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Stockholders' Equity
 6 Months Ended
Dec. 31, 2024
Stockholders’ Equity [Abstract]  
Stockholders' Equity
12.Stockholders’ Equity

 

Series Seed Preferred Stock

 

For the Six Months Ended December 31, 2023

 

On July 16, 2023, 1,000,000 shares of series seed preferred stock were converted into 1,000,000 shares of class A common stock.

 

As of December 31, 2023, 3,000,000 shares of series seed preferred stock were issued and outstanding.

 

For the Six Months Ended December 31, 2024

 

No shares of Series Seed Preferred Stock existed during the six months ended December 31, 2024.

 

Common Stock

 

For the Six Months Ended September 30, 2023

 

On July 16, 2023, the Company issued 1,000,000 shares of class A common stock upon the conversion of 1,000,000 shares of series seed preferred stock.

 

On July 17, 2023, the Company issued 940,000 shares of class B common stock upon the conversion of 940,000 shares of class A common stock.

 

On July 24, 2023, the Company issued 370,000 shares of class B common stock upon the conversion of 370,000 shares of class A common stock.

 

As of December 31, 2023, there were 350,000 shares of class A common stock and 3,105,940 shares of class B common stock issued and outstanding.

 

For the Six Months Ended September 30, 2024

 

On July 12, 2024, the Company issued 5,000 shares of class B common stock upon vesting of a restricted stock unit award granted under the Company’s 2022 Equity Incentive Plan, as amended (the “Plan”).

 

On September 19, 2024, the Company issued 4,166 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

 

On October 19, 2024, the Company issued 4,166 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

 

On October 30, 2024, 270,000 shares of class A common stock were converted into 270,000 shares of class B common stock.

 

On November 19, 2024, the Company issued 4,166 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

 

On December 18, 2024, the Company issued 18,000 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

On December 19, 2024, the Company issued 4,166 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

 

As of December 31, 2024, there were no shares of class A common stock and 8,270,583 shares of class B common stock issued and outstanding.

 

Stock Options

 

No options were issued during the six months ended December 31, 2024.

 

Warrants

 

No warrants were issued during the six months ended December 31, 2024.

 

Restricted Stock Awards

 

On September 19, 2024, the Company granted a restricted stock unit award under the 2022 Plan for 295,000 shares of class B common stock, of which 150,000 shares will vest in equal parts over the course of thirty-six (36) months, with 1/36th vesting each month commencing on the grant date and thereafter on the same day of the month as the grant date, and the remaining shares will vest as the Company achieves certain sales targets in a twelve-month period.

 

Stock-based Compensation

 

Total stock compensation expense for the three months ended December 31, 2024 and 2023 was $149,403 and $44,012, respectively, and total stock compensation expense for the six months ended December 31, 2024 and 2023 was $331,802 and $107,972, respectively. As of December 31, 2024, total unrecognized stock compensation expense was $864,972 with the weighted average period over which it is expected to be recognized of 1.94 years.