v3.26.3
Other Receivables, Net
 12 Months Ended
Jun. 30, 2026
Other Receivables, Net [Abstract]  
Other receivables, net

Note 6 – Other receivables, net

 

Other receivables consisted of the following:

 

    June 30,
2026		     June 30,
2025		  
             
SolvBTC receivables due from investors*   $ 116,815,820     $ -  

 

* On June 12, 2026, the Company and the investors entered into a Crypto Asset Swap and Return Agreement, pursuant to which, the Company and the investors agreed to swap the crypto assets for a more price-stable crypto asset. The 2,000 SolvBTC had been transferred out on June 26, 2026 and were subsequently transferred back to the Company in July 2026.

 

The Company accounts for SolvBTC as an indefinite-lived intangible asset and measures SolvBTC at cost less impairment in accordance with ASC 350-30. The Company assessed the fair value of SolvBTC for purposes of its impairment assessment. Based on the market price as of June 26, 2026, the fair value of the 2,000.0 SolvBTC was approximately $116.8 million. The Company recognized an impairment loss of $114.0 million for the year ended June 30, 2026, representing the excess of the carrying amount of SolvBTC of $230.8 million over its fair value of $116.8 million. The fair value measurement is using Level 1 inputs in the fair value hierarchy. The following table presents additional information about the Company’s SolvBTC received by the Company from issuance of units, including the number of coins and related amounts during the year ended June 30, 2026:

 

    Quantities
(in coins)		     Cryptocurrency  
    SolvBTC     Amounts  
Balance on June 30, 2025     -     $ -  
Cryptocurrency received from issuance of units     2,000.0       230,837,060  
Impairment of cryptocurrency     -       (114,021,240 )
Transferred out     (2,000.0 )     (116,815,820 )
Balance on June 30, 2026     -     $ -  

 

The Company recorded an aggregate reduction in value of approximately $114.0 million during the financial year, comprising impairment losses of $102.6 million on the original SolvBTC intangible assets prior to their derecognition and subsequent fair value losses of $11.4 million on the contractual cryptocurrency receivables up to June 30, 2026. No gain or loss was recognized on the transfer.