v3.26.3
Fair value measurements (Tables)
12 Months Ended
Jun. 30, 2026
Fair value measurements  
Schedule of fair value hierarchy

  ​ ​ ​

Fair Value Measurement on a Recurring Basis at Reporting Date Using

Level-1 Inputs

  ​ ​ ​

Level-2 Inputs

  ​ ​ ​

Level-3 Inputs

  ​ ​ ​

Total

June 30, 2026

 

  ​

 

  ​

 

  ​

 

  ​

2025 Debentures

$

$

$

8,206,747

$

8,206,747

April 2026 Debenture

 

 

 

412,654

 

412,654

June 2026 Note

 

 

 

2,005,417

 

2,005,417

Total

$

$

$

10,624,818

$

10,624,818

Schedule of reconciliation of the beginning and ending balances of the debentures

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:

  ​ ​ ​

Amount

Opening balance on June 30, 2025

$

Add: issuance at initial fair value

 

18,865,340

Less: cash interest payments

 

(613,505)

Less: accrued interest settled upon conversion

 

(126,415)

Less: fair value of principal settled through conversion

 

(4,772,967)

Subsequent change in fair value attributable to factors other than instrument-specific credit risk

 

(2,394,675)

Change in fair value attributable to instrument-specific credit risk, recognized in other comprehensive income

 

(332,960)

Closing balance on June 30, 2026

$

10,624,818

Schedule of valuation model with major inputs

The following table summarizes the significant inputs used in measuring the fair value of the Debentures on issuance date:

  ​ ​ ​

2025 Debentures

  ​ ​ ​

April 2026 Debenture

  ​ ​ ​

June 2026 Debenture

 

Class A Ordinary Share price

 

$

99.55~117.3

 

$

13.0

 

$

6.15

Credit-adjusted discount rate

 

16.33~16.61

%  

17.53

%  

23.43

%

Remaining term (years)

 

4.0

 

4.0

 

4.0

Expected volatility

 

145.75~150.16

%  

158.05

%  

155.70

%

Dividend yield

 

 

 

Risk-free interest rate

 

3.93

%  

3.86

%  

4.12

%

The following table summarizes the significant inputs used in measuring the fair value of the Debentures on June 30, 2026:

  ​ ​ ​

2025 Debentures

  ​ ​ ​

April 2026 Debenture

  ​ ​ ​

June 2026 Debenture

 

Class A Ordinary Share price

 

$

6.25

 

$

6.25

 

$

6.25

Credit-adjusted discount rate

 

24.13~24.16

%  

23.62

%  

23.43

%

Remaining term (years)

 

3.04~3.09

 

3.8

 

4.0

Expected volatility

 

164.77~164.94

%  

159.03

%  

155.70

%

Dividend yield

 

 

 

Risk-free interest rate

 

4.15

%  

4.17

%  

4.12

%