Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies [Abstract]

Effect of Revision of Financial Statements

The following tables present the effect of the revision on the condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations for the three and nine months ended March 31, 2023, and the condensed consolidated statement of cash flows for the nine months ended March 31, 2023.

	As of June 30, 2023
	As Previously Reported	Revision	As Revised
Condensed consolidated balance sheet:
Prepaid expenses and other current assets	284,622	717,892	1,002,514
Total current assets	28,380,967	717,892	29,098,859
Total assets	38,370,805	717,892	39,088,697
Accrued liabilities	970,530	371,509	1,342,039
Total current liabilities	2,011,817	371,509	2,383,326
Total liabilities	6,909,910	371,509	7,281,419
Retained earnings	18,300,728	346,383	18,647,111
Total stockholders' equity	31,460,895	346,383	31,807,278

	Three Months Ended March 31, 2023			Nine Months Ended March 31, 2023
	As Previously Reported	Revision	As Revised	As Previously Reported	Revision	As Revised
Condensed consolidated statements of operations:
Selling, general and administrative expenses	1,757,714	(8,373)	1,749,341	27,921,287	(14,041)	27,907,246
(Loss) from operations	(453,356)	8,373	(444,983)	(24,285,543)	14,041	(24,271,502)
(Loss) income before income tax provision	(263,763)	8,373	(255,390)	9,028,939	14,041	9,042,980
Net (loss) income	(232,853)	8,373	(224,480)	8,565,011	14,041	8,579,052
(Loss) income per common share:
Basic	(0.03)		(0.02)	0.93		0.93
Diluted	(0.03)		(0.02)	0.87		0.88

	Nine Months Ended March 31, 2023
	As Previously Reported	Revision	As Revised
Condensed consolidated statement of cash flows:
Net income	8,565,011	14,041	8,579,052
Prepaid expenses and other current assets	(205,710)	(28,082)	(233,792)
Accrued liabilities	310,466	14,041	324,507
Net cash provided by operating activities	10,616,726	(0)	10,616,726

The effect of this revision on the opening balances within the Company's condensed consolidated statements of stockholders' equity for the three and nine months ended March 31, 2024 and 2023 was as follows:

	As Previously Reported	Revision	As Revised
Retained earnings, June 30, 2022	9,998,348	329,551	10,327,899
Total stockholders' equity, June 30, 2022	22,697,489	329,551	23,027,040
Retained earnings, December 31, 2022	18,796,212	335,219	19,131,431
Total stockholders' equity, December 31, 2022	31,751,001	335,219	32,086,220
Retained earnings, June 30, 2023	18,300,728	346,383	18,647,111
Total stockholders' equity, June 30, 2023	31,460,895	346,383	31,807,278

Schedule of Deferred Tax Assets and Liabilities

	March 31, 2024		June 30, 2023
Deferred income tax assets:
Deferred compensation	$	516,932	$	491,608
Stock-based compensation		77,530		117,607
Accrued expenses and reserves		524,892		571,719
Deferred revenue		100,973		138,665
Federal and state net operating loss carryforwards		8,456,728		8,216,671
IRC Section 174 research and development costs		113,521		63,855
Credit carryforwards		188,893		169,552
Equipment and leasehold improvements		130,637		136,294
Lease liability		684,670		744,431
Valuation allowance		(10,093,269)		(9,906,018)
Total deferred income tax assets		701,507		744,384
Deferred income tax liabilities:
ROU asset		(680,737)		(742,386)
Other		(20,770)		(1,998)
Total deferred income tax liabilities		(701,507)		(744,384)
Net deferred income tax assets	$	-	$	-