SCHEDULE OF WARRANTS OUTSTANDING |
The
remaining outstanding warrants as of June 30, 2025 are:
SCHEDULE
OF WARRANTS OUTSTANDING
| |
Warrants
Outstanding | | |
Exercise
Price | | |
Expiration
Date |
| |
| | |
| | |
|
July
2021 IPO | |
| 87,500 | | |
$ | 7.00 | | |
June
2026 |
November 2021 SPA | |
| 481,000 | | |
$ | 1.75 | | |
November
2026 |
November
2021 SPA | |
| 169,000 | | |
$ | 1.75 | | |
May
2027 |
Total | |
| 737,500 | | |
| | | |
|
|
SCHEDULE OF STOCK OPTION FAIR VALUE ASSUMPTION |
Stock
options have been recorded at their fair value. The Black-Scholes option-pricing model assumptions used to value the issuance of stock
options under the Plan for the specific periods below are noted in the following table:
SCHEDULE
OF STOCK OPTION FAIR VALUE ASSUMPTION
| |
2025 | | |
2024 | |
| |
For
the Years Ended June 30, | |
| |
2025 | | |
2024 | |
Weighted
average expected terms (in years) | |
| 5.5 | | |
| 5.1 | |
Weighted average
expected volatility | |
| 125.6 | % | |
| 103.3 | % |
Weighted average
risk-free interest rate | |
| 4.3 | % | |
| 4.3 | % |
Expected
dividend yield | |
| 0.0 | % | |
| 0.0 | % |
|
SUMMARY OF STOCK OPTION ACTIVITY |
The
following is a summary of the Company’s stock option activity for the years ended June 30, 2025 and 2024, excluding the executive
Target Options:
SUMMARY
OF STOCK OPTION ACTIVITY
| |
| | |
Weighted
Average | | |
| |
| |
| | |
| | |
Remaining | | |
| |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Term
(Yrs) | | |
Value | |
Outstanding
at July 1, 2024 | |
| 3,643,880 | | |
$ | 3.95 | | |
| 6.5 | | |
$ | - | |
Options
Granted | |
| 545,801 | | |
| 2.38 | | |
| 9.4 | | |
| 16,300 | |
Options
Exercised | |
| (35,600 | ) | |
| 2.50 | | |
| 1.8 | | |
| - | |
Options
Forfeited / Cancelled | |
| (1,387,875 | ) | |
| 4.53 | | |
| 6.8 | | |
| 9,942 | |
Outstanding
at June 30, 2025 | |
| 2,766,206 | | |
$ | 3.37 | | |
| 5.6 | | |
$ | - | |
Exercisable
at June 30, 2025 | |
| 1,850,129 | | |
$ | 3.58 | | |
| 4.6 | | |
$ | - | |
| |
| | |
Weighted
Average | | |
| |
| |
| | |
| | |
Remaining | | |
| |
| |
| | |
Exercise | | |
Contractual | | |
Intrinsic | |
| |
Options | | |
Price | | |
Term
(Yrs) | | |
Value | |
Outstanding
at July 1, 2023 | |
| 6,128,381 | | |
$ | 4.84 | | |
| 7.0 | | |
$ | 1,676,966 | |
Options
Granted | |
| 1,380,662 | | |
| 2.35 | | |
| 8.3 | | |
| 98,542 | |
Options
Exercised | |
| (25,000 | ) | |
| 2.00 | | |
| 2.4 | | |
| - | |
Options
Forfeited / Cancelled | |
| (3,840,163 | ) | |
| 4.81 | | |
| 6.5 | | |
| - | |
Outstanding
at June 30, 2024 | |
| 3,643,880 | | |
$ | 3.95 | | |
| 6.5 | | |
$ | - | |
Exercisable
at June 30, 2024 | |
| 1,973,499 | | |
$ | 4.06 | | |
| 5.0 | | |
$ | - | |
|
SCHEDULE OF STOCK OPTION BASED EXPENSE |
The
Company’s stock option-based expense for the years ended June 30, 2025 and 2024 consisted of the following:
SCHEDULE
OF STOCK OPTION BASED EXPENSE
| |
2025 | | |
2024 | |
| |
For
the Years Ended | |
| |
June
30 | |
| |
2025 | | |
2024 | |
Stock
option-based expense : | |
| | | |
| | |
Research
and development expenses | |
$ | 210,498 | | |
$ | 731,638 | |
General
and administrative expenses | |
| 394,039 | | |
| 346,309 | |
Sales
and marketing expenses | |
| 97,520 | | |
| 349,377 | |
Board
option expense | |
| 229,389 | | |
| 179,950 | |
Total | |
$ | 931,446 | | |
$ | 1,607,274 | |
|