAAP：PrivatePlacementMembers | ||
| 米国-GAAP：IPOメンバー | ispr： 証券購入契約会員 | |||
| 米国-GAAP：IPOメンバー | 米国-GAAP：IPOメンバー | SRT：シーン先に報告されたメンバ | ||
| SRT：シーン先に報告されたメンバ | SRT：シーン先に報告されたメンバ | |||
| SRT：シーン先に報告されたメンバ | SRT：シーン先に報告されたメンバ | SRT：メンバの再調整 | ||
|
SRT：シーン先に報告されたメンバ
|
SRT：メンバの再調整 | |||
| SRT：シーン先に報告されたメンバ | SRT：メンバの再調整 | SRT：シーン先に報告されたメンバ | ||
| SRT：メンバの再調整 | ||||
| iso4217： USD | xbrli： 株式 | iso4217： USD | ||
| xbrli： 株式 | ||||
| xbrli： 純粋 | ISO 4217：馬券 | ISO 4217：香港ドル | ||
| Brent Cox | ||||
| /s/ John Fargis | Director | September 26, 2024 | ||
| John Fargis |
76
ISPIRE TECHNOLOGY INC.
Index to Consolidated Financial Statements
F-1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of
Ispire Technology Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Ispire Technology Inc. (the “Company”) as of June 30, 2024, the related consolidated statements of operations and comprehensive loss, changes in stockholders’ equity and cash flows for the year ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024, and the results of its operations and its cash flows for the year ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.
Restatement of Previously Audited Financial Statements
As discussed in Note 2 to the financial statements, the June 30, 2023 financial statements have been restated to correct misstatements. We also have audited the adjustments to the financial statements as of and for the year ended June 30, 2023 to restate the operating leases and shipping and handling costs as described in Note 2. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the financial statements of the Company as of or for the year ended June 30, 2023 other than with respect to such adjustments and, accordingly, we do not express an opinion or any other form of assurance on the June 30, 2023 financial statements taken as a whole.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/ Marcum llp
Marcum llp
We have served as the Company’s auditor since 2024.
New York, NY
September 26, 2024
F-2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Ispire Technology Inc. and Subsidiaries
Opinion on the Consolidated Financial Statements
We have audited, before the effects of the adjustments for the correction of the errors described in Note 2 the consolidated balance sheet of Ispire Technology Inc. and Subsidiaries (the Company) as of June 30, 2023 and the related consolidated statements of operations and comprehensive loss, changes in stockholders’ equity, and cash flows for the year then ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, except for the errors described in Note 2 the 2023 consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023, and the results of their operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
We were not engaged to audit, review, or apply any procedures to the adjustments for the correction of the errors described in Note 2 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by Marcum LLP. (The 2023 consolidated financial statements before the effects of the adjustments discussed in Note 2 are not presented herein.)
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/
MSPC
Certified Public Accountants and Advisors,
A Professional Corporation
We served as the Company’s auditor from 2022 to 2023
New York,
September 19, 2023
 |
||||||
| www.mspc.cpa | ||||||
An independent firm associated with |
340 North Avenue, Cranford, NJ 07016-2496 | 908 272-7000 |
||||
| Moore Global Network Limited | 546 5th Avenue, 6th Floor, New York, NY 10036-5000 | 212 682-1234 |  |
F-3
ISPIRE TECHNOLOGY INC.
CONSOLIDATED BALANCE SHEETS
(In $USD, except share and per share data)
| June 30 | ||||||||
| 2023 | 2024 | |||||||
| (Restated) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Accounts receivable, net | ||||||||
| Inventories, net | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Investment – other | ||||||||
| Total current assets | ||||||||
| Other assets: | ||||||||
| Property, plant and equipment, net | ||||||||
| Intangible assets, net | ||||||||
| Right-of-use assets – operating leases | ||||||||
| Other investment | ||||||||
| Equity method investment | ||||||||
| Other non-current assets | ||||||||
| Total other assets | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Accounts payable – related party | ||||||||
| Contract liabilities | ||||||||
| Accrued liabilities and other payables | ||||||||
| Due to a related party | ||||||||
| Income tax payable | ||||||||
| Operating lease liabilities – current portion | ||||||||
| Total current liabilities | ||||||||
| Other liabilities: | ||||||||
| Operating lease liabilities – net of current portion | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, par value $ | ||||||||
| Preferred stock, par value $ | ||||||||
| Additional paid-in capital | ||||||||
| Retained earnings (accumulated deficit) | ( | ) | ||||||
| Accumulated other comprehensive (loss) income | ( | ) | ||||||
| Total stockholders’ equity | ||||||||
| Total liabilities and stockholders’ equity | $ | $ | ||||||
See notes to consolidated financial statements.
F-4
ISPIRE TECHNOLOGY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(In $USD, except share and per share data)
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| (Restated) | ||||||||
| Revenue | $ | $ | ||||||
| Cost of revenue | ||||||||
| Gross profit | ||||||||
| Operating expenses: | ||||||||
| Sales and marketing expenses | ||||||||
| General and administrative expenses | ||||||||
| Total operating expenses | ||||||||
| Loss from operations | ( | ) | ( | ) | ||||
| Other income (expense): | ||||||||
| Interest income, net | ||||||||
| Exchange loss, net | ( | ) | ( | ) | ||||
| Other (expense) income, net | ( | ) | ||||||
| Total other (expense) income, net | ( | ) | ||||||
| Loss before income taxes | ( | ) | ( | ) | ||||
| Income taxes – current | ( | ) | ( | ) | ||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive loss | ||||||||
| Foreign currency translation adjustments | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||
| Net loss per share | ||||||||
| $ | ( | ) | $ | ( | ) | |||
| Weighted average shares outstanding: | ||||||||
See notes to consolidated financial statements.
F-5
ISPIRE TECHNOLOGY INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In $USD, except share and per share data)
| Common stock | Additional | Retained Earnings/ | Accumulated Other | Total | ||||||||||||||||||||
| Number | Paid-in | (Accumulated | Comprehensive | Shareholders’ | ||||||||||||||||||||
| of Shares | Amount | Capital | deficit) | (Loss)/Income | Equity | |||||||||||||||||||
| Balance, July 1, 2023 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
| Net loss (restated) | - | ( | ) | ( | ) | |||||||||||||||||||
| Issuance of common stock | ||||||||||||||||||||||||
| Foreign currency translation adjustment | - | |||||||||||||||||||||||
| Balance, June 30, 2023 (restated) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Issuance of common stock for a secondary offering, net of insurance cost | ||||||||||||||||||||||||
| Issuance of common stock for equity incentives | ||||||||||||||||||||||||
| Share based compensation expenses | - | |||||||||||||||||||||||
| Issuance of warrants | - | |||||||||||||||||||||||
| Foreign currency translation adjustment | - | |||||||||||||||||||||||
| Balance, June 30, 2024 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||||
See notes to consolidated financial statements.
F-6
ISPIRE TECHNOLOGY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In $USD, except share and per share data)
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| (Restated) | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Credit loss expenses | ||||||||
| Right-of-use assets amortization | ||||||||
| Stock-based compensation expenses | ||||||||
| Inventory impairment | ||||||||
| Loss from equity method investment | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | ( | ) | ( | ) | ||||
| Inventories | ||||||||
| Prepaid expenses and other current assets | ( | ) | ||||||
| Accounts payable and accounts payable – related party | ||||||||
| Contract liabilities | ( | ) | ||||||
| Accrued liabilities and other payables | ||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||
| Income tax payable | ( | ) | ( | ) | ||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, plant and equipment | ( | ) | ( | ) | ||||
| Acquisition of intangible assets | ( | ) | ||||||
| Purchase of short term investment | ( | ) | ||||||
| Maturity of short term investment | ||||||||
| Acquisition of other investment | ( | ) | ||||||
| Acquisition of equity method investment | ( | ) | ||||||
| Net cash (used in) provided by investing activities | ( | ) | ||||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from initial public offering | ||||||||
| Payment of initial public offering costs | ( | ) | ||||||
| Proceeds from equity offerings | ||||||||
| Issuance costs of equity offerings | ( | ) | ( | ) | ||||
| Payment made for dividends | ( | ) | ||||||
| Repayments of advances from a related party | ( | ) | ( | ) | ||||
| Net cash (used in) provided by financing activities | ( | ) | ||||||
| Net decrease in cash | ( | ) | ( | ) | ||||
| Cash – beginning of period | ||||||||
| Cash – end of period | $ | $ | ||||||
| Supplemental non-cash investing and financing activities | ||||||||
| Leased assets obtained in exchange for operating lease liabilities | $ | $ | ||||||
| Unpaid equity method investment in accrued liabilities and other payables | $ | $ | ||||||
| Warrants issued in connection with equity method investment | $ | $ | ||||||
| Unpaid intangible assets in accrued liabilities and other payables | $ | $ | ||||||
| Supplemental disclosures | ||||||||
| Cash paid for income taxes | $ | $ | ||||||
| Cash paid for interest | $ | $ | ||||||
See notes to consolidated financial statements.
F-7
ISPIRE TECHNOLOGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. ORGANIZATION AND PRINCIPAL ACTIVITIES
Ispire Technology Inc. (the
“Company” or “Ispire”) was incorporated under the laws of the State of Delaware on
Ispire owns a
Prior to July 29, 2022, all of the equity of Aspire North America LLC, a California limited liability company (“Aspire North America”), was owned by Aspire Global Inc. (“Aspire Global”), and all of the equity of Aspire Science and Technology Limited, a Hong Kong corporation (“Aspire Science”), was owned by Aspire Global Holdings Limited (“Aspire Holdings”), a wholly-owned subsidiary of Aspire Global.
Aspire Global and the Company
are related parties since the same individual is the chief executive officer of both companies. As of June 30, 2024, the chief executive
officer and his wife, being directors of both companies, owned
In September 2023, the Company
established a wholly-owned subsidiary, Ispire Malaysia Sdn Bhd (“Ispire Malaysia”) 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’s Chairman
and Co-Chief Executive Officer on August 2, 2023, and assigned to the Company on September 22, 2023, at a consideration of
| Name of Entity | Date of Organization | Place of Organization | % of Ownership | Principal Activities | ||||
| Ispire Technology Inc. | ||||||||
| Ispire International | ||||||||
| Aspire North America | ||||||||
| Aspire Science | ||||||||
| Ispire Malaysia | ||||||||
| Ispire Global Products LLC |
Ispire is a holding company and does not engage in any active operations. Its business is conducted by its two operating subsidiaries, Aspire North America, which is engaged in the development, marketing and sales of cannabis vapor products, which were introduced in mid-2020, and Aspire Science, which is engaged in the marketing and sales of tobacco vaping products, and the products are mainly sold in Europe and Asia Pacific (excluding People’s the Republic of China (“PRC”).
F-8
NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Restatement of Consolidated Financial Statements for the year ended June 30, 2023
During the quarters ended December 31, 2023, and March 31, 2024, the Company identified certain errors with the classification and presentation of information in the consolidated statement of cash flows and classification errors in the consolidated statement of operations and comprehensive loss. Additionally, the Company identified errors in its initial recognition and measurement of right-of-use assets and lease liabilities related to its operating leases, as well as the subsequent recognition and measurement of such operating leases. The Company and the Audit Committee determined that the Company’s previously issued financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023, and the Quarterly Report on Form 10-Q for the periods ended September 30, 2023, December 31, 2023 and March 31, 2024, should no longer be relied upon. The identified errors impacting the previously referred to financial statements include:
| ● | The incorrect presentation of cash payments on operating leases under financing activities instead of operating activities. As a result of correcting this error, the Company’s principal portion of lease payments totaling $ |
| ● | The omission of disclosing non-cash investing and financing activities related to the acquisition of “right of use” (ROU) assets in exchange for operating lease liabilities. As a result of the correction of this error, the Company needs to add disclosure of $ |
| ● | The incorrect recognition of shipping and handling costs as sales and marketing expenses (operating expenses) instead of being recognized as cost of revenue. As a result of the restatement, the Company’s shipping and handling costs of $ |
| ● | The incorrect initial measurement and recognition of right of use assets and lease liabilities associated with the Company’s operating leases, and the incorrect subsequent measurement and recognition of expense associated with such operating leases. As a result of the restatement, (1) the Company’s right of use assets increased by $ |
On an interim basis, the Company notes the following as a result of the restatement:
| ● | As of September 30, 2023, right of use assets increased by $ |
| ● | As of December 31, 2023, right of use assets increased by $ |
| ● | As of March 31, 2024, right of use assets increased by $ |
F-9
Additionally, the Company has provided Note 20 – Quarterly Financial Data (unaudited and restated) to present the impact of the above restatements on the unaudited quarterly financial information for the quarterly periods ended September 30, 2023, December 31, 2023, and March 31, 2024.
The Company’s restatements for the classification and disclosure errors described above do not have any effect on the Company’s previously reported balance sheets, net loss or net changes in cash.
| Consolidated Balance Sheet as of June 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Other non-current assets | $ | $ | ( | ) | $ | |||||||
| Right-of-use assets – operating leases | ||||||||||||
| Total other assets | ( | ) | ||||||||||
| Total assets | ( | ) | ||||||||||
| Operating lease liability - current | ( | ) | ||||||||||
| Total current liabilities | ( | ) | ||||||||||
| Operating lease liability – net of current portion | ( | ) | ||||||||||
| Total liabilities | ( | ) | ||||||||||
| Retained earnings | ||||||||||||
| Total stockholders’ equity | ||||||||||||
| Total liabilities and stockholders’ equity | ( | ) | ||||||||||
| Consolidated Statement of Operations and Comprehensive Loss for the year ended June 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Cost of revenue | $ | $ | $ | |||||||||
| Gross profit | ( | ) | ||||||||||
| Sales and marketing expenses | ( | ) | ||||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
| Consolidated Statement of Cash Flows for the year ended June 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Net loss | $ | ( | ) | $ | $ | ( | ) | |||||
| Right-of-use assets amortization | ( | ) | ||||||||||
| Prepaid expenses and other current assets | ( | ) | ( | ) | ||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ( | ) | ||||||
| Principal portion of lease payment | ( | ) | ||||||||||
| Net cash used in financing activities | ( | ) | ( | ) | ||||||||
| Supplemental non-cash investing and financing activities: | ||||||||||||
| Leased assets obtained in exchange for operating lease liabilities | ||||||||||||
F-10
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”).
Certain items for June 30, 2023 have been reclassified to conform to the June 30, 2024 presentation.
Emerging growth company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), 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 404 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.
Further, Section 102(b)(1) of 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’s 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.
Basis of consolidation
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.
Use of estimates
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.
Cash and cash equivalents
Cash includes currency on hand, deposits held by banks that can be added or withdrawn without limitation and highly liquid investments with maturities of three months or less when purchased.
Fair value measurement
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.
F-11
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.
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:
| ● | Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| ● | 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. |
| ● | 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’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. |
The carrying value of certain of the Company’s 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.
Accounts receivable
Accounts receivable are recognized and carried at the original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful accounts is made based on historical data and receivable review in accordance with ASU 2016-13. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted and the potential for recovery is considered remote.
The Company have different
payment terms for different businesses. For tobacco vaping business, the Company requires a deposit of
Allowance for credit losses
The Company adopted Accounting Standards Update 2016-13 “Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” on July 1, 2023, under the modified retrospective method of adoption. The Company estimates its allowance for current expected credit losses based on an expected loss model, compared to prior periods which were estimated using an incurred loss model which did not require the consideration of forward-looking economic variables and conditions in the reserve calculation across the portfolio. The impact related to adopting the new standard was not material.
Based on the current expected credit loss model, the Company consider many factors, including age of balance, past events, any historical default, current information available about the customers, current economic conditions and certain forward-looking information, including reasonable and supportable forecasts.
Inventories
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.
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 an allowance 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 reserved for at rates based upon management’s judgment and historical rates. The quantity thresholds and
reserve rates are based on management’s judgment and knowledge of current and projected demand. The reserve estimates may, therefore,
be revised if there are changes in the overall market for the Company’s products or market changes that in management’s judgment,
impact its ability to sell potentially obsolete inventory. As of June 30, 2023 and 2024, the Company recorded inventory reserves of $
F-12
Property, plant and equipment, net
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.
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 Life | ||
| Office and other equipment | ||
| Furniture and fixtures | ||
| Leasehold improvements | Shorter of the term of the lease or the estimated useful life of the assets |
Other investment
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.
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.
Equity method investment
The Company applies the equity method to account for equity investment in common stock or in-substance common stock, according to ASC 323, Investments – 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.
As further discussed in Note 9, 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.
Under the equity method, the Company’s share of the post-investment profits or losses of the equity method investee is recognized in the consolidated statement of operations. When the Company’s 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.
Investment -- other
The investment represents
a certificate of deposit that the Company holds in HSBC bank. The entire balance of the investment presented on the balance sheet as
of June 30, 2023 was $
Intangible assets
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
F-13
Accounts payable
Accounts payable represents payables to suppliers. The Company’s major supplier is a related party to the Company. See Note 13.
Contract liabilities
Contract liabilities represent
advanced deposits received from customers after an order has been placed but before a product has been shipped. The Company’s policy
is to require a minimum customer deposit in the range of
Leases
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’s use by the lessor. The Company’s 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.
For leases with a term exceeding 12 months, an operating lease liability is recorded on the Company’s 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’s 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.
For the Company’s 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 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the Company’s consolidated balance sheet as an accounting policy election. Leases qualifying for the short-term lease exception were insignificant.
Impairment of long-lived assets
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’s estimated fair value and its book value. The Company did not record any impairment charge for the years ended June 30, 2023 and 2024.
Revenue recognition
The Company sells its vaping products to customers and recognizes revenue in accordance with the guidance of ASC 606, Revenue from Contracts with Customers. Many customers are distributors that resell the Company’s 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’s 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.
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 trade promotion funds and cash discounts. 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.
F-14
The Company offers different
payment terms to different customers. For tobacco vaping products, the general payment term is a deposit of
Disaggregated Revenue
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.
| For the year ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Europe | $ | $ | ||||||
| North America (the U.S. and Canada) | ||||||||
| Asia Pacific (excluding PRC) | ||||||||
| Others | ||||||||
| Total | ||||||||
Cost of revenue
Cost of revenue for the years ended June 30, 2023 and 2024, 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 13.
Research and development expenses
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, 2023 and 2024, the
research and development expenses were $
Stock-based compensation
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 (“RSUs”) 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’s common stock. The stock-based payment awards typically include time-based vesting conditions, however, certain of the Company’s stock-based payment awards may include performance-based vesting conditions.
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.
Stock-based compensation expense is recorded in the general and administrative expense in the consolidated statements of operations. The Company recognizes forfeitures of stock-based payment awards upon occurrence.
Interest income
For the years ended June 30, 2023 and 2024, interest income related to interest on bank deposits.
Income taxes
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.
F-15
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.
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, 2023 and 2024, 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 30, 2023 and 2024.
Earnings per share
The Company computes earnings per share (“EPS”) 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 year ended June 30, 2023 and 2024.
| As of June 30, | As of June 30, | |||||||
| Dilutive securities: | 2023 | 2024 | ||||||
| Share options | $ | |||||||
| Unvested restricted stock units | ||||||||
| Warrants | ||||||||
| Total | $ | |||||||
Comprehensive loss
Comprehensive loss consists of two components, net loss and other comprehensive (loss) income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in USD is reported in other comprehensive (loss) income in the consolidated statements of operations and comprehensive loss.
Commitments and contingencies
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.
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’s 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.
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.
F-16
Segment reporting
The Company uses the management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocating resources, and assessing performance. The Company’s CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing the performance of the Company.
The Company’s CODM reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined that the Company has only one reportable segment. Notwithstanding that the Company has customers located around the world and the Company’s Hong Kong subsidiary serves as one of the sales and marketing centers, the Company’s long-lived assets and management are located substantially in the U.S. and management operates its business as a single segment.
Related parties
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 13.
Recent accounting pronouncements
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.
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’s 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.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expenses. ASU 2023-07 will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on our segment disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for public business entities for annual periods beginning after December 15, 2024, and for private entities for annual periods beginning after December 15, 2025, on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.
Concentration and risks
Risks and Uncertainties
The Company’s 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’s operations.
E-cigarette regulation
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’s business.
F-17
The Federal Food, Drug, and Cosmetic Act requires all Electronic Nicotine Delivery Systems (“ENDS”) product manufacturers that market products in the United States to submit Premarket Tobacco Product Applications (“PMTAs”) to the Food and Drug Administration (“FDA”). For ENDS products that were on the U.S. market on or before August 8, 2016, a PMTA was required to be submitted to the FDA before September 9, 2020; for ENDS products that were not on the U.S. market prior to August 8, 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’s application and may prevent the Company’s ENDS products from being sold in U.S., which will adversely affect the Company’s business.
Amendments to the Prevent All Cigarette Trafficking (“PACT”) 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.
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. As a result of the reduced revenue to states resulting from the effects of the COVID 19 pandemic, states may seek to raise revenue by permitting and taxing the use of cannabis products. 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.
However, cannabis and its
derivatives containing more than
The European Commission issued the Tobacco Products Directive (the “TPD”), which became effective on May 19, 2014, and became applicable in the European Union member states on May 20, 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 20, 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.
The sale of cannabis vaping products is illegal in the European Union and the United Kingdom.
Customer and Supplier Concentration
(a) Customers
| Year Ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Major Customers | ||||||||
| A | % | % | ||||||
F-18
(b) Suppliers
| Year Ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Major Suppliers | ||||||||
| B(1) | % | % | ||||||
| (1) |
Credit Risk
Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment – other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels, they are uninsured.
| As of June 30, | As of June 30, | |||||||
| Customers | 2023 | 2024 | ||||||
| C | % | |||||||
| D | % | |||||||
| E | % | |||||||
| * |
NOTE 4. CASH
| As of June 30, | As of June 30, | |||||||
| By Geography: | 2023 | 2024 | ||||||
| Cash in HK | $ | $ | ||||||
| Cash in U.S. | ||||||||
| Cash in Malaysia | ||||||||
| Total | $ | $ | ||||||
| By Currency: | ||||||||
| USD | $ | $ | ||||||
| RM | ||||||||
| HKD | ||||||||
| EUR | ||||||||
| GBP | ||||||||
| RMB | ||||||||
| Total | $ | $ | ||||||
“HKD” refers to Hong Kong dollars, “GBP” refers to British pounds, “EUR” refers to Euros, “RM” refers to Malaysia ringgit, and “RMB” refers to Renminbi.
F-19
NOTE 5. ACCOUNTS RECEIVABLE, NET
| As of June 30, | As of June 30, | |||||||
| 2023 | 2024 | |||||||
| Accounts receivable – gross | $ | $ | ||||||
| Allowance for credit losses | ( | ) | ( | ) | ||||
| Accounts receivable, net | $ | $ | ||||||
The Company recorded
$
| Year ended June 30, 2024 | ||||
| Balance at July 1, 2023 | $ | |||
| Current period provision for expected losses | ||||
| Write-offs charged against the allowance | ( | ) | ||
| Balance at June 30, 2024 | $ | |||
NOTE 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS
| As of June 30, | As of June 30, | |||||||
| 2023 | 2024 | |||||||
| Prepayment for inventory purchases | $ | $ | ||||||
| Prepayments | ||||||||
| Other receivable | ||||||||
| Prepaid provisional tax | ||||||||
| Total | $ | $ | ||||||
F-20
NOTE 7. PROPERTY, PLANT AND EQUIPMENT, NET
| As of June 30, | As of June 30, | |||||||
| 2023 | 2024 | |||||||
| Leasehold improvements | $ | $ | ||||||
| Office and other equipment | ||||||||
| Furniture and fixtures | ||||||||
| Construction-in-progress | ||||||||
| Less: accumulated depreciation | ( | ) | ( | ) | ||||
| Total | $ | $ | ||||||
For the years ended June 30,
2023 and 2024, depreciation expense amounted to $
NOTE 8. OTHER INVESTMENT
On February 13, 2024, the Company acquired shares of preferred equity investment in
Touch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation (“Berify”). The Company purchased
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’s 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.
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.
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.
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NOTE 9. EQUITY METHOD INVESTMENT
On April 5, 2024 (the “Closing Date”), Aspire North America entered into a capital contribution, subscription, and joint venture agreement (the “JV Agreement”) with several other parties, including Chemular Inc., a Michigan corporation (“Chemular”), Touch Point Worldwide, Inc. d/b/a/ Berify, a Delaware corporation (“TPW” or “Berify”), and IKE Tech LLC, a Delaware limited liability company (the “Joint Venture”, and together with Chemular, Berify, and the Company, each a “Party” and collectively, the “Parties”) pursuant to which the Parties agreed to participate in the Joint Venture. Pursuant to the JV Agreement, the parties created a legal entity, IKE Tek LLC (“IKE”), whose business will be 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, including, without limitation, (a) next-generation e-cigarette hardware with a user-friendly point-of-use age-verification and geo fencing capability that eliminates the use of hardware in certain designated areas such as schools and sensitive areas; (b) e-cigarettes with end-to-end range of dynamic features such as authentication, direct to consumer engagements and exclusive offerings built on the foundations of blockchain technology; and (c) a real-time biometric identity platform for user access controls, creating added security and reliability that deters counterfeiting in connection with vapor devices.
On the Closing Date, Ispire
(i) contributed $
The Company evaluates the interests in Variable Interest Entities (“VIEs”) and will consolidate any VIE in which it has a controlling financial interest and are deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (1) the power to direct the activities of the VIE that most significantly impact its economic performance; and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If both of the characteristics are met, we are considered to be the primary beneficiary and therefore will consolidate that VIE into our consolidated financial statements.
The Company determined that IKE is a variable interest entity (“VIE”), as IKE does not have sufficient equity at risk to continue operations without additional financial support. However, the Company is not the primary beneficiary of IKE, given that the Company does not have the power to direct the operating activities that most significantly impact IKE’s economic performance. The Company accounts for its investment under the equity method of accounting, given that it exerts significant influence over IKE. Under the equity method, the investment is initially recorded at cost and is subsequently increased for our proportionate share of income of the investee and reduced to reflect our proportionate share of losses of the investee, dividends received and other-than-temporary impairments. At June 30, 2024, the Company assessed its equity method investment for any impairment and concluded that there were no indicators of impairment.
As of June 30, 2024, the investment
in joint venture accounted for under the equity method amounted to $
For the years ended June 30,
2024, the Company’s share of the joint venture’s net loss was $
| As of June 30, 2024 | ||||
| Current assets | $ | |||
| Noncurrent assets | ||||
| Current liabilities | ||||
| Equity | ||||
| Year ended June 30, 2024 | ||||
| Net revenue | $ | |||
| Gross profit (loss) | ||||
| Loss from operations | ||||
| Net loss | ||||
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NOTE 10. CONTRACT LIABILITIES
As of June 30, 2023 and 2024,
the Company had total contract liabilities of $
| Year ended June 30, 2024 | ||||
| Balance at July 1, 2023 | $ | |||
| Contract liabilities recognized related to advanced deposits | ||||
| Revenue recognized in current period | ( | ) | ||
| Balance at June 30, 2024 | $ | |||
NOTE 11. LEASES
The Company has operating
lease arrangements for office premises in Hong Kong, California and Malaysia. These leases typically have terms of
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.
| As of June 30, | As of | |||||||
| 2023 (Restated) | June 30, 2024 | |||||||
| Operating lease right-of-use assets | $ | $ | ||||||
| Operating lease liabilities – current | $ | $ | ||||||
| Operating lease liabilities – non-current | ||||||||
| Total | $ | $ | ||||||
| As of June 30, 2024 | ||||
| July 1, 2024 to June 30, 2025 | $ | |||
| July 1, 2025 to June 30, 2026 | ||||
| July 1, 2026 to June 30, 2027 | ||||
| July 1, 2027 to June 30, 2028 | ||||
| Total future lease payments | ||||
| Less: imputed interest | ( | ) | ||
| Total lease liabilities | $ | |||
The Company incurred lease
costs, which include the payment of short-term leases, of $
The Company made payments
of $
The weighted-average remaining
lease term related to the Company’s lease liabilities as of June 30, 2023 and 2024 was
The discount rate related
to the Company’s lease liabilities as of June 30, 2023 and 2024 was
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NOTE 12. ACCRUED LIABILITIES AND OTHER PAYABLES
| As of June 30, | As of June 30, | |||||||
| 2023 | 2024 | |||||||
| Joint venture investment payable | $ | $ | ||||||
| Other payables | ||||||||
| Accrued salaries and related benefits | ||||||||
| Accrued expenses | ||||||||
| Reserve for product returns | ||||||||
| Other tax payable | ||||||||
| Total | $ | $ | ||||||
NOTE 13. RELATED PARTY TRANSACTIONS
| a) |
| Name of related parties and Relationship with the Company |
| b) | Tuanfang Liu is also Aspire Global’s 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, 2024, Mr. Liu and Ms. Zhu beneficially own |
| c) | The balances due to related parties at June 30, 2023 and 2024 represent amounts due to Shenzhen Yi Jia of $ |
| d) | For both year ended June 30, 2023 and 2024, the majority of the Company’s tobacco and cannabis vaping products were purchased from Shenzhen Yi Jia. As of June 30, 2023 and 2024, the accounts payable–- related party was $ |
NOTE 14. INCOME TAXES
British Virgin Islands (“BVI”)
Under the current laws of the BVI, the Company’s 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.
Hong Kong
Under the two-tiered profits
tax rates regime for Hong Kong, the first
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United States
The Company and Aspire North America LLC are each subject to the federal
income tax rate of
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| HK | $ | $ | ||||||
| U.S. | ( | ) | ( | ) | ||||
| Malaysia | ( | ) | ||||||
| Total | $ | ( | ) | $ | ( | ) | ||
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Federal statutory income tax rate | $ | ( | ) | $ | ( | ) | ||
| State income taxes, net of federal benefit and valuation allowance | ||||||||
| Permanent Differences | ||||||||
| Foreign Rate Differential | ( | ) | ( | ) | ||||
| Change in valuation allowance | ||||||||
| Others | ||||||||
| Income tax expense | $ | $ | ||||||
The Company’s effective tax rate for the years ended June 30, 2023 and 2024, 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 this current losses and the related carryforward losses of these subsidiary, as a full valuation allowance has been established against the deferred tax asset arising from the losses.
As at June 30, 2024, there
were unrecognized deferred tax assets of $
The amount of the valuation allowance as of June 30, 2024 was $
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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.
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| Deferred tax assets: | ||||||||
| Net operating loss carryforward | $ | $ | ||||||
| Foreign payables | ||||||||
| Accounts receivable impairment | ||||||||
| Share based compensation | ||||||||
| Lease liabilities | ||||||||
| Others | ||||||||
| Total deferred tax assets | ||||||||
| Less: Valuation allowance | ( | ) | ( | ) | ||||
| Net deferred assets | ||||||||
| Deferred tax liabilities: | ||||||||
| Property, plant and equipment | ( | ) | ( | ) | ||||
| Right of use assets | ( | ) | ||||||
| Net deferred tax liabilities | ( | ) | ( | ) | ||||
| Net deferred tax asset | $ | $ | ||||||
| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| At the beginning of the year | $ | $ | ||||||
| Current year addition | ||||||||
| At the end of the year | $ | $ | ||||||
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. All of the Company’s tax years will remain open for examination by the US federal and state tax authorities from the date the returns are filed or are due, whichever is later. The Company does not have any tax audits or other issues pending.
NOTE 15. WARRANTS
| Name | Warrants Outstanding |
Warrants Exercisable | Weighted average exercise price | Weighted average remaining life in months | Aggregate intrinsic value | |||||||||||||||
| Outstanding at June 30, 2023 | ||||||||||||||||||||
| Granted | - | |||||||||||||||||||
| Exercised | - | |||||||||||||||||||
| Expired | - | |||||||||||||||||||
| Outstanding at June 30, 2024 | ||||||||||||||||||||
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On
April 3, 2023, the Company issued representative of the underwriters
On April 5, 2024, the Company
issued a warrant to purchase
| Year ended June 30, 2023 | ||||
| Time to expiry | ||||
| Expected volatility | % | |||
| Risk-free interest rate | % | |||
| Expected dividend yield | % | |||
NOTE 16. STOCK-BASED COMPENSATION
In October 2022, the directors
and stockholders of the Company approved the 2022 Equity Incentive Plan (the “Plan”) pursuant to which up to
Restricted stock
During the year ended June
30, 2024,
During the year ended June
30, 2024, the Company entered into consulting agreements with two consultants which provide for the issuance of up to
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During the year ended June
30, 2024,
Stock Options
| Number Of options | Weighted average exercise price | Weighted average fair value per option | Weighted average remaining contractual life in years | |||||||||||||
| Outstanding at June 30, 2023 | $ | $ | ||||||||||||||
| Granted | $ | $ | ||||||||||||||
| Exercised | $ | $ | - | |||||||||||||
| Expired | $ | $ | - | |||||||||||||
| Forfeiture | ( | ) | $ | $ | ||||||||||||
| Outstanding at June 30, 2024 | $ | $ | ||||||||||||||
| Exercisable at June 30, 2024 | $ | $ | ||||||||||||||
The aggregate intrinsic value
of options outstanding with an exercise price less than the closing price of the Company’s common stock as of June 30, 2024
was $
Total expense of options
vested for the year ended June 30, 2023 and 2024, was $
| Year ended June 30, 2023 |
||||
| Exercise multiple | ||||
| Expected volatility | ||||
| Risk-free interest rate | ||||
| Expected dividend yield | ||||
RSUs
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.
| Shares | Weighted average grant date fair value | |||||||
| Unvested, June 30, 2023 | $ | |||||||
| Granted | ||||||||
| Vested | ( | ) | ||||||
| Canceled and forfeited | ( | ) | ||||||
| Unvested, June 30, 2024 | $ | |||||||
Total expense for the RSUs
during the year ended June 30, 2023 and 2024 was and $
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| Years ended June 30, | ||||||||
| 2023 | 2024 | |||||||
| General and administrative expenses | $ | $ | ||||||
| Sales and marketing expenses | ||||||||
| Total | $ | $ | ||||||
As of June 30, 2024, the
Company had approximately $
NOTE 17. STOCKHOLDERS’ EQUITY
The Company has authorized
the issuance of
On April 6, 2023, the Company
completed the public offering of
On June 26, 2023, pursuant
to purchase agreements dated June 26, 2023, the Company sold to three investors in a private placement an aggregate of
On March 22, 2024, pursuant
to a securities purchase agreement with certain purchasers, the Company sold, in a secondary offering, an aggregate of
The Company has authorized
the issuance of
NOTE 18. LOSS PER SHARE
| Years ended June 30, | ||||||||
| 2023 (Restated) | 2024 | |||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| $ | ( | ) | $ | ( | ) | |||
NOTE 19. COMMITMENTS AND CONTINGENCIES
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.
Concurrently with the JV Agreement
(see Note 9), 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
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NOTE 20. QUARTERLY FINANCIAL DATA (UNAUDITED AND RESTATED)
The Company is providing restated quarterly unaudited consolidated financial information as of and for the periods ended September 30, 2023, December 31, 2023 and March 31, 2024 in the table below. See Note 2, Restatement of Consolidated Financial Statements for the Year Ended June 30, 2023, for further background concerning the events preceding the restatement of financial information in this Form 10-K.
| Consolidated Balance Sheet as of September 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Other non-current assets | $ | $ | ( | ) | $ | |||||||
| Right-of-use assets – operating leases | ||||||||||||
| Total other assets | ( | ) | ||||||||||
| Total assets | ( | ) | ||||||||||
| Operating lease liability - current | ( | ) | ||||||||||
| Total current liabilities | ( | ) | ||||||||||
| Operating lease liability – net of current portion | ( | ) | ||||||||||
| Total liabilities | ( | ) | ||||||||||
| Retained earnings | ||||||||||||
| Total stockholders’ equity | ||||||||||||
| Total liabilities and stockholders’ equity | ( | ) | ||||||||||
| Consolidated Balance Sheet as of December 31, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Other non-current assets | $ | $ | ( | ) | $ | |||||||
| Right-of-use assets – operating leases | ||||||||||||
| Total other assets | ( | ) | ||||||||||
| Total assets | ( | ) | ||||||||||
| Operating lease liability - current | ( | ) | ||||||||||
| Total current liabilities | ( | ) | ||||||||||
| Operating lease liability – net of current portion | ( | ) | ||||||||||
| Total liabilities | ( | ) | ||||||||||
| Retained earnings | ||||||||||||
| Total stockholders’ equity | ||||||||||||
| Total liabilities and stockholders’ equity | ( | ) | ||||||||||
| Consolidated Balance Sheet as of March 31, 2024 | As Reported | Adjustment | As Restated | |||||||||
| Other non-current assets | $ | $ | ( | ) | $ | |||||||
| Right-of-use assets – operating leases | ||||||||||||
| Total other assets | ( | ) | ||||||||||
| Total assets | ( | ) | ||||||||||
| Operating lease liability - current | ( | ) | ||||||||||
| Total current liabilities | ( | ) | ||||||||||
| Operating lease liability – net of current portion | ( | ) | ||||||||||
| Total liabilities | ( | ) | ||||||||||
| Retained earnings (accumulated deficit) | ( | ) | ( | ) | ||||||||
| Total stockholders’ equity | ||||||||||||
| Total liabilities and stockholders’ equity | ( | ) | ||||||||||
F-30
| Consolidated Statement of Operations and Comprehensive Loss for the three months ended September 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Cost of revenue | $ | $ | $ | |||||||||
| Gross profit | ( | ) | ||||||||||
| Sales and marketing expenses | ( | ) | ||||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
| Net loss per share: | ||||||||||||
| $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Consolidated Statement of Operations and Comprehensive Loss for the three months ended December 31, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Cost of revenue | $ | $ | $ | |||||||||
| Gross profit | ( | ) | ||||||||||
| Sales and marketing expenses | ( | ) | ||||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
| Consolidated Statement of Operations and Comprehensive Loss for the six months ended December 31, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Cost of revenue | $ | $ | $ | |||||||||
| Gross profit | ( | ) | ||||||||||
| Sales and marketing expenses | ( | ) | ||||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
| Consolidated Statement of Operations and Comprehensive Loss for the three months ended March 31, 2024 | As Reported | Adjustment | As Restated | |||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
F-31
| Consolidated Statement of Operations and Comprehensive Loss for the nine months ended March 31, 2024 | As Reported | Adjustment | As Restated | |||||||||
| Cost of Revenue | ||||||||||||
| Gross Profit | ( | ) | ||||||||||
| Sales and marketing expenses | ( | ) | ||||||||||
| General and administrative expenses | ( | ) | ||||||||||
| Total operating expenses | ( | ) | ||||||||||
| Loss from operations | ( | ) | ( | ) | ||||||||
| Loss before income taxes | ( | ) | ( | ) | ||||||||
| Income taxes | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ||||||||
| Comprehensive loss | ( | ) | ( | ) | ||||||||
| Consolidated Statement of Cash Flows for the three months ended September 30, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Net loss | $ | ( | ) | $ | $ | ( | ) | |||||
| Right-of-use assets amortization | ( | ) | ||||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ( | ) | ||||||
| Principal portion of lease payment | ( | ) | ||||||||||
| Net cash used in financing activities | ( | ) | ( | ) | ||||||||
| Supplemental non-cash investing and financing activities: | ||||||||||||
| Leased assets obtained in exchange for operating lease liabilities | ||||||||||||
| Consolidated Statement of Cash Flows for the six months ended December 31, 2023 | As Reported | Adjustment | As Restated | |||||||||
| Net loss | $ | ( | ) | $ | $ | ( | ) | |||||
| Right-of-use assets amortization | ||||||||||||
| Prepaid expenses and other current assets | ( | ) | ||||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||||||
| Supplemental non-cash investing and financing activities: | ||||||||||||
| Leased assets obtained in exchange for operating lease liabilities | ||||||||||||
| Consolidated Statement of Cash Flows for the nine months ended March 31, 2024 | As Reported | Adjustment | As Restated | |||||||||
| Net loss | $ | ( | ) | $ | $ | ( | ) | |||||
| Right-of-use assets amortization | ||||||||||||
| Prepaid expenses and other current assets | ( | ) | ||||||||||
| Operating lease liabilities | ( | ) | ( | ) | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||||||
| Supplemental non-cash investing and financing activities: | ||||||||||||
| Leased assets obtained in exchange for operating lease liabilities | ||||||||||||
NOTE 21. SUBSEQUENT EVENT
On September 24, 2024, David Hessler and
the Company agreed to transition his role from our Chief Operating Officer to a consulting role. Mr. Hessler’s wholly owned
consulting entity, Synergie Conseils SARL (“Synergie”), and our subsidiary Aspire North America have entered a Consulting
Agreement, dated as of September 24, 2024, under which Mr. Hessler, through Synergie, will provide consulting services to the Company
for international nicotine related projects (the “Consulting Agreement”). The Consulting Agreement provides for a 10-month
term and may be terminated by either party on 3-months’ notice. Synergie will receive a monthly consulting fee of $
F-32