v3.26.3
Fair value measurements (Tables)
12 Months Ended
Jun. 30, 2026
Fair value measurements  
Schedule of fair value hierarchy

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Fair Value Measurement on a Recurring Basis at Reporting Date Using

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Level-1 Inputs

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Level-2 Inputs

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Level-3 Inputs

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Total

June 30, 2026

 

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2025 Debentures

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$

—

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$

—

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$

8,206,747

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$

8,206,747

April 2026 Debenture

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—

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—

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412,654

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412,654

June 2026 Note

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—

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—

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2,005,417

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2,005,417

Total

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$

—

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$

—

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$

10,624,818

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$

10,624,818

Schedule of reconciliation of the beginning and ending balances of the debentures

The following table presents a reconciliation of the beginning and ending balances of the Debentures, which are measured at fair value on a recurring basis using significant unobservable (Level 3) inputs, for the year ended June 30, 2026:

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Amount

Opening balance on June 30, 2025

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$

—

Add: issuance at initial fair value

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18,865,340

Less: cash interest payments

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(613,505)

Less: accrued interest settled upon conversion

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(126,415)

Less: fair value of principal settled through conversion

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(4,772,967)

Subsequent change in fair value attributable to factors other than instrument-specific credit risk

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(2,394,675)

Change in fair value attributable to instrument-specific credit risk, recognized in other comprehensive income

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(332,960)

Closing balance on June 30, 2026

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$

10,624,818

Schedule of valuation model with major inputs

The following table summarizes the significant inputs used in measuring the fair value of the Debentures on issuance date:

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2025 Debentures

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April 2026 Debenture

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June 2026 Debenture

 

Class A Ordinary Share price

 

$

99.55~117.3

 

$

13.0

 

$

6.15

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Credit-adjusted discount rate

 

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16.33~16.61

%  

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17.53

%  

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23.43

%

Remaining term (years)

 

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4.0

 

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4.0

 

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4.0

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Expected volatility

 

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145.75~150.16

%  

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158.05

%  

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155.70

%

Dividend yield

 

​

—

 

​

—

 

​

—

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Risk-free interest rate

 

​

3.93

%  

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3.86

%  

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4.12

%

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The following table summarizes the significant inputs used in measuring the fair value of the Debentures on June 30, 2026:

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2025 Debentures

  ​ ​ ​

April 2026 Debenture

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June 2026 Debenture

 

Class A Ordinary Share price

 

$

6.25

 

$

6.25

 

$

6.25

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Credit-adjusted discount rate

 

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24.13~24.16

%  

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23.62

%  

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23.43

%

Remaining term (years)

 

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3.04~3.09

 

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3.8

 

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4.0

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Expected volatility

 

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164.77~164.94

%  

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159.03

%  

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155.70

%

Dividend yield

 

​

—

 

​

—

 

​

—

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Risk-free interest rate

 

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4.15

%  

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4.17

%  

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4.12

%

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