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Commitments and Contingencies
 3 Months Ended
Sep. 30, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

12. Commitments and Contingencies

 

Other commitments

 

Other than the standby letters of credit with Eastwest Bank in the aggregate amount of $2,061,673 (see Note 2) and the operating and finance leases (See Note 7), the Company did not have other significant commitments, long-term obligations, or guarantees as of September 30, 2024 and June 30, 2024.

 

Contingencies

 

The Company is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on the Company’s consolidated financial position, cash flows or results of operations taken as a whole. As of September 30, 2024 and 2023, the Company was not a party to any material legal or administrative proceedings.