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EQUITY (Tables)
 12 Months Ended
Jun. 30, 2023
Equity [Abstract]  
SCHEDULE OF STOCK OPTION FAIR VALUE 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:

 

   2023   2022 
   For the Years Ended June 30, 
   2023   2022 
Weighted average expected terms (in years)   6.0    5.7 
Weighted average expected volatility   88.8%   236.7%
Weighted average risk-free interest rate   3.9%   1.7%
Expected dividend yield   0.0%   0.0%
SUMMARY OF STOCK OPTION ACTIVITY

The following is a summary of the Company’s stock option activity for the years ended June 30, 2023 and 2022, excluding the executive Target Options:

 

       Weighted Average     
           Remaining     
       Exercise   Contractual   Intrinsic 
   Options   Price   Term (Yrs)   Value 
Outstanding at July 1, 2022   4,484,616   $4.68    7.0   $2,404,249 
Options Granted   2,155,909    5.63    9.6    - 
Options Exercised   (104,932)   3.94    6.1    99,505 
Options Forfeited / Cancelled   (407,212)   7.39    8.5    28,830 
Outstanding at June 30, 2023   6,128,381   $4.84    7.0   $1,676,966 
Exercisable at June 30, 2023   3,741,523   $3.96    5.6   $1,676,966 
       Weighted Average     
           Remaining     
       Exercise   Contractual   Intrinsic 
   Options   Price   Term (Yrs)   Value 
Outstanding at July 1, 2021   4,740,910   $3.40    8.5   $7,893,467 
Options Granted   1,037,252    9.15    9.6    2,578,954 
Options Exercised   (969,775)   2.90    5.4    (8,419,947)
Options Forfeited / Cancelled   (323,771)   5.65    7.9    (1,908,018)
Outstanding at June 30, 2022   4,484,616   $4.68    7.0   $2,404,249 
Exercisable at June 30, 2022   3,546,297    $3.54    6.3   $2,404,249 
 
SCHEDULE OF STOCK OPTION-BASED EXPENSE

The Company’s stock option-based expense for the years ended June 30, 2023 and 2022 consisted of the following:

 

   2023   2022 
   For the Years Ended June 30, 
   2023   2022 
Stock option-based expense:        
Research and development expenses  $1,717,955   $1,470,039 
General and administrative expenses   299,664    210,876 
Sales and marketing expenses   833,817    585,380 
Cost of goods sold   755    49,617 
Board option expense   441,754    481,386 
Total  $3,293,945   $2,797,298