v3.25.2
Capital Stock
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Capital Stock

Note 6. Capital Stock

Authorized Capital

Authorized capital stock consists of 200,000,000 shares of Common Stock with par value of $0.01 per common share (2024 - 200,000,000 shares of Common Stock with par value $0.01 per common share).

During the year-ended June 30, 2025, the Company issued 4,728,165 shares for net proceeds of $2,356,709 through its at-the-market offering and issued 3,845,273 shares for the payment of accrued interest (Note 7) with a fair value of $1,516,667. The Company also issued 1,803,000 shares related to awards made under its equity compensation plans.

During the year-ended June 30, 2024, the Company issued 6,379,754 shares for net proceeds of $1,923,120 through its at-the market offering and issued 3,142,803 shares for payment of interest accrued and owing (Note 5 and Note 7) with a fair value of $1,117,837. The Company also issued 709,500 shares related to awards under its equity compensation plans.

Stock Options, Restricted Stock Units and Stock Based Compensation

Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options, restricted stock units and stock to its employees and directors for up to 5.5 million shares of common stock.

Total stock-based compensation for the years-ended June 30, 2025 and 2024 were $589,730 and $331,095, respectively. Total stock-based compensation for the year-ended June 30, 2025 consists of the aggregate of stock-based compensation recorded for outstanding stock-option awards $3,328 (2024 - $4,899), restricted stock unit awards $554,542 (2024 - $292,827) and restricted stock grant awards $31,860 (2024 - $33,370).

Restricted Stock Grants

During the year-ended June 30, 2025, the Company granted and issued 90,000 shares (2024 -94,000) of Common stock under its equity compensation plan with a fair value of $31,860 (2024 - $33,750) These grants vested immediately and were recognized as share based compensation expense during the year ended June 30, 2025 and 2024.

Stock Options and Stock Based Compensation

Stock option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years. To better align the interests of its key executives, employee and directors with those of its

shareholders a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals and other performance conditions. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee equity compensation plan).

For the year-ended June 30, 2025 and 2024, the Company did not grant any stock options.

For the year-ended June 30, 2025, share-based compensation expense relating to service conditions options and performance conditions options were $nil and $3,328, respectively (2024 - $nil and $4,899).

A summary of option activity under the Stock Incentive and Compensation Plan as of June 30, 2025 and 2024, and changes during the years ended June 30, 2025 and 2024 are presented below.

Options

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted-
Average Remaining
Contractual Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding at June 30, 2023

 

 

1,405,000

 

 

$

1.05

 

 

 

2.06

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited or expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2024

 

 

1,405,000

 

 

$

1.05

 

 

 

1.06

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited or expired

 

 

(640,000

)

 

 

1.00

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025

 

 

765,000

 

 

$

1.09

 

 

 

0.54

 

 

$

650

 

Exercisable at June 30, 2025

 

 

604,164

 

 

$

1.08

 

 

 

0.57

 

 

$

650

 

 

A summary of the status of Paramount’s non-vested options as of June 30, 2025 and 2024 and changes during the years ended June 30, 2025 and 2024 are presented below.

Non-vested Options

 

Options

 

 

Weighted-
Average Grant-
Date Fair Value

 

Non-vested at June 30, 2023

 

 

458,336

 

 

$

0.47

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

Forfeited or expired

 

 

—

 

 

 

—

 

Non-vested at June 30, 2024

 

 

458,336

 

 

$

0.47

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(50,000

)

 

 

0.56

 

Forfeited or expired

 

 

(247,500

)

 

 

0.39

 

Non-vested at June 30, 2025

 

 

160,836

 

 

$

0.57

 

 

The total fair value of stock options vested during the years ended June 30, 2025 and 2024, was $28,000 and $nil respectively.

Restricted Stock Units ("RSUs")

RSUs are awards for service and performance which upon vesting and settlement entitle the recipient to receive one common share of the Company's Common Stock for no additional consideration, for each RSU held.

During the year-ended June 30, 2025, the Company granted 1,058,000 RSUs (2024 - 1,360,000)

During the year-ended June 30, 2025, share-based compensation expenses related to service condition RSUs and performance condition RSUs was $485,755 and $68,787, respectively (2024 - $191,136 and $101,691)

A summary of RSUs activity is summarized as follows:

Restricted Share Unit Activity

 

Outstanding RSUs

 

 

Weighted average grant date fair value

 

Outstanding at June 30, 2023

 

 

980,500

 

 

$

0.43

 

Granted

 

 

1,360,000

 

 

 

0.28

 

Vested

 

 

(615,500

)

 

 

0.42

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at June 30, 2024

 

 

1,725,000

 

 

$

0.31

 

Granted

 

 

1,058,000

 

 

 

0.35

 

Vested

 

 

(1,713,000

)

 

 

0.35

 

Forfeited

 

 

(225,000

)

 

 

0.22

 

Outstanding at June 30, 2025

 

 

845,000

 

 

$

0.37

 

As of June 30, 2025 and 2024, there was approximately $82,405 and $250,221 of unamortized stock-based compensation expense related to outstanding RSUs, respectively. This expense is expected to be recognized over the remaining weighted-average vesting periods of 0.94 years.