XML 27 R16.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity
3 Months Ended
Sep. 30, 2024
Stockholders’ Equity [Abstract]  
Stockholders' Equity

10. Stockholders’ Equity

 

The Company is authorized to issue 100,000,000 shares of common stock, par value US$0.00001 per share, 41,634,000 shares were issued and outstanding as of September 30, 2024 and June 30, 2024, respectively.

 

On May 15, 2024, the Company closed its initial public offering (the “IPO”) of 1,600,000 shares of common stock, par value of US$0.00001 per share, for a price of US$5.00 per share for aggregate gross proceeds of $8 million from the offering. The total net proceeds to the Company from the IPO, less certain underwriting discounts and expenses, were approximately $5.2 million. In connection with the IPO, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with EF Hutton LLC, and granted a 45-day option to purchase up to 240,000 additional shares of common stock from the Company at the offering price of US$5.00 per share. As of June 30, 2024, the underwriter had exercised the option to purchase 34,000 additional shares of common stock from the Company. The remaining options have expired as of the date of this Quarterly Report.

 

On May 15, 2024, the Company issued to the Representative and its affiliates warrants, exercisable during the five-year period from the commencement of sales of this offering, entitling the Representative to purchase an aggregate of up to 80,000 shares of common stock at a per share price equal to 125.0% of the public offering price per share in the IPO, or US$6.25 (the “Representative’s Warrants”). The fair value of US$268,430 of the Representative’s Warrants, using the Black Scholes Model with the following weighted-average assumptions: market value of underlying share of $4.62, risk free rate of 4.46%, expected term of five years; exercise price of the warrants of $6.25, volatility of 100%; and expected future dividends of nil, was recorded in the Additional Paid-in Capital.