v3.25.1
Accounting Policies, by Policy (Policies)
 9 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ended June 30, 2025. For further information refer to the financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended June 30, 2024.
Cash and Cash Equivalent

Cash and Cash Equivalent

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

The following table provides detail of our cash and cash equivalents.

   March 31,
2025		  

June 30,

2024

 
Cash  $28,241,720   $29,365,997 
U.S. Treasury bills   3,958,248    9,678,798 
Total cash and cash equivalents  $32,199,968   $39,044,795 

The U.S. Treasury bills have a credit quality indicator of AA/A.
Short Term Investments

Short Term Investments

The Company’s short-term investments are carried at fair value with changes in fair value recognized in net income.

The following table provides detail of our short-term investments as of March 31, 2025, which consisted of U.S. Treasury bills with an original maturity of more than three months.

Purchase Date  Maturity Date  Cost Basis of
Investment		   Fair Value of
Investment		 
January 31, 2025  May 6, 2025  $988,956   $995,883 
February 14, 2025  May 27, 2025   988,085    993,404 
February 28, 2025  June 10, 2025   988,123    991,853 
March 7, 2025  June 17, 2025   1,086,983    1,090,165 
March 21, 2025  June 24, 2025   988,996    990,200 
March 28, 2025  July 1, 2025   988,970    989,409 
      $6,030,113   $6,050,914 

During the three months ended March 31, 2025, the Company recognized a gain on change in fair value of short-term investments of $20,801.
Concentration risk

Concentration risk

Cash includes amounts deposited in financial institutions in excess of insurable Federal Deposit Insurance Company (FDIC) limits. At times throughout the year, the Company may maintain cash balances in certain bank accounts in excess of the FDIC limits. As of March 31, 2025, the cash balance in excess of the FDIC limits was $30,531,327. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk in these accounts.
Use of Estimates

Use of Estimates

In accordance with accounting principles generally accepted in the United States, management utilizes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These estimates and assumptions relate to useful lives and impairment of tangible and intangible assets, accruals, income taxes, stock-based compensation expense, fair value of financial instruments, and other factors. Management believes it has exercised reasonable judgment in deriving these estimates. Consequently, a change in conditions could affect these estimates.  
Property and Equipment

Property and Equipment

Property and equipment are stated at cost and are depreciated using straight line over their estimated useful lives.

Computers and peripheral equipment  5 Years
Vehicle  5 Years

The Company recognized depreciation expense of $23,389 and $27,124 for the nine months ended March 31, 2025 and 2024, respectively. 
Intangible Assets

Intangible Assets

The Company has patent applications to protect the inventions and processes behind its proprietary bio-based back-sheet, a protective covering for the back of photovoltaic solar modules traditionally made from petroleum-based film. Intangible assets that have finite useful lives continue to be amortized over their useful lives.

   Useful Lives  March 31,
2025		  

June 30,

2024

 
            
Trademark-gross  10 years  $1,142   $1,142 
Less accumulated amortization      (913)   (827)
Trademark-net     $229   $315 
              
Patents-gross  15 years  $101,143   $101,143 
Less accumulated amortization      (47,833)   (42,909)
Patents-net     $53,310   $58,234 

The Company recognized amortization expense of $5,010 and $5,038 for the nine months ended March 31, 2025 and 2024, respectively.

Future Amortization Expense

Year  Amount 
2025 (remaining)  $1,670 
2026   6,679 
2027   6,650 
2028   6,565 
2029   6,565 
Thereafter   25,410 
   $53,539 
Impairment of Long-lived Assets

Impairment of Long-lived Assets

The Company applies the provisions of ASC 360, Property, Plant and Equipment, where applicable to all long-lived assets. ASC 360 addresses accounting and reporting for impairment and disposal of long-lived assets. The Company periodically evaluates the carrying value of long-lived assets to be held and used in accordance with ASC 360. ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair market values are reduced for the cost of disposal.

When long-lived assets are sold or retired, the related cost and accumulated depreciation or amortization are removed from the accounts and any gain or loss is included in the results of operations. During the nine months ended March 31, 2025 and 2024, the Company determined no impairment was required.
Net Earnings (Loss) per Share Calculations

Net Earnings (Loss) per Share Calculations

Net earnings (Loss) per share dictates the calculation of basic earnings (loss) per share and diluted earnings per share. Basic earnings (loss) per share are computed by dividing by the weighted average number of common shares outstanding during the three and nine months ended March 31, 2025 and 2024. Diluted net earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the effect of stock options and stock-based awards, if dilutive. 

The total potential common shares as of March 31, 2025, include 534,965,911 stock options, 78,095,239 common stock purchase warrants, and 700,105,263 common shares issuable upon conversion of the outstanding 6,651 Series C Preferred shares. Stock options, common stock purchase warrants, and common shares issuable upon conversion of Series C Preferred shares were not included in the calculation of net earnings per share because their impact on income per share is antidilutive. 

The total potential common shares as of March 31, 2024, include 269,894,499 stock options, 86,495,239 common stock purchase warrants, and 931,684,211 common shares issuable upon conversion of the outstanding 8,851 Series C Preferred shares. Stock options, common stock purchase warrants, and common shares issuable upon conversion of Series C Preferred shares were not included in the calculation of net earnings per share because their impact on income per share is antidilutive.
Stock Based Compensation

Stock Based Compensation

The Company accounts for stock option grants issued and vesting to employees and non-employees in accordance with the authoritative guidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested, and the total stock-based compensation charge is recorded in the period of the measurement date.
Warrant Accounting

Warrant Accounting 

The Company accounts for warrants to purchase shares of common stock using the estimated fair value on the date of issuance as calculated using the Black-Scholes valuation model.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value of financial instruments requires disclosure of the fair value information, whether or not recognized on the balance sheet, where it is practicable to estimate that value. As of March 31, 2025, the amounts reported for cash, accounts payable and other payables, and accrued expenses approximate the fair value because of their short maturities.

We adopted ASC Topic 820 for financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

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. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

These tiers include:

  ● Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.
  ● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active.
  ● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

We measure certain financial instruments at fair value on a recurring basis. Assets and liabilities measured at fair value on a recurring basis are as follows:

March 31, 2025

   Total   (Level 1)   (Level 2)   (Level 3) 
Assets:                
Equity securities, related party  $
-
   $
-
   $
       -
   $
      -
 
Short-term investments   6,050,914    6,050,914    
-
    
-
 
   $6,050,914   $6,050,914   $
-
   $
-
 

June 30, 2024

   Total   (Level 1)   (Level 2)   (Level 3) 
Assets:                
Equity securities, related party (see Note 7)  $4,101,402   $
       -
   $4,101,402   $
         -
 
   $4,101,402   $
-
   $4,101,402   $
-
 

As of March 31, 2025, the Equity securities, related party had a fair value of $0 which was measured using a level 3 input due to the underlying securities no longer trading on an active stock exchange (See Note 7).
Research and Development

Research and Development

Research and development costs are expensed as incurred.  Total research and development costs were $2,369,119 and $1,945,910 for the nine months ended March 31, 2025 and 2024, respectively.
Advertising and Marketing

Advertising and Marketing

Advertising and marketing cost are expensed as incurred. Total advertising and marketing costs were $979 and $44,554 for the nine months ended March 31, 2025 and 2024, respectively.
Accounting for Derivatives

Accounting for Derivatives

The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average series Binomial lattice formula pricing models to value the derivative instruments at inception and on subsequent valuation dates.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Management believes that no recently issued accounting standards, which are not yet effective, would have a material impact on the accompanying unaudited financial statements as of March 31, 2025, if adopted at this time.
Reclassification

Reclassification

Certain accounts from prior periods have been reclassified to conform to the current period presentation.