XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
--- | ---
Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract] |
Effect of Revision of Financial Statements | The following tables present the effect of the revision on the condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations for the three and six months ended December 31, 2022, and the condensed consolidated statement of cash flows for the six months ended December 31, 2022.
| As of June 30, 2023
| As Previously Reported |  | Revision |  | As Revised
Condensed consolidated balance sheet: |  |  |  |  |
Prepaid expenses and other current assets | 284,622 |  | 717,892 |  | 1,002,514
Total current assets | 28,380,967 |  | 717,892 |  | 29,098,859
Total assets | 38,370,805 |  | 717,892 |  | 39,088,697
Accrued liabilities | 970,530 |  | 371,509 |  | 1,342,039
Total current liabilities | 2,011,817 |  | 371,509 |  | 2,383,326
Total liabilities | 6,909,910 |  | 371,509 |  | 7,281,419
Retained earnings | 18,300,728 |  | 346,383 |  | 18,647,111
Total stockholders' equity | 31,460,895 |  | 346,383 |  | 31,807,278
| Three Months Ended December 31, 2022 |  | Six Months Ended December 31, 2022
| As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Condensed consolidated statements of operations: |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | 2,483,377 |  | (689) |  | 2,482,688 |  | 26,163,573 |  | (5,668) |  | 26,157,905
(Loss) from operations | (1,347,813) |  | 689 |  | (1,347,124) |  | (23,832,185) |  | 5,668 |  | (23,826,517)
(Loss) income before income tax provision | (1,249,981) |  | 689 |  | (1,249,292) |  | 9,292,703 |  | 5,668 |  | 9,298,371
Net (loss) income | (1,146,879) |  | 689 |  | (1,146,190) |  | 8,797,864 |  | 5,668 |  | 8,803,532
(Loss) income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | (0.12) |  |  |  | (0.12) |  | 0.96 |  |  |  | 0.96
Diluted | (0.12) |  |  |  | (0.12) |  | 0.90 |  |  |  | 0.90
| Six Months Ended December 31, 2022
| As Previously Reported |  | Revision |  | As Revised
Condensed consolidated statement of cash flows: |  |  |  |  |
Net income | 8,797,864 |  | 5,668 |  | 8,803,532
Prepaid expenses and other current assets | (153,168) |  | (11,335) |  | (164,503)
Accrued liabilities | 726,825 |  | 5,668 |  | 732,493
Net cash (used in) provided by operating activities | 10,538,583 |  | - |  | 10,538,583
The effect of this revision on the opening balances within the Company's condensed consolidated statements of stockholders' equity for the three and six months ended December 31, 2023 and 2022 was as follows:
| As Previously Reported |  | Revision |  | As Revised
Retained earnings, June 30, 2022 | 9,998,348 |  | 329,551 |  | 10,327,899
Total stockholders' equity, June 30, 2022 | 22,697,489 |  | 329,551 |  | 23,027,040
Retained earnings, September 30, 2022 | 19,943,091 |  | 334,530 |  | 20,277,621
Total stockholders' equity, September 30, 2022 | 32,800,707 |  | 334,530 |  | 33,135,237
Retained earnings, June 30, 2023 | 18,300,728 |  | 346,383 |  | 18,647,111
Total stockholders' equity, June 30, 2023 | 31,460,895 |  | 346,383 |  | 31,807,278
Retained earnings, September 30, 2023 | 18,043,119 |  | 346,383 |  | 18,389,502
Total stockholders' equity, September 30, 2023 | 31,250,078 |  | 346,383 |  | 31,596,461
Schedule of Deferred Tax Assets and Liabilities |
| December 31, 2023 |  | June 30, 2023
Deferred income tax assets: |  |  |  |  |
Deferred compensation | $ | 516,932 |  | $ | 491,608
Stock-based compensation |  | 77,530 |  |  | 117,607
Accrued expenses and reserves |  | 549,015 |  |  | 571,719
Deferred revenue |  | 108,033 |  |  | 138,665
Federal and state net operating loss carryforwards |  | 8,260,294 |  |  | 8,216,671
IRC Section 174 research and development costs |  | 113,521 |  |  | 63,855
Credit carryforwards |  | 188,893 |  |  | 169,552
Equipment and leasehold improvements |  | 107,258 |  |  | 136,294
Lease liability |  | 684,670 |  |  | 744,431
Valuation allowance |  | (9,893,613) |  |  | (9,906,018)
Total deferred income tax assets |  | 712,533 |  |  | 744,384
Deferred income tax liabilities: |  |  |  |  |
ROU asset |  | (680,737) |  |  | (742,386)
Other |  | (31,796) |  |  | (1,998)
Total deferred income tax liabilities |  | (712,533) |  |  | (744,384)
Net deferred income tax assets | $ | - |  | $ | -

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration