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EQUITY (Tables) | 6 Months Ended
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Dec. 31, 2022
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: SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | For the Three Months Ended December 31, |  |  | For the Six Months Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Weighted average expected terms (in years) |  |  | 6.0 |  |  |  | 5.6 |  |  |  | 6.0 |  |  |  | 5.5 |
Weighted average expected volatility |  |  | 100.7 | % |  |  | 229.3 | % |  |  | 101.2 | % |  |  | 171.4 | %
Weighted average risk-free interest rate |  |  | 3.8 | % |  |  | 1.2 | % |  |  | 3.1 | % |  |  | 1.0 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
SUMMARY OF STOCK OPTION ACTIVITY | The following is a summary of the Company’s stock option activity for the six months ended December 31, 2022 and 2021: SUMMARY OF STOCK OPTION ACTIVITY
|  |  |  |  | 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 |  |  | 414,077 |  |  |  | 7.00 |  |  |  | 9.7 |  |  |  | - |
Options Exercised |  |  | (77,853 | ) |  |  | 3.87 |  |  |  | 6.5 |  |  |  | 94,715 |
Options Forfeited / Cancelled |  |  | (194,594 | ) |  |  | 7.95 |  |  |  | 8.8 |  |  |  | 20,074 |
Outstanding at December 31, 2022 |  |  | 4,626,246 |  |  | $ | 4.75 |  |  |  | 6.6 |  |  | $ | 912,271 |
Exercisable at December 31, 2022 |  |  | 3,507,922 |  |  | $ | 3.64 |  |  |  | 5.8 |  |  | $ | 912,271 |
|  |  |  |  | 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 |  |  | 158,907 |  |  |  | 8.59 |  |  |  | 9.8 |  |  |  | 714,854 |
Options Exercised |  |  | (751,925 | ) |  |  | 2.62 |  |  |  | 7.8 |  |  |  | (7,775,919 | )
Options Forfeited / Cancelled |  |  | (173,190 | ) |  |  | 4.42 |  |  |  | 8.9 |  |  |  | (1,479,671 | )
Outstanding at December 31, 2021 |  |  | 3,974,702 |  |  | $ | 3.71 |  |  |  | 8.6 |  |  | $ | 24,522,730 |
Exercisable at December 31, 2021 |  |  | 3,784,856 |  |  | $ | 3.52 |  |  |  | 8.5 |  |  | $ | 23,983,666 |
SCHEDULE OF STOCK OPTION-BASED EXPENSE | The Company’s stock option-based expense for the three and six months ended December 31, 2022 and 2021 consisted of the following: SCHEDULE OF STOCK OPTION-BASED EXPENSE
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Stock option-based expense : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 383,617 |  |  | $ | 257,911 |  |  | $ | 771,057 |  |  | $ | 605,508 |
General and administrative expenses |  |  | 34,774 |  |  |  | 57,929 |  |  |  | 89,048 |  |  |  | 124,572 |
Sales and marketing expenses |  |  | 133,621 |  |  |  | 112,847 |  |  |  | 320,281 |  |  |  | 240,839 |
Cost of goods sold |  |  | 61 |  |  |  | 21,394 |  |  |  | 755 |  |  |  | 44,158 |
Board option expense |  |  | 146,783 |  |  |  | 89,686 |  |  |  | 293,567 |  |  |  | 178,305 |
Total |  | $ | 698,856 |  |  | $ | 539,767 |  |  | $ | 1,474,708 |  |  | $ | 1,193,382 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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