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Subsequent Events
12 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 16 — Subsequent Events

 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the issuance date. Except as described below, there were no material subsequent events that required recognition or disclosure in the financial statements.

  

Stock Repurchase

 

From July 01, 2024 to September 20, 2024, the Company repurchased 98,180 shares of its Common Stock in open market transactions for $137,078 at a weighted average price per share of $1.40.

  

Office Sublease Agreement

 

On July 1, 2024, the Company entered into an office sublease agreement (“Sublease Agreement”) with Eureka, a related party. Pursuant to the Sublease Agreement, the sublease commenced on July 1, 2024 and expires on December 31, 2024 with $2,000 sublease fee per month.

 

Consulting Agreement with One Nine

 

On July 3, 2024, the Company entered into a consulting agreement (“Consulting Agreement”) with One Nine Limited (the “Consultant”) with the Consultant to provide financing advice and service in connection with the sale of equity interests in the Company of no less than $30,000,000 on terms acceptable to the Company.

 

Development Milestones and Payments under the Licensing Agreement and Statement of Work #001

 

With the dosing of the first patient in July 2024 in the STARLIGHT-1 clinical trial, the development milestone pursuant to Section 8.2.1 (First Patient Dosed in the First Clinical Trial of a Licensed Product) in the Licensing Agreement with Eureka was met. As a result, Estrella made a payment of $50,000 to Eureka for this milestone. As of September 2024, two patients have been dosed in the STARLIGHT-1 clinical trial.

 

Appointment of Hong Zhang

 

In August 2024, Ms. Hong Zhang was appointed as a director and chairperson by the Board of Directors.