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Common Stock and Warrants | 12 Months Ended
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Jun. 30, 2024
Common Stock and Warrants [Abstract] |
COMMON STOCK AND WARRANTS | NOTE 10 – COMMON STOCK AND WARRANTS Registered Direct Offering in August and September 2023 On August 1, 2023, the Company entered into two separate subscription agreements with a certain non-U.S. investor, pursuant to which the Company sold aggregate of 317,333 shares of common stock at a $18 per share purchase price. On September 21, 2023, the Company received full payment of RMB 40,000,000 ($5.71 million) from the investor. On August 15, 2023, the Company entered into a subscription agreement with another non-U.S. investor, pursuant to which the Company agreed to sell and the investor agreed to purchase an aggregate of 197,531 shares of common stock at a $20.25 per share purchase price, with a total subscription price of $4,000,000. The investor paid the amount of $714,286 to the Company and the Company issued 35,273 shares as of the date of this report, and promised to pay the remaining balance in full by March 2024. On September 13, 2023, the Company closed an underwritten public offering of 333,333 shares of common stock at a public offering price of $6.0 per share. The gross proceeds to the Company from this offering are approximately $2 million, before deducting any fees or expenses. The Company received $1.6 million net proceeds from this offering. Following is a summary of the activities of warrants (post stock split) for the years ended June 30, 2024:
|  | Number of Warrants * |  |  | Average Exercise Price * |  |  | Weighted Average Remaining Contractual Term in Years |
Outstanding as of June 30, 2022 |  |  | 87,997 |  |  | $ | 69.00 |  |  |  | 1.63 |
Exercisable as of June 30, 2022 |  |  | 87,997 |  |  | $ | 69.00 |  |  |  | 1.63 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |
Outstanding as of June 30, 2023 |  |  | 87,997 |  |  |  | 69.00 |  |  |  | 0.63 |
Exercisable as of June 30, 2023 |  |  | 87,997 |  |  |  | 69.00 |  |  |  | 0.63 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |  |  |  | - |
Forfeited |  |  | - |  |  |  | - |  |  |  | - |
Expired |  |  | 87,997 |  |  |  | 69.00 |  |  |  | - |
Outstanding as of June 30, 2024 |  |  | - |  |  | $ | - |  |  |  | - |
Exercisable as of June 30, 2024 |  |  | - |  |  | $ | - |  |  |  | - |
* | Retroactively reflect 1-for-15 reverse stock split effective on January 19, 2024
Shares to Independent Directors as Compensation During the years ended June 30, 2024 and 2023, the Company recorded $18,000 and $18,000 stock compensation expense to independent directors through the issuance of shares of the Company’s common stock at the market price of the stock issuance date, pursuant to the 2018 Equity Incentive Plan. Shares to Officers as Compensation On September 24, 2021, under the 2018 Equity Inventive plan, the Company’s Board of Directors granted 1,000 shares of the Company’s common stock to its CEO each month and 667 shares to one of the board members each month starting from July 1, 2021, payable quarterly with the aggregate number of shares for each quarter being issued on the first day of the next quarter at a per share price of the closing price of the day prior to the issuance. During the years ended June 30, 2024 and 2023, the Company recorded $889,128 and $384,525 stock compensation expense to the Company’s CEO and one of the board members for the year. Shares to Officers in Lieu of Salary Payable On December 31, 2023, the Board of Directors approved to issue 102,144 shares to the Company’s CEO and one of the board members in lieu of payment for salary payable of $359,598. Shares to Employee and consultants under the 2018 Equity Incentive Plan During the year ended June 30, 2024, the Company issued 300,000 shares of the Company’s common stock to the Company’s employees for the services they provided to the Company, these shares were fully vested and approved by Compensation Committee (the “Committee”) of the Board of Directors under the 2018 Equity Incentive Plan. The fair value of 300,000 shares was $2,415,000 based on market price of $8.05 on March 11, 2024, and was recorded as the Company’s stock compensation expense during the year ended June 30, 2024. During the year ended June 30, 2024, the Company issued 420,000 shares of the Company’s common stock to the consultants for the services they provided, the shares were fully vested and approved by Compensation Committee (the “Committee”) of the Board of Directors under the 2018 Equity Incentive Plan. The fair value of 420,000 shares at issuance date was $3,067,600 and was recorded as the Company’s stock compensation expense during the year ended June 30, 2024. During the year ended June 30, 2023, the Company issued 230,633 shares of the Company’s common stock to the Company’s employees and consultants for the services they provided, the shares were fully vested and approved by Compensation Committee (the “Committee”) of the Board of Directors under the 2018 Equity Incentive Plan. The fair value of 230,633 shares at issuance date was $3,976,362 and was recorded as the Company’s stock compensation expense during the year ended June 30, 2023.

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