$IPW
iPower Inc.
CIK:0001830072|SEC Filings
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
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| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
| Net loss | $ (11,622,562) | $ (4,977,546) | |||
| Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | |||||
| Depreciation and amortization expense | 761,328 | 779,976 | |||
| Reversal of inventory reserve | (28,210) | (335,358) | |||
| Credit loss reserve | 844,272 | 1,569,031 | |||
| Loss on equity method investment | 665,933 | 14,342 | |||
| Stock-based compensation expense (reversal) | 792,375 | (12,998) | |||
| Shares issued for consulting services | 389,981 | 0 | |||
| Loss on deconsolidation of VIE | 41,519 | 0 | |||
| Gain on disposition of subsidiaries | (1,613,936) | 0 | |||
| Amortization of operating lease right of use assets | 1,274,173 | 1,774,591 | |||
| Change in FV of Derivative Liability | (682,100) | 0 | |||
| Unrealized gain/loss on digital assets | 853,856 | 0 | |||
| Loss on extinguishment of convertible notes | 2,324,402 | 0 | |||
| Gain on sale of vehicle | (63,605) | 0 | |||
| Impairment loss -goodwill | 3,034,110 | 0 | |||
| Discount on note receivable | 499,016 | 0 | |||
| Amortization of debt premium / discount and non-cash financing costs | 395,701 | 125,906 | |||
| Change in operating assets and liabilities | |||||
| Accounts receivable | 1,752,308 | 7,047,054 | |||
| Inventories | 8,159,413 | 2,750,428 | |||
| Deferred tax assets | (2,424,494) | (1,278,857) | |||
| Prepayments and other current assets, net | (518,612) | (764,676) | |||
| Other non-current assets | (64,374) | 334,490 | |||
| Accounts payable | (3,246,856) | (4,640,051) | |||
| Accounts payable – related parties | 262,064 | 555,444 | |||
| Other payables and accrued liabilities | (404,864) | (1,684,961) | |||
| Operating lease liabilities | (1,361,109) | (1,839,999) | |||
| Income taxes payable | (183,195) | 3,997 | |||
| Net cash provided by (used in) operating activities | (163,466) | (579,187) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Discontinued operations -cash sold | (83,545) | 0 | |||
| Deconsolidation of VIE | (167,774) | 0 | |||
| Proceeds from sale of fixed assets | 192,000 | 13,183 | |||
| Purchase of equipment | 0 | (163,588) | |||
| Investment in joint venture | (293,526) | (371,917) | |||
| Purchase of digital assets held in Bitgo account | (3,210,500) | 0 | |||
| Prepayments for software development | (1,118,280) | (1,519,928) | |||
| Net cash used in investing activities | (4,681,625) | (2,042,250) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Payments of offering cost settlement | 0 | (325,000) | |||
| Treasury stock acquired | (41,755) | 0 | |||
| Proceeds from short-term loans -related party | 1,050,000 | 0 | |||
| Proceeds from short-term loans | 1,500,000 | 0 | |||
| Payments on short-term loans - related party | (1,050,000) | (350,000) | |||
| Payments on short-term loans | (1,500,000) | (483,599) | |||
| Net proceeds from convertible note | 10,256,833 | 0 | |||
| Proceeds from revolving loan | 3,669,797 | 8,359,237 | |||
| Payments on revolving loan | (7,383,223) | (10,200,000) | |||
| Net cash provided by (used in) financing activities | 6,501,652 | (2,999,362) | |||
| EFFECT OF EXCHANGE RATE ON CASH | 65,731 | 250,852 | |||
| CHANGES IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 1,722,292 | (5,369,947) | |||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) | 2,007,890 | [1] | 7,377,837 | ||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | [1] | 3,730,182 | 2,007,890 | ||
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||||
| Cash paid for income tax | 0 | 0 | |||
| Cash paid for interest | 185,569 | 323,078 | |||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||||
| Derivative liability - conversion option | 606,700 | 0 | |||
| Common stock issued for conversions of note payable | 9,150,119 | 0 | |||
| Right of use assets derecognized due to termination of operating leases | 0 | 434,033 | |||
| Note receivable from sale of subsidiaries | 2,300,000 | 0 | |||
| Transfer of inventories in exchange of assumption of accounts payable | 2,007,367 | 0 | |||
| Software under development transferred from GPM | 460,807 | 0 | |||
| Credits against note receivable | 110,847 | 0 | |||
| Discount on note receivable | 499,016 | 0 | |||
| Common stock issued for services | $ 389,981 | $ 0 | |||
| |||||
Consolidated Balance Sheets - USD ($) |
Jun. 30, 2026 |
Jun. 30, 2025 |
||
|---|---|---|---|---|
| Current assets | ||||
| Cash and cash equivalents | $ 478,042 | $ 1,677,879 | ||
| Accounts receivable, net | 4,371,700 | 6,124,008 | ||
| Inventories, net | 0 | 8,131,203 | ||
| Restricted cash - BitGo | 3,252,140 | 0 | ||
| Prepayments and other current assets, net | 2,546,755 | 2,853,819 | ||
| Current assets held for sale | 0 | 587,402 | ||
| Total current assets | 10,648,637 | 19,374,311 | ||
| Non-current assets | ||||
| Operating lease right-of-use assets, net | 2,641,366 | 3,915,539 | ||
| Property and equipment, net | 136,502 | 390,349 | ||
| Deferred tax assets, net | 6,148,956 | 3,724,462 | ||
| Software under development | 2,638,208 | 1,059,121 | ||
| Goodwill | 0 | 3,034,110 | ||
| Investment in joint venture | 12,773 | 13,264 | ||
| Note receivable | 1,690,137 | 0 | ||
| Intangible assets, net | 2,331,957 | 2,981,328 | ||
| Digital assets | 2,356,644 | 0 | ||
| Other non-current assets | 381,934 | 317,560 | ||
| Non-current assets held for sale | 0 | 832,723 | ||
| Total non-current assets | 18,338,477 | 16,268,456 | ||
| Total assets | 28,987,114 | 35,642,767 | ||
| Current liabilities | ||||
| Accounts payable | 3,539,303 | 6,786,159 | ||
| Accounts payable – related parties | 655,914 | 393,850 | ||
| Other payables and accrued liabilities | 1,586,017 | 1,893,124 | ||
| Operating lease liability - current | 1,483,163 | 1,361,111 | ||
| Revolving loan payable, net | 0 | 3,737,602 | ||
| Income taxes payable | 0 | 183,195 | ||
| Current liabilities held for sale | 0 | 97,757 | ||
| Total current liabilities | 7,264,397 | 14,452,798 | ||
| Non-current liabilities | ||||
| Convertible notes payable | 2,742,837 | 0 | ||
| Derivative liability - Conversion option | 606,700 | 0 | ||
| Operating lease liability - non-current | 1,430,806 | 2,913,967 | ||
| Total non-current liabilities | 4,780,343 | 2,913,967 | ||
| Total liabilities | 12,044,740 | 17,366,765 | ||
| Commitments and contingency | ||||
| Stockholders’ Equity | ||||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and 2025 | 0 | 0 | ||
| Common Stock, Value, Issued | [1] | 169 | 15 | |
| Additional paid in capital | 43,814,552 | 33,482,231 | ||
| Treasury stock, at cost 1,346 and 0 shares held at June 30, 2026 and 2025 | (41,755) | 0 | ||
| Accumulated deficits | (26,821,131) | (15,198,889) | ||
| Non-controlling interest | (47,782) | (47,462) | ||
| Accumulated other comprehensive income | 38,321 | 40,107 | ||
| Total stockholders’ equity | 16,942,374 | 18,276,002 | ||
| Total liabilities and stockholders’ equity | $ 28,987,114 | $ 35,642,767 | ||
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