Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Aug. 09, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity File Number | 001-39015 | ||
Entity Registrant Name | BIOVIE INC. | ||
Entity Central Index Key | 0001580149 | ||
Entity Tax Identification Number | 46-2510769 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 680 W Nye Lane Suite 204 | ||
Entity Address, City or Town | Carson City | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89703 | ||
City Area Code | 775 | ||
Local Phone Number | 888-3162 | ||
Title of 12(b) Security | Class A Common Stock, $.0001 par value per share | ||
Trading Symbol | BIVI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 86,033,369 | ||
Entity Common Stock, Shares Outstanding | 36,803,768 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | EisnerAmper LLP | ||
Auditor Firm ID | 274 | ||
Auditor Location | Iselin, New Jersey |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 19,460,883 | $ 18,641,716 |
Investments in U.S. Treasury Bills | 14,477,726 | |
Prepaids and other assets | 102,526 | 137,879 |
Total current assets | 34,041,135 | 18,779,595 |
Operating lease right-of-use assets | 80,789 | 118,254 |
Intangible assets, net | 637,095 | 866,472 |
Goodwill | 345,711 | 345,711 |
Other assets, non-current | 4,562 | |
TOTAL ASSETS | 35,104,730 | 20,114,594 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 3,476,259 | 2,442,804 |
Current portion of other liabilities | 48,385 | 1,304,925 |
Current portion of operating lease liabilities | 44,909 | 38,884 |
Current portion of Note payable, net of financing cost, unearned premium and discount of $894,926 at June 30, 2023 | 9,105,074 | |
Warrant liabilities | 894,280 | 194,531 |
Embedded derivative liability | 925,762 | 188,030 |
Total current liabilities | 14,494,669 | 4,169,174 |
Other liabilities, net of current portion | 48,385 | |
Operating lease liabilities, net of current portion | 42,505 | 87,414 |
Note payable, net of current portion, financing cost, unearned premium and discount of $227,268 at June 30, 2023 and $2,861,314 at June 30, 2022 | 5,227,270 | 12,138,686 |
TOTAL LIABILITIES | 19,764,444 | 16,443,659 |
STOCKHOLDERS EQUITY : | ||
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 800,000,000 shares authorized at June 30, 2023 and June 30, 2022, respectively; 36,451,829 shares issued of which 36,428,949 shares outstanding at June 30, 2023 and 24,984,083 issued and outstanding at June 30, 2022; | 3,643 | 2,496 |
Additional paid in capital | 316,385,759 | 254,638,329 |
Accumulated other comprehensive income | 176,591 | |
Accumulated deficit | (301,225,705) | (250,969,890) |
Treasury stock | (2) | |
Total stockholders equity | 15,340,286 | 3,670,935 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 35,104,730 | $ 20,114,594 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Unearned premium and discount current | $ 894,926 | |
Unearned premium and discount | $ 227,268 | $ 2,861,314 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares Issued | 36,451,829 | 24,984,083 |
Common Stock, Shares Outstanding | 36,428,949 | 24,984,083 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING EXPENSES: | ||
Amortization | $ 229,377 | $ 229,377 |
Research and development expenses | 33,299,503 | 17,258,341 |
Selling, general and administrative expenses | 11,551,568 | 9,765,259 |
TOTAL OPERATING EXPENSES | 45,080,448 | 27,252,977 |
LOSS FROM OPERATIONS | (45,080,448) | (27,252,977) |
OTHER EXPENSE (INCOME): | ||
Change in fair value of derivative liabilities | 1,437,481 | (3,287,418) |
Interest expense | 4,300,150 | 2,162,989 |
Interest income | (562,264) | (44,080) |
TOTAL OTHER EXPENSE (INCOME), NET | 5,175,367 | (1,168,509) |
NET LOSS | (50,255,815) | (26,084,468) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (50,255,815) | $ (26,084,468) |
NET LOSS PER COMMON SHARE | ||
- Basic | $ (1.55) | $ (1.06) |
- Diluted | $ (1.55) | $ (1.06) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ||
- Basic | 32,483,489 | 24,662,557 |
- Diluted | 32,483,489 | 24,662,557 |
NET LOSS | $ (50,255,815) | $ (26,084,468) |
Other comprehensive income | ||
Unrealized gain on investments for available-for-sale | 176,591 | |
Other comprehensive income | 176,591 | |
Comprehensive loss | $ (50,079,224) | $ (26,084,468) |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stocks [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 2,232 | $ 229,933,505 | $ (224,885,422) | $ 5,050,315 | ||
Beginning balance, shares at Jun. 30, 2021 | 22,333,324 | |||||
Stock option-based compensation | 5,807,871 | 5,807,871 | ||||
Proceeds from issuance of common stock, net costs of $2,008,898 | $ 259 | 18,510,750 | 18,511,009 | |||
Proceeds from issuance of common stock, shares | 2,592,000 | |||||
Stock-based compensation – restricted stock units | $ 5 | 386,203 | 386,208 | |||
Stock-based compensation - restricted stock units, Shares | 58,759 | |||||
Net loss | (26,084,468) | (26,084,468) | ||||
Ending balance, value at Jun. 30, 2022 | $ 2,496 | 254,638,329 | (250,969,890) | 3,670,935 | ||
Ending balance, shares at Jun. 30, 2022 | 24,984,083 | |||||
Stock option-based compensation | 4,222,845 | 4,222,845 | ||||
Stock-based compensation – issuance of common stock | $ 5 | 372,495 | 372,500 | |||
Stock-based compensation - issuance of common stock, shares | 50,000 | |||||
Cashless exercise of options | $ 3 | (3) | ||||
Cashless exercise of options, shares | 22,563 | |||||
Cashless exercise of warrants | ||||||
Cashless exercise of warrants, shares | 3,590 | |||||
Proceeds from exercise of options | 2,240 | 2,240 | ||||
Proceeds from exercise of options, shares | 800 | |||||
Proceeds from issuance of common stock, net costs of $2,008,898 | $ 754 | 49,464,349 | 49,465,103 | |||
Proceeds from issuance of common stock, shares | 7,539,254 | |||||
Stock-based compensation – restricted stock units | $ 21 | 1,780,028 | $ (2) | 1,780,047 | ||
Stock-based compensation - restricted stock units, Shares | 215,175 | (22,880) | ||||
Proceeds from issuance of common stock, net of costs of $94,160 – Related Party | $ 364 | 5,905,476 | 5,905,840 | |||
Proceeds from issuance of common stock related party, shares | 3,636,364 | |||||
Unrealized gain on available-for-sale securities | 176,591 | 176,591 | ||||
Net loss | (50,255,815) | (50,255,815) | ||||
Ending balance, value at Jun. 30, 2023 | $ 3,643 | $ 316,385,759 | $ (2) | $ 176,591 | $ (301,225,705) | $ 15,340,286 |
Ending balance, shares at Jun. 30, 2023 | 36,451,829 | (22,880) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (50,255,815) | $ (26,084,468) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of intangible assets | 229,377 | 229,377 |
Stock based compensation – restricted stock units | 1,780,047 | 386,208 |
Stock based compensation expense – stock options | 4,222,845 | 5,807,871 |
Stock based compensation expense – stock issued | 372,500 | |
Amortization of financing costs | 170,219 | 99,295 |
Accretion of unearned loan discount | 1,601,445 | 934,177 |
Accretion of loan premium | 421,994 | 165,278 |
Change in operating lease right-of-use assets | 37,465 | 8,044 |
Change in fair value of derivative liabilities | 1,437,481 | (3,287,418) |
Changes in operating assets and liabilities: | ||
Prepaids and other assets | 39,915 | (48,954) |
Accounts payable and accrued expenses | 1,033,455 | 1,446,430 |
Operating lease liabilities | (38,884) | |
Other liabilities | (1,304,925) | 1,353,310 |
Net cash used in operating activities | (40,252,881) | (18,990,850) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of U.S. Treasury Bills | (14,301,135) | |
Net cash used in investing activities | (14,301,135) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds from issuance of common stock | 49,465,103 | 18,511,009 |
Proceeds from note payable net of financing costs | 14,609,915 | |
Proceeds from exercise of stock options | 2,240 | |
Net proceeds from issuance of common stock – Related Party | 5,905,840 | |
Net cash provided by financing activities | 55,373,183 | 33,120,924 |
Net increase in cash and cash equivalents | 819,167 | 14,130,074 |
Cash and cash equivalents, beginning of period | 18,641,716 | 4,511,642 |
Cash and cash equivalents, end of period | 19,460,883 | 18,641,716 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 2,106,491 | 964,241 |
SCHEDULE OF NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Right of use assets obtained in exchange for lease obligations | 130,039 | |
Unrealized gain on U.S. Treasury Bills | $ 176,591 |
Background Information
Background Information | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background Information | 1. Background Information BioVie Inc. (the Company or we or our) is a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including neurological and neuro-degenerative disorders and liver disease. The Company acquired the biopharmaceutical assets of NeurMedix, Inc. (NeurMedix), from a related party privately held clinical-stage pharmaceutical company, in June 2021. The acquired assets included NE3107, a potentially selective inhibitor of inflammatory extracellular single-regulated kinase(ERK) signaling that, based on animal studies and is believed to reduce neuroinflammation. NE3107 is a novel orally administered small molecule that is thought to inhibit inflammation-driven insulin resistance and major pathological inflammatory cascades with a novel mechanism of action. There is emerging scientific consensus that both inflammation and insulin resistance may play fundamental roles in the development of Alzheimers Disease (AD) and Parkinsons Disease (PD), and NE3107 could, if approved represent an entirely new medical approach to treating these devastating conditions affecting an estimated 6 million Americans suffering from AD and 1 million Americans suffering from PD. The Company is conducting a potentially pivotal Phase 3 randomized, double-blind, placebo-controlled, parallel-group, multicenter study to evaluate NE3107 in patients who have mild to moderate Alzheimers disease (NCT04669028). The Company is targeting primary completion of this study in the fourth quarter of calendar year 2023. The Company completed its Phase 2 study assessing NE3107 in Parkinsons disease patients in the fourth quarter of calendar year 2022. The NM201 study (NCT05083260) was a double-blind, placebo-controlled, safety, tolerability, and pharmacokinetics study in Parkinsons disease (PD) participants treated with carbidopa/levodopa and NE3107. The study was primarily designed to assess safety (general safety in the patient population and potential for drug-drug interactions of NE3107 with levodopa); and secondary, to look for indications of promotoric activity akin to promotoric activity and apparent enhancement of levodopa activity observed in preclinical models. Both the safety and efficacy objectives of the study were met. Neuroinflammation, insulin resistance, and oxidative stress are common features in the major neurodegenerative diseases, including Alzheimers Disease (AD), Parkinsons Disease (PD), frontotemporal lobar dementia, and Amyotrophic lateral sclerosis (ALS). NE3107 is an orally bioavailable, blood-brain permeable, small molecule, with potential anti-inflammatory, insulin sensitizing, and ERK-binding properties that may allow it to selectively inhibit ERK-, NFκB- and TNF-stimulated inflammation. NE3107s potential to inhibit neuroinflammation and insulin resistance forms the basis for the Companys work testing the molecule in AD and PD patients. NE3107 is patented in the United States, Australia, Canada, Europe and South Korea. The Company’s Orphan Drug candidate BIV201 (continuous infusion terlipressin), with FDA Fast Track status, is being evaluated in a U.S. Phase 2b study (NCT04112199) for the treatment of refractory ascites due to liver cirrhosis. BIV201 is administered as a patent-pending liquid formulation. The study was closed before full enrollment, without clinically meaningful adverse effects associated with BIV201 treatment. While the active agent is approved in the U.S. and in about 40 countries for related complications of advanced liver cirrhosis, treatment of ascites is not included in these authorizations. Patients with refractory ascites suffer from frequent life-threatening complications, generate more than $5 billion in annual treatment costs, and have an estimated 50% mortality rate within 6 to 12 months. The U.S. Food and Drug Administration (“FDA”) has not approved any drug to treat refractory ascites. The BIV201 development program was initiated by LAT Pharma LLC (LAT Pharma). On April 11, 2016, the Company acquired LAT Pharma and the rights to its BIV201 development program. The Company currently owns all development and marketing rights to this drug candidate. Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016, between our predecessor entities, LAT Pharma and NanoAntibiotics, Inc., the Company is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin), if approved, to be shared by the members of LAT Pharma, PharmaIn Corporation and The Barrett Edge, Inc. |
Liquidity and Going Concern
Liquidity and Going Concern | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern | 2. Liquidity and Going Concern The Company’s operations are subject to a number of factors that can affect its operating results and financial conditions. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, Company products; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; and the Company’s ability to raise capital. The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2023 the Company had working capital of approximately $ 19.5 33.9 15.3 301 The future viability of the Company is largely dependent upon its ability to raise additional capital to finance its operations. Management expects that future sources of funding may include sales of equity, obtaining loans, or other strategic transactions. The Impact of COVID-19 pandemic created a widespread labor shortage, including a shortage of medical professionals, and has impacted and may continue to impact the potential patient participation in our studies, which may adversely impact our ability to continue or complete our clinical trials in the planned timeline. Although management continues to pursue the Companys strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Companys ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and include all adjustments necessary for the fair presentation of the Companys financial position for the periods presented. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. The amounts of assets and liabilities reported in the Companys balance sheet and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, accounting for clinical accruals, share-based compensation, accounting for derivatives, assumptions used in leases and recoverability of intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with impairment testing and accounting for income taxes. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents consisted of cash deposits and money market funds held at a bank and funds held in a brokerage account which included a U.S. treasury money market fund and U.S. Treasury Bills with original maturities of three months or less. Investments in U.S. Treasury Bills Investments in U.S. Treasury Bills with maturities greater than three months, are accounted for as available for sale and are recorded at fair value. Unrealized gains were included in other comprehensive income in the accompanying statements of operations and comprehensive loss. Concentration of Credit Risk in the Financial Service Industry As of June 30, 2023, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations. Fair value measurement of assets and liabilities We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. The Company’s financial instruments include cash, accounts payable, the carrying value of the operating lease liabilities and notes payable. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. The carrying amounts of notes payable and operating lease liabilities approximate their fair values since they bear interest at rates which approximate market rates for similar debt instruments. Prepaid and other Assets Prepaid and other assets consist of prepayments of certain expenses and direct costs related to capital raise which will offset proceeds upon the close. Other Assets, non-current Other assets consist of a security deposit for an office lease. Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, current portion of operating lease liabilities, and operating lease liabilities, net of current portion on our balance sheets. ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Companys leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term in its calculation unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right of-use assets or lease liabilities for short-term leases, which have a lease term of 12 months or less at inception, and instead will recognize lease payments as expense on a straight-line basis over the lease term. Research and Development Research and development expenses consist primarily of costs associated with the preclinical and/ or clinical trials of drug candidates, compensation and other expenses for research and development, personnel, supplies and development materials, costs for consultants and related contract research and facility costs. Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Deferred income taxes are measured by applying enacted statutory rates to net operating loss carryforwards and to the differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes uncertainty in income taxes in the financial statements using a recognition threshold and measurement attribute of a tax position taken or expected to be taken in a tax return. The Company applies the more-likely-than-not recognition threshold to all tax positions, commencing at the adoption date of the applicable accounting guidance, which resulted in no unrecognized tax benefits as of such date. Additionally, there have been no unrecognized tax benefits subsequent to adoption. The Company has opted to classify interest and penalties that would accrue, if any, according to the provisions of relevant tax law as general and administrative expenses, in the Statements of Operations and Comprehensive Loss. For the years ended June 30, 2023 and 2022, there was no Net Loss per Common Share Basic net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding and potentially outstanding shares of Common Stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, and convertible debentures. For the years ended June 30, 2023 and 2022, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive due to the net loss for the periods. The table below shows the number of outstanding stock options, warrants and restricted stock units as of June 30: Schedule of Dilutive securities were excluded from the computation of diluted loss per share June 30, 2023 June 30, 2022 Number of Shares Number of Shares Stock Options 3,952,864 3,398,764 Warrants 7,770,285 510,372 Restricted Stock Units 596,457 124,520 Total 12,319,606 4,033,656 Stock-based Compensation The Company has accounted for stock-based compensation under the provisions of FASB ASC 718 – Stock Compensation which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and Common Stock purchase warrants). For employee awards, the fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the fair value of each stock option award is estimated on the measurement date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the Company utilizes the graded vesting attribution method under which the entity treats each separately vesting portion (tranche) as a separate award and recognizes compensation cost for each tranche over its separate vesting schedule. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. For employee awards, the expected term of options granted is derived using the simplified method which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. The Company recognizes forfeitures as they occur. Goodwill Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Companys impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit. To determine the fair value of the reporting unit, the Company may use various approaches including an asset or cost approach, market approach or income approach or any combination thereof. These approaches may require the Company to make certain estimates and assumptions including future cash flows, revenue and expenses. These estimates and assumptions are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Companys routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. The Company did no Impairment of Long-Lived Assets Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its undiscounted estimated future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Generally, fair value is determined using valuation techniques such as expected discounted cash flows or appraisals, as appropriate. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated or amortized. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheets. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (ASUs). There were no recent ASUs that are expected to have a material impact on our balance sheets or statements of operations and comprehensive loss. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments --Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect a material impact from the adoption of ASU 2016-13 on the financial statements. |
Investments in U.S. Treasury Bi
Investments in U.S. Treasury Bills available for sale | 12 Months Ended |
Jun. 30, 2023 | |
Investments In U.s. Treasury Bills Available For Sale | |
Investments in U.S. Treasury Bills available for sale | 4. Investments in U.S. Treasury Bills available for sale The following is a summary of the U.S. Treasury Bills held at June 30, 2023: Schedule of U.S. treasury bills held Amortized Cost Basis Gross Unrealized Gain Gross Unrealized loss Fair Value Total Accumulated Other Comprehensive Income U.S. Treasury Bills due is 3 - 6 months $ 14,301,136 $ 176,591 $ — $ 14,477,726 $ 176,591 The Company purchased a total of approximately $ 46 18 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The Companys intangible assets consist of intellectual property acquired from LAT Pharma, Inc. and are amortized over their estimated useful lives. The following is a summary of the intangible assets as of June 30, 2023 and 2022: Schedule of intangible assets June 30, 2023 June 30, 2022 Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,656,675 ) (1,427,298 ) Intellectual Property, Net $ 637,095 $ 866,472 Amortization expense amounted to $ 229,377 10 years Estimated future amortization expense is as follows: Schedule of future amortization expense Year ending June 30, 2024 $ 229,377 2025 229,377 2026 178,341 $ 637,095 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions Equity Transactions with Acuitas On July 15, 2022, the Company entered into a securities purchase agreement with Acuitas Group Holdings, LLC (Acuitas), the Companys majority stockholder, pursuant to which Acuitas agreed to purchase from the Company, in a private placement, (i) an aggregate of 3,636,364 Asset Acquisition with NeurMedix On April 27, 2021, the Company entered into an Asset Purchase Agreement (“APA”) with NeurMedix and Acuitas, which are related party affiliates, pursuant to which the Company acquired certain assets from NeurMedix and assumed certain liabilities of NeurMedix. The acquired assets include, among others, certain assets related to the drug candidates then being developed by NeurMedix, including NE3107. On June 10, 2021, and pursuant to the terms of the APA, the Company issued to Acuitas (as NeurMedix’s assignee) 8,361,308 shares of the Company’s Common Stock and made a cash payment to Acuitas of approximately $2.3 million. Since the transaction was between entities under common control, there were no fair value adjustments of the purchased assets, and the historical cost basis of the purchased assets was zero. The total consideration paid was expensed as in process research and development expense in the year ended June 30, 2021. Subject to the terms and conditions of APA, as amended on May 9, 2021, the Company may be obligated to deliver contingent stock consideration to NeurMedix (or its successor) consisting of up to 18 million shares of the Company’s Common Stock, with 4.5 million shares issuable upon the achievement of each of the four milestones related to certain clinical, regulatory and commercial milestones set forth in the APA, subject to a cap limiting the issuance of shares if such issuance would result in the beneficial ownership of NeurMedix and its affiliates exceeding 87.5% of the Company’s issued and outstanding Common Stock. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 7. Other Liabilities The current portion of other liabilities at June 30, 2023 and June 30, 2022 were approximately $ 48,400 1.3 48,400 580,614 1,161,000 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable | 8. Notes Payable On November 30, 2021 (the Closing Date), the Company entered into a Loan and Security Agreement and the Supplement to the Loan and Security Agreement and Promissory Notes (together, the Loan Agreement) with Avenue Venture Opportunities Fund, L.P. (AVOPI) and Avenue Venture Opportunities Fund II, L.P. (AVOPII, and together with AVOPI, Avenue) for growth capital loans in an aggregate commitment amount of up to $20 million (the Loan). On the Closing Date, $15 million of the Loan was funded (Tranche 1). The Loan provided for an additional $5 million to be available to the Company on or prior to September 15, 2022, subject to the Companys achievement of certain milestones with respect to certain of its ongoing clinical trials, which were not achieved. The Loan bears interest at an annual rate equal to the greater of (a) the sum of 7.00% 8.25% The Loan Agreement requires monthly interest-only payments during the first eighteen months of the term of the Loan. Following the interest-only period, the Company will make equal monthly payments of principal, plus accrued interest, until the Loans maturity date when all remaining principal and accrued interest is due. If the Company prepays the Loan, it will be required to pay (a) a prepayment fee in an amount equal to 3.0% of the principal amount of the Loan that is prepaid during the interest-only period; and (b) a prepayment fee in an amount equal to 1.0% of the principal amount of the Loan that is prepaid after the interest-only period. At the Loans maturity date, or on the date of the prepayment of the Loan, the Company will be obligated to pay a final payment equal to 4.25% of the Loan commitment amount, the sum of Tranche 1 and Tranche 2. The Loan Agreement includes a conversion option to convert up to $5.0 million of the principal amount of the Loan outstanding at the option of Avenue, into shares of the Companys Common Stock at a conversion price of $6.98 per share. On the Closing Date, the Company issued to Avenue warrants to purchase 361,002 shares of Common Stock of the Company (the Avenue Warrants) at an exercise price per share equal to $5.82. The Avenue Warrants are exercisable until November 30, 2026. The amount of the carrying value of the notes payable was determined by allocating portions of the outstanding principal of the notes; approximately $ 1.4 2.2 3.7 390,000 850,000 4.3 2.1 170,000 1.6 422,000 The total interest expense of approximately $ 2.2 952,000 99,000 165,000 As of June 30, 2023, the remaining principal balance of $15 million under the Loan is payable in 18 monthly equal installments beginning July 1, 2023; for a total of $10.0 million and $5.0 million in the fiscal years ended June 30, 2024 and 2025 respectively. The following is a summary of the Note Payable as of June 30, 2023 and June 30, 2022: Current portion of Notes Payable Schedule of note payable June 30, 2023 June 30, 2022 Current portion of Notes Payable $ 10,000,000 $ — Less debt financing costs (108,751 ) — Less unearned discount (1,023,145 ) — Plus accretion of loan premium 236,970 — Current portion of Notes Payable, net of financing costs, unearned premiums and discount $ 9,105,074 $ — Non-current portion of Notes Payable June 30, 2023 June 30, 2022 Notes Payable $ 5,000,000 $ 15,000,000 Less debt financing costs (11,820 ) (290,790 ) Less unearned discount (111,212 ) (2,735,802 ) Plus accretion of loan premium 350,302 165,278 Notes Payable, net of the current portion financing costs, unearned premiums and discount $ 5,227,270 $ 12,138,686 Estimated future amortization expense and accretion of premium is as follows: Schedule of Estimated future amortization expense and accretion of premium Unearned Discount Debt Financing Costs Loan accretion Premium Year ending June 30, 2024 $ 1,023,145 $ 108,751 $ 236,970 2025 111,212 11,820 25,758 Total $ 1,134,357 $ 120,571 $ 262,728 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements At June 30, 2023 and 2022, the estimated fair value of derivative liabilities measured on a recurring basis are as follows: Schedule of derivative liabilities at fair value Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ 894,280 $ 894,280 Derivative liability - Conversion option on notes payable — — 925,762 925,762 Total derivatives $ — $ — $ 1,820,042 $ 1,820,042 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ 194,531 $ 194,531 Derivative liability - Conversion option on note payable — — 188,030 188,030 Total derivatives $ — $ — $ 382,561 $ 382,561 The following table presents the activity for liabilities measured at fair value using unobservable inputs for the years ended June 30, 2023 and 2022: Fair value, liabilities measured on recurring basis Derivative liabilities - Warrants Derivative liability - Conversion Option on Convertible Debenture Balance at July 1, 2021 $ — $ — Additions to level 3 liabilities 1,456,513 2,213,466 Change in fair value of level 3 liability (1,261,982 ) (2,025,436 ) Transfer in and/or out of Level 3 — — Balance at June 30, 2022 $ 194,531 $ 188,030 Additions to level 3 liabilities — — Change in in fair value of level 3 liability 699,749 737,732 Transfer in and/or out of Level 3 — — Balance at June 30, 2023 $ 894,280 $ 925,762 The fair values of derivative liabilities for the Avenue Warrants and conversion option at June 30, 2023 in the accompanying balance sheet, were approximately $894,000 and approximately $926,000, respectively. The total change in the fair value of the derivative liabilities totaled approximately $1.4 million and $3.3 million for the year ended June 30, 2023, and 2022, respectively; and accordingly, was recorded in the accompanying statements of operations and comprehensive loss. The assumptions used in the Black Scholes model to value the derivative liabilities at June 30, 2023 included the closing stock price of $ 4.31 5.82 3.4 4.4% 92.0% 6.98 1.4 5.18% 92.0% Derivative liability – Avenue Warrants The Company accounts for stock purchase warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under applicable accounting guidance, stock warrants that are precluded from being indexed to the Companys own stock because of full-rachet and anti-dilution provisions or adjustments to the strike price due to an occurrence of a future event are accounted for as derivative financial instruments. The Avenue Warrants were not considered to be indexed to the Companys own stock, and accordingly, were recorded as a derivative liability at fair value in the accompany balance sheets at June 30, 2023 and 2022. The Black Scholes model was used to calculate the fair value of the warrant derivative to bifurcate the warrant derivative amount from the Avenue Loan amount funded. The Avenue Warrants are recorded at their fair values at the date of issuance and remeasured at June 30, 2023. The assumptions used for the fair value calculation at November 30, 2021 included: the closing stock price of $ 6.44 5.82 5 1.14% 74.4% Embedded derivative liability – Conversion Option The embedded derivative liability represents the optional conversion feature of up to $5.0 million of the outstanding Loan, which meets the definition of a derivative and requires bifurcation from the loan amount. The Black Scholes model was used to calculate the fair value of the embedded derivative to bifurcate the embedded derivative amount representing the conversion option from the Loan amount funded. The assumption used for the fair value calculation at November 30, 2021 included: the closing stock price of $ 6.44 6.98 3 0.81% 76.85% Financial assets As of June 30, 2023, investments in U.S. Treasury Bills were valued through use of quoted prices and are classified as Level 1. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories. Measured at fair value on a recurring basis Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Total Cash $ 6,304,543 $ — $ — $ 6,304,543 U.S. Treasury Bills due in 3 months or less 13,156,340 — — 13,156,340 U.S. Treasury Bills due in 3 - 6 months 14,477,726 — — 14,477,726 Total $ 33,938,609 $ — $ — $ 33,938,609 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Cash $ 18,641,716 $ — $ — $ 18,641,716 U.S. Treasury Bills due in 3 months or less — — — — U.S. Treasury Bills due in 3 - 6 months — — — — Total $ 18,641,716 $ — $ — $ 18,641,716 |
Equity Transactions
Equity Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity Transactions | 10. Equity Transactions Stock Options The following table summarizes the activity relating to the Companys stock options for the years ended June 30, 2023 and 2022: Schedule of summarizes the activity relating to the Company’s stock options Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2021 755,200 $ 4.34 4.4 $ 2,569,232 Granted 2,724,689 5.86 7.7 — Options Expired (8,000 ) 29.17 — Options Forfeited (73,125 ) (13.91 ) — — Outstanding at June 30, 2022 3,398,764 7.42 5.5 — Granted 714,667 5.90 8.6 38,610 Options Expired (10,000 ) 28.69 — — Options Canceled (49,667 ) 7.74 — — Options Exercised (100,900 ) 8.12 — — Outstanding at June 30, 2023 3,952,864 $ 7.10 6.3 $ 1,067,966 Exercisable at June 30, 2023 1,473,413 $ 7.68 5.4 $ 315,206 The fair value of each option grant on the date of grant is estimated using the Black-Scholes option. The pricing model reflects the following weighted-average assumptions for the years ended June 30, 2023 and 2022: Schedule of assumptions used June 30, 2023 June 30, 2022 Expected life of options (In years) 6 5 Expected volatility 81.65% 76.47% Risk free interest rate 3.82% 1.56% Dividend Yield 0% 0% Expected volatility is based on the historical volatilities of three comparable companies of the daily closing price of their respective Common Stock and the expected life of options is based on historical data with respect to employee exercise periods. The Company accounts for forfeitures as they are incurred. The Company recorded stock option-based compensation expense of approximately $ 4.2 5.8 The following is a summary of stock options outstanding and exercisable by exercise price as of June 30, 2023: Schedule of summary of stock options outstanding and exercisable Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 1.69 124,520 4.0 41,507 $ 1.81 10,000 3.9 2,000 $ 1.98 72,000 3.9 16,000 $ 2.74 124,167 8.6 35,180 $ 2.80 5,600 1.6 5,600 $ 3.13 4,000 0.6 4,000 $ 3.20 248,167 8.6 79,834 $ 3.24 25,000 8.7 6,667 $ 4.09 175,500 10.0 — $ 5.04 755,000 3.8 377,500 $ 5.21 10,000 9.4 — $ 5.78 148,000 9.9 29,600 $ 6.12 195,000 4.4 97,500 $ 6.25 1,600 0.3 1,600 $ 7.36 124,167 9.8 — $ 7.50 800 1.3 800 $ 7.74 1,241,668 8.1 447,000 $ 7.81 62,000 9.8 — $ 8.75 1,600 0.8 1,600 $ 9.54 800 2.3 800 $ 9.90 800 2.3 800 $ 13.91 618,475 2.5 321,425 $ 42.09 4,000 2.6 4,000 3,952,864 1,473,413 Issuance of Common Stock through exercise of Stock Options and Warrants In December 2022, the Company issued 22,082 99,300 7.64 In November 2022, the Company issued 800 800 2.80 In October 2022, the Company issued 3,590 8,000 2.25 In May 2023, the Company issued 481 800 3.13 Issuance of common stock for cash During the three months ended September 30, 2021, the Company issued 2,592,000 18.5 2.2 On August 31, 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and B. Riley Securities, Inc. (collectively, the “Agents”), pursuant to which the Company may issue and sell from time-to-time shares of the Company’s common stock through the Agents, subject to the terms and conditions of the Sales Agreement. On April 6, 2023, the Company and B. Riley Securities, Inc. mutually agreed to terminate B. Riley Securities, Inc.’s role as a sales agent under the Sales Agreement. During the year ended June 30, 2023, the Company sold 7,539,254 49.5 2.0 Issuance of restricted stock units for services On August 20, 2021, the Company awarded 58,759 7.74 58,759 384,456 On June 21, 2022, the Company awarded 124,520 41,506 5.90 243,000 1,754 On November 23, 2022, the Company awarded 381,976 6.12 584,424 72,612 25% 22,880 On November 23, 2022, the Company issued equity awards for the Board of Directors annual compensation. Four directors received RSUs to purchase a total of 155,636 6.12 952,492 195,000 6.12 791,700 1,744,192 39,088 39,088 On June 20, 2023, the Company awarded 149,500 Compensation expense related to vested RSUs for the year ended June 30, 2023 was approximately $1.8 million. The following table summarizes vesting of restricted common stock: Schedule of vesting of restricted common stock Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at June 30, 2021 — $ — Granted 124,520 1.69 Unvested at June 30, 2022 124,520 1.69 Granted 687,112 5.89 Vested (215,175 ) 5.27 Unvested at June 30, 2023 596,457 $ 5.24 Issuance of Shares for Services On April 6, 2023, the Company awarded 50,000 7.45 372,500 Issuance of Stock Options under the 2019 Omnibus Plan. On August 20, 2021, the Company granted stock options to purchase 1,365,835 5 7.74 On April 5, 2022, the Company granted stock options to purchase 755,000 shares of Common Stock to the independent directors of the board as compensation for services at an exercise price of $ 5.04 per share, the grant date fair value. 25% of the shares underlying the options awarded vested on the grant date, and the remaining 75% vest ratably over three 3 years on the first, second, and third anniversary of the grant date. The options terminate on the earlier of the fifth anniversary of the grant date or the date as of Xwhich the options are fully exercised. Pursuant to a former employee Separation Agreement, dated April 11, 2022, the Company modified a former employees stock option award granted on August 20, 2021, pursuant to the 2019 Omnibus Plan (2021 Options Grant). Pursuant to the terms of the Separation Agreement, effective on July 8, 2022 (the Separation Date), the Company accelerated the vesting of options scheduled to vest on the first and second anniversary of the grant date as deemed vested (Accelerated Options) and after giving effect to the Accelerated Options, extended the exercise period of the total vested outstanding and unexercised options (totaling 74,500 options) to one year following the Separation Date. The unvested portion of the 2021 Option Grant (totaling 49,667 options) was canceled. The modification was remeasured as of July 8, 2022, and the incremental difference totaled $181,154, net credit, due to the original exercise price of $7.74 being greater than the stock price of $1.80 on the remeasurement date, and accordingly was recognized on July 8, 2022. On June 21, 2022, the Company granted stock options to purchase 124,520 1.69 During the fiscal year ended June 30, 2022, the Company granted stock options to purchase a total of 479,334 On June 7, 2023, the Company granted stock options to purchase 148,000 80% 5.78 During the fiscal year ended June 30, 2023, the Company granted stock options to purchase a total of 286,167 Forfeiture of Stock Options On August 27, 2021, the Chief Executive Officer forfeited unvested stock options to purchase up to 73,125 Stock Warrants The following table summarizes the warrants activity during the years ended June 30, 2023 and 2022: Summary of warrants activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2021 158,761 $ 10.37 3.1 $ 1,765,437 Granted 361,002 5.82 5.0 — Expired (9,391 ) 12.29 — — Exercised — — — — Outstanding and exercisable at June 30, 2022 510,372 $ 6.17 3.8 $ — Granted 7,272,728 1.82 5.0 — Expired (4,815 ) 75.00 — — Exercised (8,000 ) 2.25 — — Outstanding and exercisable at June 30, 2023 7,770,285 $ 2.06 4.0 $ 18,318,954 The total warrants outstanding at June 30, 2023 expire in the following fiscal years ending June 30 as follows: 101,380 in 2025; 35,175 expire in 2026; and 7,633,730 in 2027. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 11. Leases Office Leases The Company paid an annual rent of $2,200 for its headquarters at 680 W Nye Lane, Suite 201, Carson City Nevada 897603. The rental agreement is for a one-year term and commenced on October 1, 2022. On February 26, 2022, the Companys San Diego office relocated to 5090 Shoreham Place, San Diego, CA 92122. The term for the new office lease is 38 months and commenced on March 1, 2022. The monthly base rate of $4,175 began June 1, 2022, with annual increases of three percent. Total operating lease expense of approximately $ 52,000 89,000 The right-of-use asset, net and current and non current portion of the operating lease liabilities included in the accompany balance sheets at June 30 follows: Schedule of balance sheet information related to leases June 30, 2023 June 30, 2022 Assets Operating lease, right-of-use asset, net $ 80,789 $ 118,254 Liabilities Current portion of operating lease liabilities $ 44,909 $ 38,884 Operating lease liabilities, net of current portion 42,505 87,414 Total operating lease liabilities $ 87,414 $ 126,298 At June 30, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of future estimated minimum lease payments under non-cancelable operating leases Year ending June 30, 2023 2024 $ 52,156 2025 44,636 Total minimum lease payments 96,792 Less amount representing interest (9,378 ) Present value of future minimum lease payments 87,414 Less current portion of operating lease liabilities (44,909 ) Operating lease liabilities, net of current portion $ 42,505 Total cash paid for amounts included in the measurement of lease liabilities were $ 50,600 4,175 The weighted average remaining lease term and discount rate as of June 30, 2023, and 2022 were as follows: Schedule of weighted average remaining lease term and discount rate June 30, 2023 June 30, 2022 Weighted average remaining lease term (Years) Operating leases 1.8 2.8 Weighted average discount rate Operating leases 10.75 % 10.75 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Royalty Agreements Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016, by and between our predecessor entities, LAT Pharma and NanoAntibiotics, Inc., the Company is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin) to be shared by the members of LAT Pharma Members, PharmaIn Corporation, and The Barrett Edge, Inc. Pursuant to the Technology Transfer Agreement entered into on July 25, 2016, by and between the Company and the University of Padova (Italy), the Company is obligated to pay a low single digit royalty on net sales of all terlipressin products covered by U.S. patent no. 9,655,645 and any future foreign issuances, capped at a maximum of $200,000 per year. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefit Plan | |
Employee Benefit Plan | 13. Employee Benefit Plan On August 1, 2021, the Company began sponsoring an employee benefit plan subject to Section 401(K) of the Internal Revenue Service Code (the 401K Plan) pursuant to which, all employees meeting eligibility requirements are able to participate. Subject to certain limitations in the Internal Revenue Code, eligible employees are permitted to make contributions to the 401K Plan on a pre-tax salary reduction basis and the Company will match 5% of the first 5% of an employees contributions to the 401K Plan., The Company made contributions of approximately $ 171,900 121,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Significant components of the Companys deferred tax assets (liabilities) are as follows: Schedule of deferred tax assets June 30, 2023 June 30, 2022 Deferred tax assets (liabilities): Tax loss carryforward $ 4,018,817 $ 6,410,653 Intangible assets (189,854 ) (258,209 ) Stock based compensation 1,788,862 1,845,836 R&D capitalized 7,938,602 Valuation Allowance (13,556,427 ) (7,998,280 ) Net deferred tax assets $ $ At June 30, 2023 and 2022, the Company has recorded a full valuation against its net deferred tax assets of approximately $ 13.6 8.0 5.6 6.0 At June 30, 2023, the Company had a Net Operating Loss (NOL) carryforward of approximately $ 168 2032 to 2037 The Company has no current tax expense due to its net losses and a full valuation allowance. Reconciliation of the differences between income tax benefit computed at the federal and state statutory tax rates and the provision for income tax benefit for the years ended June 30, 2023 and 2022 is as follows: Schedule of effective income tax rate reconciliation 2023 2022 Income tax expense at federal statutory rate 21 % 21 % State taxes, net of federal benefit 9 % 9 % Change in valuation allowance (30 )% (30 )% Effective tax rate — — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Subsequent to June 30, 2023 the Company sold 336,089 1.6 50,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and include all adjustments necessary for the fair presentation of the Companys financial position for the periods presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. The amounts of assets and liabilities reported in the Companys balance sheet and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, accounting for clinical accruals, share-based compensation, accounting for derivatives, assumptions used in leases and recoverability of intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with impairment testing and accounting for income taxes. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consisted of cash deposits and money market funds held at a bank and funds held in a brokerage account which included a U.S. treasury money market fund and U.S. Treasury Bills with original maturities of three months or less. |
Investments in U.S. Treasury Bills | Investments in U.S. Treasury Bills Investments in U.S. Treasury Bills with maturities greater than three months, are accounted for as available for sale and are recorded at fair value. Unrealized gains were included in other comprehensive income in the accompanying statements of operations and comprehensive loss. |
Concentration of Credit Risk in the Financial Service Industry | Concentration of Credit Risk in the Financial Service Industry As of June 30, 2023, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations. |
Fair value measurement of assets and liabilities | Fair value measurement of assets and liabilities We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. The Company’s financial instruments include cash, accounts payable, the carrying value of the operating lease liabilities and notes payable. The carrying amounts of cash and accounts payable approximate their fair value, due to the short-term nature of these items. The carrying amounts of notes payable and operating lease liabilities approximate their fair values since they bear interest at rates which approximate market rates for similar debt instruments. |
Prepaid and other Assets | Prepaid and other Assets Prepaid and other assets consist of prepayments of certain expenses and direct costs related to capital raise which will offset proceeds upon the close. |
Other Assets, non-current | Other Assets, non-current Other assets consist of a security deposit for an office lease. |
Leases | Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, current portion of operating lease liabilities, and operating lease liabilities, net of current portion on our balance sheets. ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Companys leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term in its calculation unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right of-use assets or lease liabilities for short-term leases, which have a lease term of 12 months or less at inception, and instead will recognize lease payments as expense on a straight-line basis over the lease term. |
Research and Development | Research and Development Research and development expenses consist primarily of costs associated with the preclinical and/ or clinical trials of drug candidates, compensation and other expenses for research and development, personnel, supplies and development materials, costs for consultants and related contract research and facility costs. |
Income Taxes | Income Taxes The Company uses the asset and liability method of accounting for deferred income taxes. Deferred income taxes are measured by applying enacted statutory rates to net operating loss carryforwards and to the differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes uncertainty in income taxes in the financial statements using a recognition threshold and measurement attribute of a tax position taken or expected to be taken in a tax return. The Company applies the more-likely-than-not recognition threshold to all tax positions, commencing at the adoption date of the applicable accounting guidance, which resulted in no unrecognized tax benefits as of such date. Additionally, there have been no unrecognized tax benefits subsequent to adoption. The Company has opted to classify interest and penalties that would accrue, if any, according to the provisions of relevant tax law as general and administrative expenses, in the Statements of Operations and Comprehensive Loss. For the years ended June 30, 2023 and 2022, there was no |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted net loss per common share is computed by dividing the net loss attributable to Common Stockholders by the weighted average number of shares of Common Stock outstanding and potentially outstanding shares of Common Stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants, and convertible debentures. For the years ended June 30, 2023 and 2022, such amounts were excluded from the diluted loss since their effect was considered anti-dilutive due to the net loss for the periods. The table below shows the number of outstanding stock options, warrants and restricted stock units as of June 30: Schedule of Dilutive securities were excluded from the computation of diluted loss per share June 30, 2023 June 30, 2022 Number of Shares Number of Shares Stock Options 3,952,864 3,398,764 Warrants 7,770,285 510,372 Restricted Stock Units 596,457 124,520 Total 12,319,606 4,033,656 |
Stock-based Compensation | Stock-based Compensation The Company has accounted for stock-based compensation under the provisions of FASB ASC 718 – Stock Compensation which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and Common Stock purchase warrants). For employee awards, the fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the fair value of each stock option award is estimated on the measurement date using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. For non-employees, the Company utilizes the graded vesting attribution method under which the entity treats each separately vesting portion (tranche) as a separate award and recognizes compensation cost for each tranche over its separate vesting schedule. Expected volatilities are based on historical volatility of peer companies and other factors estimated over the expected term of the stock options. For employee awards, the expected term of options granted is derived using the simplified method which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the period of the expected term. The Company recognizes forfeitures as they occur. |
Goodwill | Goodwill Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net identified tangible and intangible assets acquired. The Company performs an annual impairment test of goodwill and further periodic tests to the extent indicators of impairment develop between annual impairment tests. The Companys impairment review process compares the fair value of the reporting unit to its carrying value, including the goodwill related to the reporting unit. To determine the fair value of the reporting unit, the Company may use various approaches including an asset or cost approach, market approach or income approach or any combination thereof. These approaches may require the Company to make certain estimates and assumptions including future cash flows, revenue and expenses. These estimates and assumptions are reviewed each time the Company tests goodwill for impairment and are typically developed as part of the Companys routine business planning and forecasting process. While the Company believes its estimates and assumptions are reasonable, variations from those estimates could produce materially different results. The Company did no |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its undiscounted estimated future cash flows, an impairment review is performed. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Generally, fair value is determined using valuation techniques such as expected discounted cash flows or appraisals, as appropriate. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated or amortized. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (ASUs). There were no recent ASUs that are expected to have a material impact on our balance sheets or statements of operations and comprehensive loss. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. In November 2019, the FASB issued No. 2019-10, Financial Instruments --Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for Smaller Reporting Companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect a material impact from the adoption of ASU 2016-13 on the financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Dilutive securities were excluded from the computation of diluted loss per share | Schedule of Dilutive securities were excluded from the computation of diluted loss per share June 30, 2023 June 30, 2022 Number of Shares Number of Shares Stock Options 3,952,864 3,398,764 Warrants 7,770,285 510,372 Restricted Stock Units 596,457 124,520 Total 12,319,606 4,033,656 |
Investments in U.S. Treasury _2
Investments in U.S. Treasury Bills available for sale (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Investments In U.s. Treasury Bills Available For Sale | |
Schedule of U.S. treasury bills held | Schedule of U.S. treasury bills held Amortized Cost Basis Gross Unrealized Gain Gross Unrealized loss Fair Value Total Accumulated Other Comprehensive Income U.S. Treasury Bills due is 3 - 6 months $ 14,301,136 $ 176,591 $ — $ 14,477,726 $ 176,591 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | Schedule of intangible assets June 30, 2023 June 30, 2022 Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,656,675 ) (1,427,298 ) Intellectual Property, Net $ 637,095 $ 866,472 |
Schedule of future amortization expense | Schedule of future amortization expense Year ending June 30, 2024 $ 229,377 2025 229,377 2026 178,341 $ 637,095 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of note payable | Schedule of note payable June 30, 2023 June 30, 2022 Current portion of Notes Payable $ 10,000,000 $ — Less debt financing costs (108,751 ) — Less unearned discount (1,023,145 ) — Plus accretion of loan premium 236,970 — Current portion of Notes Payable, net of financing costs, unearned premiums and discount $ 9,105,074 $ — Non-current portion of Notes Payable June 30, 2023 June 30, 2022 Notes Payable $ 5,000,000 $ 15,000,000 Less debt financing costs (11,820 ) (290,790 ) Less unearned discount (111,212 ) (2,735,802 ) Plus accretion of loan premium 350,302 165,278 Notes Payable, net of the current portion financing costs, unearned premiums and discount $ 5,227,270 $ 12,138,686 |
Schedule of Estimated future amortization expense and accretion of premium | Schedule of Estimated future amortization expense and accretion of premium Unearned Discount Debt Financing Costs Loan accretion Premium Year ending June 30, 2024 $ 1,023,145 $ 108,751 $ 236,970 2025 111,212 11,820 25,758 Total $ 1,134,357 $ 120,571 $ 262,728 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of derivative liabilities at fair value | Schedule of derivative liabilities at fair value Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ 894,280 $ 894,280 Derivative liability - Conversion option on notes payable — — 925,762 925,762 Total derivatives $ — $ — $ 1,820,042 $ 1,820,042 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Derivative liability - Warrants $ — $ — $ 194,531 $ 194,531 Derivative liability - Conversion option on note payable — — 188,030 188,030 Total derivatives $ — $ — $ 382,561 $ 382,561 |
Fair value, liabilities measured on recurring basis | Fair value, liabilities measured on recurring basis Derivative liabilities - Warrants Derivative liability - Conversion Option on Convertible Debenture Balance at July 1, 2021 $ — $ — Additions to level 3 liabilities 1,456,513 2,213,466 Change in fair value of level 3 liability (1,261,982 ) (2,025,436 ) Transfer in and/or out of Level 3 — — Balance at June 30, 2022 $ 194,531 $ 188,030 Additions to level 3 liabilities — — Change in in fair value of level 3 liability 699,749 737,732 Transfer in and/or out of Level 3 — — Balance at June 30, 2023 $ 894,280 $ 925,762 |
Measured at fair value on a recurring basis | Measured at fair value on a recurring basis Fair Value Measurements at June 30, 2023 Level 1 Level 2 Level 3 Total Cash $ 6,304,543 $ — $ — $ 6,304,543 U.S. Treasury Bills due in 3 months or less 13,156,340 — — 13,156,340 U.S. Treasury Bills due in 3 - 6 months 14,477,726 — — 14,477,726 Total $ 33,938,609 $ — $ — $ 33,938,609 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Cash $ 18,641,716 $ — $ — $ 18,641,716 U.S. Treasury Bills due in 3 months or less — — — — U.S. Treasury Bills due in 3 - 6 months — — — — Total $ 18,641,716 $ — $ — $ 18,641,716 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of summarizes the activity relating to the Company’s stock options | Schedule of summarizes the activity relating to the Company’s stock options Options Weighted-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2021 755,200 $ 4.34 4.4 $ 2,569,232 Granted 2,724,689 5.86 7.7 — Options Expired (8,000 ) 29.17 — Options Forfeited (73,125 ) (13.91 ) — — Outstanding at June 30, 2022 3,398,764 7.42 5.5 — Granted 714,667 5.90 8.6 38,610 Options Expired (10,000 ) 28.69 — — Options Canceled (49,667 ) 7.74 — — Options Exercised (100,900 ) 8.12 — — Outstanding at June 30, 2023 3,952,864 $ 7.10 6.3 $ 1,067,966 Exercisable at June 30, 2023 1,473,413 $ 7.68 5.4 $ 315,206 |
Schedule of assumptions used | Schedule of assumptions used June 30, 2023 June 30, 2022 Expected life of options (In years) 6 5 Expected volatility 81.65% 76.47% Risk free interest rate 3.82% 1.56% Dividend Yield 0% 0% |
Schedule of summary of stock options outstanding and exercisable | Schedule of summary of stock options outstanding and exercisable Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 1.69 124,520 4.0 41,507 $ 1.81 10,000 3.9 2,000 $ 1.98 72,000 3.9 16,000 $ 2.74 124,167 8.6 35,180 $ 2.80 5,600 1.6 5,600 $ 3.13 4,000 0.6 4,000 $ 3.20 248,167 8.6 79,834 $ 3.24 25,000 8.7 6,667 $ 4.09 175,500 10.0 — $ 5.04 755,000 3.8 377,500 $ 5.21 10,000 9.4 — $ 5.78 148,000 9.9 29,600 $ 6.12 195,000 4.4 97,500 $ 6.25 1,600 0.3 1,600 $ 7.36 124,167 9.8 — $ 7.50 800 1.3 800 $ 7.74 1,241,668 8.1 447,000 $ 7.81 62,000 9.8 — $ 8.75 1,600 0.8 1,600 $ 9.54 800 2.3 800 $ 9.90 800 2.3 800 $ 13.91 618,475 2.5 321,425 $ 42.09 4,000 2.6 4,000 3,952,864 1,473,413 |
Schedule of vesting of restricted common stock | Schedule of vesting of restricted common stock Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at June 30, 2021 — $ — Granted 124,520 1.69 Unvested at June 30, 2022 124,520 1.69 Granted 687,112 5.89 Vested (215,175 ) 5.27 Unvested at June 30, 2023 596,457 $ 5.24 |
Summary of warrants activity | Summary of warrants activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2021 158,761 $ 10.37 3.1 $ 1,765,437 Granted 361,002 5.82 5.0 — Expired (9,391 ) 12.29 — — Exercised — — — — Outstanding and exercisable at June 30, 2022 510,372 $ 6.17 3.8 $ — Granted 7,272,728 1.82 5.0 — Expired (4,815 ) 75.00 — — Exercised (8,000 ) 2.25 — — Outstanding and exercisable at June 30, 2023 7,770,285 $ 2.06 4.0 $ 18,318,954 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of balance sheet information related to leases | Schedule of balance sheet information related to leases June 30, 2023 June 30, 2022 Assets Operating lease, right-of-use asset, net $ 80,789 $ 118,254 Liabilities Current portion of operating lease liabilities $ 44,909 $ 38,884 Operating lease liabilities, net of current portion 42,505 87,414 Total operating lease liabilities $ 87,414 $ 126,298 |
Schedule of future estimated minimum lease payments under non-cancelable operating leases | Schedule of future estimated minimum lease payments under non-cancelable operating leases Year ending June 30, 2023 2024 $ 52,156 2025 44,636 Total minimum lease payments 96,792 Less amount representing interest (9,378 ) Present value of future minimum lease payments 87,414 Less current portion of operating lease liabilities (44,909 ) Operating lease liabilities, net of current portion $ 42,505 |
Schedule of weighted average remaining lease term and discount rate | Schedule of weighted average remaining lease term and discount rate June 30, 2023 June 30, 2022 Weighted average remaining lease term (Years) Operating leases 1.8 2.8 Weighted average discount rate Operating leases 10.75 % 10.75 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets | Schedule of deferred tax assets June 30, 2023 June 30, 2022 Deferred tax assets (liabilities): Tax loss carryforward $ 4,018,817 $ 6,410,653 Intangible assets (189,854 ) (258,209 ) Stock based compensation 1,788,862 1,845,836 R&D capitalized 7,938,602 Valuation Allowance (13,556,427 ) (7,998,280 ) Net deferred tax assets $ $ |
Schedule of effective income tax rate reconciliation | Schedule of effective income tax rate reconciliation 2023 2022 Income tax expense at federal statutory rate 21 % 21 % State taxes, net of federal benefit 9 % 9 % Change in valuation allowance (30 )% (30 )% Effective tax rate — — |
Liquidity and Going Concern (De
Liquidity and Going Concern (Details Narrative) | Jun. 30, 2023 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital | $ 19,500,000 |
Cash and cash equivalent | 33,900,000 |
Stockholders' equity | 15,300,000 |
Accumulated deficit | $ 301,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 12,319,606 | 4,033,656 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 3,952,864 | 3,398,764 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 7,770,285 | 510,372 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 596,457 | 124,520 |
Significant Accounting Polici_5
Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Interest or penalty | $ 0 | $ 0 |
Goodwill impairments | $ 0 | $ 0 |
Investments in U.S. Treasury _3
Investments in U.S. Treasury Bills available for sale (Details) | Jun. 30, 2023 USD ($) |
Schedule of Investments [Line Items] | |
Total Accumulated Other Comprehensive Income | $ 176,591 |
US Treasury Bill Securities [Member] | |
Schedule of Investments [Line Items] | |
Amortized Cost Basis | 14,301,136 |
Gross Unrealized Gain | 176,591 |
Gross Unrealized loss | |
Fair Value | 14,477,726 |
Total Accumulated Other Comprehensive Income | $ 176,591 |
Investments in U.S. Treasury _4
Investments in U.S. Treasury Bills available for sale (Details Narrative) - US Treasury Bill Securities [Member] | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Schedule of Investments [Line Items] | |
Number of stock purchased | $ 46,000,000 |
Number of stock sold | $ 18,000,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intellectual Property | $ 2,293,770 | $ 2,293,770 |
Less Accumulated Amortization | (1,656,675) | (1,427,298) |
Intellectual Property, Net | $ 637,095 | $ 866,472 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 229,377 | |
2025 | 229,377 | |
2026 | 178,341 | |
Intellectual Property, Net | $ 637,095 | $ 866,472 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expenses | $ 229,377 | $ 229,377 |
Useful Life | 10 years |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - shares | Jun. 30, 2023 | Aug. 15, 2022 | Jun. 30, 2022 |
Related Party Transaction [Line Items] | |||
Common Stock, shares issued | 36,451,829 | 24,984,083 | |
Acuitas Group Holdings L L C [Member] | |||
Related Party Transaction [Line Items] | |||
Common Stock, shares issued | 3,636,364 |
Other Liabilities (Details Narr
Other Liabilities (Details Narrative) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Aug. 31, 2021 |
Other Liabilities Disclosure [Abstract] | |||
Other liabilities | $ 48,400 | $ 1,300,000 | |
Accrued Bonuses, Current | $ 48,400 | $ 580,614 | $ 1,161,000 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Debt Disclosure [Abstract] | ||
Current portion of Notes Payable | $ 10,000,000 | |
Less debt financing costs | (108,751) | |
Less unearned discount | (1,023,145) | |
Plus accretion of loan premium | 236,970 | |
Current portion of Notes Payable, net of financing costs, unearned premiums and discount | 9,105,074 | |
Notes Payable | 5,000,000 | 15,000,000 |
Less debt financing costs | (11,820) | (290,790) |
Less unearned discount | (111,212) | (2,735,802) |
Plus accretion of loan premium | 350,302 | 165,278 |
Notes Payable, net of the current portion financing costs, unearned premiums and discount | $ 5,227,270 | $ 12,138,686 |
Notes Payable (Details 1)
Notes Payable (Details 1) | Jun. 30, 2023 USD ($) |
Unearned Discount [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2024 | $ 1,023,145 |
2025 | 111,212 |
Total | 1,134,357 |
Financing Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2024 | 108,751 |
2025 | 11,820 |
Total | 120,571 |
Loan Accretion Premium [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2024 | 236,970 |
2025 | 25,758 |
Total | $ 262,728 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||
Interest rate | 8.25% | |
Unearned discount | $ 1,600,000 | |
Direct financing cost | 390,000 | |
Unamortized premium recognized | 850,000 | |
Interest expense | 4,300,000 | $ 2,200,000 |
Interest payment | 2,100,000 | 952,000 |
Amortization of financing costs | 170,000 | 99,000 |
Accretion of loan premium | 422,000 | $ 165,000 |
Avenue Warrants [Member] | ||
Debt Instrument [Line Items] | ||
Fair value of warrants | 1,400,000 | |
Fair value of embedded conversion option | 2,200,000 | |
Unearned discount | $ 3,700,000 | |
Prime Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 7% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | $ 1,820,042 | $ 382,561 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | 1,820,042 | 382,561 | |
Derivative Liability Warrants [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | 894,280 | 194,531 | |
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | 894,280 | 194,531 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | 925,762 | 188,030 | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | |||
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivatives | $ 925,762 | $ 188,030 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | $ 382,561 | |
Balance at ending | 1,820,042 | $ 382,561 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | 382,561 | |
Balance at ending | 1,820,042 | 382,561 |
Derivative Liability Warrants [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | 194,531 | |
Balance at ending | 894,280 | 194,531 |
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | 194,531 | |
Additions to level 3 liabilities | 1,456,513 | |
Change in in fair value of level 3 liability | 699,749 | (1,261,982) |
Transfer in and/or out of Level 3 | ||
Balance at ending | 894,280 | 194,531 |
Derivative Liability Conversion Option On Convertible Debenture [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | 188,030 | |
Balance at ending | 925,762 | 188,030 |
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | 188,030 | |
Additions to level 3 liabilities | 2,213,466 | |
Change in in fair value of level 3 liability | 737,732 | (2,025,436) |
Transfer in and/or out of Level 3 | ||
Balance at ending | $ 925,762 | $ 188,030 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 33,938,609 | $ 18,641,716 |
US Treasury Bill Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,156,340 | |
U S Treasury Bill Securities 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 14,477,726 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 33,938,609 | 18,641,716 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Bill Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 13,156,340 | |
Fair Value, Inputs, Level 1 [Member] | U S Treasury Bill Securities 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 14,477,726 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | U S Treasury Bill Securities 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Bill Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | U S Treasury Bill Securities 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,304,543 | 18,641,716 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,304,543 | 18,641,716 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details Narrative) - $ / shares | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term | 6 years | 5 years | |
Risk Free Interest Rate | 3.82% | 1.56% | |
Volatility Rate | 81.65% | 76.47% | |
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Share Price | $ 6.44 | $ 4.31 | |
Exercise Price | $ 5.82 | $ 5.82 | |
Term | 5 years | 3 years 4 months 24 days | |
Risk Free Interest Rate | 1.14% | 4.40% | |
Volatility Rate | 74.40% | 92% | |
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Share Price | $ 6.44 | $ 6.98 | |
Exercise Price | $ 6.98 | ||
Term | 3 years | 1 year 4 months 24 days | |
Risk Free Interest Rate | 0.81% | 5.18% | |
Volatility Rate | 76.85% | 92% |
Equity Transactions (Details)
Equity Transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Offsetting Assets [Line Items] | ||
Options outstanding at ending | 3,952,864 | |
Options Exercisable | 1,473,413 | |
Stock Options [Member] | ||
Offsetting Assets [Line Items] | ||
Options outstanding at beginning | 3,398,764 | 755,200 |
Weighted average exercise price, Options outstanding at beginning | $ 7.42 | $ 4.34 |
Weighted Average Remaining Contractual Term, Options outstanding at beginning | 5 years 6 months | 4 years 4 months 24 days |
Aggregate Intrinsic Value, Outstanding at beginning of period | $ 2,569,232 | |
Options Granted | 714,667 | 2,724,689 |
Weighted Average Exercise Price, Options Granted | $ 5.90 | $ 5.86 |
Weighted Average Remaining Contractual Term, Granted | 8 years 7 months 6 days | 7 years 8 months 12 days |
Aggregate Intrinsic Value, Options Granted | $ 38,610 | |
Options Expired | (10,000) | (8,000) |
Weighted Average Exercise Price, Options Expired | $ 28.69 | $ 29.17 |
Aggregate Intrinsic Value, Options Expired | ||
Options Forfeited | (73,125) | |
Weighted Average Exercise Price, Options Forfeited | $ (13.91) | |
Aggregate Intrinsic Value, Options Forfeited | ||
Aggregate Intrinsic Value, Outstanding at beginning of period | $ 1,067,966 | |
Options Canceled | (49,667) | |
Weighted Average Exercise Price, Options Canceled | $ 7.74 | |
Aggregate Intrinsic Value, Options Canceled | ||
Options Exercised | (100,900) | |
Weighted Average Exercise Price, Options Exercised | $ 8.12 | |
Aggregate Intrinsic Value, Options Exercised | ||
Options outstanding at ending | 3,952,864 | 3,398,764 |
Weighted Average Exercise Price, Options outstanding at ending | $ 7.10 | $ 7.42 |
Weighted Remaining Average Contractual Term, Ending Balance | 6 years 3 months 18 days | |
Aggregate Intrinsic Value, Outstanding at end of period | $ 1,067,966 | |
Options Exercisable | 1,473,413 | |
Weighted Average Exercise Price, Options Exercisable | $ 7.68 | |
Weighted Average Remaining Contractual Term, Options Exercisable | 5 years 4 months 24 days | |
Aggregate Intrinsic Value, Options Exercisable | $ 315,206 |
Equity Transactions (Details 1)
Equity Transactions (Details 1) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Expected life of options (In years) | 6 years | 5 years |
Expected volatility | 81.65% | 76.47% |
Risk free interest rate | 3.82% | 1.56% |
Dividend Yield | 0% | 0% |
Equity Transactions (Details 2)
Equity Transactions (Details 2) | 12 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Offsetting Assets [Line Items] | |
Outstanding | 3,952,864 |
Exercisable | 1,473,413 |
Stock Option 1 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 1.69 |
Outstanding | 124,520 |
Weighted Average Contractual Life | 4 years |
Exercisable | 41,507 |
Stock Option 2 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 1.81 |
Outstanding | 10,000 |
Weighted Average Contractual Life | 3 years 10 months 24 days |
Exercisable | 2,000 |
Stock Option 3 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 1.98 |
Outstanding | 72,000 |
Weighted Average Contractual Life | 3 years 10 months 24 days |
Exercisable | 16,000 |
Stock Option 4 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 2.74 |
Outstanding | 124,167 |
Weighted Average Contractual Life | 8 years 7 months 6 days |
Exercisable | 35,180 |
Stock Option 5 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 2.80 |
Outstanding | 5,600 |
Weighted Average Contractual Life | 1 year 7 months 6 days |
Exercisable | 5,600 |
Stock Option 6 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 3.13 |
Outstanding | 4,000 |
Weighted Average Contractual Life | 7 months 6 days |
Exercisable | 4,000 |
Stock Option 7 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 3.20 |
Outstanding | 248,167 |
Weighted Average Contractual Life | 8 years 7 months 6 days |
Exercisable | 79,834 |
Stock Option 8 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 3.24 |
Outstanding | 25,000 |
Weighted Average Contractual Life | 8 years 8 months 12 days |
Exercisable | 6,667 |
Stock Option 9 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 4.09 |
Outstanding | 175,500 |
Weighted Average Contractual Life | 10 years |
Exercisable | |
Stock Option 10 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 5.04 |
Outstanding | 755,000 |
Weighted Average Contractual Life | 3 years 9 months 18 days |
Exercisable | 377,500 |
Stock Option 11 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 5.21 |
Outstanding | 10,000 |
Weighted Average Contractual Life | 9 years 4 months 24 days |
Exercisable | |
Stock Option 12 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 5.78 |
Outstanding | 148,000 |
Weighted Average Contractual Life | 9 years 10 months 24 days |
Exercisable | 29,600 |
Stock Option 13 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 6.12 |
Outstanding | 195,000 |
Weighted Average Contractual Life | 4 years 4 months 24 days |
Exercisable | 97,500 |
Stock Option 14 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 6.25 |
Outstanding | 1,600 |
Weighted Average Contractual Life | 3 months 18 days |
Exercisable | 1,600 |
Stock Option 15 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 7.36 |
Outstanding | 124,167 |
Weighted Average Contractual Life | 9 years 9 months 18 days |
Exercisable | |
Stock Option 16 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 7.50 |
Outstanding | 800 |
Weighted Average Contractual Life | 1 year 3 months 18 days |
Exercisable | 800 |
Stock Option 17 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 7.74 |
Outstanding | 1,241,668 |
Weighted Average Contractual Life | 8 years 1 month 6 days |
Exercisable | 447,000 |
Stock Option 18 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 7.81 |
Outstanding | 62,000 |
Weighted Average Contractual Life | 9 years 9 months 18 days |
Exercisable | |
Stock Option 19 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 8.75 |
Outstanding | 1,600 |
Weighted Average Contractual Life | 9 months 18 days |
Exercisable | 1,600 |
Stock Option 20 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 9.54 |
Outstanding | 800 |
Weighted Average Contractual Life | 2 years 3 months 18 days |
Exercisable | 800 |
Stock Option 21 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 9.90 |
Outstanding | 800 |
Weighted Average Contractual Life | 2 years 3 months 18 days |
Exercisable | 800 |
Stock Option 22 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 13.91 |
Outstanding | 618,475 |
Weighted Average Contractual Life | 2 years 6 months |
Exercisable | 321,425 |
Stock Option 23 [Member] | |
Offsetting Assets [Line Items] | |
Exercise Price | $ / shares | $ 42.09 |
Outstanding | 4,000 |
Weighted Average Contractual Life | 2 years 7 months 6 days |
Exercisable | 4,000 |
Equity Transactions (Details 3)
Equity Transactions (Details 3) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares Unvested at beginning | 124,520 | |
Weighted Average Grant Date Fair Value Per Share at beginning | $ 1.69 | |
Number of Shares Unvested, Granted | 687,112 | 124,520 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ 5.89 | $ 1.69 |
Number of Shares Unvested, Vested | (215,175) | |
Weighted Average Grant Date Fair Value Per Share, Vested | $ 5.27 | |
Number of Shares Unvested at ending | 596,457 | 124,520 |
Weighted Average Grant Date Fair Value Per Share at ending | $ 5.24 | $ 1.69 |
Equity Transactions (Details 4)
Equity Transactions (Details 4) - Warrant [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Shares Unvested at beginning | 510,372 | 158,761 |
Weighted Average Exercise Price, at the beginning of the period | $ 6.17 | $ 10.37 |
Weighted Average Remaining Life, at the beginning of the period | 3 years 9 months 18 days | 3 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding at beginning of period | $ 1,765,437 | |
Warrant Outstanding, granted | 7,272,728 | 361,002 |
Weighted Average Exercise Price, granted | $ 1.82 | $ 5.82 |
Weighted Average Remaining Life, Granted | 5 years | 5 years |
Warrant Expired | (4,815) | (9,391) |
Weighted Average Exercise Price, Expired | $ 75 | $ 12.29 |
Warrant Exercised | (8,000) | |
Weighted Average Exercise Price, Exercised | $ 2.25 | |
Number of Shares Unvested at ending | 7,770,285 | 510,372 |
Weighted Average Exercise Price, at the end of period | $ 2.06 | $ 6.17 |
Weighted Average Remaining Life, at the end of period | 4 years | |
Aggregate Intrinsic Value, Outstanding at end of period | $ 18,318,954 |
Equity Transactions (Details Na
Equity Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 07, 2023 | May 09, 2023 | Apr. 06, 2023 | Feb. 09, 2023 | Apr. 05, 2022 | Jun. 20, 2023 | May 31, 2023 | Feb. 16, 2023 | Nov. 30, 2022 | Nov. 23, 2022 | Oct. 31, 2022 | Jun. 21, 2022 | Aug. 27, 2021 | Aug. 20, 2021 | Sep. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 4,222,845 | $ 5,807,871 | |||||||||||||||
Proceeds from issuance of common stock, shares | 2,592,000 | ||||||||||||||||
Proceeds from issuance of common stock | $ 18,500,000 | $ 49,465,103 | 18,511,009 | ||||||||||||||
Issuance cost | $ 2,200,000 | ||||||||||||||||
Total compensation cost | $ 1,744,192 | ||||||||||||||||
Vendor [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 372,500 | ||||||||||||||||
Stock issued during period for service | 50,000 | ||||||||||||||||
Share Price | $ 7.45 | ||||||||||||||||
Sales Agreement [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Number of common stock sold | 7,539,254 | ||||||||||||||||
Value of common stock sold | $ 49,500,000 | ||||||||||||||||
Commission and expenses | $ 2,000,000 | ||||||||||||||||
Stock Option And Warrants [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Shares issued for stock option | 481 | 800 | 3,590 | 22,082 | |||||||||||||
Stock option to purchase | 800 | 800 | 8,000 | 99,300 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.13 | $ 2.80 | $ 2.25 | $ 7.64 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 243,000 | $ 1,754 | |||||||||||||||
Rsu granted | 41,506 | ||||||||||||||||
Rsu granted, grant date fair value | $ 5.90 | ||||||||||||||||
Shares issued over the vesting period | 39,088 | 39,088 | 72,612 | 58,759 | |||||||||||||
Awarded Vested rights, percentage | 25% | ||||||||||||||||
Shares issued to employees | 22,880 | ||||||||||||||||
Options Grants | 687,112 | 124,520 | |||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 5.89 | $ 1.69 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 384,456 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Four Directors [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | 952,492 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Three Directors [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 791,700 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Rsu granted | 58,759 | ||||||||||||||||
Rsu granted, grant date fair value | $ 7.74 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | President And C E O [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Rsu granted | 381,976 | 124,520 | |||||||||||||||
Rsu granted, grant date fair value | $ 6.12 | ||||||||||||||||
Rsu awarded | 149,500 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | Four Directors [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Rsu granted | 155,636 | ||||||||||||||||
Rsu granted, grant date fair value | $ 6.12 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | Three Directors [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Rsu granted | 195,000 | ||||||||||||||||
Rsu granted, grant date fair value | $ 6.12 | ||||||||||||||||
Stock Options [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 4,200,000 | $ 5,800,000 | |||||||||||||||
Options Grants | 714,667 | 2,724,689 | |||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 5.90 | $ 5.86 | |||||||||||||||
Equity Option [Member] | Chief Executive Officer [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock option to purchase | 73,125 | ||||||||||||||||
Options Grants | 124,520 | ||||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 1.69 | ||||||||||||||||
Equity Option [Member] | New Employee [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ 584,424 | ||||||||||||||||
Stock option to purchase | 286,167 | 479,334 | |||||||||||||||
Awarded Vested rights, percentage | 80% | ||||||||||||||||
Weighted Average Contractual Term, Granted (in Years) | 3 years | ||||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 5.04 | ||||||||||||||||
Equity Option [Member] | New Employee [Member] | Minimum [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Stock option to purchase | 148,000 | ||||||||||||||||
Awarded Vested rights, percentage | 25% | ||||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 5.78 | ||||||||||||||||
Equity Option [Member] | New Employee [Member] | Maximum [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Awarded Vested rights, percentage | 75% | ||||||||||||||||
Equity Option [Member] | Executive [Member] | |||||||||||||||||
Offsetting Assets [Line Items] | |||||||||||||||||
Options Grants | 1,365,835 | ||||||||||||||||
Weighted Average Contractual Term, Granted (in Years) | 5 years | ||||||||||||||||
Weighted Average Exercise Price, Options Grants | $ 7.74 |
Leases (Details)
Leases (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
Operating lease, right-of-use asset, net | $ 80,789 | $ 118,254 |
Current portion of operating lease liabilities | 44,909 | 38,884 |
Operating lease liabilities, net of current portion | 42,505 | 87,414 |
Total operating lease liabilities | $ 87,414 | $ 126,298 |
Leases (Details 1)
Leases (Details 1) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
2024 | $ 52,156 | |
2025 | 44,636 | |
Total minimum lease payments | 96,792 | |
Less amount representing interest | (9,378) | |
Present value of future minimum lease payments | 87,414 | |
Less current portion of operating lease liabilities | (44,909) | $ (38,884) |
Operating lease liabilities, net of current portion | $ 42,505 |
Leases (Details 2)
Leases (Details 2) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
Weighted average remaining lease term (Years) Operating leases | 1 year 9 months 18 days | 2 years 9 months 18 days |
Weighted average discount rate Operating leases | 10.75% | 10.75% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||
Operating lease cost | $ 52,000 | $ 89,000 |
Cash paid for amounts included in measurement of lease liabilities | $ 50,600 | $ 4,175 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Benefit Plan | ||
Employee Benefit Plan | $ 171,900 | $ 121,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred tax assets (liabilities): | ||
Tax loss carryforward | $ 4,018,817 | $ 6,410,653 |
Intangible assets | (189,854) | (258,209) |
Stock based compensation | 1,788,862 | 1,845,836 |
R&D capitalized | 7,938,602 | |
Valuation Allowance | (13,556,427) | (7,998,280) |
Net deferred tax assets |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at federal statutory rate | 21% | 21% |
State taxes, net of federal benefit | 9% | 9% |
Change in valuation allowance | (30.00%) | (30.00%) |
Effective tax rate | 0% | 0% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 13,600,000 | $ 8,000,000 |
Increase in valuation allowance | 5,600,000 | $ 6,000,000 |
Net Operating Loss carryforward | $ 168,000,000 | |
Expirations dates | 2032 to 2037 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Sales Agreement [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 15, 2023 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||
Number of common stock sold | 7,539,254 | |
Value of common stock sold | $ 49,500,000 | |
Commission and expenses | $ 2,000,000 | |
Subsequent Event [Member] | Agent [Member] | ||
Subsequent Event [Line Items] | ||
Number of common stock sold | 336,089 | |
Value of common stock sold | $ 1,600,000 | |
Commission and expenses | $ 50,000 |