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RELATED PARTY TRANSACTIONS
 3 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 9 — RELATED PARTY TRANSACTIONS

 

As of September 30, 2024, the Company has accrued $283,652 of compensation related expenses for the Company’s former Chief Executive Officer, Mark Dybul, related to budget constraints.

 

On August 23, 2024, Avram Miller, a former member of the Board of Directors, forfeited 833,333 shares of Common Stock from the original 1,000,000 shares of Common Stock for advisory services originally granted to him on October 11, 2023. As consideration for such forfeiture, the Company granted to Mr. Miller, an option to purchase 978,261 shares of Common Stock of the Company with a per-share exercise price of, $0.69. The Company determined that this transaction represented a modification of the original award. The Company measured the fair value of the options issued as compared to the fair value of the original issuance and determined that there was no incremental compensation to recognize as the fair value of the options was less than the fair value of the Common Stock. Therefore, the Company will recognize the remaining fair value of the original award over the remaining vesting period, which is one year.  The Company recognized stock-based compensation expense of $222,306 related to the vesting of the stocks options during the period ended September 30, 2024. At September 30, 2024, the Company had $1,122,537 of unrecognized compensation cost related to the options which vest at August 23, 2025.