Common Stock and Common Stock Equivalents

12 Months Ended

Jun. 30, 2024

Common Stock And Common Stock Equivalents Abstract

Common Stock and Common Stock Equivalents [Text Block]

Note 10. Common Stock and Common Stock Equivalents

The Company maintains an equity incentive plan for the benefit of employees. On December 3, 2018, the shareholders approved the 2018 equity incentive plan ("2018 Equity Plan"), setting aside 120,000 shares of common stock. On December 10, 2020, the shareholders approved a new 2020 equity incentive plan ("2020 Equity Plan"), setting aside 200,000 shares of common stock. Shares remaining available under the 2018 Equity Plan are eligible for use under the 2020 Equity Plan. Incentive and nonqualified stock options, restricted common stock, stock appreciation rights, and other share-based awards may be granted under the plans including performance-based awards. As of June 30, 2024, 194,451 shares of common stock (including shares previously available under the 2018 Equity Plan) remained authorized and reserved for issuance, but were not granted under the terms of the 2020 Equity Plan.

For the year ended June 30, 2024, the Company granted 20,000 shares of restricted common stock to directors in connection with compensation agreements and 11,633 shares to employees. For the year ended June 30, 2023, the Company granted 10,000 shares of restricted common stock to directors in connection with compensation arrangements and 26,048 shares to employees.

The Company did not grant any options for the purchase of shares of common stock under its equity incentive plans during fiscal years 2024 and 2023, respectively.

The following table summarizes the Company's stock option activity during the reported fiscal years:

	2024				2023
	Number of shares		Weighted average exercise price	Weighted average remaining contractual term	Number of shares		Weighted average exercise price
Options outstanding at beginning of the year	28,000	$	7.80	3.75 years	28,000	$	7.80
Options granted	-		n/a		-		n/a
Options canceled or expired	28,000		n/a		-		n/a
Options outstanding at end of the year	-		n/a	n/a	28,000	$	7.80
Options exercisable at end of the year	-		n/a		22,250	$	8.26
Range of exercise prices at end of the year			n/a			$	4.65 - 13.50

The Company recognized $1,637 and $131,336 in stock-based compensation for the years ended June 30, 2024 and 2023, respectively, which is included in selling, general, and administrative expenses in the consolidated statements of operations. The stock-based compensation includes amounts for both restricted stock and stock options.

As of June 30, 2024, there is no unrecognized stock-based compensation cost that is expected to be expensed over the next two years.

No options were exercised during fiscal years 2024 and 2023. The aggregate intrinsic value of the outstanding options as of both June 30, 2024 and 2023 was $0.