STOCK-BASED COMPENSATION

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCK-BASED COMPENSATION

5. STOCK-BASED COMPENSATION

Stock Options

The following table summarizes stock-based compensation expense for the three months ended March 31, 2024 and 2023. 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.

	Three Months Ended March 31,				Nine Months Ended March 31,
	2024		2023		2024		2023
Cost of Goods Sold	$	34,876	$	9,556	$	79,377	$	25,410
Research and Development		–		41,140		–		122,198
Selling, General and Administrative		223,338		399,918		670,014		622,182
Stock Based Compensation Expense	$	258,214	$	450,014	$	749,391	$	769,790

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, 2024:

	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		285,257		$	5.76		–
Exercised		(2,000	)		2.70		–
Cancelled, forfeited, or expired		(4,999	)		6.00
Outstanding at March 31, 2024		1,405,398		$	4.75		6.86 years

The aggregate intrinsic value of the Company’s in-the-money outstanding and exercisable options as of March 31, 2024 were both $1,511,424.