STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Dec. 31, 2022 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF STOCK WARRANT ACTIVITY |
Warrant
detail for the six months ended December 31, 2022 is reflected below:
SCHEDULE
OF STOCK WARRANT ACTIVITY
| |
|
Number
of Warrants |
|
|
Weighted
Average
Exercise
Price
Per
Warrant
|
|
|
Weighted
Average
Remaining Contract
Term (#
years)
|
|
| Warrants
outstanding and exercisable at June 30, 2022 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
|
|
| Warrants
issued |
|
|
1,071,430 |
|
|
$ |
7.00 |
|
|
|
|
|
| Warrants
cancelled |
|
|
(83,205 |
) |
|
$ |
4.00 |
|
|
|
|
|
| Warrants
outstanding and exercisable at December 31, 2022 |
|
|
1,371,914 |
|
|
$ |
6.23 |
|
|
|
3.92 |
|
Warrant
detail for the six months ended December 31, 2021 is reflected below:
| |
|
Number
of Warrants |
|
|
Weighted
Average Exercise Price Per Warrant |
|
|
Remaining
Contract
Term
(#
years)
|
|
| Warrants
outstanding and exercisable at June 30, 2021 |
|
|
214,883 |
|
|
$ |
4.49 |
|
|
|
|
|
| Warrants
issued |
|
|
1,071,430 |
|
|
$ |
7.00 |
|
|
|
|
|
| Warrants
outstanding and exercisable at December 31, 2021 |
|
|
1,286,313 |
|
|
$ |
6.58 |
|
|
|
4.35 |
|
|
| SCHEDULE OF STOCK OPTIONS ACTIVITY |
Activity
in the Company’s stock options during the six months ended December 31, 2022 and related balances outstanding as of that date are
reflected below:
SCHEDULE
OF STOCK OPTIONS ACTIVITY
| |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contract
Term (#
years)
|
|
| Outstanding
at June 30, 2022 |
|
|
503,433 |
|
|
$ |
11.03 |
|
|
|
|
|
| Granted |
|
|
624,441 |
|
|
$ |
3.43 |
|
|
|
|
|
| Exercised |
|
|
(22,500 |
) |
|
$ |
4.60 |
|
|
|
|
|
| Forfeited
and cancelled |
|
|
(85,772 |
) |
|
$ |
13.46 |
|
|
|
|
|
| Outstanding
at December 31, 2022 |
|
|
1,019,602 |
|
|
$ |
6.32 |
|
|
|
7.98 |
|
| Exercisable
at December 31, 2022 |
|
|
399,922 |
|
|
$ |
10.79 |
|
|
|
5.10 |
|
Activity
in the Company’s stock options during the six months ended December 31, 2021 and related balances outstanding as of that date are
reflected below:
| |
|
Number
of Shares |
|
|
Weighted
Average Exercise Price |
|
|
Weighted
Average Remaining Contract
Term
(#
years)
|
|
| Outstanding
at June 30, 2021 |
|
|
531,205 |
|
|
$ |
11.02 |
|
|
|
|
|
| Granted |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Exercised |
|
|
(3,400 |
) |
|
$ |
4.65 |
|
|
|
|
|
| Forfeited
and cancelled |
|
|
(14,199 |
) |
|
$ |
13.70 |
|
|
|
|
|
| Outstanding
at December 31, 2021 |
|
|
513,606 |
|
|
$ |
10.99 |
|
|
|
6.20 |
|
| Exercisable
at December 31, 2021 |
|
|
500,623 |
|
|
$ |
10.95 |
|
|
|
6.16 |
|
|
| SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
Activity
in RSUs during the six months ended December 31, 2022 and related balances outstanding as of that date are reflected below:
SCHEDULE
OF RESTRICTED STOCK UNITS ACTIVITY
| |
|
Number
of Shares |
|
|
Weighted
Average
Grant
date
Fair
Value
|
|
|
Weighted
Average Remaining Contract
Term (#
years)
|
|
| Outstanding
at June 30, 2022 |
|
|
304,221 |
|
|
$ |
6.06 |
|
|
|
|
|
| Granted |
|
|
5,034 |
|
|
$ |
2.70 |
|
|
|
|
|
| Vested
and settled |
|
|
(32,248 |
) |
|
$ |
3.49 |
|
|
|
|
|
| Forfeited
and cancelled |
|
|
(60,018 |
) |
|
$ |
6.51 |
|
|
|
|
|
| Outstanding
at December 31, 2022 |
|
|
216,989 |
|
|
$ |
5.92 |
|
|
|
1.07 |
|
Activity
in RSUs during the six months ended December 31, 2021 and related balances outstanding as of that date are reflected below:
| |
|
Number
of Shares |
|
|
Weighted
Average
Grant
date
Fair
Value
|
|
|
Weighted
Average Remaining Contract Term (#
years)
|
|
| Outstanding
at June 30, 2021 |
|
|
131,652 |
|
|
$ |
9.25 |
|
|
|
2.72 |
|
| Granted |
|
|
179,614 |
|
|
$ |
5.75 |
|
|
|
- |
|
| Forfeited
and cancelled |
|
|
(18,334 |
) |
|
$ |
7.71 |
|
|
|
- |
|
| Outstanding
at December 31, 2021 |
|
|
292,932 |
|
|
$ |
7.22 |
|
|
|
2.69 |
|
|
| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES |
The
following table summarizes stock-based compensation expense for employee and non-employee stock option and RSU grants:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSES
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
Three
Months Ended
December 31, |
|
|
Six
Months Ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Research
and development |
|
$ |
43,000 |
|
|
$ |
54,000 |
|
|
$ |
69,000 |
|
|
$ |
90,000 |
|
| Selling
and administrative |
|
|
166,000 |
|
|
|
195,000 |
|
|
|
235,000 |
|
|
|
359,000 |
|
| Total
stock-based compensation expense |
|
$ |
209,000 |
|
|
$ |
249,000 |
|
|
$ |
304,000 |
|
|
$ |
449,000 |
|
|
| SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS |
The
Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured
at the grant date using the assumptions (annualized percentages) in the table below:
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS
| |
|
2022 |
|
|
2021 |
|
| |
|
Six
Months Ended December 31, |
|
| |
|
2022 |
|
|
2021(1) |
|
| Expected
volatility |
|
|
90.12 |
% |
|
|
-*
|
|
| Risk
free interest rate |
|
|
4.21 |
% |
|
|
-*
|
|
| Forfeiture
rate |
|
|
20 |
% |
|
|
-*
|
| Dividend
yield |
|
|
0 |
% |
|
|
-*
|
|
| Expected
term (years) |
|
|
6.25 |
|
|
|
-*
|
|
|