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REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS (DEFICIENCY) EQUITY (Tables) | 9 Months Ended
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Mar. 31, 2024
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY |
Equity Distribution Agreement |
|  | Three Months Ended March 31, 2024 |  |  | Nine Months Ended March 31, 2024 |  |  | Cumulative from inception |
|  | Shares |  |  | Proceeds |  |  | Shares |  |  | Proceeds |  |  | Shares |  |  | Proceeds |
Gross proceeds |  |  | - |  |  | $ | - |  |  |  | 217,027 |  |  | $ | 547,803 |  |  |  | 721,061 |  |  | $ | 1,744,542 |
Fees |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,434 | ) |  |  | - |  |  |  | (52,336 | )
Expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (126,800 | )
Net proceeds |  |  | - |  |  | $ | - |  |  |  | 217,027 |  |  | $ | 531,369 |  |  |  | 721,061 |  |  | $ | 1,565,406 |
Outstanding Stock Purchase Warrants |
|  | Shares of Common |  |  | Exercise Price per |  |  | Latest Expiration |
Description |  | Stock |  |  | Share |  |  | Date |
May 2022 Warrants |  |  | 66,666 |  |  | $ | 12.50 |  |  | May 11, 2026 |
October 2022 Private Warrants |  |  | 1,818,182 |  |  | $ | 5.83 |  |  | May 2, 2028 |
October 2022 Placement Agent Warrants |  |  | 90,909 |  |  | $ | 6.88 |  |  | October 31, 2027 |
October 2023 Private Warrants |  |  | 2,358,491 |  |  | $ | 2.12 |  |  | October 29, 2028 |
October 2023 Placement Agent Warrants |  |  | 117,925 |  |  | $ | 2.65 |  |  | October 29, 2028 |
January 2024 Private Warrants |  |  | 1,831,503 |  |  | $ | 5.46 |  |  | February 1, 2028 |
January 2024 Placement Agent Warrants |  |  | 91,575 |  |  | $ | 6.83 |  |  | February 1, 2028 |
Weighted average assumption |
|  | June 30, 2023 |
Expected term |  |  | 4.84 |
Volatility |  |  | 82.35 | %
Risk-free rate |  |  | 4.16 | %
Stock option activity |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Term in Years |  |  | Aggregate Intrinsic Value |
Outstanding - June 30, 2023 |  |  | 1,550,600 |  |  | $ | 8.27 |  |  |  | 8.4 |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |
Forfeited |  |  | - |  |  |  | - |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | - |  |  |  |  |  |  |  |
Outstanding - March 31, 2024 |  |  | 1,550,600 |  |  | $ | 8.27 |  |  |  | 7.6 |  |  | $ | - |
Exercisable at March 31, 2024 |  |  | 561,688 |  |  | $ | 14.18 |  |  |  | 5.8 |  |  | $ | - |
Expected to vest at March 31, 2024 |  |  | 988,912 |  |  | $ | 4.91 |  |  |  | 8.7 |  |  | $ | - |
Restricted Stock Units |
Outstanding at June 30, 2023 |  |  | 987,521 |
Granted |  |  | - |
Forfeited |  |  | (2,302 | )
Expired |  |  | (18,000 | )
Vested |  |  | (98,372 | )
Outstanding at March 31, 2024 |  |  | 868,847 |

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