STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF STOCK WARRANT ACTIVITY |
Warrant
detail for the year ended June 30, 2023 is reflected below:
SCHEDULE
OF STOCK WARRANT ACTIVITY
| |
|
Number of Warrants
|
|
|
Weighted Average Exercise Price Per Warrant
|
|
|
Remaining Contract Term (# years)
|
|
| Warrants outstanding and exercisable at June 30, 2022 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
|
|
| Warrants issued |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Warrants outstanding and exercisable at June 30, 2023 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
3.17 |
|
Warrant
detail for the year ended June 30, 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 |
|
|
1,240,236 |
|
|
$ |
6.38 |
|
|
|
|
|
| Warrants outstanding and exercisable at June 30, 2022 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
4.17 |
|
|
| SCHEDULE OF STOCK OPTIONS ACTIVITY |
Activity
in stock options during the year ended June 30, 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 |
|
|
(131,974 |
) |
|
$ |
10.03 |
|
|
|
|
|
| Outstanding at June 30, 2023 |
|
|
973,400 |
|
|
$ |
6.44 |
|
|
|
7.40 |
|
| Exercisable at June 30, 2023 |
|
|
398,922 |
|
|
$ |
10.77 |
|
|
|
4.61 |
|
Activity
in stock options during the year ended June 30, 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 |
|
|
|
|
|
| Exercised |
|
|
(3,400 |
) |
|
$ |
4.65 |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(24,372 |
) |
|
$ |
11.65 |
|
|
|
|
|
| Outstanding and exercisable at June 30, 2022 |
|
|
503,433 |
|
|
$ |
11.03 |
|
|
|
5.66 |
|
|
| SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
Activity
in RSUs during the year ended June 30, 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 |
|
|
72,566 |
|
|
$ |
3.44 |
|
|
|
|
|
| Vested and settled |
|
|
(109,676 |
) |
|
$ |
3.77 |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(73,362 |
) |
|
$ |
6.80 |
|
|
|
|
|
| Outstanding at June 30, 2023 |
|
|
193,749 |
|
|
$ |
6.09 |
|
|
|
0.98 |
|
Activity
in RSUs during the year ended June 30, 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 |
|
|
250,786 |
|
|
$ |
4.82 |
|
|
|
|
|
| Vested/Settled |
|
|
(9,156 |
) |
|
$ |
11.56 |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(69,061 |
) |
|
$ |
6.93 |
|
|
|
|
|
| Outstanding at June 30, 2022 |
|
|
304,221 |
|
|
$ |
6.06 |
|
|
|
1.82 |
|
|
| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES |
The
following table summarizes stock-based compensation expense for employee and non-employee option and RSU grants:
SCHEDULE
OF STOCK-BASED COMPENSATION EXPENSES
| |
|
|
|
|
|
|
|
|
| |
|
Year Ended June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Research and development |
|
$ |
173,000 |
|
|
$ |
144,000 |
|
| Selling and administrative |
|
|
625,000 |
|
|
|
567,000 |
|
| Total stock-based compensation expense |
|
$ |
798,000 |
|
|
$ |
711,000 |
|
|
| 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
| |
|
Year Ended June 30, |
|
| |
|
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 year ended June 30, 2022. |
|