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Stockholders' Equity | 6 Months Ended
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Dec. 31, 2021
Stockholders' Equity |
Stockholders' Equity | Note 4. Stockholders’ Equity Stock Options In December 2007, we established the 2007 Equity Compensation Plan (the “2007 Plan”) and in November 2017 we established the 2017 Omnibus Incentive Plan (the “2017 Plan”), collectively (the “Plans”). The Plans were approved by our board of directors and stockholders. The purpose of the Plans is to grant stock and options to purchase our common stock, and other incentive awards, to our employees, directors and key consultants. On November 10, 2016, the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2007 Plan increased from 5,000,000 to 7,000,000. On November 21, 2017, the Company’s stockholders approved the adoption of the 2017 Plan (previously adopted by our board of directors on September 14, 2017), which authorized a maximum of 1,874,513 shares of common stock that may be issued pursuant to awards granted under the 2017 Plan. On November 17, 2020, the Company's stockholders approved an increase in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 2,374,513 to 3,374,513. On November 17, 2021, the Company's stockholders approved an increase in the maximum number of shares of common stock that may be issued pursuant to awards granted under the 2017 Omnibus Incentive Plan from 3,374,513 to 6,874,513. Upon adoption of the 2017 Plan we ceased granting incentive awards under the 2007 Plan and commenced granting incentive awards under the 2017 Plan. The shares of our common stock underlying cancelled and forfeited awards issued under the 2017 Plan may again become available for grant under the 2017 Plan. Cancelled and forfeited awards issued under the 2007 Plan that were cancelled or forfeited prior to November 21, 2017 became available for grant under the 2007 Plan. As of December 31, 2021, there were 4,284,903 shares available for grant under the 2017 Plan, and no shares were available for grant under the 2007 Plan. All incentive stock award grants prior to the adoption of the 2017 Plan on November 21, 2017 were made under the 2007 Plan, and all incentive stock award grants after the adoption of the 2017 Plan on November 21, 2017 were made under the 2017 Plan. The majority of awards issued under the Plan vest immediately or over three years, with a one year cliff vesting period, and have a term of ten years. Stock-based compensation cost is measured at the grant date, based on the fair value of the awards that are ultimately expected to vest, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The following table summarizes vested and unvested stock option activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | All Options | ​ | Vested Options | ​ | Unvested Options
​ |  | ​ |  | Weighted |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise | ​ | ​ | ​ | Exercise
​ | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price | ​ | Shares | ​ | Price
Outstanding at June 30, 2021 |  | 3,258,408 |  | $ | 1.68 |  | 2,930,474 |  | $ | 1.60 |  | 327,934 |  | $ | 2.46
Granted |  | 64,076 |  | ​ | 2.66 |  | — |  | ​ | — |  | 64,076 |  | ​ | 2.66
Options vesting |  | — |  | ​ | — |  | 134,295 |  | ​ | 2.46 |  | (134,295) |  | ​ | 2.46
Exercised |  | (49,634) |  | ​ | 0.90 |  | (49,634) |  | ​ | 0.90 |  | — |  | ​ | —
Forfeited |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | —
Repurchased |  | — |  | ​ | — |  | — |  | ​ | — |  | — |  | ​ | —
Outstanding at December 31, 2021 |  | 3,272,850 | ​ | $ | 1.71 |  | 3,015,135 | ​ | $ | 1.65 |  | 257,715 | ​ | $ | 2.47
​ The weighted average remaining contractual life of all options outstanding as of December 31, 2021 was 5.09 years. The remaining contractual life for options vested and exercisable at December 31, 2021 was 4.75 years. Furthermore, the aggregate intrinsic value of options outstanding as of December 31, 2021 was $2,609,281, and the aggregate intrinsic value of options vested and exercisable at December 31, 2021 was $2,593,873, in each case based on the fair value of the Company’s common stock on December 31, 2021. During the six months ended December 31, 2021, the Company granted 64,076 options to employees with a fair value of $88,448 which amount will be amortized over the vesting period. The total fair value of options that vested during the six months ended December 31, 2021 was $127,668 and is included in selling, general and administrative expenses in the accompanying statement of operations. As of December 31, 2021, the amount of unvested compensation related to stock options was $301,472 which will be recorded as an expense in future periods as the options vest. During the six months ended December 31, 2021, the Company issued 45,160 net shares of common stock upon the exercise of options underlying 49,634 shares of common stock, resulting in net cash proceeds of $30,671. The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes option pricing model of the stock options granted during the six months ended December 31, 2021 and 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended |  | ​
​ | ​ | December 31, | ​ | ​
​ |  | 2021 |  | 2020 | ​ | ​
Expected dividend yield |  | 0 | % | 0 | % | ​
Risk-free interest rate |  | 0.92 - 1.01 | % | 0.37 - 0.51 | % | ​
Expected life (in years) |  | 6 |  | 5 - 6 | ​ | ​
Expected volatility |  | 56 | % | 60 - 63 | % | ​
​ Additional information regarding stock options outstanding and exercisable as of December 31, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Option |  | ​ |  | Remaining |  | ​
​ | Exercise | ​ | Options | ​ | Contractual | ​ | Options
​ | Price | ​ | Outstanding | ​ | Life (in years) | ​ | Exercisable
$ | 0.70 |  | 225,000 |  | 3.93 |  | 225,000
​ | 0.77 |  | 25,000 |  | 2.63 |  | 25,000
​ | 0.80 |  | 16,000 |  | 3.64 |  | 16,000
​ | 0.90 |  | 25,667 |  | 2.31 |  | 25,667
​ | 0.97 |  | 6,000 |  | 0.50 |  | 6,000
​ | 1.00 |  | 28,249 |  | 1.93 |  | 28,249
​ | 1.02 |  | 2,000 |  | 0.50 |  | 2,000
​ | 1.05 |  | 315,529 |  | 4.51 |  | 315,529
​ | 1.07 |  | 33,898 |  | 0.79 |  | 33,898
​ | 1.09 |  | 75,000 |  | 3.62 |  | 75,000
​ | 1.10 |  | 105,000 |  | 3.50 |  | 105,000
​ | 1.15 |  | 128,400 |  | 1.10 |  | 128,400
​ | 1.20 |  | 274,000 |  | 5.55 |  | 274,000
​ | 1.25 |  | 32,000 |  | 1.12 |  | 32,000
​ | 1.30 |  | 243,000 |  | 0.18 |  | 243,000
​ | 1.50 |  | 185,000 |  | 0.97 |  | 185,000
​ | 1.59 |  | 25,000 |  | 6.36 |  | 25,000
​ | 1.80 |  | 94,050 |  | 1.63 |  | 94,050
​ | 1.85 |  | 17,800 |  | 1.29 |  | 17,800
​ | 1.95 |  | 200,000 |  | 6.51 |  | 200,000
​ | 2.13 | ​ | 216,708 | ​ | 8.88 | ​ | 206,960
​ | 2.17 | ​ | 35,955 | ​ | 9.36 | ​ | —
​ | 2.40 |  | 332,833 |  | 6.87 |  | 332,833
​ | 2.43 | ​ | 61,250 | ​ | 9.43 | ​ | 31,250
​ | 2.45 | ​ | 173,000 | ​ | 8.59 | ​ | 86,500
​ | 2.49 | ​ | 88,435 | ​ | 8.34 | ​ | 66,666
​ | 2.50 | ​ | 20,000 | ​ | 7.38 | ​ | 18,333
​ | 2.64 | ​ | 30,882 | ​ | 9.60 | ​ | —
​ | 2.67 | ​ | 33,194 | ​ | 9.72 | ​ | —
​ | 2.99 | ​ | 8,000 | ​ | 8.37 | ​ | 4,667
​ | 3.13 | ​ | 208,000 | ​ | 7.87 | ​ | 206,000
​ | 3.50 | ​ | 8,000 | ​ | 8.12 | ​ | 5,333
​ | Total | ​ | 3,272,850 | ​ | ​ | ​ | 3,015,135
​ Warrants The following table summarizes warrant activity: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Exercise
​ | ​ | Warrants | ​ | Price
Outstanding, June 30, 2021 |  | 50,000 | ​ | $ | 1.19
Granted |  | — | ​ |  | —
Exercised |  | (50,000) | ​ |  | 1.19
Repurchased |  | — | ​ |  | —
Expired/Cancelled |  | — | ​ |  | —
Outstanding, December 31, 2021 |  | — | ​ | $ | —
Exercisable, June 30, 2021 |  | 50,000 | ​ | $ | 1.19
Exercisable, December 31, 2021 |  | — | ​ | $ | —
​ ​ During the six months ended December 31, 2021, certain holder of warrants to purchase shares of the Company’s common stock at a per share exercise price of $1.19 exercised those warrants to purchase 50,000 shares of common stock, generating gross proceeds to the Company of $59,500. ​ Restricted Common Stock Prior to July 1, 2021, the Company issued 2,473,176 shares of restricted common stock to employees valued at $3,173,312, of which 2,013,600 shares have vested, 214,324 shares with fair value of $188,203 have been forfeited, and $2,503,156 has been recognized as an expense. The balance of the non-vested shares of restricted common stock was 245,252 at June 30, 2021, with an aggregate fair value of $481,953. During the six months ended December 31, 2021, the Company issued an additional 250,997 shares of restricted stock to employees. Of this amount, 150,997 shares vest over a three year period, with a one year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The remaining 100,000 shares vest over a four year period, with a one year cliff vesting period, and remain subject to forfeiture if vesting conditions are not met. The aggregate fair value of the stock awards was $643,842 based on the market price of our common stock price ranging from $2.19 to $2.64 per share on the date of grant, which will be amortized over the range of three and four-year vesting periods. The total fair value of restricted common stock vesting during the six months ended December 31, 2021 was $343,981 and is included in selling, general and administrative expenses in the accompanying statements of operations. As of December 31, 2021, the amount of unvested compensation related to issuances of restricted common stock was $781,814, which will be recognized as an expense in future periods as the shares vest. When calculating basic net income (loss) per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these shares are included in weighted average common shares outstanding as of their grant date. The following table summarizes restricted common stock activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | ​ | ​ | ​ | Grant Date
​ | ​ | Shares | ​ | Fair Value | ​ | Fair Value
Non-vested, June 30, 2021 |  | 245,252 | ​ | $ | 481,953 | ​ | $ | 2.47
Granted |  | 250,997 | ​ |  | 643,842 | ​ |  | 2.57
Vested |  | (150,523) | ​ |  | (343,981) | ​ |  | 2.51
Forfeited |  | — | ​ |  | — | ​ |  | —
Non-vested, December 31, 2021 |  | 345,726 | ​ | $ | 781,814 | ​ | $ | 2.52
​ Common Stock Repurchases Effective as of February 9, 2021, the Compensation Committee of our Board of Directors authorized the repurchase, during calendar year 2021 on the last day of each trading window and otherwise in accordance with our insider trading policies, of up to $400,000 of outstanding common stock (at prices no greater than $4.00 per share) from our employees to satisfy their tax obligations in connection with the vesting of stock incentive awards. The actual number of shares repurchased will be determined by applicable employees in their discretion, and will depend on their evaluation of market conditions and other factors. As of June 30, 2021, $349,263 remained under the current authorization to repurchase our outstanding common stock from our employees. During the six months ended December 31, 2021, the Company repurchased 27,316 shares of our common stock from employees at an average market price of approximately $2.48 per share for an aggregate amount of $67,812. As of December 31, 2021, $281,451 remains under the current authorization to repurchase our outstanding common stock from our employees. Shares repurchased are retired and deducted from common stock for par value and from additional paid in capital for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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