Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Schedule of reconciliation between the balance sheet and the statement of cash flows

	2022		2021
Cash and cash equivalents	$	3,317,047	$	726,223
Restricted Cash		1,729,600		—
Total cash, cash equivalents and restricted cash	$	5,046,647	$	726,223

Schedule of information is necessary to calculate earnings per share

The following information is necessary to calculate earnings per share for the periods presented:

Year ended June 30,	2022		2021		2020
Net income (loss), as reported	$	(5,361,428)	$	1,687,188	$	(3,014,100)
Weighted average common shares outstanding		4,013,537		4,013,537		4,013,537
Effect of dilutive stock options		—		12,909		—
Weighted average diluted common shares outstanding		4,013,537		4,026,446		4,013,537
Net income (loss) per common share
Basic	$	(1.34)	$	0.42	$	(0.75)
Diluted	$	(1.34)	$	0.42	$	(0.75)
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive		—		20,250		—

Schedule of the weighted average assumptions utilized in the Black-Scholes option pricing model for options granted

	2022			2021			2020
Weighted-average fair value	$	4.29		$	6.44		$	0.61
Weighted-average volatility		114	%		109	%		53	%
Weighted-average expected life (in years)		6.0			6.0			6.0
Weighted-average risk-free interest rate		1.34	%		0.52	%		1.77	%
Dividend yield		0	%		0	%		0	%