STOCKHOLDERS’ EQUITY

3 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 9. STOCKHOLDERS’ EQUITY

Stock-based Compensation

During the quarter ended September 30, 2024, the following activity occurred under the Company’s Equity Plan.

	Stock Options				Restricted Stock
	Number of Shares		Weighted Average Exercise Price		Number of Shares			Weighted Average Grant Date Fair Value
Balance at June 30, 2024		540,881	$	1.34		681,013		$	1.15
Granted		100,000	$	1.45		229,885		$	1.45
Released		-	$	-		(500,407	)	$	1.26
Outstanding at September 30, 2024		640,881	$	1.35		410,491		$	1.20
Exercisable at September 30, 2024		160,018	$	1.43

The fair value of the options granted during the three months ended September 30, 2024 was $1.34 per share which was estimated using the following assumptions:

	Quarter Ended September 30,
	2024
Expected volatility		137	%
Expected term		6.1 years
Risk-free interest rate		4.5	%
Expected dividend yield		0	%

As of September 30, 2024, there was $0.6 million of unrecognized compensation expense related to outstanding stock options that will be recognized over a remaining weighted average period of 2.9 years. The weighted average remaining contractual life of the outstanding stock options as of September 30, 2024 was 8.8 years. As of September 30, 2024, there was $0.5 million of unrecognized compensation expense related to outstanding RSAs that will be recognized over a remaining weighted average period of 1.8 years. The total stock-based compensation expense recognized during the quarters ended September 30, 2024 and 2023 were $0.5 million and $0.1 million, respectively.