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Redeemable Non-Controlling Interests | 12 Months Ended
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Jun. 30, 2025
Redeemable Non-Controlling Interests [Abstract] |
REDEEMABLE NON-CONTROLLING INTERESTS |
| 14. | REDEEMABLE NON-CONTROLLING INTERESTS
On January 23, 2024, Beijing Scage Future Automobile Co., Ltd. (“Beijing Scage Future”), entered into a shareholder agreement (“Shareholder Agreement”) with Qingdao Guodao Yinsheng No. 3 Venture Capital Fund Partnership (L.P.) (“Guodao”), in which Guodao agreed to pay US$4,225,412 (RMB30,000,000) for 6% equity interests of Beijing Scage Future. On April 2, 2024, Beijing Scage Future received US$2,765,487 (RMB20,000,000) from Guodao. On May 20, 2024, the Industrial and Commercial Registration process for the transfer of the 4% equity interests, corresponding to the investment amount received, has been completed, and thereafter, Guodao has become a non-controlling interest shareholder of Beijing Scage Future. The investment from Guodao is also subject to the below redemption terms: Redemption right Within two years from the Shareholder Agreement and related documents being legally signed, Guodao has the right to choose whether to redeem the investment in either one of the redemption mechanisms as stated below. Redemption Mechanisms
| (a) | Cash Redemption: When Guodao exercises its redemption right, Beijing Scage Future and/or the founder of Beijing Scage Future, Mr. Gao Chao (the “Founder”), shall repurchase the corresponding equity interests invested by Guodao in cash. The redemption price consists of two portions: (A) Beijing Scage Future is responsible for the principal of the initial investment with 15% of simple interest per annum accrued started from the remittance date; (B) the Founder is responsible for the percentage of equity interests (i.e. 4%) that Guodao invested in the equity value of Beijing Scage Future minus the redemption amount that the Group is responsible for. The equity value of Beijing Scage Future shall be no less than RMB833 million at the time of redemption. The redemption period is within two years from the Shareholder Agreement was signed, i.e. from January 24, 2024 to January 23, 2026.
| (b) | Share Swap to Equity Interest in Scage International: Guodao would first request Beijing Scage Future to return the investment in full, and then Guodao will reinvest in Scage International to obtain certain percentage of equity interest in Scage International in the form of outbound direct investment (ODI). The percentage of equity interest to be obtained and the entity value of Scage International will be negotiated by both parties at the time of redemption.
For initial recognition, on the date the Group received cash investment, the Group initially recorded the carrying amount at cash consideration. In determining subsequent measurement, the Group first attributed noncontrolling interest share of the Beijing Scage Future’s net loss pursuant to ASC 810-10, then adjust the noncontrolling interest to the maximum redemption amount (if higher) according to ASC 480-10-S99-3A. The Group recognized the maximum redemption amount including responsibilities of both the Group and the Founder as Guodao can enforce payment of the full obligation against the Beijing Scage Future according to the Shareholder Agreement.
Mezzanine Equity – Redeemable Non-controlling Interests |  | Redeemable Non-controlling Interests |
Balance as of June 30, 2023 |  | $ | - |
Contribution from redeemable non-controlling interests |  |  | 2,765,487 |
Attribution of net loss |  |  | (7,738 | )
Accretion of redeemable non-controlling interests |  |  | 1,851,388 |
Foreign exchange adjustment |  |  | (24,153 | )
Balance as of June 30, 2024 |  |  | 4,584,984 |
Attribution of net loss |  |  | (421 | )
Foreign exchange adjustment |  |  | 66,730 |
Balance as of June 30, 2025 |  | $ | 4,651,293 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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- References No definition available. + Details
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