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Warrants

12 Months Ended

Jun. 30, 2022

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