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Stock Based Compensation | 9 Months Ended
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Mar. 31, 2025
Stock Based Compensation |
Stock Based Compensation | Note 13. Stock Based Compensation The Board of Directors of the Company may from time to time, in its discretion grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase common shares. The options are exercisable for a period of up to 10 years from the date of the grant. A summary of stock option activity for the nine months ended March 31, 2025 is as follows:
|  |  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregated |
|  | Options |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Outstanding |  |  | Price |  |  | Life (Years) |  |  | Value |
Outstanding at June 30, 2024 |  |  | 217,490 |  |  | $ | 57.40 |  |  |  | 5.83 |  |  | $ | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | (181,137 | ) |  |  | 58.51 |  |  |  | - |  |  |  | - |
Granted |  |  | 85,000 |  |  |  | 3.46 |  |  |  | 9.22 |  |  |  | - |
Options outstanding at March 31, 2025 |  |  | 121,353 |  |  | $ | 18.26 |  |  |  | 7.40 |  |  |  | - |
Options exercisable at March 31, 2025 (vested) |  |  | 106,457 |  |  | $ | 20.28 |  |  |  | 7.60 |  |  | $ | - |
A summary of stock option activity for the nine months ended March 31, 2024 is as follows:
|  |  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  |  | Average |  |  | Remaining |  |  | Aggregated |
|  | Options |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Outstanding |  |  | Price |  |  | Life (Years) |  |  | Value |
Outstanding at June 30, 2023 |  |  | 241,964 |  |  | $ | 66.20 |  |  |  | 6.23 |  |  | $ | 1,342,280 |
Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | (26,000 | ) |  |  | 86.80 |  |  |  | - |  |  |  | - |
Granted |  |  | 20,000 |  |  |  | 29.40 |  |  |  | 1 |  |  |  | - |
Options outstanding at March 31, 2024 |  |  | 235,964 |  |  | $ | 67.20 |  |  |  | 5.44 |  |  |  | - |
Options exercisable at March 31, 2024 (vested) |  |  | 227,868 |  |  | $ | 58.40 |  |  |  | 5.50 |  |  | $ | - |
Stock-based compensation expense attributable to stock options was $521,353 and $212,758 for the three months ended March 31, 2025, and 2024, respectively. Stock-based compensation expense attributable to stock options was $695,229 and $965,229 for the nine months ended March 31, 2025, and 2024, respectively. As of March 31, 2025, there was approximately $50,632 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was less than 90 days. There were 85,000 stock options granted during the three and nine months ended March 31, 2025. The value of each grant is estimated at the grant date using the Black-Scholes option model with the following assumptions for options granted during the nine months ended March 31, 2025:
|  | March 31, 2025 |
Dividend rate |  |  | - |
Risk free interest rate |  |  | 4.31 | %
Expected term |  | 5-10 |
Expected volatility |  |  | 149 | %
Grant date stock price |  | $ | 3.46 |
Subsequent to March 31, 2025, then Company granted 35,000 options under the 2019 Plan as amended. The Company granted the option with a 10 year term at a per share purchase price of 2.28 per common share. In addition, the Company granted There were 262,231 shares available for issuance as of March 31, 2025, under the 2019 Plan as amended. The value of each grant is estimated at the grant date using the Black-Scholes option model with the following assumptions for options granted during the nine months ended March 31, 2024:
|  | March 31, 2024 |
Dividend rate |  |  | - |
Risk free interest rate |  |  | 3.95 | %
Expected term |  |  | 1 |
Expected volatility |  |  | 63 | %
Grant date stock price |  | $ | 29.40 |

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