Quarterly report [Sections 13 or 15(d)]

STOCKHOLDERS??? EQUITY (DEFICIT) (Tables)

v3.26.1
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
 9 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss) [Line Items]  
SCHEDULE OF STOCK OPTIONS ACTIVITY

Activity in the Company’s stock options during the nine months ended March 31, 2026 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, 2025     796,660     $ 4.10                     $ 3.08  
Granted     536,239     $ 1.88                     $ 1.23  
Exercised     (62,125 )   $ 4.10                     $ 3.40  
Forfeited and cancelled     (304,440 )   $ 3.43             $ 115,095     $ 2.54  
Outstanding at March 31, 2026     966,334     $ 3.08       6.75             $ 2.21  
Exercisable at March 31, 2026     729,335     $ 3.47       6.23             $ 2.52  

 

 

Activity in the Company’s stock options during the nine months ended March 31, 2025 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, 2024     1,605,060     $ 4.85                    
Granted     -                                  
Exercised     -                                  
Forfeited and cancelled     (387,535 )   $ 3.39                          
Outstanding at March 31, 2025     1,217,525     $ 5.32       5.34                  
Exercisable at March 31, 2025     766,905     $ 6.39       3.60                  
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS

The Company uses the Black-Scholes valuation model to calculate the fair value of stock options at the date of grant. Weighted average annualized percentages and expected term inputs used in Black-Scholes valuations during the periods listed below are:

 

   

Nine Months Ended March 31,

  
    2026     2025 (1)  
Expected volatility     95.46 %     -  
Risk free interest rate     3.85 %     -  
Dividend yield     0 %     -  
Expected term (years)     5.87          

 

 
(1) No stock options were issued during the nine months ended March 31, 2025.
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY

Activity in RSUs, including PSUs, during the nine months ended March 31, 2026 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, 2025     200,000     $ 1.60       0.91  
Granted     304,878     $ 1.43       0.16  
Vested and settled     -                  
Forfeited and cancelled     -                  
Outstanding at March 31, 2026     504,878     $ 1.50       1.44  

 

Activity in RSUs during the nine months ended March 31, 2025 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, 2024     114,666     $ 5.56          
Granted     -                  
Vested and settled     (34,668 )   $ 7.30          
Forfeited and cancelled     (11,770 )   $ 8.00          
Outstanding at March 31, 2025     68,228     $ 4.25       0.05  
SCHEDULE OF EMPLOYEE STOCK PURCHASE PLAN

 

    Common Stock     Price per Share  
Shares authorized under the 2023 ESPP     350,000          
                 
Purchase - March 28, 2024     37,543     $ 2.80  
Purchase - September 30, 2024     20,987     $ 2.58  
Purchase - March 31, 2025     29,350     $ 1.46  
Purchase - September 30, 2025     26,312     $ 1.39  
Purchase - March 31, 2026     21,248     $ 0.91  
                 
Available under the 2023 ESPP as of March 31, 2026     214,560          
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES

At March 31, 2026, none of the PSUs with performance only conditions were deemed to be probable of achievement and no related stock-based compensation has been recognized to date. The following table summarizes SBC expense:

 

    2026     2025     2026     2025  
    Three months ended March 31,     Nine months ended March 31,  
    2026     2025     2026     2025  
Selling and administrative   $ 220,000     $ 161,000     $ 694,000     $ 730,000  
Research and development     20,000       45,000       40,000       101,000  
Total stock-based compensation expense   $ 240,000     $ 206,000     $ 734,000     $ 831,000  
Preferred Stock Warrants [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
SCHEDULE OF STOCK WARRANT ACTIVITY

 

   

Number of

Preferred

Warrants

    

Weighted

Average

Exercise Price

per Warrant

    

Convertible to

Common

Shares

    

Weighted

Average

Remaining

Contract

Term (years)
Outstanding and exercisable at June 30, 2025     -                      
Issued     258,144     $ 0.001       2,429,523      N/A
Exercised     -                      
Expired and cancelled     -                      
Outstanding and exercisable at March 31, 2026     258,144     $ 0.001       2,429,523     N/A
Common Stock Warrants [Member]  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
SCHEDULE OF STOCK WARRANT ACTIVITY

Activity in the Company’s Common Stock Warrants during the nine months ended March 31, 2026 is reflected below:

 

   

Number of

Common Stock

Warrants

    

Weighted Average

Exercise Price Per

Warrant

    

Weighted Average

Remaining

Contract Term

(years)

 
Outstanding and exercisable at June 30, 2025     1,413,110     $ 6.14       1.48  
Issued     1,214,766     $ 1.72       4.46  
Exercised     -                  
Expired and cancelled     (131,678 )   $ 4.80          
Outstanding and exercisable at March 31, 2026     2,496,198     $ 4.06       2.62  

 

Activity in the Company’s Common Stock Warrants during the nine months ended March 31, 2025 is reflected below:

 

   

Number of

Common Stock

Warrants

    

Weighted Average

Exercise Price Per

Warrant

    

Weighted Average

Remaining

Contract Term

(years)

 
Outstanding and exercisable at June 30, 2024     1,413,110     $ 6.14       2.48  
Issued     -                  
Exercised     -                  
Expired and cancelled     -                  
Outstanding and exercisable at March 31, 2025     1,413,110     $ 6.14       1.73