v3.25.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (7,255,839) $ (7,498,983)
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities    
Depreciation & amortization expense 28,399 32,162
Stock based compensation expense for services 600,484 1,298,002
Cancellation of restricted stock awards (618,000)
Realized loss on sale of investment 188,040
Unrealized (gain)/loss on change in fair value of investment, related party 4,101,402 4,679,409
Unrealized (gain)/loss on change in fair value of short-term investments (20,801)
Change in assets and liabilities :    
Interest receivable on certificate of deposit (56,921)
Prepaid expense (116,934)
Accounts payable (300,974) 149,852
Accrued expenses (6,547) 55,808
NET CASH USED IN OPERATING ACTIVITIES (2,970,810) (1,770,631)
CASH FLOWS FROM INVESTING ACTIVITIES    
Short-term investments purchased (6,030,113)
Marketable securities purchased (253,920,231)
Marketable securities redeemed 235,384,616
Marketable securities transferred to new account 18,535,615
Purchase of certificate of deposit (5,000,000)
Purchase of marketable securities unsettled 5,000,000
Redemption of short-term investments in corporate securities 3,000,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (6,030,113) 3,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of related party note payable (45,829) (78,518)
Net proceeds from common stock purchase agreements 2,201,925 878,925
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,156,096 800,407
Net increase (decrease) in cash and cash equivalents (6,844,827) 2,029,776
Cash and cash equivalents - beginning of period 39,044,795 37,185,989
Cash and cash equivalents - end of period 32,199,968 39,215,765
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest paid 626 5,089
Taxes paid
SUPPLEMENTAL DISCLOSURES OF NON CASH TRANSACTIONS    
Conversion of Series C Preferred shares to common stock 220,000 210,000
Cancellation of restricted stock units $ (618,000)