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Equity (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | Jun. 30, 2020
Equity [Abstract] |  |
Schedule of Black-Scholes Option-Pricing Model Assumptions | Stock options have been recorded at their fair value. The Black-Scholes option-pricing model assumptions used to value the issuance of stock options under the Plan, are noted in the following table:
|  | Nine Months Ended March 31, 2021 |  |  | Nine Months Ended March 31, 2020 |
Weighted average expected terms (in years) |  |  | 5.2 |  |  |  | 5.2 |
Weighted average expected volatility |  |  | 125.9 | % |  |  | 117.3 | %
Weighted average risk-free interest rate |  |  | 0.4 | % |  |  | 1.5 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
| The Black-Scholes option-pricing model assumptions used to value the issuance of stock options under the Plan, are noted in the following table:
|  | Year Ended June 30, 2020 |  |  | Year Ended June 30, 2019 |
Weighted average expected terms (in years) |  |  | 5.3 |  |  |  | 4.7 |
Weighted average expected volatility |  |  | 117 | % |  |  | 120 | %
Weighted average risk-free interest rate |  |  | 1.4 | % |  |  | 2.5 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Summary of Stock Option Activity | The following is a summary of the Company’s stock option activity for the nine months ended March 31, 2021 and 2020:
|  |  |  |  | Weighted Average |  |  |  |
|  |  |  |  |  |  |  | Remaining |  |  |  |
|  |  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term (Yrs) |  |  | Value |
Outstanding at July 1, 2019 |  |  | 3,408,452 |  |  | $ | 2.97 |  |  |  | 8.5 |  |  | $ | 3,721,339 |
Options Granted |  |  | 639,543 |  |  |  | 4.22 |  |  |  | 9.6 |  |  | $ | 181,953 |
Options Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options Forfeited / Cancelled |  |  | (66,719 | ) |  |  | 3.73 |  |  |  | 9.5 |  |  |  | (53,774 | )
Outstanding at March 31, 2020 |  |  | 3,981,276 |  |  |  | 3.15 |  |  |  | 8.4 |  |  | $ | 5,553,916 |
Exercisable at March 31, 2020 |  |  | 3,370,366 |  |  | $ | 3.00 |  |  |  | 8.3 |  |  | $ | 5,362,387 |
|  |  |  |  | Weighted Average |  |  |  |
|  |  |  |  |  |  |  | Remaining |  |  |  |
|  |  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term (Yrs) |  |  | Value |
Outstanding at July 1, 2020 |  |  | 4,092,593 |  |  | $ | 3.19 |  |  |  | 8.4 |  |  | $ | 5,553,916 |
Options Granted |  |  | 576,408 |  |  |  | 4.55 |  |  |  | 9.8 |  |  | $ | 288,204 |
Options Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options Forfeited / Cancelled |  |  | (101,251 | ) |  |  | 4.20 |  |  |  | 8.8 |  |  |  | (81,530 | )
Outstanding at March 31, 2021 |  |  | 4,567,750 |  |  | $ | 3.34 |  |  |  | 8.5 |  |  | $ | 7,806,887 |
Exercisable at March 31, 2021 |  |  | 4,178,316 |  |  | $ | 3.24 |  |  |  | 8.4 |  |  | $ | 7,564,222 |
| The following is a summary of the Company’s stock option activity for the years ended June 30, 2020 and 2019:
|  |  |  |  | Weighted Average |  |  |  |
|  | Options |  |  | Exercise Price |  |  | Remaining Contractual Term (Yrs) |  |  | Intrinsic Value |
Outstanding at July 1, 2018 |  |  | 2,492,006 |  |  | $ | 2.47 |  |  |  | 9.1 |  |  | $ | 1,937,593 |
Options Granted |  |  | 1,060,557 |  |  |  | 4.19 |  |  |  | 8.6 |  |  |  | - |
Options Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options Forfeited / Cancelled |  |  | (144,111 | ) |  |  | 3.41 |  |  |  | 9.2 |  |  |  | (86,459 | )
Outstanding at June 30, 2019 |  |  | 3,408,452 |  |  | $ | 2.97 |  |  |  | 8.5 |  |  | $ | 3,721,339 |
Exercisable at June 30, 2019 |  |  | 2,805,437 |  |  | $ | 2.87 |  |  |  | 8.4 |  |  | $ | 3,380,482 |
|  |  |  |  | Weighted Average |  |  |  |
|  | Options |  |  | Exercise Price |  |  | Remaining Contractual Term (Yrs) |  |  | Intrinsic Value |
Outstanding at July 1, 2019 |  |  | 3,408,452 |  |  | $ | 2.97 |  |  |  | 8.5 |  |  | $ | 3,721,339 |
Options Granted |  |  | 766,455 |  |  |  | 4.26 |  |  |  | 9.5 |  |  | $ | 182,328 |
Options Exercised |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Options Forfeited / Cancelled |  |  | (82,314 | ) |  |  | 3.84 |  |  |  | 9.6 |  |  |  | (53,977 | )
Outstanding at June 30, 2020 |  |  | 4,092,593 |  |  | $ | 3.19 |  |  |  | 8.4 |  |  | $ | 5,553,916 |
Exercisable at June 30, 2020 |  |  | 3,581,514 |  |  | $ | 3.06 |  |  |  | 8.3 |  |  | $ | 5,365,512 |
Schedule of Stock Option-Based Expense | The Company’s stock option-based expense for the nine months ended March 31, 2021 and 2020 consisted of the following:
|  | Nine Months Ended March 31, 2021 |  | Nine Months Ended March 31, 2020
Stock option-based expense : |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 886,591 |  |  | $ | 931,796 |
General and administrative expenses |  |  | 419,193 |  |  |  | 392,672 |
Sales and marketing expenses |  |  | 310,710 |  |  |  | 170,259 |
Cost of goods sold |  |  | 497,370 |  |  |  | 203,444 |
Board option expense |  |  | 128,043 |  |  |  | 129,278 |
Total |  | $ | 2,241,907 |  |  | $ | 1,827,449 |
| The Company’s stock option-based expense for the years ended June 30, 2020 and June 30, 2019 consisted of the following:
|  | June 30, 2020 |  |  | June 30, 2019 |
Stock option-based expense: |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 1,266,911 |  |  | $ | 1,313,946 |
General and administrative expenses |  |  | 570,765 |  |  |  | 470,748 |
Sales and marketing expenses |  |  | 293,226 |  |  |  | 181,903 |
Cost of goods sold |  |  | 236,825 |  |  |  | 58,182 |
Board option expense |  |  | 182,794 |  |  |  | 885,206 |
Total |  | $ | 2,550,521 |  |  | $ | 2,909,985 |

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