10-K Filing

ISPIRE TECHNOLOGY INC. CIK: 1948455 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001213900-23-077437`
Period End Date	20230630
Filing Date	20230919
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	f10k2023_ispiretech_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 40 Cash Flow Statement 58 Stockholders Equity 11

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.25M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.48M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.70M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$24.53M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.22M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.26M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	54.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.58M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.47M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$192.50K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.38M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Due from related parties	`DueFromRelatedParties1`	-	USD	Point-in-time
Due from related parties	`DueFromRelatedParties1`	$1.93M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Held-to-maturity investment	`ShortTermInvestments`	-	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Held-to-maturity investment	`ShortTermInvestments`	$9.13M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$99.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$84.81M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$114.03K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Rental deposit	`PrepaidExpenseNoncurrent`	$732.33K	USD	Point-in-time
Rental deposit	`PrepaidExpenseNoncurrent`	$876.10K	USD	Point-in-time
Right-of-use assets operating leases	`OperatingLeaseRightOfUseAsset`	$4.06M	USD	Point-in-time
Right-of-use assets operating leases	`OperatingLeaseRightOfUseAsset`	$295.80K	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$1.29M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$5.88M	USD	Point-in-time
Total assets	`Assets`	$100.74M	USD	Point-in-time
Total assets	`Assets`	$90.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$290.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.27M	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedParty`	$41.98M	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedParty`	$51.70M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.67M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$988.56K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$3.36M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherLiabilities`	$159.30K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherLiabilities`	$281.36K	USD	Point-in-time
Due to related parties	`DueToRelatedParties`	$40.67M	USD	Point-in-time
Due to related parties	`DueToRelatedParties`	$710.91K	USD	Point-in-time
Income tax payable - current	`TaxesPayableCurrent`	$63.85K	USD	Point-in-time
Income tax payable - current	`TaxesPayableCurrent`	$481.11K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$944.52K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$347.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$88.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.96M	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$3.36M	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$88.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$59.32M	USD	Point-in-time
Common stock, par value $0.0001 per share; 140,000,000 shares authorized; 50,000,000 and 54,222,420 shares issued and outstanding as of June 30, 2022 and June 30, 2023	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share; 140,000,000 shares authorized; 50,000,000 and 54,222,420 shares issued and outstanding as of June 30, 2022 and June 30, 2023	`CommonStockValue`	$5.42K	USD	Point-in-time
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued at June 30, 2022 and 2023	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued at June 30, 2022 and 2023	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.69M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-163.77K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-184.66K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.37M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.76M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$90.69M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$100.74M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$115.61M	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.04	USD	Annual
Revenue	`Revenues`	$88.10M	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.12	USD	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.73M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.00M	shares	Annual
Cost of revenue	`CostOfRevenue`	$74.79M	USD	Annual
Cost of revenue	`CostOfRevenue`	$94.53M	USD	Annual
Gross profit	`GrossProfit`	$13.31M	USD	Annual
Gross profit	`GrossProfit`	$21.08M	USD	Annual
Sales and marketing expenses	`SellingAndMarketingExpense`	$4.71M	USD	Annual
Sales and marketing expenses	`SellingAndMarketingExpense`	$5.50M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.93M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.79M	USD	Annual
Total operating expenses	`OperatingExpenses`	$25.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.29M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-988.67K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.57M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$5.08K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$195.21K	USD	Annual
Exchange gain(loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-324.23K	USD	Annual
Exchange gain(loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$58.14K	USD	Annual
Other income(expense), net	`OtherOperatingIncomeExpenseNet`	$-155.15K	USD	Annual
Other income(expense), net	`OtherOperatingIncomeExpenseNet`	$122.39K	USD	Annual
Total other income(expense), net	`OtherNonoperatingIncomeExpense`	$-284.17K	USD	Annual
Total other income(expense), net	`OtherNonoperatingIncomeExpense`	$185.62K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.85M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-803.06K	USD	Annual
Income taxes - current	`CurrentIncomeTaxExpenseBenefit`	$1.25M	USD	Annual
Income taxes - current	`CurrentIncomeTaxExpenseBenefit`	$1.07M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.87M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.10M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$20.90K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-117.08K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.99M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.08M	USD	Annual
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.12	USD	Annual
Basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	Annual
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.00M	shares	Annual
Basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.73M	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss:	`NetIncomeLoss`	$-1.87M	USD	Annual
Net loss:	`NetIncomeLoss`	$-6.10M	USD	Annual
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$10.40K	USD	Annual
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$46.66K	USD	Annual
Depreciation of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$1.06M	USD	Annual
Depreciation of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$135.14K	USD	Annual
Accounts receivable impairment	`ProvisionForDoubtfulAccounts`	$3.33M	USD	Annual
Accounts receivable impairment	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.95M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.58M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-7.11M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$11.53M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-29.01K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.09M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$10.57M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.88M	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$543.89K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-690.64K	USD	Annual
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$168.18K	USD	Annual
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-282.49K	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$481.11K	USD	Annual
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-417.26K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.58M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.56M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.02M	USD	Annual
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$121.52K	USD	Annual
Purchase of short term investment	`PaymentsToAcquireShortTermInvestments`	-	USD	Annual
Purchase of short term investment	`PaymentsToAcquireShortTermInvestments`	$9.13M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-121.52K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.15M	USD	Annual
Net proceeds from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Net proceeds from initial public offering	`ProceedsFromIssuanceInitialPublicOffering`	$21.73M	USD	Annual
Payment of initial public offering costs	`PaymentsForRepurchaseOfInitialPublicOffering`	$3.48M	USD	Annual
Payment of initial public offering costs	`PaymentsForRepurchaseOfInitialPublicOffering`	-	USD	Annual
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$7.97M	USD	Annual
Payment of private placement costs	`PaymentsForRepurchaseOfPrivatePlacement`	$543.15K	USD	Annual
Payment of private placement costs	`PaymentsForRepurchaseOfPrivatePlacement`	-	USD	Annual
Payment of dividends of subsidiary	`PaymentsOfDividends`	$469.63K	USD	Annual
Payment of dividends of subsidiary	`PaymentsOfDividends`	$3.36M	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$37.89M	USD	Annual
Repayment to related parties	`RepaymentsOfRelatedPartyDebt`	$2.50M	USD	Annual
Principal portion of lease payment	`RepaymentsOfLongTermCapitalLeaseObligations`	$120.94K	USD	Annual
Principal portion of lease payment	`RepaymentsOfLongTermCapitalLeaseObligations`	$874.04K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.09M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-16.44M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.77M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-34.18M	USD	Annual
Cash and cash equivalents beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Cash and cash equivalents beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.25M	USD	Point-in-time
Cash and cash equivalents beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.48M	USD	Point-in-time
Cash and cash equivalents end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Cash and cash equivalents end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.25M	USD	Point-in-time
Cash and cash equivalents end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.48M	USD	Point-in-time
Cash (refund) paid for income taxes	`CashPaidrefundForIncomeTaxes`	$-69.65K	USD	Annual
Cash (refund) paid for income taxes	`CashPaidrefundForIncomeTaxes`	$1.66M	USD	Annual
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaidNet`	-	USD	Annual

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$11.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.76M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.87M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.10M	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$25.69M	USD	Annual
Foreign currency translation adjustment	`TemporaryEquityForeignCurrencyTranslationAdjustments`	$20.90K	USD	Annual
Foreign currency translation adjustment	`TemporaryEquityForeignCurrencyTranslationAdjustments`	$-117.08K	USD	Annual
Balance	`StockholdersEquity`	$11.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$13.76M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.