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4. STOCK-BASED COMPENSATION
 9 Months Ended
Mar. 31, 2019
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

4. STOCK-BASED COMPENSATION

 

The following table summarizes stock-based compensation expense for the three and nine months ended March 31, 2019 and 2018:

 

   Three Months
Ended March 31,		   Nine Months
Ended March 31,		 
   2019   2018   2019   2018 
Cost of Goods Sold  $–   $–   $–   $8,669 
Research and Development   2,411    2,323    7,233    9,335 
Selling, General and Administrative   480    6,651    348,870    23,998 
Stock Based Compensation Expense  $2,891   $8,974   $356,103   $42,002 

  

No compensation has been capitalized because such amounts would have been immaterial.

   

The following tables summarize stock option activity for the nine months ended March 31, 2019:

 

   Options Outstanding 
   Number of
Shares		   Weighted Average
Exercise Price		   Weighted Average
Contractual Life		 
Outstanding at June 30, 2018   1,055,700   $0.76    6.13 years 
Granted   465,500           
Exercised   (41,000)          
Expired or Cancelled   (18,200)          
Outstanding at March 31, 2019   1,462,000   $0.75    6.59 years 

 

Information related to the stock options outstanding as of March 31, 2019 is as follows:

 

Range of Exercise
Prices		     Number of
Shares		     Weighted-
Average
Remaining
Contractual Life
(years)		     Weighted-
Average
Exercise
Price		     Exercisable
Number of
Shares		     Exercisable
Weighted-
Average
Exercise
Price		  
$ 0.27       40,000       2.29     $ 0.27       40,000     $ 0.27  
$ 0.40       15,000       8.08     $ 0.40       10,000     $ 0.40  
$ 0.48       60,000       7.00     $ 0.48       60,000     $ 0.48  
$ 0.50       100,000       6.23     $ 0.50       100,000     $ 0.50  
$ 0.55       41,500       5.09     $ 0.55       36,500     $ 0.55  
$ 0.64       25,000       8.62     $ 0.64       15,000     $ 0.64  
$ 0.70       100,000       9.35     $ 0.70       33,333     $ 0.70  
$ 0.73       826,500       7.49     $ 0.73       631,500     $ 0.73  
$ 0.85       7,500       3.76     $ 0.85       7,500     $ 0.85  
$ 0.90       7,500       4.76     $ 0.90       7,500     $ 0.90  
$ 0.95       30,000       5.28     $ 0.95       30,000     $ 0.95  
$ 1.20       207,800       2.92     $ 1.20       207,800     $ 1.20  
$ 1.35       1,200       0.65     $ 1.35       1,200     $ 1.35  
$ 0.27–$1.35       1,462,000       6.60     $ 0.75       1,180,333     $ 0.76  

 

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of March 31, 2019 was $705,812 and $556,712, respectively.

 

Common Stock Award

 

On August 2, 2018, the Company awarded its Chief Executive Officer 300,000 shares of common stock for services performed through June 30, 2018. The fair market value of the 300,000 shares on the award date equal to $210,000 has been recorded as general and administrative stock-based compensation expense in the quarter ended September 30, 2018. As of March 31, 2019, 200,000 shares have been issued, and the remaining 100,000 shares will be issued on January 1, 2020.