STOCK-BASED COMPENSATION

3 Months Ended

Sep. 30, 2022

Equity [Abstract]

STOCK-BASED COMPENSATION

6. STOCK-BASED COMPENSATION

Stock Options

The following table summarizes stock-based compensation expense for the three months ended September 30, 2022 and 2021: The share amounts and prices shown below do not reflect adjustment for a 1-for-3 reverse stock split that took effect after the close of business on November 1, 2022.

	Three Months Ended September 30,
	2022		2021
Cost of Goods Sold	$	6,298	$	28,415
Research and Development Expenses		30,756		43,489
Selling, General and Administrative Expenses		37,936		88,167
	$	74,990	$	160,071

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 2022:

	Options Outstanding
	Number of Shares		Weighted Average Exercise Price	Weighted Average Contractual Life
Outstanding at June 30, 2022	2,714,000	$	1.33	7.08 years
Exercised, Granted and Cancelled	–		–	–
Outstanding at September 30, 2022	2,714,000	$	1.33	6.83 years

Information related to the stock options outstanding as of September 30, 2022 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
$	0.48		60,000		3.50	$	0.48		60,000	$	0.48
$	0.50		80,000		3.72	$	0.50		80,000	$	0.50
$	0.55		15,000		5.51	$	0.55		15,000	$	0.55
$	0.70		100,000		5.84	$	0.70		100,000	$	0.70
$	0.73		630,000		4.41	$	0.73		630,000	$	0.73
$	0.85		6,000		0.26	$	0.85		6,000	$	0.85
$	0.90		36,000		1.69	$	0.90		36,000	$	0.90
$	1.25		45,000		7.47	$	1.25		30,000	$	1.25
$	1.30		441,000		6.70	$	1.30		431,500	$	1.30
$	1.40		70,000		8.13	$	1.40		70,000	$	1.40
$	1.42		100,000		6.95	$	1.42		100,000	$	1.42
$	1.45		5,000		8.44	$	1.45		1,667	$	1.45
$	1.50		70,000		7.19	$	1.50		70,000	$	1.50
$	1.68		540,000		8.68	$	1.68		540,000	$	1.68
$	1.87		30,000		9.61	$	1.87		–	$	–
$	2.00		100,000		8.57	$	2.00		10,000	$	2.00
$	2.09		246,000		9.36	$	2.09		–	$	–
$	2.26		140,000		9.14	$	2.26		90,000	$	2.26
$	0.48–2.26		2,714,000		6.83	$	1.33		2,270,167	$	1.20

The aggregate intrinsic value of the Company’s in-the-money outstanding and exercisable options as of September 30, 2022 was $1,982,850 and $1,951,825, respectively.