The equity incentive plan of the Company was established in February of 2017. The Board of Directors of the Company may from time to time, in its discretion grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase common shares, provided that the number of options issued do not exceed 10,000,000. The options are exercisable for a period of up to 10 years from the date of the grant. The number of options to purchase common shares was increased from 5,000,000 to 10,000,000 through a consent of stockholders to amend and restate the equity incentive plan.

The following table reflects the continuity of stock options for the years ended June 30, 2019 and 2018:

A summary of stock option activity is as follows:

	June 30, 2019			June 30, 2018

Number of options outstanding:
Beginning of year		4,145,735			-
Granted		1,537,152			4,398,935
Exercised, converted		(367,387	)		(54,000	)
Forfeited / exchanged / modification		(716,677	)		(199,200	)

End of period		4,598,823			4,145,735

Number of options exercisable at end of period		763,453			1,181,435
Number of options available for grant at end of period		4,562,408			764,565

Weighted average option prices per share:
Granted during the period	$	0.69		$	0.25
Exercised during the period	$	0.26		$	0.25
Terminated during the period	$	0.45		$	0.25
Outstanding at end of period	$	0.37		$	0.25
Exercisable at end of period	$	0.32		$	0.25

The average fair value of stock options granted was estimated to be $0.88 per share for the period ended June 30, 2019. This estimate was made using the Black-Scholes option pricing model and the following weighted average assumptions:

	2019			2018

Expected option life (years)	3 - 5			2.5-3
Expected stock price volatility	147%-170		%		144	%
Expected dividend yield		—	%		—	%
Risk-free interest rate	2.35%-3.01		%	2.31%-2.78		%

Stock-based compensation expense attributable to stock options was approximately $2,285,543 for the year ended June 30, 2019. As of June 30, 2019, there was approximately $3,098,667 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was 3 years.

Stock-based compensation expense attributable to stock options was approximately $810,962 for the year ended June 30, 2018. As of June 30, 2018, there was approximately $4,948,460 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was 3 years.

Warrants

At June 30, 2019, the Company had outstanding warrants to purchase the Company’s common stock which were issued in connection with multiple financing arrangements. Information relating to these warrants is summarized as follows:

Warrants	Remaining Number Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price
Warrants-Financing		86,957		3,11	$	1.15
Warrants-Issued with Convertible Notes		600,000		4.24	$	0.75
Total		686,957