STOCK-BASED COMPENSATION

6 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCK-BASED COMPENSATION

5. STOCK-BASED COMPENSATION

Stock Options

The following table summarizes stock-based compensation expense for the three months ended December 31, 2023 and 2022. The share amounts and prices shown below reflect adjustment for a 1-for-3 reverse stock split that took effect after the close of business on November 1, 2022.

The following table summarizes stock-based compensation expense for the three and six months ended December 31, 2022 and 2021:

	Three Months Ended December 31,				Six Months Ended December 31,
	2023		2022		2023		2022
Cost of Goods Sold	$	21,876	$	9,556	$	44,502	$	15,854
Research and Development		–		50,302		–		81,058
Selling, General and Administrative		360,555		184,928		446,675		222,864
Stock Based Compensation Expense	$	382,431	$	244,786	$	491,177	$	319,776

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

The following tables summarize stock option activity for the three months ended December 31, 2023:

	Options Outstanding
	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding at June 30, 2023		1,127,140		$	4.54		6.88 years
Granted		135,000			5.95		–
Exercised		(1,000	)		2.70		–
Cancelled, forfeited, or expired		(4,999	)		6.00
Outstanding at December 31, 2023		1,256,141		$	4.65		6.98 years

Information related to the stock options outstanding as of December 31, 2023 is as follows:

The aggregate intrinsic value of the Company’s in-the-money outstanding and exercisable options as of December 31, 2023 was $1,874,731 and $1,872,040, respectively.