Note 11 – Stock Options and Warrants

Stock Options

The following table presents the activity of stock options for the years ended June 30, 2020 and 2019:


		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Number of	Price		Contractual	Intrinsic
Stock Options	Shares	per share ($)		Term (years)	Value ($)
Outstanding at June 30, 2018	—	$	—	—		—
Granted	15,000		50	—		—
Exercised	—		—	—		—
Forfeited	10,000		50	—		—
Canceled	—		—	—		—
Outstanding at June 30, 2019	5,000		10.00	2.16		—

Granted	—		—	—		—
Exercised	—		—	—		—
Forfeited	—		—	—		—
Canceled	—		—	—		—
Outstanding and exercisable at June 30, 2020	5,000	$	10.00	1.16		—

Of the above options, 5,000 became vested and exercisable on September 1, 2018. The options expire on August 31, 2021. On January 24, 2019, Dr. Taraporewala resigned as the Chief Operating Officer of the Company and the 10,000 remaining unvested options were forfeited. See Note 14.

The Company estimated the fair value of the options granted to Dr. Taraporewala on the date of the grant using a lattice model that values the options based upon a stock price modeled such that is follows a geometric Brownian motion with constant drift and volatility.

For the years ended June 30, 2020 and 2019, the Company recognized compensation expense of $0 and $11,920 related to vested options granted to Dr. Taraporewala. As of June 30, 2020, there was no unrecognized compensation cost.

Stock Warrants


		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Number of	Price		Contractual	Intrinsic
Stock Warrants	Shares	per share ($)		Term (years)	Value ($)
Outstanding and exercisable at June 30, 2017	333,693	$	98.60	1.36	$	—

Granted	14,787		37.40	—		—
Exercised	—		—	—		—
Expired	—		—	—		—
Canceled	—		—	—		—
Outstanding and exercisable at June 30, 2018	348,480	$	96.00	.53	$	—

Granted	349,509		12.20	—		—
Exercised	—		—	—		—
Expired	299,837		101.60	—		—
Canceled	—		—	—		—
Outstanding and exercisable at June 30, 2019	398,156	$	18.20	4.69	$	—

Granted	349,508		3.00	—		—
Exercised	347,222		3.00	—		—
Expired	378,224		17.00	—		—
Canceled	—		—	—		—
Outstanding and exercisable at June 30, 2020	22,218	$	30.82	2.28	$	4,533

Of the above warrants; 2,858 expire in fiscal year ending June 30, 2021; 2,286 expire in fiscal year ending June 30, 2022; 14,788 expire in fiscal year ending June 30, 2023; and 2,286 expire in fiscal year ending June 30, 2024.