| Other payables and accrued liabilities |
Note 10 — Other payables and accrued liabilities As of March 31, 2026 and June 30, 2025, other payables and accrued liabilities consist of the following: | | | March 31,
2026 | | | June 30,
2025 | | | | | (Unaudited) | | | | | | Payroll and payable tax payable | | $ | 82,739 | | | $ | 174,684 | | | Interest payable* | | | 3,110,408 | | | | 2,309,106 | | | Professional fee payable | | | 157,244 | | | | 168,186 | | | Accrued warranty expenses | | | 472,697 | | | | 328,438 | | | Excise tax payable** | | | 556,620 | | | | 556,620 | | | Refunds payable | | | 111,126 | | | | - | | | Research and development (“R&D”) fee payable*** | | | 934,500 | | | | - | | | Others | | | 51,660 | | | | 33,925 | | | Total other payables and accrued liabilities | | $ | 5,476,994 | | | $ | 3,570,959 | | | * | On April 9, 2024, the Company and a vendor entered into a purchase and financing agreement, pursuant to which the Company is subject to interest of 1.5% per month, or 0.05% per day, on the unpaid purchase amount, after forty-five (45) days from the date of shipment. There is an additional 0.083% per day if after 120 days from the date of shipment. As of March 31, 2026 and June 30, 2025, the accounts payable – supplier financing balance due to this vendor were $32,327,516 and $26,244,987, respectively. | | ** | These balances were carried from ACAC, and payable by the Company, as a result on 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023 under the Inflation Reduction Act of 2022. | | | | | *** | In January 2026, the Company and a third party entered into a R&D agreement, pursuant to which the third party will provide the Company technical development services for the operating system of the Company’s mobile phone products in three phases, and the Company will pay a total of $3,115,00 in four milestone-based installments. As of March 31, 2026, the Company was obligated to pay the first installment of $934,500. These balances represented balances due to a third party developer for their technical development services performed on the operating system. |
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