Common Stock |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Common Stock [Abstract] | |
| Common Stock | Note 4 - Common Stock
The Company’s preferred stock has a $.0001 par value; 5,000,000 shares have been authorized; and shares have been issued or are outstanding.
The Company’s common stock has a $.0001 par value; 100,000,000 shares have been authorized; and 4,572,713 and 2,542,440 shares are outstanding at June 30, 2025 and 2024, respectively.
There were no issuances of common stock during the fiscal year ended June 30, 2024.
On August 1, 2024, the Company issued 250,000 shares of common stock to a consultant under an agreement for activities related to potential future financing. The $655,000 market value of those shares is reflected in the Company’s common stock and additional paid in capital accounts was capitalized as deferred issuance costs in current assets until the financing was completed January 8, 2025. At which time, these costs were recognized as an expense against the proceeds of the public offering pursuant to ASC 340-10-S99-1. On January 8, 2025, we closed on a public offering of our common stock. The Company sold 1,201,667 shares at a purchase price of $3.00 per share for total gross proceeds of approximately $3.6 million. After deducting the underwriting discounts, commissions, and other offering costs, the Company received net proceeds of approximately $3.1 million. Direct offering costs deducted from equity totaled $1,164,050.
On March 7, 2025, the Board of Directors authorized the issuance of 247,932 common stock shares for the 2023 common stock grant to the non-employee directors totaling $100,000 per director. Accordingly, the $600,000 in accrued compensation on the balance sheet at June 30, 2024 was recognized in equity during the quarter ended March 31, 2025. Additionally, the Board of Directors authorized the settlement of deferred stock units to two resigned directors, totaling 96,434 shares of common stock issued. On the same day, the 2022 and 2024 common stock grants to the non-employee directors were issued totaling 234,240 common stock shares. |