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Stockholders’ Equity
 12 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Common Stock

The Company had shares of common stock reserved for issuance as follows:
June 30, 2023June 30, 2022
Available outstanding under stock option plan52,572,230 53,158,233 
Available for future grant under stock option plan37,245,232 31,156,746 
Total89,817,462 84,314,979 

The common stock is not redeemable. We have two classes of common stock: Class A common stock and Class B common stock. Each holder of Class A common stock has the right to one vote per share of common stock. Each holder of Class B common stock has the right to 15 votes and can be converted at any time into one share of Class A common stock. Holders of Class A and Class B common stock are entitled to notice of any stockholders’ meeting in accordance with the bylaws of the corporation, and are entitled to vote upon such matters and in such manner as may be provided by law. Subject to the prior rights of holders of all classes of stock at the time outstanding having prior rights as to dividends, the holders of the common stock are entitled to receive, when and as declared by the Board of Directors, out of any assets of the corporation legally available therefore, such dividends as may be declared from time to time by the Board of Directors.

Common Stock Warrants

Common stock warrants are included as a component of additional paid in capital within the consolidated balance sheets.

During the year ended June 30, 2022, we granted warrants to purchase 22,000,000 shares of common stock in connection with our commercial agreements with Amazon. 7,000,000 of the warrant shares have an exercise price of $0.01 per share and a term of 3.5 years, while the remaining 15,000,000 warrant shares have an exercise price of $100 per share and a term of 7.5 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model with the following assumptions: a dividend yield of zero; years to maturity of 3.5 and 7.5 years, respectively; volatility of 45%; and a risk-free rate of 0.93% and 1.47%, respectively. We recognized an asset of $133.5 million associated with the portion of the warrants that were fully vested at the grant date. Refer to Note 6. Balance Sheet Components for more information on the asset and related amortization during the period. The remaining grant-date fair value of the warrants will be recognized within our consolidated statements of operations and comprehensive loss as a component of sales and marketing expense as the warrants vest, based upon Amazon’s satisfaction of the vesting conditions. During the years ended June 30, 2023 and June 30, 2022, a total of $463.3 million and $281.0 million, respectively, was recognized within sales and marketing expense which included $41.4 million and $26.3 million, respectively, in amortization expense of the commercial agreement asset and $421.9 million and $254.7 million, respectively, in expense based upon the grant-date fair value of the warrant shares that vested.
The following table summarizes the warrants activity during the years ended June 30, 2023 and June 30, 2022:
Number of SharesWeighted Average Exercise Price ($)Weighted Average Remaining Life (years)
Warrants outstanding, June 30, 2021— $—0.00
Granted22,000,000 68.195.60
Exercised— —0.00
Cancelled— —0.00
Warrants outstanding, June 30, 202222,000,000 $68.195.60
Granted— —0.00
Exercised— —0.00
Cancelled— —0.00
Warrants outstanding, June 30, 202322,000,000 $68.194.60
Warrants exercisable, June 30, 20237,424,442 $42.323.60
There were no warrants granted during the year ended June 30, 2023. The weighted-average grant date fair values of warrants granted during the years ended June 30, 2022 and 2021 were $94.20 and $13.34, respectively. On June 30, 2023, the weighted-average grant date fair values for outstanding warrants and exercisable warrants were $94.20 and $109.12, respectively.