STOCKHOLDERS’ EQUITY

6 Months Ended

Dec. 31, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 8. STOCKHOLDERS’ EQUITY

Stock-based Compensation

During the three and six months ended December 31, 2023 the Company granted stock options for the purchase of 75,000 and 315,881 shares, respectively, with a weighted average grant date fair values of $1.00 and $1.11 per share, respectively. The fair value of the options granted were estimated using the following assumptions:

	Three and Six Months Ended December 31, 2023
Expected volatility		159% - 197	%
Expected term		6.3 years
Risk-Free interest rate		3.5% - 4.7	%
Expected dividend yield		0	%

	Stock Options
	Number of Options			Weighted Average Exercise Price
Outstanding at July 1, 2023		270,000		$	1.61
Granted		315,881		$	1.15
Forfeited		(20,000	)	$	1.64
Outstanding and expected to vest at December 31, 2023		565,881		$	1.35
Exercisable as of December 31, 2023		12,500		$	1.45

As of December 31, 2023, there was $0.6 million of unrecognized compensation expense related to outstanding stock options that will be recognized over a remaining weighted average period of 3.5 years. As of December 31, 2023, the weighted average remaining contractual life of the outstanding stock options was 9.4 years.

The following table summarizes the restricted stock activities for the six months ended December 31, 2023.

	Restricted Stock Awards
	Number of RSAs			Weighted Average Grant Date Fair Value
Nonvested as of July 1, 2023		288,733		$	1.36
Granted		447,543		$	1.03
Vested		(26,716	)	$	1.35
Nonvested as of December 31, 2023		709,560		$	1.15

During the three and six months ended December 31, 2023, the Company granted zero and 447,543 restricted stock awards (“RSAs”) with a weighted average grant date fair value of $1.03 per share and a total fair value at date of grant of $0.5 million. The intrinsic value of outstanding RSAs was $0.8 million as of December 31, 2023. Stock-based compensation relating to RSAs totaled $0.1 million and zero for the three months ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there was $0.7 million of unrecognized compensation expense related to outstanding RSAs that will be recognized over a remaining weighted average period of 3.2 years.

The table below summarizes total remaining stock-based compensation for all outstanding awards (in thousands):

Years Ending June 30,
Remainder of fiscal 2024	$	229
2025		496
2026		368
2027		198
2028		17
Total stock-based compensation	$	1,308

The aggregate expected stock-based compensation expense remaining to be recognized reflects only awards as of December 31, 2023 and assumes no forfeiture activity and will be recognized over a weighted-average period of 3.2 years.