Stock Based Compensation and Payments

12 Months Ended

Jun. 30, 2025

Stock Based Compensation and Payments

Stock Based Compensation and Payments

Note 12 — Stock Based Compensation and Payments

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 25,000,000. The options are exercisable for a period of up to 4 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 25,000,000 through consent of stockholders to amend and restate the equity incentive plan. 

There have been no stock options granted since November 2022, therefore the Black Scholes option price has not been calculated.

A summary of option activity under the employee share option plan as of June 30, 2025 and 2024 and changes during the year then ended is presented below.

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Price		Aggregate Intrinsic Value
Options:
Outstanding at July 1, 2023		17,324,000	$	0.06
Granted		-	$	-
Exercised, converted		13,624,000	$	0.04
Forfeited / exchanged / modification		-		-
Outstanding at July 1, 2024		3,700,000	$	0.08
Granted		-	$	-
Exercised, converted		-	$	-
Forfeited / exchanged / modification		3,700,000	$	0.08
Outstanding at June 30, 2025		-	$	-		-	$	-
Exercisable at June 30, 2025		-	$	-		-	$	-
Number of options available for grant at end of period		16,874,000

A summary of the status of the Company’s nonvested shares as of and for the years ended June 30, 2025 and 2024 is presented below

Options	Shares			Weighted-Average Grant-Date Fair Value
Nonvested at July 1, 2023		662,608		$	0.11
Granted				$	-
Vested		(662,608	)	$	0.07
Forfeited		-			-
Nonvested at July 1, 2024		-		$	-
Granted				$	-
Vested		-		$	-
Forfeited		-		$	-
Nonvested at June 30, 2025		-		$	-

Stock-based compensation expense attributable to stock options was approximately $47,535 and $280,665 for the years ended June 30, 2025 and 2024, respectively.

As of June 30, 2025 and 2024, there was approximately $0 and $47,535, respectively, of unrecognized compensation expense related stock options outstanding, and the weighted average vesting period was less than a year.

Warrants

At June 30, 2025, the Company had no outstanding warrants to purchase the Company’s common stock as the warrants previously outstanding expired on July 8, 2024.

At June 30, 2024, 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 - Securities Purchase Agreement		360,577		0.02		0.78
Warrants A - Securities Purchase Agreement		28,072,364		0.02	$	0.17
Total		28,432,941
Aggregate intrinsic value at June 30, 2024	$	0