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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Dec. 31, 2023
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 & fixtures |  | 7 years
Leasehold improvements |  | Shorter of the term of the lease or the estimated useful life of the assets
Schedule of Net Sales Disaggregated by Products | The net sales disaggregated by products for the three and six month period ended December 31, 2022 and 2023, were as follows:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
Net sales by product |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
Tobacco vaping products |  | $ | 24,061,401 |  |  | $ | 22,134,264 |  |  | $ | 43,008,459 |  |  | $ | 47,666,263 |
Cannabis vaping products |  |  | 7,835,998 |  |  |  | 19,551,297 |  |  |  | 15,831,990 |  |  |  | 36,883,945 |
Total |  | $ | 31,897,399 |  |  | $ | 41,685,561 |  |  | $ | 58,840,449 |  |  | $ | 84,550,208 |
Schedule of Reconciliation of Basic Net Loss Per Share | The following table presents a reconciliation of basic net loss per share:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
|  | (Restated) |  |  |  |  |  | (Restated) |  |  |  |
Net loss |  | $ | (130,242 | ) |  | $ | (4,022,324 | ) |  | $ | (2,131,996 | ) |  | $ | (5,396,939 | )
Weighted average basic and diluted share of common stock outstanding |  |  | 50,000,000 |  |  |  | 54,270,236 |  |  |  | 50,000,000 |  |  |  | 54,258,224 |
Net loss per basic and diluted share of common stock |  | $ | (0.01 | ) |  | $ | (0.07 | ) |  | $ | (0.04 | ) |  | $ | (0.10 | )
Schedule of Major Customers | For the three and six months ended December 31, 2022 and 2023, the Company’s major customers, who accounted for more than 10% of the Company’s consolidated revenue, were as follows:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
Major Customers |  |  |  |  |  |  |  |  |  |  |  |
Customer A |  |  | 39 | % |  |  | 26 | % |  |  | 38 | % |  |  | 30 | %
Customer B |  |  | * |  |  |  | 13 | % |  |  | * |  |  |  | * |
* | Represented less than 10% of consolidated revenue.
Schedule of Major Suppliers | For the three and six months ended December 31, 2022 and 2023, the Company’s suppliers, who accounted for more than 10% of the Company’s total purchases, were as follows:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
Major Suppliers |  |  |  |  |  |  |  |  |  |  |  |
Supplier A |  |  | 100 | % |  |  | 71 | % |  |  | 100 | % |  |  | 70 | %
(1) | Major supplier A is Shenzhen Yi Jia, a Chinese company that is 95% owned by the Company’s co-chief executive officer and principal stockholder. See Note 11.

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