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Share-Based Compensation Plans | 3 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Plans | Note 13 - Share-Based Compensation Plans Stock Options The Company utilizes ASC 718, Stock Compensation, related to accounting for share-based payments and, accordingly, records compensation expense for share-based awards based upon an assessment of the grant date fair value for stock options and restricted stock awards. The Black Scholes option pricing model was used to estimate the fair value of the options granted. This option pricing model requires a number of assumptions, of which the most significant are: expected stock price volatility, the expected pre-vesting forfeiture rate, and the expected option term (the amount of time from the grant date until the options are exercised or expire). The Company estimated a volatility factor utilizing a weighted average of comparable published volatilities of its peers. The Company applied the simplified method to determine the expected term of stock-based compensation grants. In prior years, the Company had granted time vested options to purchase shares of common stock with exercise prices ranging from $0.52 - $1.80 on the date of grant by the Board. These options vest ratably over a period of three years and expire ten years from the date of grant and the fair value of these options were calculated using the Black-Scholes Merton model. On April 1, 2024, the Company granted stock options to purchase an aggregate of 1,425,171 shares of its common stock at an exercise price of $3.74 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan. In August 2024, 76,000 stock options were exercised at $0.52 per share of common stock. On September 27, 2024, the Company granted stock options to purchase an aggregate of 250,000 shares of its common stock at an exercise price of $4.00 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan. These options vest ratably over a period of three years and expire ten years from the date of grant and the fair value of these options were calculated using the Black-Scholes-Merton model. A summary of the activity related to stock option units granted is as follows: Summary of Stock Option Units Granted
|  |  |  |  | Summary of Stock Options Outstanding |
|  | Total Options |  |  | Weighted Average Exercise Price per Option |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding as of June 30, 2024 |  |  | 1,825,171 |  |  |  | 3.26 |  |  |  | 8.30 |
Granted |  |  | 250,000 |  |  |  | 4.00 |  |  |  | 10 |
Exercised |  |  | (76,000 | ) |  |  | 0.52 |  |  |  | - |
Forfeited, canceled, or expired |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of September 30, 2024 |  |  | 1,999,171 |  |  |  | 3.46 |  |  |  | 8.60 |
Exercisable as of September 30, 2024 |  |  | 1,384,466 |  |  |  | 3.28 |  |  |  | 8.10 |
|  |  |  |  | Summary of Stock Options Outstanding |
|  | Total Options |  |  | Weighted Average Exercise Price per Option |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding as of June 30, 2023 |  |  | 400,000 |  |  |  | 1.54 |  |  |  | 4.14 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  |  |  |  |  |  |
Forfeited, canceled, or expired |  |  | - |  |  |  |  |  |  |  |  |
Outstanding as of September 30, 2023 |  |  | 400,000 |  |  |  | 1.54 |  |  |  | 3.89 |
Exercisable as of September, 2023 |  |  | 400,000 |  |  |  | 1.54 |  |  |  | 3.89 |
A summary of the activity related to vested and unvested stock option units granted is as follows: Summary of Vested and Unvested Stock Options Units Granted
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Average Remaining Contractual Life (Years) |
Balance – June 30, 2023, unvested |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |
Options issued |  |  | 1,425,171 |  |  |  | 3.74 |  |  |  | 1.84 |  |  |  | 10.00 |
Options vested |  |  | (987,534 | ) |  |  | 3.74 |  |  |  | 1.84 |  |  |  | 10.00 |
Options expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance – June 30, 2024, unvested |  |  | 437,637 |  |  | $ | 3.74 |  |  |  | 1.84 |  |  |  | 9.75 |
Options issued |  |  | 250,000 |  |  |  | 4.00 |  |  |  | 1.94 |  |  |  | 10.00 |
Options vested |  |  | (72,932 | ) |  |  | 3.74 |  |  |  | 1.84 |  |  |  |  |
Options expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Balance – September 30, 2024, unvested |  |  | 614,705 |  |  | $ | 3.85 |  |  | $ | 1.88 |  |  |  | 9.71 |
The Company valued options issued in April 2024 using the Black Scholes model utilizing volatility 45%, and a risk-free rate of 4.18%. The fair value of the options was $1.84 per option. The Company valued options issued in September 2024 using the Black Scholes model utilizing volatility 45%, and a risk-free rate of 3.75%. The fair value of the options was $1.94 per option. The Company recorded share-based compensation expense of $67,031 during the three months ended September 30, 2024, which is included in educational services. Unamortized compensation expense associated with unvested options is $1,154,314 and $737,333 as of September 30, 2024 and June 30, 2024, respectively. The weighted average period over which these costs are expected to be recognized is approximately 2.70 and 2.75 years.

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