The equity incentive plan of the Company was established in February of 2017 and was amended and restated on April 14, 2020. 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 20,000,000. The options are exercisable for a period of up to 10 years from the date of the grant. The number of shares authorized to be issued under the equity incentive plan was increased from 10,000,000 to 20,000,000 through a consent of stockholders to amend and restate the equity incentive plan.

The following table reflects the continuity of stock options for the nine months ended March 31, 2021:

A summary of stock option activity is as follows:

Number of options outstanding:
July 1, 2020		12,558,375
Granted		5,754,124
Forfeited / exchanged / modification		(5,952,000	)

March 31, 2021		12,360,499
Aggregate Intrinsic Value at March 31, 2021	$	222,126

Number of options exercisable at end of period		3,645,494
Number of options available for grant at end of period		4,957,288

Weighted average option prices per share:
Granted during the period	$	0.14
Exercised during the period	$	0.00
Terminated during the period	$	0.08
Outstanding at end of period	$	0.10
Exercisable at end of period	$	0.08

The average fair value of stock options granted was estimated to be $0.14 per share for the period ended March 31, 2021. This estimate was made using the Black-Scholes option pricing model and the following weighted average assumptions:

	2020

Expected option life (years)		2 - 4
Expected stock price volatility		227 to 250	%
Expected dividend yield		—
Risk-free interest rate		0.44 to 0.54	%

Stock-based compensation expense attributable to stock options was approximately $201,470 for the nine months ended March 31, 2021. As of March 31, 2021, there was approximately $967,396 of unrecognized compensation expense related to 12,360,499 unvested stock options outstanding, and the weighted average vesting period for those options was 3 years.

Warrants

At March 31, 2021, 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		2.05	$	1.15
Warrants-Issued with Convertible Notes		600,000		2.48	$	0.75
Warrants - Financing		360,577		3.27	$	0.78
Warrants A – Financing		28,072,364		3.27	$	0.16
Total		29,119,898		3.25	$	0.18
Aggregate Intrinsic Value at March 31, 2021	$	-