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Stock Based Compensation
 9 Months Ended
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