BioVie (BIVI) 10-Q 10 Feb 23 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2022	Feb. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	001-39015
Entity Registrant Name	BIOVIE INC.
Entity Central Index Key	0001580149
Entity Tax Identification Number	46-2510769
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	680 W Nye Lane Suite 204
Entity Address, City or Town	Carson City
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89703
City Area Code	775
Local Phone Number	888-3162
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	BIVI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,987,568

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
CURRENT ASSETS:
Cash	$ 45,748,591	$ 18,641,716
Prepaids and other assets	241,282	137,879
Total current assets	45,989,873	18,779,595
OTHER  ASSETS:
Operating lease right-of-use assets	100,038	118,254
Intangible assets, net	751,784	866,472
Goodwill	345,711	345,711
Other assets, non-current	4,562	4,562
Total other assets	1,202,095	1,334,999
TOTAL ASSETS	47,191,968	20,114,594
CURRENT LIABILITIES:
Accounts payable and accrued expenses	3,245,414	2,442,804
Current portion of other liabilities	338,698	1,304,925
Current portion of operating lease liabilities	41,788	38,884
Warrant liabilities	1,842,560	194,531
Embedded derivative liability	2,328,553	188,030
Total current liabilities	7,797,013	4,169,174
Other liabilities, net of current portion		48,385
Operating lease liabilities, net of current portion	65,835	87,414
Note payable, net of financing cost, unearned premium and  discount of $1,738,942 at December 31, 2022 and $2,861,314 at June 30, 2022	13,261,058	12,138,686
TOTAL LIABILITIES	21,123,906	16,443,659
STOCKHOLDERS' EQUITY :
Preferred stock; $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $0.0001 par value; 800,000,000 shares authorized at December 31, 2022 and June 30, 2022; 34,504,332 and 24,984,083 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively	3,449	2,496
Additional paid in capital	303,137,216	254,638,329
Accumulated deficit	(277,072,603)	(250,969,890)
Total stockholders' equity	26,068,062	3,670,935
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 47,191,968	$ 20,114,594

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Unearned premium and discount	$ 1,738,942	$ 2,861,314
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	800,000,000	800,000,000
Common Stock, Shares, Issued	34,504,332	24,984,083
Common Stock, Shares, Outstanding	34,504,332	24,984,083

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES:
Amortization	$ 57,344	$ 57,344	$ 114,688	$ 114,689
Research and development expenses	7,032,898	4,713,667	13,802,830	7,808,444
Selling, general and administrative expenses	4,404,564	1,893,999	6,411,626	4,289,161
TOTAL OPERATING EXPENSES	11,494,806	6,665,010	20,329,144	12,212,294
LOSS FROM OPERATIONS	(11,494,806)	(6,665,010)	(20,329,144)	(12,212,294)
OTHER EXPENSE (INCOME):
Change in fair value of derivative liabilities	3,222,010	(1,555,254)	3,788,552	(1,555,254)
Interest expense	1,053,455	316,263	2,109,871	317,378
Interest income	(83,269)	(11,702)	(124,854)	(19,348)
TOTAL OTHER EXPENSE (INCOME), NET	4,192,196	(1,250,693)	5,773,569	(1,257,224)
NET LOSS	(15,687,002)	(5,414,317)	(26,102,713)	(10,955,070)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (15,687,002)	$ (5,414,317)	$ (26,102,713)	$ (10,955,070)
NET LOSS PER COMMON SHARE
- Basic	$ (0.50)	$ (0.22)	$ (0.89)	$ (0.45)
- Diluted	$ (0.50)	$ (0.22)	$ (0.89)	$ (0.45)
WEIGHTED AVERAGE NUMBER OF COMMON  SHARES OUTSTANDING
- Basic	31,168,826	24,962,373	29,201,445	24,344,545
- Diluted	31,168,826	24,962,373	29,201,445	24,344,545

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (26,102,713)	$ (10,955,070)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	114,688	114,689
Stock based compensation - restricted stock units	1,571,990	384,454
Stock based compensation expense - stock options	2,591,427	3,074,384
Amortization of financing costs	85,110	14,185
Accretion of unearned loan discount	800,722	133,454
Accretion of loan premium	236,540	23,611
Amortization of operating lease right-of-use assets	18,216
Change in fair value of derivative liability	3,788,552	(1,555,254)
Changes in operating assets and liabilities:
Other assets	(103,403)	(61,381)
Accounts payable and accrued expenses	802,610	666,715
Operating lease liabilities	(18,675)
Other liabilities	(1,014,612)	919,323
Net cash used in operating activities	(17,229,548)	(7,240,891)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common stock	38,428,343	18,511,009
Proceeds from note payable net of financing costs		14,609,915
Proceeds from exercise of stock options	2,240
Net proceeds from issuance of common stock - Related Party	5,905,840
Net cash provided by financing activities	44,336,423	33,120,924
Net increase in cash	27,106,875	25,880,033
Cash, beginning of period	18,641,716	4,511,642
Cash, end of period	45,748,591	30,391,675
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 987,498	$ 146,128

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2021	$ 2,232	$ 229,933,505	$ (224,885,422)	$ 5,050,315
Beginning balance, shares at Jun. 30, 2021	22,333,324
Proceeds from issuance of common stock, net of costs of  $1,206,206	$ 259	18,510,750		18,511,009
Proceeds from issuance of common stock, shares	2,592,000
Stock-based compensation - restricted stock units	$ 3	286,756		286,759
Stock-based compensation - restricted stock units, Shares	37,049
Stock option based compensation		1,926,962		1,926,962
Net loss			(5,540,753)	(5,540,753)
Ending balance, value at Sep. 30, 2021	$ 2,494	250,657,973	(230,426,175)	20,234,292
Ending balance, shares at Sep. 30, 2021	24,962,373
Stock-based compensation - restricted stock units	$ 2	97,693		97,695
Stock-based compensation - restricted stock units, Shares	21,710
Stock option based compensation		1,147,422		1,147,422
Net loss			(5,414,317)	(5,414,317)
Ending balance, value at Dec. 31, 2021	$ 2,496	251,903,088	(235,840,492)	16,065,092
Ending balance, shares at Dec. 31, 2021	24,984,083
Beginning balance, value at Jun. 30, 2022	$ 2,496	254,638,329	(250,969,890)	3,670,935
Beginning balance, shares at Jun. 30, 2022	24,984,083
Proceeds from issuance of common stock, net of costs of  $1,206,206	$ 155	5,903,527		5,903,682
Proceeds from issuance of common stock, shares	1,544,872
Proceeds from issuance of common stock, net of costs of  $94,160 - Related Party	$ 364	5,905,476		5,905,840
Proceeds from issuance of common stock related party, shares	3,636,364
Stock-based compensation - restricted stock units		17,537		17,537
Stock option based compensation		878,640		878,640
Net loss			(10,415,711)	(10,415,711)
Ending balance, value at Sep. 30, 2022	$ 3,015	267,343,509	(261,385,601)	5,960,923
Ending balance, shares at Sep. 30, 2022	30,165,319
Proceeds from issuance of common stock, net of costs of  $1,206,206	$ 431	32,524,230		32,524,661
Proceeds from issuance of common stock, shares	4,312,741
Stock-based compensation - restricted stock units		1,554,453		1,554,453
Stock option based compensation		1,712,787		1,712,787
Cashless exercise of options	$ 3	(3)
Cashless exercise of options, shares	21,882
Cashless exercise of warrants
Cashless exercise of warrants, shares	3,590
Proceeds from exercise of options		2,240		2,240
Proceeds from exercise of options, shares	800
Net loss			(15,687,002)	(15,687,002)
Ending balance, value at Dec. 31, 2022	$ 3,449	$ 303,137,216	$ (277,072,603)	$ 26,068,062
Ending balance, shares at Dec. 31, 2022	34,504,332

Background Information

Background Information	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background Information	1. Background Information BioVie Inc. (the “Company” or “we” or “our”) is a clinical-stage company developing innovative drug therapies to treat chronic debilitating conditions including neurological and neuro-degenerative disorders and liver disease. The Company acquired the biopharmaceutical assets of NeurMedix, Inc. (“NeurMedix”), a privately held clinical-stage pharmaceutical company, in June 2021 (See Note 5 Related Party Transactions ). In December 2022, the Company released topline results from its Phase 2 study assessing NE3107’s safety and tolerability and potential pro-motoric impact in Parkinson’s disease patients. The NM201 study (NCT05083260) was a double-blind, placebo-controlled, safety, tolerability, and pharmacokinetics study in PD participants treated with carbidopa/levodopa and NE3107. Forty-five patients with a defined L-dopa “off state” were randomized 1:1 to placebo: NE3107 20 mg twice daily for 28 days. The trial was launched with two design objectives: 1) the primary objectives are safety and a drug-drug interaction study (as requested by the FDA) to demonstrate the absence of adverse interactions of NE3107 with levodopa; and 2) the secondary objective is to determine if preclinical indications of promotoric activity and apparent enhancement of levodopa activity can be seen in humans. Both objectives of the study were met. The Company continues to process its findings from its completed NM201 study as it prepares for the next round of clinical studies in PD. Neuroinflammation, insulin resistance, and oxidative stress are common features in the major neurodegenerative diseases, including AD, PD, frontotemporal lobar dementia, and Amyotrophic lateral sclerosis (ALS). NE3107 is an oral small molecule, blood-brain permeable, compound with potential anti-inflammatory, insulin sensitizing, and ERK-binding properties that may allow it to selectively inhibit ERK-, NFκB- and TNF-stimulated inflammation. NE3107’s potential to inhibit neuroinflammation and insulin resistance forms the basis for the Company’s work testing the molecule in AD and PD patients. NE3107 is patented in the United States, Australia, Canada, Europe and South Korea. The Company’s Orphan drug candidate BIV201 (continuous infusion terlipressin), with FDA Fast Track status, is being evaluated in a US Phase 2b study for the treatment of refractory ascites due to liver cirrhosis with top-line results anticipated in mid-2023. BIV201 is administered as a patent-pending liquid formulation. The active agent is approved in the U.S. and in about 40 countries for related complications of advanced liver cirrhosis. The BIV201 development program was initiated by LAT Pharma LLC (“LAT Pharma”). On April 11, 2016, the Company acquired LAT Pharma and the rights to its BIV201 development program. The Company currently owns all development and marketing rights to this drug candidate. Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016, between our predecessor entities, LAT Pharma and NanoAntibiotics, Inc., BioVie is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin), if approved, to be shared by the members of LAT Pharma, PharmaIn Corporation and The Barrett Edge, Inc

Liquidity

Liquidity	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	2. Liquidity The Company’s operations are subject to a number of factors that can affect its operating results and financial conditions. Such factors include, but are not limited to: the results of clinical testing and trial activities; the Company’s ability to obtain regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, Company products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, if approved; and the Company’s ability to raise capital to support its operations. The Company’s financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2022, the Company had working capital of approximately $ 38.2 million, cash of approximately $ 45.7 million, stockholders’ equity of approximately $ 26.1 million, and an accumulated deficit of approximately $ 277.1 million. The Company has not generated any revenue to date and no revenue is expected in the foreseeable future. The Company’s future operations are dependent on the success of the Company’s ongoing development and commercialization efforts, as well as its ability to secure additional financing as needed. Although our cash balance may sustain operations over the next 12 months from the balance sheet date if measures are taken to delay planned expenditures in our research protocols and slow the progress in the Company’s clinical programs, the Company’s current planned operations to meet certain goals and objectives project cash flows to be depleted within that period of time. Management expects that future sources of funding may include sales of equity, obtaining loans, or other strategic transactions. The duration and spread of the COVID-19 pandemic and the long-term impact of COVID-19 and any variants on the financial markets and the overall economy continue to be highly uncertain and cannot be predicted at this time. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s ability to raise funds may be materially adversely affected. In addition, the COVID-19 pandemic has created a widespread labor shortage, including a shortage of medical professionals, and has impacted and may continue to impact the potential patient participation in our studies, which may adversely impact our ability to continue or complete our clinical trials on the Company’s planned timeline. Although management continues to pursue the Company’s strategic plans, there is no assurance that the Company will be successful in obtaining sufficient financing on terms acceptable to the Company, if at all, to fund continuing operations. These circumstances raise substantial doubt on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies Basis of Presentation – Interim Financial Information These unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”) for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The condensed balance sheet at June 30, 2022 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. These unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements for the fiscal years ended June 30, 2022 and 2021 in our Annual Report on Form 10-K filed with the SEC on September 27, 2022. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022, filed with the SEC on September 27, 2022 (the “2022 Form 10-K”). Certain prior period amounts have been reclassified for consistency with the current period presentation. Net loss per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of Class A common stock, par value $ 0.0001 The table below shows the number of outstanding stock options and warrants as of December 31, 2022 and 2021: Schedule of Dilutive securities were excluded from the computation of diluted loss per share December 31, December 31, Number of Shares Number of Shares Stock Options 3,448,797 2,047,910 Warrants 7,770,285 519,763 Total 11,219,082 2,567,673 Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). There have been no recent ASUs that are expected to have a material impact on the Company’s balance sheets or statements of operations since the 2022 Form 10-K.

Intangible Assets

Intangible Assets	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. Intangible Assets The Company’s intangible assets consist of intellectual property acquired from LAT Pharma. and are amortized over their estimated useful lives. The following is a summary of the Company’s intangible assets as of December 31, 2022 and June 30, 2022: Schedule of intangible assets December 31, June 30, Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,541,986 ) (1,427,298 ) Intellectual Property, Net $ 751,784 $ 866,472 Amortization expense was $ 57,344 114,688 114,689 10 Estimated future amortization expense is as follows: Schedule of future amortization expense Year ending June 30, 2023 (Remaining six months) $ 114,689 2024 229,377 2025 229,377 2026 178,341 Intellectual Property, Net $ 751,784

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions Equity Transactions with Acuitas On July 15, 2022, the Company entered into a securities purchase agreement with Acuitas Group Holdings, LLC (Acuitas), the Company’s majority stockholder, pursuant to which Acuitas agreed to purchase from the Company, in a private placement, (i) an aggregate of 3,636,364 Asset Acquisition with NeurMedix On April 27, 2021, the Company entered into an Asset Purchase Agreement (“APA”) with NeurMedix and Acuitas, which are related party affiliates, pursuant to which the Company acquired certain assets from NeurMedix and assumed certain liabilities of NeurMedix,. The acquired assets include, among others, certain assets related to the drug candidates then being developed by NeurMedix, including NE3107. On June 10, 2021, and pursuant to the terms of the APA, the Company issued to Acuitas (as NeurMedix’s assignee) 8,361,308 shares of the Company’s common stock and made a cash payment to Acuitas of approximately $2.3 million. Since the transaction was between entities under common control, there were no fair value adjustments of the purchased assets, and the historical cost basis of the purchased assets was zero. The total consideration paid was expensed as in process research and development expense in the year ended June 30, 2021. Previously, the Company was obligated to deliver contingent stock consideration to NeurMedix (or its successor) consisting of shares of the Company’s common stock having an aggregate value of up to $3.0 billion, subject to the achievement of certain clinical, regulatory and commercial milestones related to the drug candidates to be acquired by the Company from NeurMedix, and subject to a cap limiting each issuance of shares if such issuance would result in the beneficial ownership of NeurMedix and its affiliates exceeding 89.9999% of the Company’s issued and outstanding common stock. Subject to the terms and conditions of the APA, as amended, the Company may now be obligated to deliver contingent stock consideration to NeurMedix (or its successor) consisting of up to 18 million shares of the Company’s common stock, with 4.5 million shares issuable upon the achievement of each of the four milestones set forth in the APA, subject to a cap limiting the issuance of shares if such issuance would result in the beneficial ownership of NeurMedix and its affiliates exceeding 87.5% of the Company’s issued and outstanding common stock.

Other Liabilities

Other Liabilities	6 Months Ended
	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	6. Other Liabilities The current portion of other liabilities at December 31, 2022 were $ 338,698 1,304,925 1,161,000

Notes Payable

Notes Payable	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes Payable	7. Notes Payable On November 30, 2021 (the “Closing Date”), the Company entered into a Loan and Security Agreement and the Supplement to the Loan and Security Agreement and Promissory Notes (together, the “Loan Agreement”) with Avenue Venture Opportunities Fund, L.P. (“AVOPI”) and Avenue Venture Opportunities Fund II, L.P. (“AVOPII,” and together with AVOPI, “Avenue”) for growth capital loans in an aggregate commitment amount of up to $20 million (the “Loan”). On the Closing Date, $15 million of the Loan was funded (“Tranche 1”). The Loan provided for an additional $5 million to be available to the Company on or prior to September 15, 2022, subject to the Company’s achievement of certain milestones with respect to certain of its ongoing clinical trials, which were not achieved. The Loan bears interest at an annual rate equal to the greater of (a) the sum of 7.00 7.5% The Loan Agreement requires monthly interest-only payments during the first eighteen months of the term of the Loan. Following the interest-only period, the Company will make equal monthly payments of principal, plus accrued interest, until the Loan’s maturity date when all remaining principal and accrued interest is due. If the Company prepays the Loan, it will be required to pay (a) a prepayment fee in an amount equal to 3.0% of the principal amount of the Loan that is prepaid during the interest-only period; and (b) a prepayment fee in an amount equal to 1.0% of the principal amount of the Loan that is prepaid after the interest-only period. At the Loan’s maturity date, or on the date of the prepayment of the Loan, the The Loan Agreement includes a conversion option to convert up to $5.0 million of the principal amount of the Loan outstanding at the option of Avenue , into shares of the Company’s common stock at a conversion price of $6.98 per share. On the Closing Date, the Company issued to Avenue warrants to purchase 361,002 shares of common stock of the Company (the “Avenue Warrants”) at an exercise price per share equal to $5.82. The Avenue Warrants are exercisable until November 30, 2026. The amount of the carrying value of the notes payable was determined by allocating portions of the outstanding principal of the notes; approximately $ 1.4 2.2 3.7 390,000 850,000 1.1 518,000 43,000 400,000 2.1 987,000 85,000 800,000 As of December 31, 2022, the remaining principal balance of $15 million under the Loan is payable in 18 monthly equal installments beginning July 1, 2023; for a total of $10.0 million and $5.0 million in the fiscal years ended June 30, 2024 and 2025 respectively. The following is a summary of the Notes Payable as of December 31, 2022 and June 30, 2022: Schedule of note payable December 31, June 30, Notes Payable $ 15,000,000 $ 15,000,000 Less debt financing costs (205,680 ) (290,790 ) Less unearned discount (1,935,080 ) (2,735,802 ) Plus accretion of loan premium 401,818 165,278 Notes Payable, net of financing costs, unearned premiums and discount $ 13,261,058 $ 12,138,686 Estimated future amortization expense and accretion of premium is as follows: Schedule of Estimated future amortization expense and accretion of premium Unearned Discount Debt Financing Costs Loan accretion Premium Year ending June 30, 2023 (Remaining 6 months) $ 800,723 $ 85,111 $ 185,455 2024 1,023,145 108,751 236,970 2025 111,212 11,820 25,755 Total $ 1,935,080 $ 205,682 $ 448,180

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements At December 31, 2022 and June 30, 2022, the estimated fair value of derivative liabilities measured on a recurring basis are as follows: Schedule of derivative liabilities at fair value December 31, 2022 Level 1 Level 2 Level 3 Total Derivative liability – Warrants $ - $ - $ 1,842,560 $ 1,842,560 Derivative liability – Conversion option on notes payable - - 2,328,553 2,328,553 Total derivatives $ - $ - $ 4,171,113 $ 4,171,113 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Derivative liability – Warrants $ - $ - $ 194,531 $ 194,531 Derivative liability – Conversion option on note payable - - 188,030 188,030 Total derivatives $ - $ - $ 382,561 $ 382,561 The following table presents the activity for liabilities measured at fair value using unobservable inputs for the six months ended December 31, 2022: Fair value, liabilities measured on recurring basis Derivative liabilities – Avenue Warrants Derivative liability – Conversion Option on Convertible Debenture Balance at July 1, 2022 $ 194,531 $ 188,030 Additions to level 3 liabilities - - Change in in fair value of level 3 liability 1,648,029 2,140,523 Transfer in and/or out of Level 3 - - Balance at December 31, 2022 $ 1,842,560 $ 2,328,553 The following table presents the activity for liabilities measured at fair value using unobservable inputs for the six months ended December 31, 2021: Derivative liabilities – Avenue Warrants Derivative liability – Conversion Option on Convertible Debenture Balance at July 1, 2021 $ - $ - Additions to level 3 liabilities 1,456,512 2,213,466 Change in fair value of level 3 liability (559,553 ) (995,701 ) Transfer in and/or out of Level 3 - - Balance at December 31, 2021 $ 896,959 $ 1,217,765 The fair values of derivative liabilities for the Avenue Warrants and conversion option at December 31, 2022 in the accompanying balance sheet, were approximately $1.8 million and approximately $2.3 million, respectively. The total change in the fair value of the derivative liabilities totaled approximately $3.2 million and $3.8 million for the three and six months ended December 31, 2022, respectively; and accordingly, was recorded in the accompanying statement of operations. The assumptions used in the Black Scholes model to value the derivative liabilities at December 31, 2022 included the closing stock price of $ 7.77 5.82 4 4.11 78.5 6.98 2 4.41 66.9 Derivative liability – Avenue Warrants The Company accounts for stock purchase warrants as either equity instruments or derivative liabilities depending on the specific terms of the warrant agreements. Under applicable accounting guidance, stock warrants that are precluded from being indexed to the Company’s own stock because of full-rachet and anti-dilution provisions or adjustments to the strike price due to an occurrence of a future event are accounted for as derivative financial instruments. The Avenue Warrants were not considered to be indexed to the Company’s own stock, and accordingly, were recorded as a derivative liability at fair value in the accompany balance sheet at December 31, 2022. The Black Scholes model was used to calculate the fair value of the warrant derivative to bifurcate the warrant derivative amount from the Avenue Loan amount funded. The Avenue Warrants are recorded at their fair values at the date of issuance and remeasured at December 31, 2022. The assumptions used for the fair value calculation at November 30, 2021 included: the closing stock price of $ 6.44 5.82 5 1.14 74.4 Embedded derivative liability – Conversion Option The embedded derivative liability represents the optional conversion feature of up to $5.0 million of the outstanding Loan, which meets the definition of a derivative and requires bifurcation from the loan amount. The Black Scholes model was used to calculate the fair value of the embedded derivative to bifurcate the embedded derivative amount representing the conversion option from the Loan amount funded. The assumption used for the fair value calculation at November 30, 2021 included: the closing stock price of $ 6.44 6.98 3 0.81 76.85

Equity Transactions

Equity Transactions	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Equity Transactions	9. Equity Transactions Stock Options The following table summarizes the activity relating to the Company’s stock options for the six months ended December 31, 2022: Schedule of summarizes the activity relating to the Company’s stock options Options Weighed-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2022 3,398,764 7.42 6.8 - Granted 205,000 6.08 5.2 347,350 Options Expired (5,200 ) 28.69 - - Options Canceled (49,667 ) 7.74 - - Options Exercised (100,100 ) 7.60 - - Outstanding at December 31, 2022 3,448,797 $ 7.29 6.2 $ 5,601,237 Exercisable at December 31, 2022 1,008,808 $ 9.19 5.8 $ 703,756 The fair value of each option grant on the date of grant is estimated using the Black-Scholes option. The pricing model reflects the following weighted-average assumptions for the six months ended December 31, 2022 and 2021: Schedule of assumptions used December 31, December 31, Expected life of options (In years) 5.2 5 Expected volatility 79.52% 74.96% Risk free interest rate 3.61% 0.80% Dividend Yield 0% 0% Expected volatility is based on the historical volatilities of the daily closing price of the common stock of three comparable companies and the expected life of options is based on historical data with respect to employee exercise periods. The Company accounts for forfeitures as they are incurred. The total stock option-based compensation expense for three-month ended December 31, 2022 and 2021 was of $ 1,712,787 1,147,422 2,591,427 3,074,384 The following is a summary of stock options outstanding and exercisable by exercise price as of December 31, 2022: Schedule of summary of stock options outstanding and exercisable Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 1.69 124,520 4.5 - $ 1.81 10,000 4.4 - $ 1.98 72,000 4.4 2,000 $ 2.74 124,167 9.1 - $ 2.80 5,600 2.1 5,600 $ 3.20 248,167 9.1 24,833 $ 3.24 25,000 9.1 - $ 3.75 4,800 1.1 4,800 $ 5.04 755,000 4.6 188,750 $ 5.21 10,000 9.9 - $ 6.12 195,000 4.9 - $ 6.25 1,600 0.8 1,600 $ 7.50 1,600 1.0 1,600 $ 7.74 1,241,668 8.6 447,000 $ 8.75 1,600 1.0 1,600 $ 9.54 800 2.8 800 $ 9.90 800 2.8 800 $ 12.50 4,000 0.1 4,000 $ 13.91 618,475 3.0 321,425 $ 42.09 4,000 3.1 4,000 3,448,797 1,008,808 Issuance of common stock for cash During the three months ended September 30, 2021, the Company issued 2,592,000 8.00 18.5 2.2 On August 31, 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and B. Riley Securities, Inc. (collectively, the “Agents”), pursuant to which the Company may issue and sell from time-to-time shares of the Company’s common stock through the Agents, subject to the terms and conditions of the Sales Agreement. During the three months ended December 31, 2022, the Company sold 4,312,741 shares of common stock under the Sales Agreement for total net proceeds of $ 32.5 million after 3 % commissions and expenses of approximately $ 1.2 million. 5,857,613 38.4 3 1.6 Issuance of common stock through exercise of stock options and warrants During the three months ended December 31, 2022, the Company issued 21,882 99,300 7.64 In November 2022, the Company issued 800 800 2.80 In October, the Company issued 3,590 8,000 2.25 Issuance of restricted stock units for services On August 20, 2021, the Company awarded 58,759 restricted stock units (“RSUs”) to the Company’s President and CEO under the Company’s 2019 Omnibus Incentive Equity Plan (the “2019 Omnibus Plan”) as his salary for the period from April 27, 2021, the date of his appointment, through December 31, 2021. The number of RSUs awarded was based on a prorated annual base salary of $600,000 at a 10% discount to the grant date fair value of $ 7.74 per share of the Company’s common stock. Each RSU awarded to the CEO entitled him to receive one share of common stock upon vesting. A total of 15,339 RSUs (representing the pro rata portion of the RSU award for the period from April 27, 2021 to June 30, 2021) vested at the grant date, 21,710 vested at September 30, 2021 and remaining 21,710 vested at December 31, 2021. 58,759 384,456 On June 21, 2022, the Company awarded 124,520 1.69 17,537 35,074 On November 23, 2022, the Company awarded 506,496 RSUs to certain employees and a consultant, with a grant date fair value of $ 6.12 per share. Twenty-five percent of these RSU vested on the grant date and the remaining RSUs vest in three equal installments over three years beginning on the first anniversary of the grant date. For the three months ended December 31, 2022, the stock-based compensation expense related to these RSUs was $ 584,424 On November 23, 2022, the Company issued equity awards for the board of directors’ annual compensation. Four directors received RSUs to purchase a total of 155,636 6.12 952,492 195,000 6.12 791,700 1,744,192 Issuance of Stock Options On August 20, 2021, the Company granted, under the 2019 Omnibus Plan, stock options to purchase 1,365,835 5 7.74 Pursuant to a former employee Separation Agreement, dated April 11, 2022, the Company modified a former employee’s stock option award granted on August 20, 2021 pursuant to the 2019 Omnibus Plan (“2021 Options Grant”). Pursuant to the terms of the Separation Agreement, effective on July 8, 2022 (“the Separation Date”), the Company accelerated the vesting of options scheduled to vest on the first and second anniversary of the grant date as deemed vested (“Accelerated Options”) and after giving effect to the Accelerated Options, extended the exercise period of the total vested outstanding and unexercised options (totaling 74,500 options) to one year following the Separation Date. The unvested portion of the 2021 Option Grant (totaling 49,667 options) was canceled. The modification was remeasured as of July 8, 2022 and the incremental difference totaled $181,154, net credit, due to the original exercise price of $7.74 being greater than the stock price of $1.80 on the remeasurement date, and accordingly was recognized on July 8, 2022. On December 6, 2022, the Company granted stock options to purchase 10,000 48 5.21 Stock Warrants The following table summarizes warrant activity during the six months ended December 31, 2022: Summary of warrants activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2022 510,372 $ 6.17 3.8 $ - Granted 7,272,728 1.82 4.9 - Expired (4,815 ) 75.00 - - Exercised (8,000 ) 2.25 - - Outstanding and exercisable at December 31, 2022 7,770,285 $ 2.06 4.5 $ 44,537,323 Of the above warrants, 101,380 expire in the fiscal year ending June 30, 2025, 35,175 expire in the fiscal year ending June 30, 2026, and 7,633,730 expire in the fiscal year ending June 30, 2027.

Leases

Leases	6 Months Ended
	Dec. 31, 2022
Leases
Leases	10. Leases Office Lease The Company paid an annual rent of $2,200 for its headquarters at 680 W Nye Lane, Suite 201, Carson City Nevada 897603. The rental agreement is for a one year term. On February 26, 2022, the Company’s San Diego office relocated to 5090 Shoreham Place, San Diego, CA 92122. The term for the new office lease is 38 months and commenced on March 1, 2022. The monthly base rate of $4,175 begins June 1, 2022, with annual increases of three percent. The operating lease cost recognized in our statement of operations was approximately $ 13,000 27,700 25,900 53,100 The following table provides balance sheet information related to leases as of December 31, 2022 and June 30, 2022: Schedule of balance sheet information related to leases December 31, June 30, Assets Operating lease, right-of-use asset, net $ 100,038 $ 118,254 Liabilities Current portion of operating lease liabilities $ 41,788 $ 38,884 Operating lease liabilities, net of current portion 65,835 87,414 Total operating lease liabilities $ 107,623 $ 126,298 At December 31, 2022, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of future estimated minimum lease payments under non-cancelable operating leases Year ending June 30, 2023 (Remaining 6 months) $ 25,550 2024 52,156 2025 44,636 Toal minimum lease payments 122,342 Less amount representing interest (14,719 ) Present value of future minimum lease payments 107,623 Less currrent portion of operating lease liabilities (41,788 ) Operating lease liabilities, net of current portion $ 65,835 The weighted average remaining lease term and discount rate as of December 31, 2022 and June 30, 2022 were as follows: Schedule of weighted average remaining lease term and discount rate December 31, June 30, Weighted average remaining lease term (Years) Operating leases 2.3 2.8 Weighted average discount rate Operating leases 10.75 % 10.75 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Royalty Agreements Pursuant to the Agreement and Plan of Merger entered into on April 11, 2016, by and between our predecessor entities, LAT Pharma and NanoAntibiotics, Inc., the Company is obligated to pay a low single digit royalty on net sales of BIV201 (continuous infusion terlipressin) to be shared by the members of LAT Pharma Members, PharmaIn Corporation, and The Barrett Edge, Inc. Pursuant to the Technology Transfer Agreement entered into on July 25, 2016, by and between the Company and the University of Padova (Italy), the Company is obligated to pay a low single digit royalty on net sales of all terlipressin products covered by US patent no. 9,655,645 and any future foreign issuances, capped at a maximum of $200,000 per year.

Employee Benefit Plan

Employee Benefit Plan	6 Months Ended
	Dec. 31, 2022
Employee Benefit Plan
Employee Benefit Plan	12. Employee Benefit Plan On August 1, 2021, the Company began sponsoring an employee benefit plan subject to Section 401(K) of the Internal Revenue Service Code (the “401K Plan”). Subject to certain limitations in the Internal Revenue Code, eligible employees are permitted to make contributions to the 401K Plan on a pre-tax salary reduction basis and the Company will match 5% of the first 5% of an employee’s contributions to the 401K Plan. For the three months ended December 31, 2022 and 2021, the Company made contributions of approximately $ 19,000 23,000 64,192 46,600

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In January 2023, the Company sold 483,036 shares of common stock for net proceeds of $ 2.9 million net of 3% commission and expenses totaling approximately $ 90,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation – Interim Financial Information	Basis of Presentation – Interim Financial Information These unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United State of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”) for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The condensed balance sheet at June 30, 2022 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. These unaudited interim condensed financial statements should be read in conjunction with the Company’s audited financial statements for the fiscal years ended June 30, 2022 and 2021 in our Annual Report on Form 10-K filed with the SEC on September 27, 2022. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022, filed with the SEC on September 27, 2022 (the “2022 Form 10-K”). Certain prior period amounts have been reclassified for consistency with the current period presentation.
Net loss per Common Share	Net loss per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of Class A common stock, par value $ 0.0001 The table below shows the number of outstanding stock options and warrants as of December 31, 2022 and 2021: Schedule of Dilutive securities were excluded from the computation of diluted loss per share December 31, December 31, Number of Shares Number of Shares Stock Options 3,448,797 2,047,910 Warrants 7,770,285 519,763 Total 11,219,082 2,567,673
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). There have been no recent ASUs that are expected to have a material impact on the Company’s balance sheets or statements of operations since the 2022 Form 10-K.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Dilutive securities were excluded from the computation of diluted loss per share	Schedule of Dilutive securities were excluded from the computation of diluted loss per share December 31, December 31, Number of Shares Number of Shares Stock Options 3,448,797 2,047,910 Warrants 7,770,285 519,763 Total 11,219,082 2,567,673

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Schedule of intangible assets December 31, June 30, Intellectual Property $ 2,293,770 $ 2,293,770 Less Accumulated Amortization (1,541,986 ) (1,427,298 ) Intellectual Property, Net $ 751,784 $ 866,472
Schedule of future amortization expense	Schedule of future amortization expense Year ending June 30, 2023 (Remaining six months) $ 114,689 2024 229,377 2025 229,377 2026 178,341 Intellectual Property, Net $ 751,784

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of note payable	Schedule of note payable December 31, June 30, Notes Payable $ 15,000,000 $ 15,000,000 Less debt financing costs (205,680 ) (290,790 ) Less unearned discount (1,935,080 ) (2,735,802 ) Plus accretion of loan premium 401,818 165,278 Notes Payable, net of financing costs, unearned premiums and discount $ 13,261,058 $ 12,138,686
Schedule of Estimated future amortization expense and accretion of premium	Schedule of Estimated future amortization expense and accretion of premium Unearned Discount Debt Financing Costs Loan accretion Premium Year ending June 30, 2023 (Remaining 6 months) $ 800,723 $ 85,111 $ 185,455 2024 1,023,145 108,751 236,970 2025 111,212 11,820 25,755 Total $ 1,935,080 $ 205,682 $ 448,180

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of derivative liabilities at fair value	Schedule of derivative liabilities at fair value December 31, 2022 Level 1 Level 2 Level 3 Total Derivative liability – Warrants $ - $ - $ 1,842,560 $ 1,842,560 Derivative liability – Conversion option on notes payable - - 2,328,553 2,328,553 Total derivatives $ - $ - $ 4,171,113 $ 4,171,113 Fair Value Measurements at June 30, 2022 Level 1 Level 2 Level 3 Total Derivative liability – Warrants $ - $ - $ 194,531 $ 194,531 Derivative liability – Conversion option on note payable - - 188,030 188,030 Total derivatives $ - $ - $ 382,561 $ 382,561
Fair value, liabilities measured on recurring basis	Fair value, liabilities measured on recurring basis Derivative liabilities – Avenue Warrants Derivative liability – Conversion Option on Convertible Debenture Balance at July 1, 2022 $ 194,531 $ 188,030 Additions to level 3 liabilities - - Change in in fair value of level 3 liability 1,648,029 2,140,523 Transfer in and/or out of Level 3 - - Balance at December 31, 2022 $ 1,842,560 $ 2,328,553 The following table presents the activity for liabilities measured at fair value using unobservable inputs for the six months ended December 31, 2021: Derivative liabilities – Avenue Warrants Derivative liability – Conversion Option on Convertible Debenture Balance at July 1, 2021 $ - $ - Additions to level 3 liabilities 1,456,512 2,213,466 Change in fair value of level 3 liability (559,553 ) (995,701 ) Transfer in and/or out of Level 3 - - Balance at December 31, 2021 $ 896,959 $ 1,217,765

Equity Transactions (Tables)

Equity Transactions (Tables)	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of summarizes the activity relating to the Company’s stock options	Schedule of summarizes the activity relating to the Company’s stock options Options Weighed-Average Exercise Price Weighted Remaining Average Contractual Term Aggregate Intrinsic Value Outstanding at June 30, 2022 3,398,764 7.42 6.8 - Granted 205,000 6.08 5.2 347,350 Options Expired (5,200 ) 28.69 - - Options Canceled (49,667 ) 7.74 - - Options Exercised (100,100 ) 7.60 - - Outstanding at December 31, 2022 3,448,797 $ 7.29 6.2 $ 5,601,237 Exercisable at December 31, 2022 1,008,808 $ 9.19 5.8 $ 703,756
Schedule of assumptions used	Schedule of assumptions used December 31, December 31, Expected life of options (In years) 5.2 5 Expected volatility 79.52% 74.96% Risk free interest rate 3.61% 0.80% Dividend Yield 0% 0%
Schedule of summary of stock options outstanding and exercisable	Schedule of summary of stock options outstanding and exercisable Exercise Price Outstanding Weighted Average Contract Life Exercisable $ 1.69 124,520 4.5 - $ 1.81 10,000 4.4 - $ 1.98 72,000 4.4 2,000 $ 2.74 124,167 9.1 - $ 2.80 5,600 2.1 5,600 $ 3.20 248,167 9.1 24,833 $ 3.24 25,000 9.1 - $ 3.75 4,800 1.1 4,800 $ 5.04 755,000 4.6 188,750 $ 5.21 10,000 9.9 - $ 6.12 195,000 4.9 - $ 6.25 1,600 0.8 1,600 $ 7.50 1,600 1.0 1,600 $ 7.74 1,241,668 8.6 447,000 $ 8.75 1,600 1.0 1,600 $ 9.54 800 2.8 800 $ 9.90 800 2.8 800 $ 12.50 4,000 0.1 4,000 $ 13.91 618,475 3.0 321,425 $ 42.09 4,000 3.1 4,000 3,448,797 1,008,808
Summary of warrants activity	Summary of warrants activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value Outstanding and exercisable at June 30, 2022 510,372 $ 6.17 3.8 $ - Granted 7,272,728 1.82 4.9 - Expired (4,815 ) 75.00 - - Exercised (8,000 ) 2.25 - - Outstanding and exercisable at December 31, 2022 7,770,285 $ 2.06 4.5 $ 44,537,323

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2022
Leases
Schedule of balance sheet information related to leases	Schedule of balance sheet information related to leases December 31, June 30, Assets Operating lease, right-of-use asset, net $ 100,038 $ 118,254 Liabilities Current portion of operating lease liabilities $ 41,788 $ 38,884 Operating lease liabilities, net of current portion 65,835 87,414 Total operating lease liabilities $ 107,623 $ 126,298
Schedule of future estimated minimum lease payments under non-cancelable operating leases	Schedule of future estimated minimum lease payments under non-cancelable operating leases Year ending June 30, 2023 (Remaining 6 months) $ 25,550 2024 52,156 2025 44,636 Toal minimum lease payments 122,342 Less amount representing interest (14,719 ) Present value of future minimum lease payments 107,623 Less currrent portion of operating lease liabilities (41,788 ) Operating lease liabilities, net of current portion $ 65,835
Schedule of weighted average remaining lease term and discount rate	Schedule of weighted average remaining lease term and discount rate December 31, June 30, Weighted average remaining lease term (Years) Operating leases 2.3 2.8 Weighted average discount rate Operating leases 10.75 % 10.75 %

Liquidity (Details Narrative)

Liquidity (Details Narrative) $ in Millions	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital	$ 38.2
Cash in hand	45.7
Stockholders' equity	26.1
Accumulated deficit	$ 277.1

Significant Accounting Polici_4

Significant Accounting Policies (Details) - shares	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	11,219,082	2,567,673
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,448,797	2,047,910
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,770,285	519,763

Significant Accounting Polici_5

Significant Accounting Policies (Details Narrative) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common Class A [Member]
Common stock, par value	$ 0.0001

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intellectual Property	$ 2,293,770	$ 2,293,770
Less Accumulated Amortization	(1,541,986)	(1,427,298)
Intellectual Property, Net	$ 751,784	$ 866,472

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Year ending June 30, 2023 (Remaining six months)	$ 114,689
2024	229,377
2025	229,377
2026	178,341
Intellectual Property, Net	$ 751,784	$ 866,472

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expenses	$ 57,344	$ 57,344	$ 114,688	$ 114,689
Useful Life			10 years

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - shares	Dec. 31, 2022	Aug. 15, 2022	Jun. 30, 2022
Related Party Transaction [Line Items]
Common Stock, shares issued	34,504,332		24,984,083
Acuitas Group Holdings L L C [Member]
Related Party Transaction [Line Items]
Common Stock, shares issued		3,636,364

Other Liabilities (Details Narr

Other Liabilities (Details Narrative) - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Aug. 31, 2021
Other Liabilities Disclosure [Abstract]
Other liabilities	$ 338,698	$ 1,304,925
Accrued Bonuses, Current			$ 1,161,000

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Debt Disclosure [Abstract]
Notes Payable	$ 15,000,000	$ 15,000,000
Less debt financing costs	(205,680)	(290,790)
Less unearned discount	(1,935,080)	(2,735,802)
Plus accretion of loan premium	401,818	165,278
Notes Payable, net of financing costs, unearned premiums and discount	$ 13,261,058	$ 12,138,686

Notes Payable (Details 1)

Notes Payable (Details 1)	Dec. 31, 2022 USD ($)
Unearned Discount [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year ending June 30, 2023 (Remaining 9 months)	$ 800,723
2024	1,023,145
2025	111,212
Total	1,935,080
Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year ending June 30, 2023 (Remaining 9 months)	85,111
2024	108,751
2025	11,820
Total	205,682
Loan Accretion Premium [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Year ending June 30, 2023 (Remaining 9 months)	185,455
2024	236,970
2025	25,755
Total	$ 448,180

Notes Payable (Details Narrativ

Notes Payable (Details Narrative)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest rate			7.50%
Fair value of warrants			$ 1,400,000
Fair value of embedded conversion option			2,200,000
Unearned discount	$ 400,000	$ 800,000	3,700,000
Direct financing cost			390,000
Unamortized premium recognized	850,000	850,000	$ 850,000
Interest expense	1,100,000	2,100,000
Interest payment	518,000	987,000
Amortization of financing costs	$ 43,000	$ 85,000
Prime Rate [Member]
Debt Instrument [Line Items]
Interest rate		7%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	$ 4,171,113	$ 382,561
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	4,171,113	382,561
Derivative Liability Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	1,842,560	194,531
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	1,842,560	194,531	$ 896,959
Derivative Liability Conversion Option On Convertible Debenture [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	2,328,553	188,030
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivatives	$ 2,328,553	$ 188,030	$ 1,217,765

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	$ 382,561
Balance at ending	4,171,113
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	382,561
Balance at ending	4,171,113
Derivative Liability Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	194,531
Balance at ending	1,842,560
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	194,531
Additions to level 3 liabilities		1,456,512
Change in in fair value of level 3 liability	1,648,029	(559,553)
Transfer in and/or out of Level 3
Balance at ending	1,842,560	896,959
Derivative Liability Conversion Option On Convertible Debenture [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	188,030
Balance at ending	2,328,553
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at beginning	188,030
Additions to level 3 liabilities		2,213,466
Change in in fair value of level 3 liability	2,140,523	(995,701)
Transfer in and/or out of Level 3
Balance at ending	$ 2,328,553	$ 1,217,765

Fair Value Measurements (Deta_3

Fair Value Measurements (Details Narrative) - $ / shares	1 Months Ended	6 Months Ended		9 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term		5 years 2 months 12 days	5 years
Risk Free Interest Rate		3.61%	0.80%
Volatility Rate		79.52%	74.96%
Derivative Liability Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share Price	$ 6.44	$ 7.77		$ 7.77
Exercise Price	$ 5.82	5.82		$ 5.82
Term	5 years			4 years
Risk Free Interest Rate	1.14%			4.11%
Volatility Rate	74.40%			78.50%
Derivative Liability Conversion Option On Convertible Debenture [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share Price	$ 6.44	$ 6.98		$ 6.98
Exercise Price	$ 6.98
Term	3 years			2 years
Risk Free Interest Rate	0.81%			4.41%
Volatility Rate	76.85%			66.90%

Equity Transactions (Details)

Equity Transactions (Details)	6 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Offsetting Assets [Line Items]
Options outstanding at ending	3,448,797
Options Exercisable	1,008,808
Stock Options [Member]
Offsetting Assets [Line Items]
Options outstanding at beginning	3,398,764
Weighted average exercise price, Options outstanding at beginning | $ / shares	$ 7.42
Weighted Average Remaining Contractual Term, Options outstanding at beginning	6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding at beginning of period | $
Options Granted	205,000
Weighted Average Exercise Price, Options Granted | $ / shares	$ 6.08
Weighted Average Remaining Contractual Term, Granted	5 years 2 months 12 days
Aggregate Intrinsic Value, Options Granted | $	$ 347,350
Options Expired	(5,200)
Weighted Average Exercise Price, Options Expired | $ / shares	$ 28.69
Aggregate Intrinsic Value, Options Expired | $
Options Canceled	(49,667)
Weighted Average Exercise Price, Options Canceled | $ / shares	$ 7.74
Aggregate Intrinsic Value, Options Canceled | $
Options Exercised	(100,100)
Weighted Average Exercise Price, Options Exercised | $ / shares	$ 7.60
Aggregate Intrinsic Value, Options Exercised | $
Options outstanding at ending	3,448,797
Weighted Average Exercise Price, Options outstanding at ending | $ / shares	$ 7.29
Weighted Remaining Average Contractual Term, Ending Balance	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding at end of period | $	$ 5,601,237
Options Exercisable	1,008,808
Weighted Average Exercise Price, Options Exercisable | $ / shares	$ 9.19
Weighted Average Remaining Contractual Term, Options Exercisable	5 years 9 months 18 days
Aggregate Intrinsic Value, Options Exercisable | $	$ 703,756

Equity Transactions (Details 1)

Equity Transactions (Details 1)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Expected life of options (In years)	5 years 2 months 12 days	5 years
Expected volatility	79.52%	74.96%
Risk free interest rate	3.61%	0.80%
Dividend Yield	0%	0%

Equity Transactions (Details 2)

Equity Transactions (Details 2)	6 Months Ended
	Dec. 31, 2022 $ / shares shares
Offsetting Assets [Line Items]
Outstanding	3,448,797
Exercisable	1,008,808
Stock Option 1 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 1.69
Outstanding	124,520
Weighted Average Contractual Life	4 years 6 months
Exercisable
Stock Option 2 [Member]
Offsetting Assets [Line Items]
Outstanding	10,000
Weighted Average Contractual Life	4 years 4 months 24 days
Exercisable
Stock Option 3 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 1.98
Outstanding	72,000
Weighted Average Contractual Life	4 years 4 months 24 days
Exercisable	2,000
Stock Option 4 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 2.74
Outstanding	124,167
Weighted Average Contractual Life	9 years 1 month 6 days
Exercisable
Stock Option 5 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 2.80
Outstanding	5,600
Weighted Average Contractual Life	2 years 1 month 6 days
Exercisable	5,600
Stock Option 6 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 3.20
Outstanding	248,167
Weighted Average Contractual Life	9 years 1 month 6 days
Exercisable	24,833
Stock Option 7 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 3.24
Outstanding	25,000
Weighted Average Contractual Life	9 years 1 month 6 days
Exercisable
Stock Option 8 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 3.75
Outstanding	4,800
Weighted Average Contractual Life	1 year 1 month 6 days
Exercisable	4,800
Stock Option 9 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 5.04
Outstanding	755,000
Weighted Average Contractual Life	4 years 7 months 6 days
Exercisable	188,750
Stock Option 10 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 5.21
Outstanding	10,000
Weighted Average Contractual Life	9 years 10 months 24 days
Exercisable
Stock Option 11 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 6.12
Outstanding	195,000
Weighted Average Contractual Life	4 years 10 months 24 days
Exercisable
Stock Option 12 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 6.25
Outstanding	1,600
Weighted Average Contractual Life	9 months 18 days
Exercisable	1,600
Stock Option 13 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 7.50
Outstanding	1,600
Weighted Average Contractual Life	1 year
Exercisable	1,600
Stock Option 14 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 7.74
Outstanding	1,241,668
Weighted Average Contractual Life	8 years 7 months 6 days
Exercisable	447,000
Stock Option 15 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 8.75
Outstanding	1,600
Weighted Average Contractual Life	1 year
Exercisable	1,600
Stock Option 16 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 9.54
Outstanding	800
Weighted Average Contractual Life	2 years 9 months 18 days
Exercisable	800
Stock Option 17 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 9.90
Outstanding	800
Weighted Average Contractual Life	2 years 9 months 18 days
Exercisable	800
Stock Option 18 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 12.50
Outstanding	4,000
Weighted Average Contractual Life	1 month 6 days
Exercisable	4,000
Stock Option 19 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 13.91
Outstanding	618,475
Weighted Average Contractual Life	3 years
Exercisable	321,425
Stock Option 20 [Member]
Offsetting Assets [Line Items]
Exercise Price | $ / shares	$ 42.09
Outstanding	4,000
Weighted Average Contractual Life	3 years 1 month 6 days
Exercisable	4,000

Equity Transactions (Details 3)

Equity Transactions (Details 3) - Warrant [Member]	6 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant Outstanding, at the beginning of the period | shares	510,372
Weighted Average Exercise Price, at the beginning of the period | $ / shares	$ 6.17
Weighted Average Remaining Life, at the beginning of the period	3 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding at beginning of period | $
Warrant Outstanding, granted | shares	7,272,728
Weighted Average Exercise Price, granted | $ / shares	$ 1.82
Weighted Average Remaining Life, Granted	4 years 10 months 24 days
Warrant Expired | shares	(4,815)
Weighted Average Exercise Price, Expired | $ / shares	$ 75
Warrant Exercised | shares	(8,000)
Weighted Average Exercise Price, Exercised | $ / shares	$ 2.25
Warrant Outstanding, at the end of period | shares	7,770,285
Weighted Average Exercise Price, at the end of period | $ / shares	$ 2.06
Weighted Average Remaining Life, at the end of period	4 years 6 months
Aggregate Intrinsic Value, Outstanding at end of period | $	$ 44,537,323

Equity Transactions (Details Na

Equity Transactions (Details Narrative) - USD ($)		1 Months Ended					3 Months Ended		4 Months Ended	6 Months Ended
	Dec. 06, 2022	Nov. 30, 2022	Nov. 23, 2022	Oct. 31, 2022	Jun. 21, 2022	Aug. 20, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Stock-based compensation expense										$ 2,591,427	$ 3,074,384
Total compensation cost			$ 1,744,192
Stock Option And Warrants [Member]
Class of Stock [Line Items]
Shares issued for stock option		800		3,590			21,882
Stock option to purchase		800		8,000			99,300
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.80		$ 2.25			$ 7.64		$ 7.64	$ 7.64
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock-based compensation expense			584,424			$ 384,456			$ 17,537	$ 35,074
Shares issued over the vesting period						58,759
Restricted Stock Units (RSUs) [Member] | Four Directors [Member]
Class of Stock [Line Items]
Stock-based compensation expense			952,492
Restricted Stock Units (RSUs) [Member] | Three Directors [Member]
Class of Stock [Line Items]
Stock-based compensation expense			$ 791,700
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member]
Class of Stock [Line Items]
Rsu granted						58,759
Rsu granted, grant date fair value						$ 7.74
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | President And C E O [Member]
Class of Stock [Line Items]
Rsu granted			506,496		124,520
Rsu granted, grant date fair value			$ 6.12		$ 1.69
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | Four Directors [Member]
Class of Stock [Line Items]
Rsu granted			155,636
Rsu granted, grant date fair value			$ 6.12
Restricted Stock Units (RSUs) [Member] | N 2019 Omnibus Incentive Equity Plan [Member] | Three Directors [Member]
Class of Stock [Line Items]
Rsu granted			195,000
Rsu granted, grant date fair value			$ 6.12
Common Class A [Member]
Class of Stock [Line Items]
Issuance of common stock for cash, shares											2,592,000
Share Price								$ 8			$ 8
Issuance of common stock for cash											$ 18,500,000
Issuance costs											2,200,000
Common Class A [Member] | Sales Agreement [Member]
Class of Stock [Line Items]
Issuance of common stock for cash, shares							4,312,741			5,857,613
Issuance of common stock for cash							$ 32,500,000			$ 38,400,000
Issuance costs							$ 1,200,000			$ 1,600,000
[custom:CommissionsPercentage]							3%			3%
Stock Options [Member]
Class of Stock [Line Items]
Stock-based compensation expense							$ 1,712,787	$ 1,147,422		$ 2,591,427	$ 3,074,384
Options Grants										205,000
Weighted Average Exercise Price, Options Grants										$ 6.08
Equity Option [Member] | Executive [Member]
Class of Stock [Line Items]
Options Grants						1,365,835
Weighted Average Contractual Term, Granted (in Years)						5 years
Weighted Average Exercise Price, Options Grants						$ 7.74
Equity Option [Member] | New Employee [Member]
Class of Stock [Line Items]
Options Grants	10,000
Weighted Average Contractual Term, Granted (in Years)	48 months
Weighted Average Exercise Price, Options Grants	$ 5.21

Leases (Details)

Leases (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Leases
Operating lease, right-of-use asset, net	$ 100,038	$ 118,254
Current portion of operating lease liabilities	41,788	38,884
Operating lease liabilities, net of current portion	65,835	87,414
Total operating lease liabilities	$ 107,623	$ 126,298

Leases (Details 2)

Leases (Details 2) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Leases
Year ending June 30, 2023 (Remaining 6 months)	$ 25,550
2024	52,156
2025	44,636
Toal minimum lease payments	122,342
Less amount representing interest	14,719
Present value of future minimum lease payments	107,623	$ 126,298
Less currrent portion of operating lease liabilities	(41,788)	(38,884)
Operating lease liabilities, net of current portion	$ 65,835	$ 87,414
Weighted average remaining lease term (Years) Operating leases	2 years 3 months 18 days	2 years 9 months 18 days
Weighted average discount rate Operating leases	10.75%	10.75%

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 13,000	$ 27,700	$ 25,900	$ 53,100

Employee Benefit Plan (Details

Employee Benefit Plan (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plan
Employee Benefit Plan	$ 19,000	$ 23,000	$ 64,192	$ 46,600

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Common Class A [Member] - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Issuance of common stock for cash, shares				2,592,000
Proceeds from issuance of common stock				$ 18,500,000
Sales Agreement [Member]
Subsequent Event [Line Items]
Issuance of common stock for cash, shares		4,312,741	5,857,613
Proceeds from issuance of common stock		$ 32,500,000	$ 38,400,000
Subsequent Event [Member] | Sales Agreement [Member]
Subsequent Event [Line Items]
Issuance of common stock for cash, shares	483,036
Proceeds from issuance of common stock	$ 2,900,000
Issuance costs	$ 90,000