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EQUITY (Tables)
 9 Months Ended
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:

 

       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