5. STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

5. STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense for the three months ended September 30, 2020 and 2019:

	Three Months Ended September 30,
	2020		2019
Cost of Goods Sold	$	11,233	$	11,233
Research and Development Expenses		16,925		12,684
Selling, General and Administrative Expenses		42,988		52,588
	$	71,146	$	76,505

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

The following tables summarize stock option activity for the three months ended September 30, 2020:

	Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding at July 1, 2020		2,065,200	$	0.95	6.59 years
Outstanding at September 30, 2020		2,065,200	$	0.95	6.34 years

Information related to the stock options outstanding as of September 30, 2020 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		0.79	$	0.27		40,000	$	0.27
$	0.48		60,000		5.50	$	0.48		60,000	$	0.48
$	0.50		100,000		4.72	$	0.50		100,000	$	0.50
$	0.55		44,000		3.46	$	0.55		44,000	$	0.55
$	0.70		100,000		7.84	$	0.70		100,000	$	0.70
$	0.73		786,000		6.06	$	0.73		786,000	$	0.73
$	0.85		6,000		2.26	$	0.85		6,000	$	0.85
$	0.90		36,000		3.69	$	0.90		36,000	$	0.90
$	1.20		200,200		1.42	$	1.20		200,200	$	1.20
$	1.25		45,000		9.47	$	1.25		–	$	–
$	1.30		478,000		8.63	$	1.30		160,679	$	1.30
$	1.42		100,000		8.94	$	1.42		33,334	$	1.42
$	1.50		70,000		9.19	$	1.50		70,000	$	1.50
$	0.27–1.50		2,065,200		6.34	$	0.95		1,636,213	$	0.85

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of the three months ended September 30, 2020 was $435,520.