STOCKHOLDERS’ EQUITY (Tables)
|
9 Months Ended |
Mar. 31, 2023 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF STOCK WARRANT ACTIVITY |
Warrant
detail for the nine months ended March 31, 2023 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 |
|
|
- |
|
|
$ |
|
|
|
|
|
|
| Warrants outstanding and exercisable at March 31, 2023 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
3.48 |
|
Warrant
detail for the nine months ended March 31, 2022 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 March 31, 2022 |
|
|
1,286,313 |
|
|
$ |
6.58 |
|
|
|
4.11 |
|
|
| SCHEDULE OF STOCK OPTIONS ACTIVITY |
Activity
in the Company’s stock options during the nine months ended March 31, 2023 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 |
|
|
(112,664 |
) |
|
$ |
11.07 |
|
|
|
|
|
| Outstanding at March 31, 2023 |
|
|
992,710 |
|
|
$ |
6.39 |
|
|
|
7.68 |
|
| Exercisable at March 31, 2023 |
|
|
399,922 |
|
|
$ |
10.79 |
|
|
|
4.84 |
|
Activity
in the Company’s stock options during the nine months ended March 31, 2022 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 |
|
|
(15,612 |
) |
|
$ |
14.28 |
|
|
|
|
|
| Outstanding and exercisable at March 31, 2022 |
|
|
512,193 |
|
|
$ |
10.97 |
|
|
|
5.91 |
|
|
| SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
Activity
in RSUs during the nine months ended March 31, 2023 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 |
|
|
(63,619 |
) |
|
$ |
6.53 |
|
|
|
|
|
| Outstanding at March 31, 2023 |
|
|
213,388 |
|
|
$ |
5.90 |
|
|
|
0.89 |
|
Activity
in RSUs during the nine months ended March 31, 2022 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 |
|
|
|
|
|
| Granted |
|
|
179,614 |
|
|
$ |
5.75 |
|
|
|
|
|
| Vested and settled |
|
|
(4,578 |
) |
|
$ |
11.56 |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(35,542 |
) |
|
$ |
6.95 |
|
|
|
|
|
| Outstanding at March 31, 2022 |
|
|
271,146 |
|
|
$ |
7.19 |
|
|
|
2.34 |
|
|
| 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
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
Three Months Ended
March 31, |
|
|
Nine Months Ended
March 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Research and development |
|
$ |
48,000 |
|
|
$ |
32,000 |
|
|
$ |
117,000 |
|
|
$ |
122,000 |
|
| Selling and administrative |
|
|
187,000 |
|
|
|
120,000 |
|
|
|
422,000 |
|
|
|
479,000 |
|
| Total stock-based compensation expense |
|
$ |
235,000 |
|
|
$ |
152,000 |
|
|
$ |
539,000 |
|
|
$ |
601,000 |
|
|
| 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
| |
|
2023 |
|
|
2022(1) |
|
| |
|
Nine Months Ended March 31, |
|
| |
|
2023 |
|
|
2022(1) |
|
| Expected volatility |
|
|
90.12 |
% |
|
|
- |
|
| Risk free interest rate |
|
|
4.21 |
% |
|
|
-
|
|
| Forfeiture rate |
|
|
20 |
% |
|
|
- |
|
| Dividend yield |
|
|
0 |
% |
|
|
- |
|
| Expected term (years) |
|
|
6.25 |
|
|
|
- |
|
| |
(1) |
No
stock options were granted during the nine months ended March 31, 2022. |
|