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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Mar. 31, 2024
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 nine months ended March 31, 2023, and the condensed consolidated statement of cash flows for the nine months ended March 31, 2023.
| 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 March 31, 2023 |  | Nine Months Ended March 31, 2023
| As Previously Reported |  | Revision |  | As Revised |  | As Previously Reported |  | Revision |  | As Revised
Condensed consolidated statements of operations: |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | 1,757,714 |  | (8,373) |  | 1,749,341 |  | 27,921,287 |  | (14,041) |  | 27,907,246
(Loss) from operations | (453,356) |  | 8,373 |  | (444,983) |  | (24,285,543) |  | 14,041 |  | (24,271,502)
(Loss) income before income tax provision | (263,763) |  | 8,373 |  | (255,390) |  | 9,028,939 |  | 14,041 |  | 9,042,980
Net (loss) income | (232,853) |  | 8,373 |  | (224,480) |  | 8,565,011 |  | 14,041 |  | 8,579,052
(Loss) income per common share: |  |  |  |  |  |  |  |  |  |  |
Basic | (0.03) |  |  |  | (0.02) |  | 0.93 |  |  |  | 0.93
Diluted | (0.03) |  |  |  | (0.02) |  | 0.87 |  |  |  | 0.88
| Nine Months Ended March 31, 2023
| As Previously Reported |  | Revision |  | As Revised
Condensed consolidated statement of cash flows: |  |  |  |  |
Net income | 8,565,011 |  | 14,041 |  | 8,579,052
Prepaid expenses and other current assets | (205,710) |  | (28,082) |  | (233,792)
Accrued liabilities | 310,466 |  | 14,041 |  | 324,507
Net cash provided by operating activities | 10,616,726 |  | (0) |  | 10,616,726
The effect of this revision on the opening balances within the Company's condensed consolidated statements of stockholders' equity for the three and nine months ended March 31, 2024 and 2023 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, December 31, 2022 | 18,796,212 |  | 335,219 |  | 19,131,431
Total stockholders' equity, December 31, 2022 | 31,751,001 |  | 335,219 |  | 32,086,220
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
Schedule of Deferred Tax Assets and Liabilities |
| March 31, 2024 |  | June 30, 2023
Deferred income tax assets: |  |  |  |  |
Deferred compensation | $ | 516,932 |  | $ | 491,608
Stock-based compensation |  | 77,530 |  |  | 117,607
Accrued expenses and reserves |  | 524,892 |  |  | 571,719
Deferred revenue |  | 100,973 |  |  | 138,665
Federal and state net operating loss carryforwards |  | 8,456,728 |  |  | 8,216,671
IRC Section 174 research and development costs |  | 113,521 |  |  | 63,855
Credit carryforwards |  | 188,893 |  |  | 169,552
Equipment and leasehold improvements |  | 130,637 |  |  | 136,294
Lease liability |  | 684,670 |  |  | 744,431
Valuation allowance |  | (10,093,269) |  |  | (9,906,018)
Total deferred income tax assets |  | 701,507 |  |  | 744,384
Deferred income tax liabilities: |  |  |  |  |
ROU asset |  | (680,737) |  |  | (742,386)
Other |  | (20,770) |  |  | (1,998)
Total deferred income tax liabilities |  | (701,507) |  |  | (744,384)
Net deferred income tax assets | $ | - |  | $ | -

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