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Equity (Tables)

12 Months Ended

Jun. 30, 2025

Equity

Summary of restricted share grants

​

​	​	​	​	​	​
​				Weighted
​	​	​	​	Average
​	​	​	​	Grant Date
​	​	​	​	Fair Value
​	​	Shares	​	Per Share
Unvested as of June 30, 2022		—	​	$	—
Granted		13,169	​	$	5.11
Forfeited		—	​	$	—
Vested		(13,169)	​	$	5.11
Unvested as of June 30, 2023		—	​	$	—
Granted		60,575	​	$	2.14
Forfeited		(26,335)	​	$	2.14
Vested		(34,240)	​	$	2.14
Unvested as of June 30, 2024		—	​	$	—

Summary of warrant activity

​

​	​	​	​	​	​	​	​	​	​
​		​		​		Weighted			Average
​	​	​	​	​	​	Average		​	Remaining
​	​	Warrants	​	Exercisable	​	Exercise		​	Contractual
​	​	Outstanding	​	Shares		Price			Life
June 30, 2022		1,254,441		1,254,441	​	$	29.91		4.76
Granted/Acquired	​	4,523,333	​	4,523,333	​	$	1.3552	​	7.00
Forfeited	​	—	​	—	​	$	—	​	—
Exercised	​	—	​	—	​	$	—	​	—
June 30, 2023	​	5,777,774	​	5,777,774	​	$	7.55	​	3.89
Granted/Acquired	​	1,070,719	​	1,070,719	​	$	5.44	​	7.00
Cancellation (see Note 10)	​	(500,000)	​	(500,000)	​	$	1.3552	​	—
Exercised	​	(850,000)	​	(850,000)	​	$	1.3552	​	—
June 30, 2024	​	5,498,493	​	5,498,493	​	$	7.22	​	3.06
Granted/Acquired	​	—	​	—	​	$	—	​	—
Adjustment on down round feature*	​	20,061,892	​	20,061,892	​	$	0.76	​	10.00
Forfeited	​	(156)	​	(156)	​	$	90.00	​	—
Exercised	​	(18,814,907)	​	(18,814,907)	​	$	—	​	—
June 30, 2025		6,745,322		6,745,322	​	$	5.51		6.16

* The warrants contain a down round feature that provides for an adjustment to the exercise price and the number of warrant shares issuable upon exercise if the Company issues additional equity shares at a price lower than the current exercise price. During the year ended June 30, 2025, this down round feature was triggered, resulting in an adjustment of the exercise price to $0.76 per share and the issuance of 20,061,892 additional warrants. The fair value effect of the down round adjustment was recognized within equity as a reclassification between retained earnings and additional paid-in capital in accordance with ASC 260-10-55-97, and was treated as a deemed dividend excluded from the numerator of basic earnings per share. During the year ended June 30, 2025, 17,586,907 warrants were exercised on a cashless basis, resulting in the issuance of 7,914,108 Class A Ordinary Shares.

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- References

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- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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