Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2022

Stockholders' Equity

Schedule of vested and unvested stock option activity

The following table summarizes vested and unvested stock option activity:

	All Options			Vested Options			Unvested Options
		Weighted			Weighted			Weighted
		Average			Average			Average
		Exercise			Exercise			Exercise
	Shares	Price		Shares	Price		Shares	Price
Outstanding at July 1, 2020	3,327,580	$	1.56	3,081,745	$	1.50	245,835	$	2.34
Granted	575,348		2.28	270,000		2.25	305,348		2.31
Options vesting	—		—	199,499		2.16	(199,499)		2.16
Exercised	(274,520)		1.34	(274,520)		1.34	—		—
Forfeited	(126,250)		2.59	(102,500)		2.72	(23,750)		1.99
Repurchased	(243,750)		1.32	(243,750)		1.32	—		—
Outstanding at June 30, 2021	3,258,408	$	1.68	2,930,474	$	1.60	327,934	$	2.46
Granted	307,843		2.22	—		—	307,843		2.22
Options vesting	—		—	452,879		2.26	(452,879)		2.26
Exercised	(357,079)		1.20	(357,079)		1.20	—		—
Forfeited	(26,300)		1.34	(26,300)		1.34	—		—
Repurchased	—		—	—		—	—		—
Outstanding at June 30, 2022	3,182,872	$	1.79	2,999,974	$	1.75	182,898	$	2.49

Schedule of valuation assumptions

The following table presents the assumptions used to estimate the fair values based upon a Black-Scholes option pricing model of the stock options granted during the years ended June 30, 2022 and 2021.

	Years Ended
	June 30,
	2022		2021
Expected dividend yield	0	%	0	%
Risk-free interest rate	0.92 - 1.81	%	0.37 - 1.05	%
Expected life (in years)	5 - 6		5 - 6
Expected volatility	56	%	56 - 63	%

Schedule of additional information regarding stock options outstanding and exercisable

Additional information regarding stock options outstanding and exercisable as of June 30, 2022 is as follows:

	Option		Remaining
	Exercise	Options	Contractual	Options
	Price	Outstanding	Life (in years)	Exercisable
$	0.70	225,000	3.43	225,000
	0.77	25,000	2.14	25,000
	0.80	16,000	3.14	16,000
	0.90	15,000	3.10	15,000
	1.00	15,000	2.70	15,000
	1.05	305,000	4.15	305,000
	1.07	33,898	0.29	33,898
	1.09	60,000	3.90	60,000
	1.10	105,000	3.00	105,000
	1.15	104,400	0.61	104,400
	1.20	274,000	5.05	274,000
	1.25	32,000	0.62	32,000
	1.50	185,000	0.48	185,000
	1.59	25,000	5.87	25,000
	1.80	86,550	1.23	86,550
	1.85	16,000	0.89	16,000
	1.95	200,000	6.01	200,000
	2.10	238,767	10.00	238,767
	2.13	216,708	8.39	209,746
	2.17	35,955	8.87	14,981
	2.19	5,000	10.00	—
	2.40	332,833	6.38	332,833
	2.43	61,250	8.93	43,750
	2.45	173,000	8.10	115,332
	2.49	88,435	7.84	81,717
	2.50	20,000	6.88	20,000
	2.64	30,882	9.10	—
	2.67	33,194	9.22	—
	2.99	8,000	7.87	6,000
	3.13	208,000	7.38	207,333
	3.50	8,000	7.62	6,667
	Total	3,182,872		2,999,974

Schedule of warrant activity

The following table summarizes warrant activity:

		Weighted
		Average
	Number of	Exercise
	Warrants	Price
Outstanding, June 30, 2020	385,000	$	1.24
Granted	—		—
Exercised	(190,000)		1.25
Repurchased	(100,000)		1.25
Expired/Cancelled	(45,000)		1.25
Outstanding, June 30, 2021	50,000	$	1.19
Granted	—		—
Exercised	(50,000)		1.19
Repurchased	—		—
Expired/Cancelled	—		—
Outstanding, June 30, 2022	—	$	—
Exercisable, June 30, 2021	50,000	$	1.19
Exercisable, June 30, 2022	—	$	—

Schedule of additional information regarding warrants outstanding and exercisable

During the year ended June 30, 2021, certain holders of warrants to purchase shares of the Company’s common stock at a per share exercise price of $1.25 exercised those warrants to purchase 190,000 shares, generating gross proceeds to the Company of $237,501.

On March 31, 2021 the Company repurchased warrants underlying 100,000 shares of stock from a former director for $95,000. The entire amount was charged to equity.

Schedule of restricted common stock activity

The following table summarizes restricted common stock activity:

				Weighted
				Average
	Number of			Grant Date
	Shares	Fair Value		Fair Value
Non-vested, June 30, 2020	191,855		394,297	$	2.51
Granted	195,810		463,994		2.37
Vested	(142,413)		(376,338)		2.37
Forfeited	—		—		—
Non-vested, June 30, 2021	245,252	$	481,953	$	2.47
Granted	356,582		850,996		2.39
Vested	(201,742)		(557,496)		2.51
Forfeited	—		—		—
Non-vested, June 30, 2022	400,092	$	775,453	$	2.38

Schedule of Repurchase Agreements

The following table summarizes repurchases of our common stock on a monthly basis:

				Total Number of Shares	Approximate Dollar Value
	Total Number	Average		Purchased as Part of	of Shares that May Yet Be
	of Shares	Price Paid		Publicly Announced	Purchased Under the
Period	Purchased1	per Share		Plans or Programs	Plans or Programs
September 2020	25,500	$	2.29	—	$	219,379
December 2020	31,167	$	2.21	—		150,499
March 2021	10,750	$	2.15	—		376,888
June 2021	11,050	$	2.50	—		349,263
Year ended June 30, 2021	78,467	$	2.27	—	$	349,263
September 2021	21,365	$	2.55	—	$	294,782
December 2021	5,951	$	2.24	—		281,451
March 2022	6,086	$	2.34	—		267,210
June 2022	6,819	$	1.74	—		255,345
Year ended June 30, 2022	40,221	$	2.34	—	$	255,345

1 Consists of shares of common stock purchased from employees to satisfy tax obligations in connection with the vesting of stock incentive awards.