v3.25.2
Stock-Based Compensation
 12 Months Ended
Jun. 30, 2025
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 5 – Stock-Based Compensation

 

Restricted Stock Awards

 

The Company has entered into various consulting agreements that involved the issuance of common stock in exchange for future services. These agreements included time-based vesting provisions and repurchase rights tied to service terms. In connection with these agreements, the Company recorded deferred compensation for the fair value of the shares in excess of the amounts paid. The deferred compensation is recognized as consulting expense in the consolidated statements of operations over the respective service periods.

 

For the fiscal years ended June 30, 2025 and 2024, $20 thousand and $33 thousand, respectively, have been amortized in the consolidated statements of operations. As of June 30, 2025, there was no deferred compensation included in the consolidated balance sheets, as all deferred compensation had been fully expensed.

 

The following is a schedule summarizing restricted stock awards for the periods indicated:

 

   Number of
Shares		   Weighted
Average
 Grant Date
 Fair Value
 Per Share		 
Outstanding at July 1, 2023   75,293   $1.97 
Granted   
-
    
-
 
Vested   (64,696)   1.98 
Forfeited   
-
    
-
 
Outstanding at June 30, 2024   10,597   $1.90 
Granted   
-
    
-
 
Vested   (10,597)   1.90 
Forfeited   
-
    
-
 
Outstanding at June 30, 2025   
-
   $
-
 

Common Stock Options

 

For the fiscal year ended June 30, 2024, the Company granted stock options of 20,000 and 100,821 to consultants and members of the board of directors, respectively. The stock options granted to consultants expire in 10 years have exercise prices ranging from $2.50 to $3.90, and vest immediately. Stock options granted to members of the board of directors expire in 10 years have an exercise price of $2.99, and vest in nine months.

 

For the fiscal year ended June 30, 2025, the Company granted stock options of 78,000 and 723,354 to consultants, and employees and members of the Company’s board of directors, respectively. The stock options granted to consultants expire in 10 years, have exercise prices ranging from $2.97 to $3.51 and vest in six months to 2 years. Stock options granted to employees and members of board of the Company’s directors expire in 10 years, have exercise prices ranging from $5.93 to $18.99, and vest in one month to forty-eight months.

 

The Company estimates the fair value of each option granted using the Black-Scholes option-pricing model. The Company used the following assumptions to estimate the fair value of stock options for the period presented:

 

    Year Ended June 30,  
    2025     2024  
Weighted-average fair value   $ 6.53     $ 2.52  
Expected volatility     113.9% - 138.3 %     104.9% - 113.9 %
Expected term     0.9 years - 6.1 years       5.0 years - 6.2 years  
Dividend yield     0.00 %     0.00 %
Risk-free interest rate     3.87% - 4.65 %     3.94% - 4.92 %

 

For the fiscal years ended June 30, 2025 and 2024, stock-based compensation expenses for options granted were $1.9 million and $732 thousand, respectively. Unrecognized stock-based compensation expense was $4.1 million, and the average expected recognition period was 1.5 years as of June 30, 2025.

 

The following is a schedule summarizing stock option activities for the periods presented ($ in thousands, except per share data):

 

   Number of
Options		   Weighted
Average
Exercise Price		   Aggregate
Intrinsic
Value (1)		 
Outstanding at July 1, 2024   953,821   $2.45   $1,087 
Granted   801,354    8.08      
Exercised   (267,957)   2.28      
Reversal of Expired/forfeited   83,457    2.89      
Outstanding at June 30, 2025   1,570,675   $5.33   $17,410 
Exercisable at June 30, 2025   837,754   $3.65   $10,656 
                
Outstanding at July 1, 2023   1,034,000   $2.31   $640 
Granted   120,821    3.01      
Exercised   
-
    
-
      
Expired/forfeited   (201,000)   2.08      
Outstanding at June 30, 2024   953,821   $2.45   $1,087 
Exercisable at June 30, 2024   550,116   $2.36   $674 

 

(1)Represents the excess of the fair value on the last day of the period (which was $16.37 and $3.59 as of June 30, 2025 and 2024, respectively) over the exercise price, multiplied by the number of options.