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STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended
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Jun. 30, 2024
Class of Warrant or Right [Line Items] |
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS | The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS
|  | Year ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022(1) |
Expected volatility |  |  | 80.06 | % |  |  | 90.12 | % |  |  | - |
Risk free interest rate |  |  | 4.86 |  |  |  | 4.21 |  |  |  | - |
Forfeiture rate |  |  | 20.00 |  |  |  | 20.00 |  |  |  | - |
Dividend yield |  |  | – |  |  |  | – |  |  |  | - |
Expected term (years) |  |  | 6.00 |  |  |  | 6.25 |  |  |  |  |
| (1) | No stock options were granted during the year ended June 30, 2022.
SCHEDULE OF STOCK OPTIONS ACTIVITY | Activity in stock options during the year ended June 30, 2024 and related balances outstanding as of that date are reflected below: SCHEDULE OF STOCK OPTIONS ACTIVITY
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |  |  | Aggregate intrinsic Value |  |  | Weighted Average Grant Date Fair Value |
Outstanding at June 30, 2023 |  |  | 973,400 |  |  | $ | 6.44 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 1,034,204 |  |  |  | 3.45 |  |  |  |  |  |  |  |  |  |  | $ | 2.24 |
Exercised |  |  | (100,104 | ) |  |  | 3.40 |  |  |  |  |  |  | $ | 97,593 |  |  |  |  |
Forfeited and cancelled |  |  | (302,440 | ) |  |  | 5.66 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2024 |  |  | 1,605,060 |  |  |  | 4.85 |  |  |  | 7.96 |  |  |  | – |  |  |  |  |
Exercisable at June 30, 2024 |  |  | 426,363 |  |  |  | 8.72 |  |  |  | 4.92 |  |  |  | – |  |  |  |  |
Activity in stock options during the year ended June 30, 2023 and related balances outstanding as of that date are reflected below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |  |  | Aggregate intrinsic Value |  |  | Weighted Average Grant Date Fair Value |
Outstanding at June 30, 2022 |  |  | 503,433 |  |  | $ | 11.03 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 624,441 |  |  |  | 3.43 |  |  |  |  |  |  |  |  |  |  | $ | 2.88 |
Exercised |  |  | (22,500 | ) |  |  | 4.60 |  |  |  |  |  |  | $ | 2,700 |  |  |  |  |
Forfeited and cancelled |  |  | (131,974 | ) |  |  | 10.03 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2023 |  |  | 973,400 |  |  |  | 6.44 |  |  |  | 7.40 |  |  |  |  |  |  |  |  |
Exercisable at June 30, 2023 |  |  | 398,922 |  |  |  | 10.77 |  |  |  | 4.61 |  |  |  |  |  |  |  |  |
Activity in stock options during the year ended June 30, 2022 and related balances outstanding as of that date are reflected below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |  |  | Aggregate intrinsic Value |
Outstanding at June 30, 2021 |  |  | 531,205 |  |  | $ | 11.02 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,400 | ) |  |  | 4.65 |  |  |  |  |  |  | $ | 15,752 |
Forfeited and cancelled |  |  | (24,372 | ) |  |  | 11.65 |  |  |  |  |  |  |  |  |
Outstanding and exercisable at June 30, 2022 |  |  | 503,433 |  |  |  | 11.03 |  |  |  | 5.66 |  |  |  |  |
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY | Activity in RSUs during the year ended June 30, 2024 and related balances outstanding as of that date are reflected below: SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |
Outstanding at June 30, 2023 |  |  | 193,749 |  |  | $ | 6.09 |  |  |  |  |
Granted |  |  | 68,228 |  |  |  | 4.25 |  |  |  |  |
Vested and settled |  |  | (136,956 | ) |  |  | 5.55 |  |  |  |  |
Forfeited and cancelled |  |  | (10,355 | ) |  |  | 6.91 |  |  |  |  |
Outstanding at June 30, 2024 |  |  | 114,666 |  |  |  | 5.56 |  |  |  | 0.61 |
Activity in RSUs during the year ended June 30, 2023 and related balances outstanding as of that date are reflected below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |
Outstanding at June 30, 2022 |  |  | 304,221 |  |  | $ | 6.06 |  |  |  |  |
Granted |  |  | 72,566 |  |  |  | 3.44 |  |  |  |  |
Vested and settled |  |  | (109,676 | ) |  |  | 3.77 |  |  |  |  |
Forfeited and cancelled |  |  | (73,362 | ) |  |  | 6.80 |  |  |  |  |
Outstanding at June 30, 2023 |  |  | 193,749 |  |  |  | 6.09 |  |  |  | 0.98 |
Activity in RSUs during the year ended June 30, 2022 and related balances outstanding as of that date are reflected below:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Term (# years) |
Outstanding at June 30, 2021 |  |  | 131,652 |  |  | $ | 9.25 |  |  |  |  |
Granted |  |  | 250,786 |  |  |  | 4.82 |  |  |  |  |
Vested and settled |  |  | (9,156 | ) |  |  | 11.56 |  |  |  |  |
Forfeited and cancelled |  |  | (69,061 | ) |  |  | 6.93 |  |  |  |  |
Outstanding at June 30, 2022 |  |  | 304,221 |  |  |  | 6.06 |  |  |  | 1.82 |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES | The following table summarizes stock-based compensation expense for employee and non-employee option and RSU grants: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES
|  | Year ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 1,335,000 |  |  | $ | 173,000 |  |  | $ | 144,000 |
Selling and administrative |  |  | 236,000 |  |  |  | 625,000 |  |  |  | 567,000 |
Total stock-based compensation expense |  | $ | 1,571,000 |  |  | $ | 798,000 |  |  | $ | 711,000 |
Warrant [Member] |
Class of Warrant or Right [Line Items] |
SCHEDULE OF STOCK WARRANT ACTIVITY | Warrant detail for the year ended June 30, 2024 is reflected below: SCHEDULE OF STOCK WARRANT ACTIVITY
|  | Number of Warrants |  |  | Weighted Average Exercise Price Per Warrant |  |  | Weighted Average Remaining Contract Term (# years) |
Warrants outstanding and exercisable at June 30, 2023 |  |  | 1,455,119 |  |  | $ | 6.10 |  |  |  |  |
Warrants issued |  |  | 41,196 |  |  |  | 3.24 |  |  |  |  |
Warrants exercised |  |  | - |  |  |  | - |  |  |  |  |
Warrants forfeited and cancelled |  |  | (83,205 | ) |  |  | 4.00 |  |  |  |  |
Warrants outstanding and exercisable at June 30, 2024 |  |  | 1,413,110 |  |  |  | 6.14 |  |  |  | 2.48 |
Warrant detail for the year ended June 30, 2023 is reflected below:
|  | Number of Warrants |  |  | Weighted Average Exercise Price Per Warrant |  |  | Weighted Average Remaining Contract Term (# years) |
Warrants outstanding and exercisable at June 30, 2022 |  |  | 1,455,119 |  |  | $ | 6.10 |  |  |  |  |
Warrants issued |  |  | - |  |  |  | - |  |  |  |  |
Warrants outstanding and exercisable at June 30, 2023 |  |  | 1,455,119 |  |  |  | 6.10 |  |  |  | 3.17 |
Warrant detail for the year ended June 30, 2022 is reflected below:
|  | Number of Warrants |  |  | Weighted Average Exercise Price Per Warrant |  |  | Weighted Average Remaining Contract Term (# years) |
Warrants outstanding and exercisable at June 30, 2021 |  |  | 214,883 |  |  | $ | 4.49 |  |  |  |  |
Warrants issued |  |  | 1,240,236 |  |  |  | 6.38 |  |  |  |  |
Warrants outstanding and exercisable at June 30, 2022 |  |  | 1,455,119 |  |  |  | 6.10 |  |  |  | 4.17 |
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS | The Company uses the Black-Scholes valuation model to calculate the fair value of warrants. The fair value of warrants was measured at the issuance date using the assumptions in the table below: SCHEDULE OF FAIR VALUE ASSUMPTIONS OF WARRANTS
|  | Year ended June 30, |
|  | 2024 |  |  | 2023(1) |  |  | 2022 |
Expected volatility |  |  | 83.70 | % |  |  | - |  |  |  | 82.45 | %
Risk free interest rate |  |  | 4.65 | % |  |  | - |  |  |  | 2.89 | %
Dividend yield |  |  | - | % |  |  | - |  |  |  | - | %
Expected term (years) |  |  | 5.00 |  |  |  |  |  |  |  | 5.00 |
| (1) | No warrants were issued during the year ended June 30, 2023.

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