Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The following financial instruments were measured at fair value on a recurring basis:

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Contingent consideration (Note 12)	$	6,192,912	$	-	$	-	$	6,192,912
Liability for the September 2022 Warrants (Note 11)	$	2,267,454		-		-	$	2,267,454
Liability for the March 2022 Warrants (Note 11)	$	172,500	$	172,500	$	-	$	-
Liability for the Series A and Series B Warrants (Note 11)	$	16,777	$	-	$	-	$	16,777
Derivative liability on Senior Convertible Note (Note 2 and Note 11)	$	799,954	$	-	$	-	$	799,954

Schedule of Changes in Level 3 Financial Instruments

A summary of the changes in Level 3 financial instruments for the six months ended December 31, 2022 is as follows:

	Warrant Liability			Contingent Consideration			Derivative liability on Senior Convertible Note
Balance at June 30, 2022	$	122,730		$	3,328,361		$	9,399,620
Fair value of the September 2022 Warrants (Note 11)		5,286,288			-			-
Change in fair value of September 2022 Warrants (Note 11)		(1,482,103	)		-			-
Change in fair value of Series A and Series B Warrants issued with Senior Convertible Note (Note 11)		(105,953	)		-			-
Change in fair value of Bethard contingent consideration liability (Note 12)		-			(179,468	)		-
Change in the fair value of the derivative liability on Senior Convertible Note (Note 2 and Note 11)		-			-			(274,864	)
Balance at September 30, 2022		3,820,962			3,148,893			9,124,756
Change in fair value of September 2022 Warrants (Note 11)		(1,536,732	)		-			-
Loss (gain) on Bethard contingent consideration liability (Note 12)		-			3,044,019			-
Change in the fair value of the derivative liability on Senior Convertible Note (Note 2 and Note 11)		-			-			(8,324,802	)
Balance at December 31, 2022	$	2,284,230			6,192,912			799,954

Schedule of Warrants Outstanding Fair Value Assumption

The September 2022 Warrants were classified as Level 3 as they are plain vanilla warrants and are not callable by the Company (Note 11). The September 2022 Warrants were valued using a Black Scholes valuation model on issuance at September 19, 2022 and for the warrants outstanding at December 31, 2022 with the following assumptions:

	December 31, 2022			September 19, 2022
Contractual term, in years		5.00			5.00
Expected volatility		162	%		167	%
Risk-free interest rate		4.02	%		3.69	%
Dividend yield		-			-
Conversion / exercise price	$	0.25		$	0.25

The March 2022 Warrants were classified as Level 1 as they are publicly traded. They are callable by the Company if certain criteria are met (Note 11). The March 2022 Warrants outstanding at December 31, 2022 and June 30, 2022 were valued using the following assumptions:

	December 31, 2022		June 30, 2022
Contractual term, in years		5.00		5.00
Active market		Nasdaq		Nasdaq
Market price	$	0.01	$	0.12

The Series A and Series B Warrants outstanding at December 31, 2022 and June 30, 2022 are callable by the Company if certain criteria are met (Note 11) and were valued using a Monte Carlo valuation model with the following assumptions:

	December 31, 2022			June 30, 2022
Contractual term, in years		2.00 – 4.00			2.00 – 4.00
Expected volatility		135-190	%		125% – 133	%
Risk-free interest rate		3.96-4.24	%		2.75% – 2.98	%
Dividend yield		-			-
Conversion / exercise price	$	17.50		$	17.50

The value of the derivative liability on the Senior Convertible Note at December 31, 2022 and June 30, 2022 was valued using a nonperformance risk adjusted Monte Carlo valuation model using total assets less goodwill and an estimate of the Company’s total enterprise value with the following valuation assumptions:

	December 31, 2022			June 30, 2022
Contractual term remaining, in years		0.42			0.92
Expected volatility		162.78	%		137.11	%
De-leveraged volatility		32.81	%		62.88	%
Risk-free interest rate		4.55	%		2.72
Dividend yield		—			—
Conversion / exercise price	$	2.1832		$	2.1832

Schedule of Balance Sheet Derivative Instruments

The following is information relative to the Company’s derivative instruments in the unaudited condensed consolidated balance sheets as of December 31, 2022 and June 30, 2022:

Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	December 31, 2022		June 30, 2022
Derivative liability on Senior Convertible Note (Note 2 and 11)	Derivative liability	$	799,954	$	9,399,620

Schedule of Statement of Operation Derivative Instruments

The effect of the derivative instruments on the unaudited condensed consolidated statements of operations is as follows:

Derivatives Not	Location of Gain or (Loss)	Amount of Gain (Loss) Recognized in Income on Derivatives
Designated as Hedging	Recognized in Income on	Three months ended December 31,					Six months ended December 31,
Instruments	Derivatives	2022		2021			2022		2021
Derivative liability on Senior Convertible Note (Note 2 and 11)	Change in fair value of derivative liability on Senior Convertible Note	$	8,324,802	$	(1,482,621	)	$	8,599,666	$	(1,482,621	)