Stock-Based Compensation

9 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Awards

Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the holder leaves the Company before the restrictions lapse. The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a shareholder of the Company, including the right to vote the shares. The value of stock awards that vest over time was established by the market price on the date of its grant. A summary of the Company’s restricted stock activity for the nine months ended March 31, 2021 is presented in the following table:

	For the Nine Months ended
	March 31, 2021
				Weighted
				Average
				Grant Date
	Shares			Fair Value
Unvested at beginning of period		666,659		$	0.06
Granted		198,000,000		$	0.012
Forfeited		-		$	-
Vested		(17,100,000	)	$	0.012
Unvested at end of period		181,566,659		$	0.012

Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of March 31, 2021 was $2,087,250 and is expected to be recognized over a weighted average period of 0.92 years.