Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS??? EQUITY (Tables)

v3.24.4
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Jun. 30, 2024
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 stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below:

 

    Year ended June 30,  
    2024     2023     2022(1)  
Expected volatility     80.06 %     90.12 %     -         
Risk free interest rate     4.86       4.21       -  
Forfeiture rate     20.00       20.00       -  
Dividend yield     –       –       -  
Expected term (years)     6.00       6.25          

 

(1) No stock options were granted during the year ended June 30, 2022.
SCHEDULE OF STOCK OPTIONS ACTIVITY

Activity in stock options during the year ended June 30, 2024 and related balances outstanding as of that date are reflected below:

 

    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Remaining
Contract Term
(# years)		     Aggregate intrinsic Value     Weighted Average Grant Date Fair Value  
Outstanding at June 30, 2023     973,400     $ 6.44                          
Granted     1,034,204       3.45                     $ 2.24  
Exercised     (100,104 )     3.40             $ 97,593          
Forfeited and cancelled     (302,440 )     5.66                          
Outstanding at June 30, 2024     1,605,060       4.85       7.96      

–

          
Exercisable at June 30, 2024     426,363       8.72       4.92      

–

          

 

Activity in stock options during the year ended June 30, 2023 and related balances outstanding as of that date are reflected below:

 

    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Remaining
Contract Term
(# years)		     Aggregate intrinsic Value     Weighted Average Grant Date Fair Value  
Outstanding at June 30, 2022     503,433     $ 11.03                          
Granted     624,441       3.43                     $ 2.88  
Exercised     (22,500 )     4.60             $ 2,700          
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)		     Aggregate intrinsic Value  
Outstanding at June 30, 2021     531,205     $ 11.02                               
Exercised     (3,400 )     4.65             $ 15,752  
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, 2024 and related balances outstanding as of that date are reflected below: 

SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY 

    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Remaining
Contract Term
(# years)		  
Outstanding at June 30, 2023     193,749     $ 6.09          
Granted     68,228       4.25          
Vested and settled     (136,956 )     5.55          
Forfeited and cancelled     (10,355 )     6.91          
Outstanding at June 30, 2024     114,666       5.56       0.61  

 

Activity in RSUs during the year ended June 30, 2023 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     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
Exercise Price		     Weighted Average
Remaining
Contract Term
(# years)		  
Outstanding at June 30, 2021     131,652     $ 9.25          
Granted     250,786       4.82          
Vested and 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,  
    2024     2023     2022  
Research and development   $ 1,335,000     $ 173,000     $ 144,000  
Selling and administrative     236,000       625,000       567,000  
Total stock-based compensation expense   $ 1,571,000     $ 798,000     $ 711,000  
Warrant [Member]  
Class of Warrant or Right [Line Items]  
SCHEDULE OF STOCK WARRANT ACTIVITY

Warrant detail for the year ended June 30, 2024 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, 2023     1,455,119     $ 6.10          
Warrants issued     41,196       3.24          
Warrants exercised     -       -          
Warrants forfeited and cancelled     (83,205 )     4.00          
Warrants outstanding and exercisable at June 30, 2024     1,413,110       6.14       2.48  

 

 

Warrant detail for the year ended June 30, 2023 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 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		     Weighted Average
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 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:

 

    Year ended June 30,  
    2024     2023(1)     2022  
Expected volatility     83.70 %     -             82.45 %
Risk free interest rate     4.65 %     -       2.89 %
Dividend yield     - %     -       - %
Expected term (years)     5.00             5.00  

 

  (1) No warrants were issued during the year ended June 30, 2023.