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Stock-Based Compensation (Tables) | 6 Months Ended
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Dec. 31, 2023
Stock-Based Compensation [Abstract] |
Schedule of Stock Option Activity | The following is a summary of stock option activity transactions as of and for the period ended June 30, 2023 and December 31, 2023:
|  | Number of options |  |  | Weighted average exercise price |  |  | Weighted average fair value per option |
Outstanding at June 30, 2023 |  |  | - |  |  | $ | - |  |  | $ | - |
Granted |  |  | 2,910,000 |  |  | $ | 9.63 |  |  | $ | 5.45 |
Exercised |  |  | - |  |  | $ | - |  |  | $ | - |
Expired |  |  | - |  |  | $ | - |  |  | $ | - |
Forfeiture |  |  | 65,000 |  |  | $ | 9.76 |  |  | $ | 5.54 |
Outstanding at December 31, 2023 |  |  | 2,845,000 |  |  | $ | 9.63 |  |  | $ | 5.45 |
Schedule of Options Were Valued Using the Binomial Option Pricing Model | The options granted during the six months ended December 31, 2023 were valued using the binomial option pricing model based on the following range of assumptions:
|  | Six months ended December 31, 2023 |
Risk-free interest rate |  |  | 4.062% - 4.812% |
Time to expiry |  |  | 4 - 10 years |
Expected volatility |  |  | 50% - 55% |
Expected dividend yield |  |  | 0% |
Schedule of Awards Granted to Employees | RSUs are accounted for as equity using the fair value method, which requires measurement and recognition of compensation expense for all awards granted to employees, directors and consultants based upon the grant-date fair value.
|  | Shares |  |  | Weighted average grant date fair value |
Unvested, June 30, 2023 |  |  | - |  |  | $ | - |
Granted |  |  | 587,235 |  |  |  | 9.76 |
Vested |  |  | - |  |  |  | - |
Canceled and forfeited |  |  | (13,095 | ) |  |  | 9.76 |
Unvested, December 31, 2023 |  |  | 574,140 |  |  | $ | 9.76 |
Schedule of Allocation of Stock-Based Compensation | The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations:
|  | Three months ended December 31, |  |  | Six months ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |
General and administrative expenses |  | $ | - |  |  | $ | 1,850,380 |  |  | $ | - |  |  | $ | 2,802,033 |
Sales and marketing expenses |  |  | - |  |  |  | 32,541 |  |  |  | - |  |  |  | 48,447 |
Total |  | $ | - |  |  | $ | 1,882,921 |  |  | $ | - |  |  | $ | 2,850,480 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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