10-Q Filing

ISPIRE TECHNOLOGY INC. CIK: 1948455 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-086406`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	f10q0923_ispiretech_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 40 Cash Flow Statement 47 Stockholders Equity 14

Balance Sheet 73 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, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.27M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	54.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	54.22M	shares	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.69M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$39.16M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$24.53M	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.61M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.47M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.96M	USD	Point-in-time
Held-to-maturity investment	`ShortTermInvestments`	$9.13M	USD	Point-in-time
Held-to-maturity investment	`ShortTermInvestments`	$9.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$81.61M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$84.81M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.59M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$255.65K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Rental deposit	`PrepaidExpenseNoncurrent`	$660.28K	USD	Point-in-time
Rental deposit	`PrepaidExpenseNoncurrent`	$732.33K	USD	Point-in-time
Right-of-use assets operating leases	`OperatingLeaseRightOfUseAsset`	$4.06M	USD	Point-in-time
Right-of-use assets operating leases	`OperatingLeaseRightOfUseAsset`	$4.29M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$6.79M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$5.88M	USD	Point-in-time
Total assets	`Assets`	$90.69M	USD	Point-in-time
Total assets	`Assets`	$88.41M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$1.27M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$170.51K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$988.56K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.29M	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherLiabilities`	$281.36K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesAndOtherLiabilities`	$273.75K	USD	Point-in-time
Income tax payable - current	`TaxesPayableCurrent`	$559.99K	USD	Point-in-time
Income tax payable - current	`TaxesPayableCurrent`	$63.85K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$944.52K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$1.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.96M	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$3.39M	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$3.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$59.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.39M	USD	Point-in-time
Common stock, par value $0.0001 per share; 140,000,000 shares authorized; 54,222,420 and 54,268,992 shares issued and outstanding as of June 30, 2023 and September 30, 2023	`CommonStockValue`	$5.42K	USD	Point-in-time
Common stock, par value $0.0001 per share; 140,000,000 shares authorized; 54,222,420 and 54,268,992 shares issued and outstanding as of June 30, 2023 and September 30, 2023	`CommonStockValue`	$5.43K	USD	Point-in-time
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued at June 30, 2023 and September 30, 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, 2023 and September 30, 2023	`PreferredStockValue`	-	USD	Point-in-time
Equity reserve	`EquityReserve`	-	USD	Point-in-time
Equity reserve	`EquityReserve`	$641.94K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.69M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-119.31K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-163.77K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.37M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.01M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.76M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.77M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$88.41M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$90.69M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Revenue	`Revenues`	$42.86M	USD	1 Quarter
Revenue	`Revenues`	$26.94M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$22.15M	USD	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.25M	shares	1 Quarter
Cost of revenue	`CostOfRevenue`	$35.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.79M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.89M	USD	1 Quarter
Sales and marketing expenses	`SellingAndMarketingExpense`	$1.50M	USD	1 Quarter
Sales and marketing expenses	`SellingAndMarketingExpense`	$1.07M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.73M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.51M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.01M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-911.27K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.21M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$510.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$72.25K	USD	1 Quarter
Exchange gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-500.79K	USD	1 Quarter
Exchange gain (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$3.66K	USD	1 Quarter
Other income (expenses), net	`OtherOperatingIncomeExpenseNet`	$-43.20K	USD	1 Quarter
Other income (expenses), net	`OtherOperatingIncomeExpenseNet`	$-19.20K	USD	1 Quarter
Total other income (expense), net	`InterestIncomeExpenseNet`	$-519.49K	USD	1 Quarter
Total other income (expense), net	`InterestIncomeExpenseNet`	$32.70K	USD	1 Quarter
Loss before income taxes	`IncomeLossAttributableToParent`	$-1.73M	USD	1 Quarter
Loss before income taxes	`IncomeLossAttributableToParent`	$-878.57K	USD	1 Quarter
Income taxes - current	`CurrentIncomeTaxExpenseBenefit`	$496.05K	USD	1 Quarter
Income taxes - current	`CurrentIncomeTaxExpenseBenefit`	$267.40K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.88K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$44.46K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.01M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.33M	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.00M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	54.25M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss:	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net loss:	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$29.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$6.55K	USD	1 Quarter
Depreciation of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$312.94K	USD	1 Quarter
Depreciation of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$256.65K	USD	1 Quarter
Accounts receivable impairment	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Accounts receivable impairment	`ProvisionForDoubtfulAccounts`	$225.49K	USD	1 Quarter
Stock-based compensation expenses	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation expenses	`ShareBasedCompensation`	$967.56K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$14.71M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$5.92M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$4.78M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.86M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.60M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$24.81K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.45M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$15.44M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$281.53K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-997.91K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-124.95K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-13.89K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$496.14K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$265.93K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.88M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.24M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$324.75K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$533.12K	USD	1 Quarter
Acquisition of intangible assets	`AcquisitionOfIntangibleAssets`	$255.65K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-788.77K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-324.75K	USD	1 Quarter
Advances to related parties	`RepaymentsOfRelatedPartyDebt`	$703.32K	USD	1 Quarter
Advances to related parties	`RepaymentsOfRelatedPartyDebt`	$105.75K	USD	1 Quarter
Principal portion of lease payment	`RepaymentsOfLongTermCapitalLeaseObligations`	$242.18K	USD	1 Quarter
Principal portion of lease payment	`RepaymentsOfLongTermCapitalLeaseObligations`	$185.60K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-945.50K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-291.35K	USD	1 Quarter
Net increase(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.62M	USD	1 Quarter
Net increase(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-14.61M	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.48M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$76.10M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.69M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$74.48M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$76.10M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.69M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$40.30M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$31.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.77M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.37M	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$641.94K	USD	1 Quarter
Issuance of common stock for equity incentive awards	`StockIssuedDuringPeriodValueOther`	$325.62K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$44.46K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-6.88K	USD	1 Quarter
Balance	`StockholdersEquity`	$31.37M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.77M	USD	Point-in-time

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