Note 9. Deemed Dividends

The Company received proceeds for the issuance of certain milestone warrants of $2,250,000 and the fair value of the warrants in excess of proceeds received of $8,208,393 was recorded as a deemed dividend, against accumulated deficit for the three and nine month periods ended March 31, 2021. The milestone warrants were later converted to Series A preferred stock (which was converted into common stock) upon IPO.