Equity Transactions

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Equity Transactions

7. Equity Transactions

Stock Options

The following table summarizes the activity relating to the Company’s stock options for the three months ended September 30, 2020:

	Options			Weighted-Average Exercise Price		Weighted Remaining Average Contractual Term		Aggregate Intrinsic Value
Outstanding at June 30, 2020		60,400			11.06		4.2		352,600
Granted		—			—		—		—
Options Exercised or Forfeited		(3,200	)		4.76		—		—
Outstanding at September 30, 2020		57,200		$	11.41		3.9	$	133,848
Exercisable at  September 30, 2020		57,200		$	11.41		3.9	$	133,848

The following is a summary of stock options outstanding and exercisable by exercise price as of September 30, 2020:

Exercise Price		Outstanding		Weighted Average Contract Life		Exercisable
$	2.80		7,200		4.3		7,200
$	3.75		4,800		3.3		4,800
$	6.25		1,600		3.1		1,600
$	7.50		25,600		5.4		25,600
$	8.75		1,600		3.5		1,600
$	12.50		4,000		2.3		4,000
$	25.00		1,600		2.0		1,600
$	26.25		4,400		1.6		4,400
$	27.50		800		1.5		800
$	28.75		1,600		1.8		1,600
$	31.25		4,000		1.1		4,000

Stock Warrants

The following table summarizes the warrants activity during the three months ended September 30, 2020:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Aggregate Intrinsic Value
Outstanding and exercisable at June 30, 2020		1,374,667		$	7.72		4.2	$	13,799,331
Granted		293,248		$	6.61		5.0	$	—
Expired		—		$	—		—	$	—
Exercised - Acuitas		(1,453,250	)	$	4.00		—	$	—
Outstanding and exercisable at September 30, 2020		214,665		$	10.87		4.1	$	803,365

Of the above warrants, 9,391 expire in fiscal year ending June 30, 2022, 4,815 expire in fiscal year ending June 30, 2023, 110,460 expire in fiscal year ending June 30, 2025 and 89,999 expire in fiscal year ending June 30, 2026. 

Issuance of common stock through exercise of Stock Options

On July 28, 2020, the Company issued 2,210 shares of common stock pursuant to a cashless exercise of stock options to purchase 3,200 shares at an average exercise price of $4.76 per share.

Issuance of warrants

On July 13, 2020, the Company issued Warrants to purchase 203,250 shares of common stock to its controlling stockholder under the terms of the Bridge Financing. The warrants were exercisable at an exercise price of $4 at any time from the date of issuance until 5 years from the date of issuance. (See Note 5 Related Party Transactions.)

On September 22, 2020, the Company issued warrants to purchase 89,998 shares of common stock to the underwriters of the Offering in connection with the close of the Offering of registered Common Stock The warrants are exercisable at an exercise price of $12.50 at any time from date of issuance until 5 years from the date of issuance.