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Stock-Based Compensation (Tables)
9 Months Ended
Mar. 31, 2024
Stock-Based Compensation [Abstract]  
Schedule of Restricted Stock Awards The following is a schedule summarizing restricted stock awards for the periods indicated:
   March 31, 2024 
   Three Months Ended   Nine Months Ended 
   Number of
Shares
   Weighted
Average
Grant Date
Fair Value
per Price
   Number of
Shares
   Weighted
Average
Grant Date
Fair Value
per Price
 
Beginning balance   17,944   $1.90    75,293   $1.97 
Issued   
-
    
-
    
-
    
-
 
Vested   (3,674)   1.90    (61,023)   1.98 
Forfeited   
-
    
-
    
-
    
-
 
Ending balance   14,270   $1.90    14,270   $1.90 
   March 31, 2023 
   Three Months Ended   Nine Months Ended 
   Number of
Shares
   Weighted
Average
Grant Date
Fair Value
per Price
   Number of
Shares
   Weighted
Average
Grant Date
Fair Value
per Price
 
Beginning balance   296,022   $1.95    344,426   $1.90 
Issued   
-
    
-
    150,000    2.00 
Vested   (124,202)   1.93    (322,606)   1.92 
Forfeited   
-
    
-
    
-
    
-
 
Ending balance   171,820   $1.95    171,820   $1.95 
Schedule of Estimates the Fair Value of Each Option Award The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The Company used the following assumptions for to estimate the fair value of stock options for the period presented:
   Nine months Ended
December 31,
2023
 
Weighted-average fair value   $ 2.52 
Expected volatility   104.9% – 113.9%
Expected term   5.0 years – 6.2 years 
Dividend yield   0.00%
Risk-free interest rate   3.94% – 4.92% 
Schedule of Stock Option Activity The following is a schedule summarizing stock option activities for the periods presented:
   Number of
Options
   Weighted
Average
Exercise Price
   Aggregate
Intrinsic
Value (1)
 
Outstanding at January 1, 2024   961,125   $    2.35   $566,485 
Granted   107,321   $3.00      
Exercised   
-
    
-
      
Expired/forfeited   (114,625)  $2.10      
Outstanding at March 31, 2024   953,821   $2.45   $529,443 
Exercisable at March 31, 2024   440,022   $2.28   $320,357 
                
Outstanding at January 1, 2023   858,750   $2.01   $846,250 
Granted   147,250    3.00      
Exercised   
-
    
-
      
Expired/forfeited   
-
    
-
      
Outstanding at March 31, 2023   1,006,000   $2.16   $1,449,850 
Exercisable at March 31, 2023   307,375   $2.02   $486,613 
(1) Represents the excess of the fair value on the last day of period (which was $3.00 and $3.60 as of March 31, 2024 and 2023, respectively) over the exercise price, multiplied by the number of options.
   Number of
Options
   Weighted
Average
Exercise Price
   Aggregate
Intrinsic
Value (1)
 
Outstanding at July 1, 2023   1,034,000   $   2.31   $639,775 
Granted   120,821   $3.01      
Exercised   
-
    
-
      
Expired/forfeited   (201,000)  $2.08      
Outstanding at March 31, 2024   953,821   $2.45   $529,443 
Exercisable at March 31, 2024   440,022   $2.28   $320,357 
                
Outstanding at July 1, 2022   817,500   $2.00   $
-
 
Granted   308,250    2.41      
Exercised   
-
    
-
      
Expired/forfeited   (120,000)   2.00      
Outstanding at March 31, 2023   1,006,000   $2.16   $1,449,850 
Exercisable at March 31, 2023   307,375   $2.02   $486,613 
(1) Represents the excess of the fair value on the last day of period (which was $3.00 and $3.60 as of March 31, 2024 and 2023, respectively) over the exercise price, multiplied by the number of options.