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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2025

FAIR VALUE MEASUREMENTS

Schedule of Company's assets and liabilities that are measured at fair value on a recurring basis

​

​	​	​	​	​	​	​	​	​
​		​		June 30,			June 30,
Description	​	Level	​	2025		​	2024
Assets:		​		​			​
Trading securities		1	​	$	5	​	$	—
​	​	​	​	​	​	​	​	​
Liabilities:		​	​			​
Subscription agreement	​	3	​	$	2,489,945	​	$	2,425,647
Contingent Guarantee	​	3	​	$	—	​	$	3,256,863
Warrant liability – Private Warrants		3	​	$	123,062	​	$	307,656
Earnout liability	​	3	​	$	11,369,000	​	$	12,298,000
Convertible notes derivative	​	3	​	$	103,185	​	$	16,462,690
Merger financing derivative	​	3	​	$	63,696	​	$	—
Tau agreement		3	​	$	539,787	​	$	—

Schedule of key inputs into the models

​

​	​	​	​	​	​	​	​
​	​	June 30,		​	June 30,
Input		2025			2024
Market price of public shares	​	$	0.19	​	$	62.40	​
Equity volatility	​		167.7	%		26.2	%
Risk-free rate	​		4.21	%		5.05	%

​

​	​	​	​	​	​	​	​
​		June 30,			June 30,		​
Input	​	2025		​	2024		​
Market price of public shares	​	$	0.19	​	$	62.40	​
Risk-free rate	​		3.67	​		4.27	%
Dividend yield	​		0.00	​		0.00	%
Volatility	​		167.7	​		58.7	%
Exercise price	​	$	689.86	​	$	689.86	​
Effective expiration date	​		February 29	​		February 29	​

​

​	​	​	​	​	​	​	​
​	​	June 30,		​	June 30,
Input	​	2025		​	2024
Market price of public shares	​	$	0.19	​	$	62.40	​
Revenue volatility	​		12.00	%		15.00	%
Discount factor for revenue	​		9.31	%		9.69	%

​

​	​	​	​	​
​	​	​	​	​
​	​	​		​
​		June 30,
Input	​	2024
Market price of public shares	​	$	62.40	​
Risk-free rate	​		5.49	%
Dividend yield	​		0.00	%
Volatility	​		14,643.0	%
Exercise price	​	$	0.99	​
Effective expiration date	​	​	May 2024	​

​

​	​	​	​	​
​		June 30,
Input	​	2025
Market price of public shares	​	$	0.19	​
Risk-free rate	​		4.13	%
Discount rate	​		15.63	%
Probability of default	​		14.3	%
Recovery rate	​		28.9	%
Volatility	​		167.7	%
Effective expiration date	​		February 2026	​

​

​	​	​	​	​
​	​	​	​	​
​	​	​		​
​		June 30,
Input	​	2024
Market price of public shares	​	$	62.40	​
Risk-free rate	​		4.90	%
Dividend yield	​		0.00	%
Volatility	​		14,461	%
Exercise price	​	$	0.99	​
Effective expiration date	​	​	February 2026	​

​

​	​	​	​	​
​		June 30,
Input	​	2025
Market price of public shares	​	$	0.19	​
Risk-free rate	​		4.32	%
Discount rate	​		12.43	%
Probability of default	​		5.9	%
Recovery rate	​		47.6	%
Effective expiration date	​	​	September 30, 2025	​

​

​	​	​	​	​
​	​	​	​	​
​	​	​		​
​		June 30,
Input	​	2024
Market price of public shares	​	$	62.40	​
Risk-free rate	​		4.52	%
Dividend yield	​		0.00	%
Volatility	​		166,681.0	%
Exercise price	​	$	0.84	​
Effective expiration date	​	​	February 2028	​

​

​	​	​	​	​
​		June 30,
Input	​	2025
Market price of public shares	​	$	0.19	​
Risk-free rate	​		3.63	%
Discount rate	​		12.02	%
Probability of default	​		44.0	%
Recovery rate	​		47.6	%
Volatility	​		167.7	%
Effective expiration date	​		January 2028	​

​

​	​	​	​	​	​	​	​
​		June 30,			August 9,
Input	​	2025		​	2024
Market price of public shares	​	$	0.19	​	$	16.20	​
Risk-free rate	​		4.13	%		4.78	%
Discount rate	​		15.63	%		16.98	%
Probability of default	​		14.3	%		25.4	%
Recovery rate	​		28.9	%		28.9	%
Volatility	​		167.7	%		37.2	%
Effective expiration date	​		February 2026	​		February 2026	​

​

​	​	​	​	​	​	​	​
​		June 30,			July 31
Input	​	2025		​	2024
Anticipated Monthly Advance Amounts	​	$	40,000	​	$	40,000	​
Risk-free rate	​		3.75	%		4.20	%
Volatility	​		167.7	%		40.3	%
Effective expiration date	​		July 2026	​	​	February 2027	​

​

​	​	​	​	​	​	​	​
​		June 30,			July 31,
Input	​	2025		​	2024
Market price of public shares	​	$	0.19	​	$	16.20	​
Risk-free rate	​		3.75	%		4.20	%
Volatility	​		167.7	%		40.3	%
Effective expiration date	​		February 2027	​		July 2026	​

Schedule of changes in the fair value

​

​	​	​	​	​	​	​
​		Private			Tau
​	​	Placement		​	Agreement
​	​	Warrants		​	Liability
Fair value as of June 30, 2024	​	$	307,656	​	$	—
Initial measurement	​	​	—	​	​	1,090,949
Fair value of advance requests	​	​	—	​	​	1,652,300
Transferred to equity	​	​	—	​	​	(1,911,472)
Change in valuation inputs or other assumptions	​	​	(184,594)	​	​	(291,990)
Fair value as of June 30, 2025	​	$	123,062	​	$	539,787

​

​	​	​	​	​	​	​
​	​	Conversion		​	Earnout
​		Derivative			Liability
Fair value as of June 30, 2024	​	$	16,462,690		$	12,298,000
Change in valuation inputs or other assumptions	​		(16,359,505)			(929,000)
Fair value as of June 30, 2025	​	$	103,185		$	11,369,000

​

​	​	​	​	​	​	​
​		Subscription			Contingent
​	​	Agreement		​	Guarantee
Fair value as of June 30, 2024	​	$	2,425,647	​	$	3,256,863
Shares issued as partial payment	​		—	​		(1,210,290)
Change in valuation inputs or other assumptions	​		64,298	​		839,774
Exchanged to Merger financing note	​		—	​		(2,886,347)
Fair value as of June 30, 2025	​	$	2,489,945	​	$	—

​

​	​	​	​	​	​	​
​		Merger			Secured
​	​	Financing		​	Convertible
​	​	Derivative		​	Derivative
Fair value as of June 30, 2024	​	$	—	​	$	—
Initial measurement	​		113,044	​		89,535
Change in valuation inputs or other assumptions	​		(49,348)	​		(89,535)
Fair value as of June 30, 2025	​	$	63,696	​	$	—

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Topic 820
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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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