Stock Based Compensation

3 Months Ended

Sep. 30, 2023

Stock Based Compensation

Stock Based Compensation

Note 12. Stock Based Compensation

The Board of Directors of the Company may from time to time, in its discretion grant to directors, officers, consultants and employees of the Company, non-transferable options to purchase common shares. The options are exercisable for a period of up to 10 years from the date of the grant.

The following table reflects the continuity of stock options for the three months ended September 30, 2023:

A summary of stock option activity is as follows:

			Weighted		Average
			Average		Remaining		Aggregated
	Options		Exercise		Contractual		Intrinsic
	Outstanding		Price		Life (Years)		Value
Outstanding at June 30, 2023		4,839,278	$	3.31		6.23	$	1,342,280
Exercised		-		-		-		-
Forfeited		378,000	$	4.34		3.78
Granted		-		-		-		-
Options outstanding at September 30, 2023		4,461,278	$	3.17		6.30		372,856
Options exercisable at September 30, 2023 (vested)		4,099,778	$	3.03		6.49	$	372,856

Stock-based compensation expense attributable to stock options was $421,887 and $927,326 for the three months ended September 30, 2023, and 2022, respectively.  As of September 30, 2023, there was $1,032,725 of unrecognized compensation expense related to unvested stock options outstanding, and the weighted average vesting period for those options was approximately 2 years.

There were no stock options granted during the three months ended September 30, 2023.

There were 4,648,624 shares available for issuance as of September 30, 2023, under the 2019 Plan as amended.