Stockholders' Equity (Tables)

9 Months Ended

12 Months Ended

Mar. 31, 2023

Jun. 30, 2022

Jun. 30, 2021

Equity [Abstract]

Schedule of Reserved Shares Stock on Converted Basis

We had reserved shares of stock, on an as-if converted basis, for issuance as follows:

	March 31, 2023		June 30, 2022
Warrants		25,646,453		25,818,247
Earnout shares		5,726,864		5,726,864
Total		31,373,317		31,545,111

The Company had reserved shares of stock, on an as-if converted basis, for issuance as follows:

	June 30, 2022		June 30, 2021
Warrants		25,818,247		26,000,000
Earnout shares		5,726,864		5,726,864
Total		31,545,111		31,726,864

As of June 30, 2021 and 2020, we had reserved shares of stock, on an as-if converted basis, for issuance as follows:

	June 30,
	2021		2020
Options issued and outstanding (see Note 12)		-		900,352
Options available for grant under stock option plans (See Note 12)		-		74,098
Shares subject to term debt optional conversion into Series A stock (1)		-		2,844,863
Warrants		26,000,000		-
Earnout shares		5,726,864		-
Total		31,726,864		3,819,313

(1) Issuance of Series A Stock has been retroactively restated to give effect to the recapitalization transaction

Schedule of Share-Based Compensation Expense

The following table provides total stock-based compensation expense by award type:

	Three Months Ended					Nine Months Ended
(in thousands)	March 31, 2023			March 31, 2022		March 31, 2023		March 31, 2022
Stock option awards	$	(921	)	$	828	$	2,332	$	828
Restricted stock units		(1,087	)		1,115		4,639		1,115
Total stock-based compensation	$	(2,008	)	$	1,943	$	6,971	$	1,943

The following table provides total share-based compensation expense by award type:

	June 30,
(in thousands)	2022		2021
Stock option awards	$	2,551	$	-
Restricted stock units		4,363		-
Total share-based compensation	$	6,914	$	-

Summary of Stock Option Activity

The following table presents a summary of stock option activity under the 2021 Plan:

	Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2022		3,503,527		$	10.50		3.22	$	-
Granted		782,061			3.85				-
Exercised		-			-				-
Forfeited or cancelled		(1,257,927	)		10.50				-
Outstanding at March 31, 2023		3,027,661		$	8.80		2.90	$	-

The following table presents a summary of stock option activity under the 2021 Plan:

	Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Outstanding at June 30, 2020		-		$	-		-	$	-
Granted		-			-		-		-
Exercised		-			-		-		-
Forfeited or cancelled		-			-		-		-
Outstanding at June 30, 2021		-		$	-		-	$	-
Granted		3,533,627			10.50		3.22		-
Exercised		-			-		-		-
Forfeited or cancelled		(30,100	)		10.50		-		-
Outstanding at June 30, 2022		3,503,527		$	10.50		3.22	$	-

A summary of our stock option activity and related information under the 2015 Stock Option Plan is as follows (prior to recapitalization):

						Weighted-Average
						Remaining
				Weighted-Average		Contractual
(in thousands)	Number of Shares			Exercise Price		Life (Years)		Intrinsic Value
Outstanding at June 30, 2019		670,629		$	16.96		2.98		1,706,900
Granted		299,760		$	22.50		-		-
Forfeited		(70,037	)	$	17.08		-		-
Outstanding, at June 30, 2020		900,352		$	18.79		2.99		2,201,700
Granted
Forfeited		(84,373	)	$	18.31		-		-
Cancelled		(815,979	)	$	18.84		-		-
Outstanding, at June 30, 2021		-		$	-		-		-

Summary of Restricted Stock Units Activity

The following table presents a summary of restricted stock units activity for the periods presented:

	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Outstanding at June 30, 2022		1,902,068		$	8.14
Granted		584,434			3.29
Vested		(755,880	)		8.20
Forfeited or cancelled		(569,489	)		8
Outstanding at March 31, 2023		1,161,133		$	5.62

The following table presents a summary of restricted stock units activity for the periods presented:

	Restricted Stock Units		Weighted-Average Grant Date Fair Value
Outstanding at June 30, 2020		-	$	-
Granted		-		-
Issued		-		-
Forfeited or cancelled		-		-
Outstanding at June 30, 2021		-	$	-
Granted		1,902,068		8.14
Issued		-		-
Forfeited or cancelled		-		-
Outstanding at June 30, 2022		1,902,068	$	8.14

Summary of Changes in Repurchases of Common Stock and Warrants

The table below summarizes the changes in repurchases of common stock and warrants:

	Three Months Ended
(in thousands)	March 31, 2023
Balance at December 31, 2022		3,225,441
Repurchases of common stock		-
Repurchases of warrants		-
Balance at March 31, 2023		3,225,441

	Nine Months Ended
(in thousands)	March 31, 2023
Balance at June 30, 2022		3,053,447
Repurchases of common stock		-
Repurchases of warrants		171,994
Balance at March 31, 2023		3,225,441

The table below summarizes the changes in repurchases of common stock and warrants:

(in thousands)	June 30, 2022
Balance at June 30, 2021
Repurchases of common stock		2,871,894
Repurchases of warrants		181,553
Balance at June 30, 2022		3,053,447