Stockholders' Equity

3 Months Ended

Sep. 30, 2024

Stockholders’ Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Series Seed Preferred Stock

For the Three Months Ended September 30, 2023

On July 16, 2023, the Company issued 1,000,000 shares of class A common stock upon the conversion of 1,000,000 shares of series seed preferred stock.

As of September 30, 2023, 3,000,000 shares of series seed preferred stock were issued and outstanding.

For the Three Months Ended September 30, 2024

No shares of Series Seed Preferred Stock existed as of September 30, 2024.

Common Stock

For the Three Months Ended September 30, 2023

On July 17, 2023, the Company issued 940,000 shares of class B common stock upon the conversion of 940,000 shares of class A common stock. On July 24, 2023, the Company issued 370,000 shares of class B common stock upon the conversion of 370,000 shares of class A common stock.

As of September 30, 2023, there were 350,000 shares of class A common stock and 3,105,940 shares of class B common stock issued and outstanding.

For the Three Months Ended September 30, 2024

On July 12, 2024, the Company issued 5,000 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan (as defined below). On September 19, 2024, the Company issued 4,166 shares of class B common stock upon vesting of a restricted stock unit award granted under the 2022 Plan.

As of September 30, 2024, there were 270,000 shares of class A common stock and 7,970,085 shares of class B common stock issued and outstanding.

Stock Options

No options were issued during the three months ended September 30, 2024.

Warrants

No warrants were issued during the three months ended September 30, 2024.

Restricted Stock Awards

On September 19, 2024, the Company granted a restricted stock unit award under the 2022 Plan for 585,000 shares of class B common stock, of which 150,000 shares will vest in equal parts over the course of thirty-six (36) months, with 1/36th vesting each month commencing on the grant date and thereafter on the same day of the month as the grant date, and the remaining shares will vest as the Company achieves certain sales targets in a twelve-month period.

Stock-based Compensation

Total stock compensation expense for the three months ended September 30, 2024 was $182,400. Total stock compensation expense for the three months ended September 30, 2023 was $63,960. As of September 30, 2024, total unrecognized stock compensation expense was $1,014,374 with the weighted average period over which it is expected to be recognized of 2.11 years.