$ISPR
Ispire Technology Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024042990 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $37.34M $30.02M $24.14M
YoY Change 14.45% 24.36% 26.94%
Cost Of Revenue $26.78M $23.89M $19.62M
YoY Change 2.99% 21.8% 22.31%
Gross Profit $10.56M $6.122M $4.520M
YoY Change 59.44% 35.44% 51.9%
Gross Profit Margin 28.29% 20.4% 18.73%
Selling, General & Admin $13.92M $11.80M $7.982M
YoY Change 129.84% 47.85% 106.19%
% of Gross Profit 131.74% 192.78% 176.59%
Research & Development $163.8K $42.45K
YoY Change 285.79%
% of Gross Profit 2.68% 0.94%
Depreciation & Amortization $1.579M $56.84K $779.9K
YoY Change 6024.9% -92.71%
% of Gross Profit 14.95% 0.93% 17.25%
Operating Expenses $13.92M $11.80M $7.982M
YoY Change 129.84% 47.85% 106.19%
Operating Profit -$3.352M -$5.680M -$3.462M
YoY Change -687.52% 64.06% 286.53%
Interest Expense $960.00 -$26.61K $661.2K
YoY Change -100.25% -104.02%
% of Operating Profit
Other Income/Expense, Net $108.6K -$14.34K -$67.95K
YoY Change -332.41% -78.89%
Pretax Income -$3.243M -$5.694M -$2.869M
YoY Change -2511.36% 98.49%
Income Tax $178.3K $255.5K $238.0K
% Of Pretax Income
Net Earnings -$3.421M -$5.950M -$3.107M
YoY Change 8278.96% 91.5% 213.65%
Net Earnings / Revenue -9.16% -19.82% -12.87%
Basic Earnings Per Share -$0.11 -$0.06
Diluted Earnings Per Share -$0.06 -$0.11 -$0.06
COMMON SHARES
Basic Shares Outstanding 56.40M shares 54.28M shares 50.00M shares
Diluted Shares Outstanding 54.35M shares 50.00M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.07M $39.45M $33.64M
YoY Change -29.05% 17.28%
Cash & Equivalents $35.07M $39.45M $24.04M
Short-Term Investments $0.00 $0.00 $9.604M
Other Short-Term Assets $1.400M $1.511M $290.6K
YoY Change -58.56% 419.79%
Inventory $6.365M $9.814M $14.24M
Prepaid Expenses
Receivables $59.73M $47.73M $15.41M
Other Receivables $488.1K $371.2K $0.00
Total Short-Term Assets $102.6M $98.65M $63.58M
YoY Change 20.94% 55.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.582M $2.167M $588.2K
YoY Change 137.33% 268.33%
Goodwill
YoY Change
Intangibles $72.71M
YoY Change
Long-Term Investments $10.25M $2.000M
YoY Change
Other Assets $284.1K $9.497M $78.38M
YoY Change -95.17% -87.88%
Total Long-Term Assets $20.07M $9.497M $78.38M
YoY Change 241.19% -87.88%
TOTAL ASSETS
Total Short-Term Assets $102.6M $98.65M $63.58M
Total Long-Term Assets $20.07M $9.497M $78.38M
Total Assets $122.6M $108.1M $142.0M
YoY Change 35.23% -23.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.780M $3.668M $178.1K
YoY Change 196.59% 1958.82%
Accrued Expenses $1.012M $1.000M $1.220M
YoY Change 2723.86% -18.01%
Deferred Revenue $2.218M $1.327M $742.2K
YoY Change 124.38% 78.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.99M $69.74M $58.40M
YoY Change 53.66% 19.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.194M $2.731M $3.609M
YoY Change -34.63% -24.33%
Total Long-Term Liabilities $2.194M $2.731M $3.609M
YoY Change -34.63% -24.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.99M $69.74M $58.40M
Total Long-Term Liabilities $2.194M $2.731M $3.609M
Total Liabilities $88.18M $72.47M $62.01M
YoY Change 48.66% 16.87%
SHAREHOLDERS EQUITY
Retained Earnings -$8.825M -$5.499M $5.889M
YoY Change -250.91% -193.38%
Common Stock $5.647K $5.633K $5.000K
YoY Change 4.15% 12.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.46M $35.68M $79.95M
YoY Change
Total Liabilities & Shareholders Equity $122.6M $108.1M $142.0M
YoY Change 35.23% -23.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.421M -$5.950M -$3.107M
YoY Change 8278.96% 91.5% 213.65%
Depreciation, Depletion And Amortization $1.579M $56.84K $779.9K
YoY Change 6024.9% -92.71%
Cash From Operating Activities -$1.424M $3.354M -$6.574M
YoY Change -85.52% -151.02%
INVESTING ACTIVITIES
Capital Expenditures $958.3K $322.8K $16.60K
YoY Change 82.28% 1844.58%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $8.134M -$9.604M
YoY Change -524.89% -184.69%
Cash From Investing Activities -$2.958M $7.811M -$9.621M
YoY Change 5278.65% -181.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 10.79M -44.04M
YoY Change -100.0% -124.49%
NET CHANGE
Cash From Operating Activities -1.424M 3.354M -6.574M
Cash From Investing Activities -2.958M 7.811M -9.621M
Cash From Financing Activities 0.000 10.79M -44.04M
Net Change In Cash -4.382M 21.95M -60.23M
YoY Change -126.94% -136.44%
FREE CASH FLOW
Cash From Operating Activities -$1.424M $3.354M -$6.574M
Capital Expenditures $958.3K $322.8K $16.60K
Free Cash Flow -$2.382M $3.031M -$6.590M
YoY Change -77.0% -145.99%

Facts In Submission

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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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ispr Leased Assets Obtained In Exchange For Operating Lease Liabilities
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ispr Shipping And Handling Cost
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates include allowance for credit losses, inventory reserve, deferred tax asset reserve, the useful lives of property, plant and equipment, incremental borrowing rate for operating leases and fair value of certain share based payment awards. Actual results could differ from those estimates.</p>
us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of credit risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, accounts receivable and investment - other. The Company maintains its cash in financial institutions. To the extent that such deposits exceed the maximum insurance levels, they are uninsured. On June 30, 2023, amounts due from two customers totaled approximately 11% and 11% respectively, of accounts receivable. On March 31, 2024, accounts receivable from two customers totaled approximately 11% and 10%.</span></p>
CY2023Q1 us-gaap Inventory Lifo Reserve Period Charge
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us-gaap Inventory Lifo Reserve Period Charge
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us-gaap Inventory Lifo Reserve Period Charge
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2024Q1 us-gaap Percentage Of Interest Bearing Domestic Deposits To Deposits
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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us-gaap Revenues
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us-gaap Revenues
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CY2024Q1 ispr Shipping And Handling Costs
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ispr Shipping And Handling Costs
ShippingAndHandlingCosts
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ispr Shipping And Handling Costs
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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-0.21
CY2024Q1 ispr Consolidated Revenue Percentage
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0.10 pure
ispr Functional Currency Narrow Range Description
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As HKD is pegged to USD in a narrow range of US$1:HK$7.75 -7.85, after evaluation the management concluded that the misstatement resulted from the change of functional currency to all reporting periods prior to October 1, 2023, and correction of the error during the three months ended December 31, 2023 was immaterial given consideration of both quantitative and qualitative factors in assessing an item’s materiality.
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Depreciation
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Depreciation
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us-gaap Depreciation
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us-gaap Depreciation
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CY2024Q1 us-gaap Stock Issued During Period Shares Purchase Of Assets
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CY2024Q1 us-gaap Stock Issued During Period Value Purchase Of Assets
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CY2024Q1 ispr Additional Amount
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CY2024Q1 us-gaap Preferred Units Issued
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CY2024Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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CY2024Q1 us-gaap Lessee Operating Lease Discount Rate
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q1 us-gaap Unrecognized Tax Benefits
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CY2024Q1 us-gaap Operating Loss Carryforwards
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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0 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2785328 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1841392 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4691872 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
12300000 usd
CY2024Q1 ispr Preferred Equity
PreferredEquity
909091 shares
CY2024Q1 us-gaap Cash
Cash
1000000 usd
CY2024Q1 us-gaap Other Additional Capital
OtherAdditionalCapital
9000000 usd
CY2024Q2 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
9
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2024Q1 us-gaap Other Investments
OtherInvestments
usd
CY2023Q2 us-gaap Long Term Investments
LongTermInvestments
usd
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
usd
CY2024Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2024Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
usd
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
usd
us-gaap Payments Of Dividends
PaymentsOfDividends
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
usd
ispr Unpaid Long Term Investment In Accrued Liabilities And Other Payables
UnpaidLongTermInvestmentInAccruedLiabilitiesAndOtherPayables
usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54287624 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54347729 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2023Q2 ispr Prepaid Provisional Profit Tax
PrepaidProvisionalProfitTax
usd
CY2023Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
usd
CY2023Q2 ispr Reserve For Product Returns Current
ReserveForProductReturnsCurrent
usd
CY2023Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001948455
ispr Estimated Useful Life Description
EstimatedUsefulLifeDescription
Shorter of the term of the lease or the estimated useful life of the assets

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0001213900-24-042990-index-headers.html Edgar Link pending
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0001213900-24-042990.txt Edgar Link pending
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ea0205515-10q_ispiretech.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
ispr-20240331.xsd Edgar Link pending
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ispr-20240331_cal.xml Edgar Link unprocessable
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ea0205515-10q_ispiretech_htm.xml Edgar Link completed
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