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EQUITY (Tables) | 9 Months Ended
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Mar. 31, 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: SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTIONS
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2023 |
|  | For the Three Months Ended March 31, |  |  | For the Nine Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2023 |
Weighted average expected terms (in years) |  |  | 6.0 |  |  |  | 5.7 |  |  |  | 6.0 |  |  |  | 5.7 |
Weighted average expected volatility |  |  | 100.7 | % |  |  | 232.7 | % |  |  | 100.8 | % |  |  | 205.6 | %
Weighted average risk-free interest rate |  |  | 3.8 | % |  |  | 1.4 | % |  |  | 3.7 | % |  |  | 1.4 | %
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 nine months ended March 31, 2023 and 2022: 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 |  |  | 4,076,933 |  |  |  | 6.30 |  |  |  | 9.8 |  |  |  | 4,862 |
Options Exercised |  |  | (94,932 | ) |  |  | 3.88 |  |  |  | 6.2 |  |  |  | 107,426 |
Options Forfeited / Cancelled |  |  | (291,605 | ) |  |  | 7.87 |  |  |  | 8.7 |  |  |  | 16,208 |
Outstanding at March 31, 2023 |  |  | 8,175,012 |  |  | $ | 5.38 |  |  |  | 7.9 |  |  | $ | 2,005,800 |
Exercisable at March 31, 2023 |  |  | 3,677,049 |  |  | $ | 3.91 |  |  |  | 5.7 |  |  | $ | 2,005,800 |
|  |  |  |  | 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 |  |  | 836,141 |  |  |  | 9.68 |  |  |  | 9.8 |  |  |  | 2,276,040 |
Options Exercised |  |  | (969,775 | ) |  |  | 2.90 |  |  |  | 7.5 |  |  |  | (9,176,737 | )
Options Forfeited / Cancelled |  |  | (273,799 | ) |  |  | 4.98 |  |  |  | 7.7 |  |  |  | (2,020,350 | )
Outstanding at March 31, 2022 |  |  | 4,333,477 |  |  | $ | 4.63 |  |  |  | 8.9 |  |  | $ | 10,404,816 |
Exercisable at March 31, 2022 |  |  | 3,568,874 |  |  | $ | 3.59 |  |  |  | 8.7 |  |  | $ | 10,293,216 |
SCHEDULE OF STOCK OPTION-BASED EXPENSE | The Company’s stock option-based expense for the three and nine months ended March 31, 2023 and 2022 consisted of the following: SCHEDULE OF STOCK OPTION-BASED EXPENSE
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock option-based expense : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 433,877 |  |  | $ | 448,321 |  |  | $ | 1,204,934 |  |  | $ | 1,053,829 |
General and administrative expenses |  |  | 86,729 |  |  |  | 43,265 |  |  |  | 175,777 |  |  |  | 167,837 |
Sales and marketing expenses |  |  | 238,180 |  |  |  | 160,657 |  |  |  | 558,461 |  |  |  | 401,496 |
Cost of goods sold |  |  | - |  |  |  | 4,348 |  |  |  | 755 |  |  |  | 48,506 |
Board option expense |  |  | 85,752 |  |  |  | 156,298 |  |  |  | 379,319 |  |  |  | 334,603 |
Total |  | $ | 844,538 |  |  | $ | 812,889 |  |  | $ | 2,319,246 |  |  | $ | 2,006,271 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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