Stock Options

6 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock Options

Note 11 – Stock Options

On August 1, 2017, the Company adopted the 2017 Stock Incentive Plan (the "2017 Plan") whereby incentive stock options issued to employees, officers, and directors of the Company shall not exceed 2,500,000 of which the purchase price of the stock options shall not be less than 100% of the fair market value of the Company's common stock and the period for exercising the stock options not exceed 10 years from the date of grant. The option price per share with respect to each option shall be determined by the committee for non-qualified stock options.

A summary of the Company's stock option activity is as follows:

	Number of Options		Weighted Average Exercise Price
Outstanding, June 30, 2019		51,942	$	10.50
Granted		-		-
Exercised		-		-
Cancelled		-		-
Outstanding, December 31, 2019		51,941	$	10.50

As of December 31, 2019, the following options were outstanding:

Expiry Date	Number of Options Issued		Number of Options Exercisable		Weighted Average Exercise Price
August 2020		3,333		3,333	$	10.50
June 2021		13,334		13,334		10.50
August 2023		35,275		35,275		10.50
		51,942		51,942	$	10.50

As of December 31, 2019, the weighted average remaining life of the options was 4.9 years.

During the six months ended December 31, 2019 and 2018, the Company recorded stock-based compensation expense of $329,960 and $268,959, respectively, which has been recorded as stock based compensation in the statements of operations. As of December 31, 2019 and 2018, there was $165,677 and $207,321, respectively, of unrecognized expense related to non-vested stock-based compensation arrangements.

The following table provides the details of the total stock-based payments expense during the six months ended December 31, 2019 and 2018:

	December 31, 2019		December 31, 2018
Employees and directors' stock-based payments	$	101,070	$	268,959
Amortization of prepaid expense		228,890		-
Total	$	329,960	$	268,959