v3.26.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:

 

    Estimated Useful Life
Office and other equipment   3 - 5 years
Furniture and fixtures   7 years
Leasehold improvements   Shorter of the term of the lease or
the estimated useful life of the assets
Schedule of Intangible Assets

 

The gross carrying amount, accumulated amortization of the intangible assets as of June 30, 2026 and 2025 were as follows:

 

    As of     As of  
    June 30,
2026		     June 30,
2025		  
Gross carrying amount   $ 2,793,950     $ 2,344,759  
Accumulated amortization     (221,890 )     (112,139 )
Total   $ 2,572,060     $ 2,232,620  
Schedule of Estimated Future Amortization Expenses

As of June 30, 2026, the estimated future amortization expense related to the Company’s intangible assets for each of the next five succeeding fiscal years and thereafter is as follows:

 

    As of
June 30,
2026		  
July 1, 2026 to June 30, 2027   $ 109,751  
July 1, 2027 to June 30, 2028     109,751  
July 1, 2028 to June 30, 2029     109,751  
July 1, 2029 to June 30, 2030     109,751  
July 1, 2030 to June 30, 2031     109,751  
Thereafter     2,023,305  
Total amortization expense   $ 2,572,060  
Schedule of Net Sales Disaggregated by Region and Products

The Company has taken into consideration the nature, amount, timing, and uncertainty of revenue and cash flows, and has determined to disaggregate its net sales by region. The net sales disaggregated by region for the years ended June 30, 2026 and 2025, were as follows:

 

    For the year ended
June 30,		  
    2026     2025  
Europe   $ 61,430,171     $ 74,107,249  
North America (the U.S. and Canada)     15,127,668       32,567,795  
Asia Pacific (excluding PRC)     10,918,518       12,274,022  
Others     8,538,253       8,545,238  
Total     96,014,610       127,494,304  

 

The net sales disaggregated by products for the years ended June 30, 2026 and 2025 were as follows:

 

    For the year ended
June 30,		  
    2026     2025  
Tobacco vaping products   $ 80,098,975     $ 90,490,388  
Cannabis vaping products     15,915,635       37,003,916  
Total     96,014,610       127,494,304  
Schedule of Potentially Dilutive Shares Potentially dilutive shares were as follows:
    As of
June 30,		     As of
June 30,		  
Dilutive securities:   2026     2025  
Share options     1,450,000       1,438,125  
Unvested restricted stock units     204,366       404,970  
Warrants     173,211       173,211  
Total     1,827,577       2,016,306  
Schedule of Concentration and Risk

For the years ended June 30, 2026 and 2025, the Company’s major customers, who accounted for more than 10% of the Company’s consolidated revenue, were as follows: 

 

    Years Ended June 30,  
    2026     2025  
Major Customers                        
A   $ 26,191,866       27 %   $ 32,736,616       26 %
B     24,443,424       25 %     17,526,700       14 %

 

* Represents the percentage was less than 10%.

For the years ended June 30, 2026 and 2025, the Company’s suppliers, who accounted for more than 10% of the Company’s total purchases, were as follows:

 

    Year Ended June 30,  
    2026     2025  
Major Suppliers            
C(1)     91 %     91 %

 

(1) Major supplier C is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company’s co-chief executive officer and principal stockholder. See Note 12.

As of June 30, 2026 and 2025, the Company’s customers, whose accounts receivable balances accounted for more than 10% of the Company’s total accounts receivable, net, were as follows:

 

    As of
June 30,		     As of
June 30,		  
Customers   2026     2025  
C     32 %     16 %
D     * %     17 %

 

* Represents the percentage was below 10%.