|6 Months Ended|
Dec. 31, 2022
|Share-Based Payment Arrangement [Abstract]|
In June 2020, the Board of Directors adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to shares of the Company’s common stock. On October 22, 2021, the Company’s stockholders approved an increase of the total authorized shares to shares. Other awards include restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. . In September 2020, the Company awarded shares of restricted common stock to its former Chief Executive Officer. As of December 31, 2022, the Company had shares available for future issuance under the 2020 Stock Incentive Plan.
The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of its common stock, the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award.
Schedule of Fair Value Assumptions of Stock Options
Schedule of Stock Option Activity
The weighted-average grant date fair value of options awarded during the six months ended December 31, 2022 was approximately $per share. As of December 31, 2022, unrecognized stock-based compensation expense related to unvested stock options totaled approximately $ million which is expected to be recognized over a weighted average period of years.
Schedule of Stock-Based Compensation Expenses
The entire disclosure for share-based payment arrangement.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef