STOCKHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
|---|
| Class of Warrant or Right [Line Items] |
|
| SCHEDULE OF STOCK WARRANT ACTIVITY |
Warrant
detail for the six months ended December 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, 2023 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
|
|
| Warrants issued |
|
|
41,196 |
|
|
|
3.24 |
|
|
|
|
|
| Warrants exercised |
|
|
(83,205 |
) |
|
$ |
4.00 |
|
|
|
|
|
| Warrants outstanding and exercisable at December 31, 2023 |
|
|
1,413,110 |
|
|
$ |
6.14 |
|
|
|
2.98 |
|
Warrant
detail for the six months ended December 31, 2022 is reflected below:
| |
|
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 |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Warrants exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
| Warrants outstanding and exercisable at December 31, 2022 |
|
|
1,455,119 |
|
|
$ |
6.10 |
|
|
|
3.73 |
|
|
| 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
| |
|
Six Months Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Expected volatility |
|
|
116.41 |
% |
|
|
90.12 |
% |
| Risk free interest rate |
|
|
4.90 |
% |
|
|
4.21 |
% |
| Forfeiture rate |
|
|
20 |
% |
|
|
20 |
% |
| Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
| Expected term (years) |
|
|
6.00 |
|
|
|
6.25 |
% |
|
| SCHEDULE OF STOCK OPTIONS ACTIVITY |
Activity
in the Company’s stock options during the six months ended December 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, 2023 |
|
|
969,434 |
|
|
$ |
6.45 |
|
|
|
|
|
| Granted |
|
|
979,204 |
|
|
$ |
3.36 |
|
|
|
|
|
| Exercised |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(33,644 |
) |
|
$ |
7.71 |
|
|
|
|
|
| Outstanding at December 31, 2023 |
|
|
1,914,994 |
|
|
$ |
4.85 |
|
|
|
8.45 |
|
| Exercisable at December 31, 2023 |
|
|
517,493 |
|
|
$ |
8.82 |
|
|
|
5.57 |
|
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:
| |
|
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 |
|
|
| SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
Activity
in RSUs during the six months ended December 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, 2023 |
|
|
193,749 |
|
|
$ |
6.09 |
|
|
|
|
|
| Granted |
|
|
- |
|
|
$ |
- |
|
|
|
|
|
| Vested and settled |
|
|
(54,038 |
) |
|
$ |
7.27 |
|
|
|
|
|
| Forfeited and cancelled |
|
|
(1,539 |
) |
|
$ |
5.75 |
|
|
|
|
|
| Outstanding at December 31, 2023 |
|
|
138,172 |
|
|
$ |
5.63 |
|
|
|
0.55 |
|
Activity
in RSUs during the six months ended December 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, 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 |
|
|
| 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
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
December 31, |
|
|
Six Months Ended
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Research and development |
|
$ |
80,000 |
|
|
$ |
43,000 |
|
|
$ |
140,000 |
|
|
$ |
69,000 |
|
| Selling and administrative |
|
|
314,000 |
|
|
|
166,000 |
|
|
|
530,000 |
|
|
|
235,000 |
|
| Total stock-based compensation expense |
|
$ |
394,000 |
|
|
$ |
209,000 |
|
|
$ |
670,000 |
|
|
$ |
304,000 |
|
|
| Warrant [Member] |
|
| Class of Warrant or Right [Line Items] |
|
| SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS |
The
Company uses the Black-Scholes valuation model to calculate the fair value of warrants. The fair value of warrants was measured at the
issuance date using the assumptions in the table below:
SCHEDULE
OF FAIR VALUE ASSUMPTIONS OF WARRANTS
| |
|
Six Months Ended December 31, |
|
| |
|
2023 |
|
|
2022(1) |
|
| Expected volatility |
|
|
83.7 |
% |
|
|
-* |
|
| Risk free interest rate |
|
|
4.65 |
% |
|
|
-* |
|
| Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
| Expected term (years) |
|
|
5.00 |
|
|
|
-* |
|
| |
(1) |
No warrants were issued during the six months ended December
31, 2022. |
|