Note 14 - Warrants

Equity Classified Warrants

September 2024 Common Stock Warrants

In September 2024, the Company issued warrants to certain underwriters to purchase 143,750 shares of the Company’s common stock in connection with the Company’s initial public offering for services provided. The warrants were immediately exercisable at a price of $4.60 per share and have an expiration date of September 27, 2029. At issuance, the fair value of the warrants was determined to be $227,700 using the Black-Scholes model. As the warrants are accounted for as an equity issuance cost, the fair value of the warrants was recorded within additional paid-in capital on the Company’s consolidated balance sheets. The warrants are not remeasured in future periods as they meet the conditions for equity classification.

The Company valued the warrants, based on a Black-Scholes Option Pricing Method, which included the following inputs:

Schedule of Inputs for Warrant Fair Value Measurement 

During the fiscal year ended June 30, 2026, the Company issued 88,742 shares of common stock upon the cashless exercise of warrants. There were no warrants outstanding at June 30, 2026.