Ispire Technology Inc. Files 2024 Annual Report

TL;DR

ISPR 10-K filed for FY24. Full financials and biz ops detailed.

AI Summary

Ispire Technology Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2024. The company, incorporated in Delaware with its principal executive offices at 19700 Magellan Drive, Los Angeles, CA, operates in the CIGARETTES industry. The filing details its financial performance and business operations for the period.

Why It Matters

This 10-K filing provides investors and the public with a comprehensive overview of Ispire Technology Inc.'s financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — This is a standard annual report filing and does not inherently contain new risk-triggering information.

Key Numbers

• 0630 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
• 93-1869878 — IRS Number (Employer Identification Number for tax purposes.)

Key Players & Entities

• Ispire Technology Inc. (company) — Registrant
• June 30, 2024 (date) — Fiscal year end
• 19700 Magellan Drive, Los Angeles, CA 90502 (address) — Principal executive offices
• 001-41680 (company) — Commission file number
• 20240927 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ch registered: Common Stock, par value $0.0001 per share ISPR The Nasdaq Stock Market
• $20.5 billion — tinues to grow and is expected to reach $20.5 billion in 2031 according to Transparency Marke

Filing Documents

• ea0213350-10k_ispire.htm (10-K) — 1592KB
• ea021335001ex3-2_ispire.htm (EX-3.2) — 139KB
• ea021335001ex4-1_ispire.htm (EX-4.1) — 22KB
• ea021335001ex19-1_ispire.htm (EX-19.1) — 86KB
• ea021335001ex21-1_ispire.htm (EX-21.1) — 3KB
• ea021335001ex23-1_ispire.htm (EX-23.1) — 3KB
• ea021335001ex23-2_ispire.htm (EX-23.2) — 5KB
• ea021335001ex31-1_ispire.htm (EX-31.1) — 9KB
• ea021335001ex31-2_ispire.htm (EX-31.2) — 9KB
• ea021335001ex32-1_ispire.htm (EX-32.1) — 5KB
• ea021335001ex97-1_ispire.htm (EX-97.1) — 20KB
• image_001.jpg (GRAPHIC) — 172KB
• image_002.jpg (GRAPHIC) — 31KB
• image_003.jpg (GRAPHIC) — 8KB
• image_004.jpg (GRAPHIC) — 3KB
• image_005.jpg (GRAPHIC) — 1KB
• ex23-2_001.jpg (GRAPHIC) — 18KB
• ex23-2_002.jpg (GRAPHIC) — 2KB
• ex23-2_003.jpg (GRAPHIC) — 1KB
• 0001213900-24-082378.txt ( ) — 9869KB
• ispr-20240630.xsd (EX-101.SCH) — 89KB
• ispr-20240630_cal.xml (EX-101.CAL) — 57KB
• ispr-20240630_def.xml (EX-101.DEF) — 427KB
• ispr-20240630_lab.xml (EX-101.LAB) — 723KB
• ispr-20240630_pre.xml (EX-101.PRE) — 443KB
• ea0213350-10k_ispire_htm.xml (XML) — 1020KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 42 Item 1C Cybersecurity 42 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 55 Item 9B. Other Information 56 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 56 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accounting Fees and Services 73 PART IV Item 15. Exhibits and Financial Statement Schedules 74 Item 16. Form 10-K Summary 75 i PART I CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains, or may contain, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and do not constitute guarantees of future performance. Actual results could differ materially from those contained in the forward-looking statements and are subject to significant risks and uncertainties, including those discussed under "Risk Factors," as well as those discussed elsewhere in this Form 10-K. Actual results (including, without limitation, the actual timing for and results of the PMTAs described herein, and other FDA review of the Company's products in development), levels of activity, performance or achievements expressed or implied may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). You are further cautioned not to place undue reliance on these forward-

Business

ITEM 1. Business Overview We are engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. We sell our e-cigarette products worldwide except for the People's Republic of China (the "PRC"), the United We currently sell our cannabis vaping hardware in the United States, Europe, Canada, and South Africa. Vaping refers to the practice of inhaling and exhaling the vapor produced by an electronic vaping device, and includes dabbing, which is the recreational inhalation of extremely concentrated cannabinoids, typically tetrahydrocannabinol, the main psychotropic cannabinoid derived from the marijuana plant. The market for cannabis/CBD vaping continues to grow and is expected to reach $20.5 billion in 2031 according to Transparency Market Research. Our management anticipates that the increasing demand of legal cannabis products in the United States will coincide with higher levels of social acceptability for these products among adult consumers. As a result, we expect to see increasing demand for our cannabis vaping products in coming years. Our cannabis products are marketed under the Ispire brand name, primarily on an original design manufacturer ("ODM") basis to consumer-facing cannabis vapor companies and third-party co-packers. ODM generally involves the design and customization of core products to meet each brand's unique image and needs, and our products are sold by our customers under their own brand names although they may also include our brand name on the products. Some of our products use our BDC (bottom dual coil) coil technology which uses bottom dual coils to provide much higher temperature and an expanded heating which we believe achieves much greater flavor and vapor production than other available technologies. We believe that the use of our dual-coil technology enhances the flavor performance of e-liquid, and the hidden wick cott

View Full Filing

View this 10-K filing on SEC EDGAR