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EQUITY (Tables) | 9 Months Ended
--- | ---
Mar. 31, 2024
Equity [Abstract] |
SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTION | 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 for the specific periods below are noted in the following table: SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTION
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | For the Three Months Ended March 31, |  |  | For the Nine Months Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Weighted average expected terms (in years) |  |  | 4.9 |  |  |  | 6.0 |  |  |  | 4.9 |  |  |  | 6.0 |
Weighted average expected volatility |  |  | 103.8 | % |  |  | 100.7 | % |  |  | 103.5 | % |  |  | 100.8 | %
Weighted average risk-free interest rate |  |  | 4.2 | % |  |  | 3.8 | % |  |  | 4.2 | % |  |  | 3.7 | %
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, 2024 and 2023, excluding the executive Target Options: SUMMARY OF STOCK OPTION ACTIVITY
|  |  |  |  | Weighted Average |  |  |  |
|  |  |  |  |  |  |  | Remaining |  |  |  |
|  |  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
|  | Options |  |  | Price |  |  | Term (Yrs) |  |  | Value |
Outstanding at July 1, 2023 |  |  | 6,128,381 |  |  | $ | 4.84 |  |  |  | 7.0 |  |  | $ | 1,676,966 |
Options Granted |  |  | 1,153,662 |  |  |  | 2.32 |  |  |  | 9.8 |  |  |  | 128,315 |
Options Exercised |  |  | (25,000 | ) |  |  | 2.00 |  |  |  | 2.6 |  |  |  | 191 |
Options Forfeited / Cancelled |  |  | (3,418,851 | ) |  |  | 4.91 |  |  |  | 6.8 |  |  |  | 88 |
Outstanding at March 31, 204 |  |  | 3,838,192 |  |  | $ | 4.05 |  |  |  | 6.9 |  |  | $ | - |
Exercisable at March 31, 2024 |  |  | 2,234,420 |  |  | $ | 4.04 |  |  |  | 5.1 |  |  | $ | - |
|  |  |  |  | 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 |  |  | 2,096,933 |  |  |  | 5.63 |  |  |  | 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 |  |  | 6,195,012 |  |  | $ | 5.38 |  |  |  | 7.9 |  |  | $ | 2,005,800 |
Exercisable at March 31, 2023 |  |  | 3,677,049 |  |  | $ | 3.91 |  |  |  | 5.7 |  |  | $ | 2,005,800 |
SCHEDULE OF STOCK OPTION-BASED EXPENSE | The Company’s stock option-based expense for the three and nine months ended March 31, 2024 and 2023 consisted of the following: SCHEDULE OF STOCK OPTION-BASED EXPENSE
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Stock option-based expense: |  |  |  |  |  |  |  |  |  |  |  |
Research and development expenses |  | $ | 71,840 |  |  | $ | 433,877 |  |  | $ | 520,697 |  |  | $ | 1,204,934 |
General and administrative expenses |  |  | 65,362 |  |  |  | 86,729 |  |  |  | 238,905 |  |  |  | 175,777 |
Sales and marketing expenses |  |  | (32,704 | ) |  |  | 238,180 |  |  |  | 254,943 |  |  |  | 558,461 |
Cost of goods sold |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 755 |
Board option expense |  |  | 26,271 |  |  |  | 85,752 |  |  |  | 169,546 |  |  |  | 379,319 |
Total |  | $ | 130,769 |  |  | $ | 844,538 |  |  | $ | 1,184,091 |  |  | $ | 2,319,246 |

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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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