Fair value measurements |
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| Fair value measurements | Note 10 – Fair value measurements The Group measures certain financial instruments at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement. The following table presents the Group’s financial liabilities measured at fair value on a recurring basis as of June 30, 2026:
The Debentures are measured in their entirety at fair value under the fair value option described in Note 9. The Debentures are classified within Level 3 of the fair value hierarchy because their valuation incorporates significant unobservable inputs, including expected volatility and assumptions related to the Company’s instrument-specific credit risk. The Company uses a binomial valuation model that incorporates the contractual terms of each Debenture, including the contractual cash flows, conversion features, price-adjustment provisions and redemption features, together with market-based and unobservable inputs such as the Company’s Class A Ordinary Share price, expected volatility, risk-free interest rates, remaining contractual term and assumptions related to the Company’s credit risk. There were no between the respective levels during the year ended June 30, 2026. As of June 30, 2026, the aggregate clean fair value of the Debentures was $10,119,820 and accrued and unpaid contractual interest included in the fair value measurement was $504,998, resulting in an aggregate fair value carrying amount of $10,624,818. Because the Debentures are measured in their entirety at fair value under the fair value option, accrued contractual interest is included in the fair value carrying amount of the Debentures and is not recognized as a separate liability. The following table presents a reconciliation of the beginning and ending balances of the Debentures, which are measured at fair value on a recurring basis using significant unobservable (Level 3) inputs, for the year ended June 30, 2026:
The following table summarizes the significant inputs used in measuring the fair value of the Debentures on issuance date:
The following table summarizes the significant inputs used in measuring the fair value of the Debentures on June 30, 2026:
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