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Leases
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
7.Leases

 

The Group leases office space under multiple non-cancelable operating lease agreements, which expire between September 2029 to October 2030.

 

A summary of supplemental information related to the operating lease as of December 31, 2024 is as follows:

 

   As of
December 31,		   As of
June 30,		 
   2024   2024 
   (unaudited)     
Operating right-of-use assets  $799,353   $
    -
 
Amortization of right-of-use assets   (36,709)   
-
 
Right-of-use assets, net  $762,644   $
-
 
           
Operating lease liabilities, current portion  $110,832   $
-
 
Operating lease liabilities, non-current portion   687,093    
-
 
Total operating lease liabilities  $797,925   $
-
 
           
Weighted average remaining lease term   5.08 years    
-
 
Weighted average discount rate*   7.12%   
-
 

 

*The U.S. prime rate was applied as an alternative to the discount rate for lease assets located in the USA, and the Philippines overnight lending rate was applied as an alternative to the discount rate for lease assets located in Philippines, given the fact that the rate implicit in the Group’s leases is not readily determinable, and that as of December 31, 2024, the Group had no bank loans.

 

A summary of lease cost recognized in the Group’s unaudited condensed consolidated statements of operations and comprehensive income and supplemental cash flow information related to operating leases is as follows:

 

   For the six months ended
December 31,		 
   2024   2023 
   (unaudited)   (unaudited) 
Operating lease expense excluding short-term lease expense  $36,806   $
-
 
Short-term lease expense   73,428    65,819 
Total  $110,234   $65,819 
           
Cash paid for operating leases   10,810    
-
 

 

Future lease payments under lease liabilities as of December 31, 2024 were as follows:

 

For the fiscal years ending June 30,

 

  As of
December 31,
2024		 
   (unaudited) 
Remainder of 2025  $164,572 
2026   185,384 
2027   193,679 
2028   202,685 
2029   171,705 
2030   41,837 
Total operating lease payments  $959,862 
Less: Imputed interest   (161,937)
Present value of operating lease liabilities  $797,925