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4. STOCK-BASED COMPENSATION
 9 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION

4. STOCK-BASED COMPENSATION

 

The following table summarizes stock-based compensation expense for the three and nine months ended March 31, 2020 and 2019:

 

   Three Months
Ended March 31,		   Nine Months
Ended March 31,		 
   2020   2019   2020   2019 
Cost of Goods Sold  $11,233   $–   $33,699   $– 
Research and Development   21,346    2,411    46,714    7,233 
Selling, General and Administrative   42,988    480    346,365    348,870 
Stock Based Compensation Expense  $75,567   $2,891   $426,778   $356,103 

  

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, 2020:

 

    Options Outstanding  
    Number of
Shares		     Weighted Average
Exercise Price		     Weighted Average
Contractual Life		  
Outstanding at June 30, 2019     1,819,500     $    0.87       7.05 years  
Granted     315,000                  
Exercised     (47,500 )                
Expired or Cancelled     (14,200 )                
Outstanding at March 31, 2020     2,072,800     $ 0.95       6.82 years  

 

Information related to the stock options outstanding as of March 31, 2020 is as follows:

 

Range of Exercise
Prices		     Number of
Shares		     Weighted-
Average
Remaining
Contractual Life
(years)		     Weighted-
Average
Exercise
Price		     Exercisable
Number of
Shares		     Exercisable
Weighted-
Average
Exercise
Price		  
$ 0.27       40,000       1.29     $ 0.27       40,000     $ 0.27  
$ 0.48       60,000       6.00     $ 0.48       60,000     $ 0.48  
$ 0.50       100,000       5.22     $ 0.50       100,000     $ 0.50  
$ 0.55       44,000       3.96     $ 0.55       44,000     $ 0.55  
$ 0.70       100,000       8.35     $ 0.70       100,000     $ 0.70  
$ 0.73       786,000       6.56     $ 0.73       786,000     $ 0.73  
$ 0.85       6,000       2.76     $ 0.85       6,000     $ 0.85  
$ 0.90       36,000       4.19     $ 0.90       36,000     $ 0.90  
$ 1.20       207,800       1.92     $ 1.20       207,800     $ 1.20  
$ 1.25       45,000       1.25     $ 1.25       -     $ -  
$ 1.30       478,000       9.20     $ 1.30       -     $ -  
$ 1.42       100,000       9.45     $ 1.42       -     $ -  
$ 1.50       70,000       9.96     $ 1.50       70,000     $ 1.50  
$ 0.27–$1.50       2,072,800       6.82     $ 0.95       1,449,800     $ 0.79  

 

The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of the three and nine months ended March 31, 2020 was $941,830 and $887,280, respectively.

 

Common Stock Award

 

On August 2, 2018, the Company awarded its Chief Executive Officer 300,000 shares of common stock for services performed through June 30, 2018. The fair market value of the 300,000 shares on the award date equal to $210,000 has been recorded as general and administrative stock-based compensation expense in the quarter ended September 30, 2018. As of March 31, 2020, all 300,000 shares have been issued.