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Warrants | 12 Months Ended
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Jun. 30, 2022
Warrants Abstract |
Warrants | Note 5 – Warrants As of June 30, 2022 and June 30, 2021, there were 1,421,739 and 1,234,239 warrants outstanding, respectively. During the year ended June 30, 2022 and June 30, 2021, the Company issued 187,500 and 150,000 common stock warrants, respectively, to a placement agent related to fundraisings and other advisory services. The warrants are fully vested, have a term of 5 years from closing date of the private placements and an exercise price of $1.00 per share (2022 warrants) and $6.00 per share (2021 warrants), respectively (see Note 4 for additional terms of the warrants).
Warrants |  | Number of Warrants |
Outstanding at July 1, 2020 |  |  | 2,045,315 |
Granted |  |  | 150,000 |
Terminated |  |  | (126,532 | )
Exercised |  |  | (834,544 | )
Outstanding at June 30, 2021 |  |  | 1,234,239 |
Granted |  |  | 187,500 |
Outstanding at June 30, 2022 |  |  | 1,421,739 |
The Company measures the fair value of warrants using Black-Scholes Model. The fair value of the warrants issued during the year ended June 30, 2022 and June 30, 2021 was approximately $94,165 and $249,000, respectively, based on the following inputs and assumptions below.
|  | 2022 |  |  | 2021 |
Volatility (percent) |  |  | 80.1 | % |  |  | 45 - 46 | %
Risk-free rate (percent) |  |  | 1.63 | % |  |  | 0.10 | %
Expected term (in years) |  |  | 5 |  |  |  | 5 |

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