v3.26.1
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
 9 Months Ended 12 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Class of Warrant or Right [Line Items]    
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS

The Company uses the Black-Scholes valuation model to calculate the fair value of stock options at the date of grant. Weighted average annualized percentages and expected term inputs used in Black-Scholes valuations during the periods listed below are:

 

  

Nine Months Ended March 31,

 
   2026   2025 (1) 
Expected volatility   95.46%   - 
Risk free interest rate   3.85%   - 
Dividend yield   0%   - 
Expected term (years)   5.87      

 

 
(1)No stock options were issued during the nine months ended March 31, 2025.

The Company uses the Black-Scholes valuation model to calculate the fair value of warrants. Weighted average annualized percentages and expected term inputs used in Black-Scholes valuations during the periods are listed below:

 

   Year ended June 30, 
   2025(1)   2024 
Expected volatility       -    80.06%
Risk free interest rate   -    4.86 
Dividend yield   -    – 
Expected term (years)        6.00 

 

(1)No stock options were granted during the year ended June 30, 2025.
SCHEDULE OF STOCK OPTIONS ACTIVITY

Activity in the Company’s stock options during the nine months ended March 31, 2026 and related balances outstanding as of that date are reflected below:

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contract

Term

(years)

  

Aggregate

intrinsic

Value

  

Weighted

Average

Grant

Date Fair

Value

  
Outstanding at June 30, 2025   796,660   $4.10             $ 3.08  
Granted   536,239   $1.88             $ 1.23  
Exercised   (62,125)  $4.10             $ 3.40  
Forfeited and cancelled   (304,440)  $3.43        $115,095   $ 2.54  
Outstanding at March 31, 2026   966,334   $3.08    6.75        $ 2.21  
Exercisable at March 31, 2026   729,335   $3.47    6.23        $ 2.52  

 

 

Activity in the Company’s stock options during the nine months ended March 31, 2025 and related balances outstanding as of that date are reflected below:

 

  

Number of

Shares

  

Weighted

Average

Exercise

Price

  

Weighted

Average

Remaining

Contract

Term

(years)

 

 

 

Aggregate

intrinsic Value

  

Weighted

Average Grant

Date Fair Value

 
Outstanding at June 30, 2024   1,605,060   $4.85             
Granted   -                     
Exercised   -                     
Forfeited and cancelled   (387,535)  $3.39                
Outstanding at March 31, 2025   1,217,525   $5.32    5.34           
Exercisable at March 31, 2025   766,905   $6.39    3.60           

Activity in stock options during the year ended June 30, 2025 and related balances outstanding as of that date are reflected below:

 

   Number
of Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contract
Term
(# years)		   Aggregate
intrinsic
Value		   Weighted
Average
Grant
Date Fair
Value		 
Outstanding at June 30, 2024   1,605,060   $4.85                     
Granted   –    –              - 
Exercised   –    –         -      
Forfeited and cancelled   (808,400)   5.60                
Outstanding at June 30, 2025   796,660    4.10    7.10    -      
Exercisable at June 30, 2025   385,189    4.71    6.08    -      

 

Activity in stock options during the year ended June 30, 2024 and related balances outstanding as of that date are reflected below:

 

   Number
of Shares		   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contract
Term
(# years)		   Aggregate
intrinsic
Value		   Weighted
Average
Grant
Date Fair
Value		 
Outstanding at June 30, 2023   973,400   $6.44             
Granted   1,034,204    3.45             $2.24 
Exercised   (100,104)   3.40        $97,593      
Forfeited and cancelled   (302,440)   5.66                
Outstanding at June 30, 2024   1,605,060    4.85    7.96           
Exercisable at June 30, 2024   426,363    8.72    4.92           
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY

Activity in RSUs, including PSUs, during the nine months ended March 31, 2026 and related balances outstanding as of that date are reflected below:

 

  

Number of

Shares

  

Weighted

Average Grant

Date Fair Value

  

Weighted

Average

Remaining

Contract Term

(years)

 
Outstanding at June 30, 2025   200,000   $1.60    0.91 
Granted   304,878   $1.43    0.16 
Vested and settled   -           
Forfeited and cancelled   -           
Outstanding at March 31, 2026   504,878   $1.50    1.44 

 

Activity in RSUs during the nine months ended March 31, 2025 and related balances outstanding as of that date are reflected below:

 

  

Number of

Shares

  

Weighted

Average Grant

Date Fair Value

  

Weighted

Average

Remaining

Contract Term

(years)

 
Outstanding at June 30, 2024   114,666   $5.56      
Granted   -           
Vested and settled   (34,668)  $7.30      
Forfeited and cancelled   (11,770)  $8.00      
Outstanding at March 31, 2025   68,228   $4.25    0.05 

Activity in RSUs during the year ended June 30, 2025 and related balances outstanding as of that date are reflected below: 

 

   Number
of Shares		   Weighted
Average Grant
Date Fair
Value		   Weighted
Average
Remaining
Contract Term
(# years)		 
Outstanding at June 30, 2024   114,666   $5.56      
Granted   200,000    1.60      
Vested and settled   (102,896)   5.28      
Forfeited and cancelled   (11,770)   8.00      
Outstanding at June 30, 2025   200,000    1.60    0.91 

 

 

Activity in RSUs during the year ended June 30, 2024 and related balances outstanding as of that date are reflected below:

 

   Number
of Shares		   Weighted
Average Grant
Date Fair
Value		   Weighted
Average
Remaining
Contract Term
(# years)		 
Outstanding at June 30, 2023   193,749   $6.09      
Granted   68,228    4.25      
Vested and settled   (136,956)   5.55      
Forfeited and cancelled   (10,355)   6.91      
Outstanding at June 30, 2024   114,666    5.56    0.61 
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES

At March 31, 2026, none of the PSUs with performance only conditions were deemed to be probable of achievement and no related stock-based compensation has been recognized to date. The following table summarizes SBC expense:

 

   2026   2025   2026   2025 
   Three months ended March 31,   Nine months ended March 31, 
   2026   2025   2026   2025 
Selling and administrative  $220,000   $161,000   $694,000   $730,000 
Research and development   20,000     45,000    40,000    101,000 
Total stock-based compensation expense  $240,000   $206,000   $734,000   $831,000 

The following table summarizes stock-based compensation expense for employee and non-employee stock option and RSU grants and ESPP participation:

 

       
   Year ended June 30, 
   2025   2024 
Research and development  $127,000   $236,000 
Selling and administrative   852,000    1,335,000 
Total stock-based compensation expense  $979,000   $1,571,000 
SCHEDULE OF EMPLOYEE STOCK PURCHASE PLAN

 

   Common Stock   Price per Share 
Shares authorized under the 2023 ESPP   350,000      
           
Purchase - March 28, 2024   37,543   $2.80 
Purchase - September 30, 2024   20,987   $2.58 
Purchase - March 31, 2025   29,350   $1.46 
Purchase - September 30, 2025   26,312   $1.39 
Purchase - March 31, 2026   21,248   $0.91 
           
Available under the 2023 ESPP as of March 31, 2026   214,560      

 
Preferred Stock Warrants [Member]    
Class of Warrant or Right [Line Items]    
SCHEDULE OF STOCK WARRANT ACTIVITY

 

  

Number of

Preferred

Warrants

  

Weighted

Average

Exercise Price

per Warrant

  

Convertible to

Common

Shares

  

Weighted

Average

Remaining

Contract

Term (years)

Outstanding and exercisable at June 30, 2025   -              
Issued   258,144   $0.001    2,429,523    N/A
Exercised   -              
Expired and cancelled   -              
Outstanding and exercisable at March 31, 2026   258,144   $0.001    2,429,523   N/A
  
Common Stock Warrants [Member]    
Class of Warrant or Right [Line Items]    
SCHEDULE OF STOCK WARRANT ACTIVITY

Activity in the Company’s Common Stock Warrants during the nine months ended March 31, 2026 is reflected below:

 

  

Number of

Common Stock

Warrants

  

Weighted Average

Exercise Price Per

Warrant

  

Weighted Average

Remaining

Contract Term

(years)

 
Outstanding and exercisable at June 30, 2025   1,413,110   $6.14    1.48 
Issued   1,214,766   $1.72    4.46 
Exercised   -           
Expired and cancelled   (131,678)  $4.80      
Outstanding and exercisable at March 31, 2026   2,496,198   $4.06    2.62 

 

Activity in the Company’s Common Stock Warrants during the nine months ended March 31, 2025 is reflected below:

 

  

Number of

Common Stock

Warrants

  

Weighted Average

Exercise Price Per

Warrant

  

Weighted Average

Remaining

Contract Term

(years)

 
Outstanding and exercisable at June 30, 2024   1,413,110   $6.14    2.48 
Issued   -           
Exercised   -           
Expired and cancelled   -           
Outstanding and exercisable at March 31, 2025   1,413,110   $6.14    1.73 
  
Warrant [Member]    
Class of Warrant or Right [Line Items]    
SCHEDULE OF STOCK WARRANT ACTIVITY  

Warrant detail for the year ended June 30, 2025 is reflected below:

 

   Number of Warrants   Weighted Average Exercise Price Per Warrant   Weighted Average Remaining Contract Term (# years) 
Outstanding and exercisable at June 30, 2024   1,413,110   $6.14      
Issued   -    -      
Exercised   -    -      
Forfeited and cancelled   –    –      
Outstanding and exercisable at June 30, 2025   1,413,110    6.14    1.48 

 

 

Warrant detail for the year ended June 30, 2024 is reflected below:

 

   Number of Warrants   Weighted Average Exercise Price Per Warrant   Weighted Average Remaining Contract Term (# years) 
Outstanding and exercisable at June 30, 2023   1,455,119   $6.10      
Issued   41,196    3.24      
Exercised   -    -      
Forfeited and cancelled   (83,205)   4.00      
Outstanding and exercisable at June 30, 2024   1,413,110    6.14    2.48 
SCHEDULE OF FAIR VALUE ASSUMPTIONS OF STOCK OPTIONS  

The Company uses the Black-Scholes valuation model to calculate the fair value of warrants. The fair value of warrants was measured at the issuance date using the assumptions in the table below:

 

   Year ended June 30, 
    2025(1)   2024 
Expected volatility   -    83.70%
Risk free interest rate   -    4.65%
Dividend yield   -    -%
Expected term (years)        5.00 

 

(1)No warrants were issued during the year ended June 30, 2025.