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3. STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense

The following table summarizes stock-based compensation expense for the years ended June 30:

 

   2021   2020 
Cost of Goods Sold  $113,659   $44,932 
Research and Development Expenses   171,447    68,061 
Selling, General and Administrative Expenses   448,824    389,352 
Stock Based Compensation Expense  $733,930   $502,345 
Assumptions for fair value of options granted

The fair value of options at date of grant was estimated with the following assumptions for options granted in fiscal year 2021:

 

    Year Ended  
    June 30, 2021  
Assumptions:        
Option life     5.3 years  
Risk-free interest rate     3.0%  
Weighted average stock volatility     100%  
Dividend yield     0  
Weighted average fair value of grants   $ 1.65  
Stock option activity

The following tables summarize stock option activity for the years ended June 30, 2021 and 2020:

 

      Options Outstanding  
      Number of
Shares		       Weighted
Average
Exercise Price		       Weighted
Average
Contractual
Life		  
                         
Outstanding at July 1, 2019     1,819,500     $ 0.87       7.05 years  
Grants     315,000     $ 1.38          
Exercised     (47,500 )   $ 0.62          
Cancellations     (21,800 )   $ 0.96          
Outstanding at June 30, 2020     2,065,200     $ 0.95       6.59 years  
Grants     630,000     $ 1.65          
Exercised     (112,000 )   $ 0.57          
Cancellations     (5,000 )   $ 1.30          
Outstanding at June 30, 2021     2,578,200     $ 1.13       6.73 years  
Stock options outstanding by exercise price ranges

Information related to the stock options outstanding as of June 30, 2021 is as follows:

 

Range of
Exercise Prices		   Number of
Shares		   Weighted-
Average
Remaining
Contractual Life
(years)		   Weighted-
Average
Exercise Price		   Exercisable
Number of
Shares		   Exercisable
Weighted-
Average
Exercise Price		 
$0.48    60,000    4.75   $0.48    60,000   $0.48 
$0.50    80,000    4.98   $0.50    80,000   $0.50 
$0.55    40,000    2.92   $0.55    40,000   $0.55 
$0.70    100,000    7.10   $0.70    100,000   $0.70 
$0.73    758,000    5.36   $0.73    758,000   $0.73 
$0.85    6,000    1.51   $0.85    6,000   $0.85 
$0.90    36,000    2.94   $0.90    36,000   $0.90 
$1.20    200,200    0.67   $1.20    200,200   $1.20 
$1.25    45,000    8.72   $1.25    15,000   $1.25 
$1.30    453,000    7.95   $1.30    266,522   $1.30 
$1.40    70,000    9.39   $1.40    70,000   $1.40 
$1.42    100,000    8.20   $1.42    33,334   $1.42 
$1.45    5,000    9.69   $1.45    –   $– 
$1.50    70,000    8.44   $1.50    70,000   $1.50 
$1.68    540,000    9.93   $1.68    270,000   $1.68 
$1.795    15,000    9.62   $1.795    –   $– 
$0.48–1.795    2,578,200    6.73   $1.13    2,005,056   $1.03