Annual report pursuant to Section 13 and 15(d)

Stockholders' Deficit (Tables)

v3.21.2
Stockholders' Deficit (Tables)
12 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Schedule of Stock Warrant Activity

Warrant detail for the year ended June 30, 2021 is reflected below:

 

   

Number of

Warrants

   

Weighted

Average

Exercise

Price Per

Warrant

   

Remaining

Contract

Term (# years)

 
Warrants outstanding and exercisable at June 30, 2020     83,205     $ 4.00       2.01  
Warrants issued     185,955     $ 4.80       5.00  
Warrants exercised     (40,993 )   $ 4.80       -  
Warrants forfeited     (13,284 )   $ 4.80       -  
Warrants outstanding and exercisable at June 30, 2021     214,883     $ 4.49       2.92  

 

Warrant detail for the year ended June 30, 2020 is reflected below:

 

   

Number of

Warrants

   

Weighted

Average

Exercise

Price Per

Warrant

   

Remaining

Contract

Term (# years)

 
Warrants outstanding and exercisable at June 30, 2019     8,333     $ 20.00       0.25  
Warrants issued     83,205     $ 4.00       3.00  
Warrants forfeited     (8,333 )   $ 20.00       -  
Warrants outstanding and exercisable at June 30, 2020     83,205     $ 4.00       2.01  

 

Schedule of Stock Options Activity

Activity in stock options during the year ended June 30, 2021 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, 2020     579,584     $ 11.00       7.55  
Exercised     (22,760 )   $ 6.16          
Forfeited and cancelled     (25,619 )   $ 14.62          
Outstanding at June 30, 2021     531,205     $ 11.02       6.73  
Exercisable at June 30, 2021     490,323     $ 10.87       6.64  

 

Activity in stock options during the year ended June 30, 2020 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, 2019     580,171     $ 11.05       8.59  
Granted     19,272     $ 8.45          
Exercised     (5,249 )   $ 4.68          
Forfeited and cancelled     (14,610 )   $ 11.86          
Outstanding at June 30, 2020     579,584     $ 11.00       7.55  
Exercisable at June 30, 2020     454,156     $ 10.77       7.27  

Schedule of Restricted Stock Units Activity

Activity in RSUs during the year ended June 30, 2021 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, 2020     -     $ -       -  
Granted     153,177     $ 9.20       -  
Forfeited and cancelled     (21,525 )   $ 8.88       -  
Outstanding at June 30, 2021     131,652     $ 9.25       2.72  

Schedule of Stock-Based Compensation Expenses

We allocated stock-based compensation expense included in the consolidated statements of operations for employee option grants and non-employee option grants as follows:

 

Years ended June 30,   2021     2020  
Research and development   $ 178,000     $ 215,000  
Selling and administrative     619,000       1,588,000  
Total stock-based compensation expense   $ 797,000     $ 1,803,000  
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:

 

Years ended June 30,   2021     2020  
Expected volatility     0 %     100.6% - 119.6 %
Risk free interest rate     0 %     0.35% - 2.00 %
Forfeiture rate     20 %     20 %
Dividend yield     0 %     0 %
Expected term (years)     0       6.35