Anebulo Pharmaceuticals (ANEB) 10-Q 10 Feb 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2022	Feb. 08, 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	2023
Current Fiscal Year End Date	--06-30
Entity File Number	001-40388
Entity Registrant Name	ANEBULO PHARMACEUTICALS, INC.
Entity Central Index Key	0001815974
Entity Tax Identification Number	85-1170950
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1415 Ranch Road 620 South
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Lakeway
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78734
City Area Code	(512)
Local Phone Number	598-0931
Title of 12(b) Security	Common Stock
Trading Symbol	ANEB
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	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,633,217

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash	$ 16,355,350	$ 14,548,471
Prepaid expenses	532,906	1,030,960
Total assets	16,888,256	15,579,431
Current liabilities:
Accounts payable	346,554	380,828
Accrued expenses	1,025,847	131,703
Total liabilities	1,372,401	512,531
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized, no shares issued or outstanding at December 31, 2022 and June 30, 2022
Common stock, $0.001 par value; 40,000,000 shares authorized; 25,633,217 and 23,344,567 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively	25,634	23,345
Additional paid-in capital	67,398,711	60,513,258
Accumulated deficit	(51,908,490)	(45,469,703)
Total stockholders’ equity	15,515,855	15,066,900
Total liabilities and stockholders’ equity	$ 16,888,256	$ 15,579,431

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	25,633,217	23,344,567
Common stock, shares outstanding	25,633,217	23,344,567

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
Income Statement [Abstract]
Research and development	$ 1,869,920	$ 212,936	$ 3,093,696	$ 928,034
General and administrative	1,943,202	858,186	3,331,473	1,698,012
Total operating expenses	3,813,122	1,071,122	6,425,169	2,626,046
Loss from operations	(3,813,122)	(1,071,122)	(6,425,169)	(2,626,046)
Other expenses, net	(13,830)	(1,869)	(13,618)	(340)
Net loss	$ (3,826,952)	$ (1,072,991)	$ (6,438,787)	$ (2,626,386)
Weighted average common shares outstanding, basic and diluted	25,633,217	23,344,567	24,524,856	23,344,567
Net loss per share, basic and diluted	$ (0.15)	$ (0.05)	$ (0.26)	$ (0.11)

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2021	$ 23,345	$ 60,032,597	$ (38,644,084)	$ 21,411,858
Beginning balance, shares at Jun. 30, 2021	23,344,567
Stock-based compensation expense		34,173		34,173
Net loss			(1,553,395)	(1,553,395)
Ending balance, value at Sep. 30, 2021	$ 23,345	60,066,770	(40,197,479)	19,892,636
Ending balance, shares at Sep. 30, 2021	23,344,567
Beginning balance, value at Jun. 30, 2021	$ 23,345	60,032,597	(38,644,084)	21,411,858
Beginning balance, shares at Jun. 30, 2021	23,344,567
Net loss				(2,626,386)
Ending balance, value at Dec. 31, 2021	$ 23,345	60,161,052	(41,270,470)	18,913,927
Ending balance, shares at Dec. 31, 2021	23,344,567
Beginning balance, value at Sep. 30, 2021	$ 23,345	60,066,770	(40,197,479)	19,892,636
Beginning balance, shares at Sep. 30, 2021	23,344,567
Stock-based compensation expense		94,282		94,282
Net loss			(1,072,991)	(1,072,991)
Ending balance, value at Dec. 31, 2021	$ 23,345	60,161,052	(41,270,470)	18,913,927
Ending balance, shares at Dec. 31, 2021	23,344,567
Beginning balance, value at Jun. 30, 2022	$ 23,345	60,513,258	(45,469,703)	15,066,900
Beginning balance, shares at Jun. 30, 2022	23,344,567
Stock-based compensation expense		211,900		211,900
Net loss			(2,611,835)	(2,611,835)
Issuance of common stock, net of offering costs of $248,927	$ 2,265	6,395,556		6,397,821
Issuance of common stock, net of offering costs of $248,927, shares	2,264,650
Common stock issued upon exercise of options	$ 24	52,376		52,400
Common stock issued upon exercise of options, shares	24,000
Ending balance, value at Sep. 30, 2022	$ 25,634	67,173,090	(48,081,538)	19,117,186
Ending balance, shares at Sep. 30, 2022	25,633,217
Beginning balance, value at Jun. 30, 2022	$ 23,345	60,513,258	(45,469,703)	15,066,900
Beginning balance, shares at Jun. 30, 2022	23,344,567
Net loss				$ (6,438,787)
Common stock issued upon exercise of options, shares				24,000
Ending balance, value at Dec. 31, 2022	$ 25,634	67,398,711	(51,908,490)	$ 15,515,855
Ending balance, shares at Dec. 31, 2022	25,633,217
Beginning balance, value at Sep. 30, 2022	$ 25,634	67,173,090	(48,081,538)	19,117,186
Beginning balance, shares at Sep. 30, 2022	25,633,217
Stock-based compensation expense		225,621		225,621
Net loss			(3,826,952)	(3,826,952)
Ending balance, value at Dec. 31, 2022	$ 25,634	$ 67,398,711	$ (51,908,490)	$ 15,515,855
Ending balance, shares at Dec. 31, 2022	25,633,217

Condensed Statements of Stock_2

Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Net of offering costs	$ 248,927	$ 248,927

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (3,826,952)	$ (2,611,835)	$ (1,072,991)	$ (6,438,787)	$ (2,626,386)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	225,621		94,282	437,521	128,455
Changes in operating assets and liabilities:
Prepaid expenses				498,054	712,965
Accounts payable				(34,274)	(67,104)
Accrued expenses				894,144	(124,585)
Net cash used in operating activities				(4,643,342)	(1,976,655)
Cash flows from financing activities:
Proceeds from issuance of common stock				6,646,748
Payment of offering costs		(248,927)		(248,927)
Proceeds from issuance of common stock upon exercise of options				52,400
Net cash provided by financing activities				6,450,221
Net increase (decrease) in cash				1,806,879	(1,976,655)
Cash, beginning of period		$ 14,548,471		14,548,471	19,985,645
Cash, end of the period	$ 16,355,350		$ 18,008,990	$ 16,355,350	$ 18,008,990

Nature of business and basis of

Nature of business and basis of presentation	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and basis of presentation	Note 1. Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (the “Company”) was founded on April 23, 2020, as a Delaware corporation. The Company is a clinical stage biotechnology company focused on developing and commercializing new treatments for patients suffering from Acute Cannabis Intoxication (“ACI”) and addiction. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not been marketing any developed products to date. Since inception, the Company has incurred losses, including a net loss of approximately $ 6.4 51.9 Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying condensed financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The unaudited interim condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended June 30, 2022 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (File No. 001-40388). In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the condensed financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements as of and for the year ended June 30, 2022, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 9, 2022. Since the date of those financial statements, there have been no material changes to significant accounting policies.

Prepaid Expenses

Prepaid Expenses	6 Months Ended
	Dec. 31, 2022
Prepaid Expenses
Prepaid Expenses	Note 3. Prepaid Expenses Prepaid expenses consisted of the following: Schedule of Prepaid Expenses December 31, 2022 June 30, 2022 Prepaid insurance $ 313,332 $ 790,343 Prepaid research and development 219,574 210,865 Prepaid other - 29,752 Total prepaid expenses $ 532,906 $ 1,030,960

Accrued Expenses

Accrued Expenses	6 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses December 31, 2022 June 30, 2022 Accrued research and development $ 699,990 $ 105,980 Accrued payroll related expenses 295,107 25,723 Accrued other 30,750 - Total accrued expenses $ 1,025,847 $ 131,703

License Agreement

License Agreement	6 Months Ended
	Dec. 31, 2022
License Agreement
License Agreement	Note 5. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”). The initial consideration in exchange for the license was $ 150,000 350,000 3,000,000 29,900,000 10,000,000 25,000,000 500,000,000 1,000,000,000 As part of the initial public offering (“IPO”) in May 2021, the Company issued 192,857 1,350,000 1,350,000

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders’ Equity	Note 6. Stockholders’ Equity On May 4, 2021, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of its IPO. As set forth in the Restated Certificate, the Company’s authorized capital stock consists of 40,000,000 0.001 2,000,000 0.001 On September 28, 2022, the Company completed a private placement financing of 2,264,650 6,647,000 2.935 6,398,000 249,000 4.215 September 28, 2027

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7. Stock-Based Compensation 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 1,650,000 3,650,000 Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant 982,500 583,387 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. The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and six months ended December 30, 2022 and 2021. Schedule of Fair Value Assumptions of Stock Options Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Risk-free interest rate 3.72% 4.32 % – % 2.87% 4.32 % 0.79% 1.1 % Expected term (in years) 4.5 6.25 – 4.5 6.25 3.0 4.5 Expected volatility 60.0 % – % 50.0 60.0 % 50 % Expected dividend yield – – – – The following table summarizes stock option activity for the six months ended December 31, 2022: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited - $ - Outstanding at December 31, 2022 2,060,113 $ 4.55 4.2 $ 137,362 Options exercisable at December 31, 2022 373,476 $ 2.86 3.2 75,625 The weighted-average grant date fair value of options awarded during the six months ended December 31, 2022 was approximately $ 1.86 2.9 3.1 The Company recorded stock-based compensation expenses for the following periods: Schedule of Stock-Based Compensation Expenses 2022 2021 2022 2021 Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Research and development $ - $ 2,108 $ - $ 11,988 General and administrative 225,621 92,174 437,521 116,467 Total stock-based compensation expense $ 225,621 $ 94,282 $ 437,521 $ 128,455

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Note 8. Net Loss Per Share Attributable to Common Stockholders Based on the amounts outstanding at December 31, 2022 and 2021, the Company excluded the following potential shares of common stock from the computation of diluted net loss per share attributable to common stockholders for the three and six months ended December 31, 2022 and 2021, because including them would have had an anti-dilutive effect. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share December 31, 2022 2021 Stock options outstanding 2,060,113 661,063 Warrants outstanding 2,264,650 - Total 4,324,763 661,063

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	6 Months Ended
	Dec. 31, 2022
Prepaid Expenses
Schedule of Prepaid Expenses	Prepaid expenses consisted of the following: Schedule of Prepaid Expenses December 31, 2022 June 30, 2022 Prepaid insurance $ 313,332 $ 790,343 Prepaid research and development 219,574 210,865 Prepaid other - 29,752 Total prepaid expenses $ 532,906 $ 1,030,960

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: Schedule of Accrued Expenses December 31, 2022 June 30, 2022 Accrued research and development $ 699,990 $ 105,980 Accrued payroll related expenses 295,107 25,723 Accrued other 30,750 - Total accrued expenses $ 1,025,847 $ 131,703

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Assumptions of Stock Options	The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and six months ended December 30, 2022 and 2021. Schedule of Fair Value Assumptions of Stock Options Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Risk-free interest rate 3.72% 4.32 % – % 2.87% 4.32 % 0.79% 1.1 % Expected term (in years) 4.5 6.25 – 4.5 6.25 3.0 4.5 Expected volatility 60.0 % – % 50.0 60.0 % 50 % Expected dividend yield – – – –
Schedule of Stock Option Activity	The following table summarizes stock option activity for the six months ended December 31, 2022: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited - $ - Outstanding at December 31, 2022 2,060,113 $ 4.55 4.2 $ 137,362 Options exercisable at December 31, 2022 373,476 $ 2.86 3.2 75,625
Schedule of Stock-Based Compensation Expenses	The Company recorded stock-based compensation expenses for the following periods: Schedule of Stock-Based Compensation Expenses 2022 2021 2022 2021 Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Research and development $ - $ 2,108 $ - $ 11,988 General and administrative 225,621 92,174 437,521 116,467 Total stock-based compensation expense $ 225,621 $ 94,282 $ 437,521 $ 128,455

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share	Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share December 31, 2022 2021 Stock options outstanding 2,060,113 661,063 Warrants outstanding 2,264,650 - Total 4,324,763 661,063

Nature of business and basis _2

Nature of business and basis of presentation (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income loss	$ 3,826,952	$ 2,611,835	$ 1,072,991	$ 1,553,395	$ 6,438,787	$ 2,626,386
Accumulated deficit	$ 51,908,490				$ 51,908,490		$ 45,469,703

Schedule of Prepaid Expenses (D

Schedule of Prepaid Expenses (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Prepaid Expenses
Prepaid insurance	$ 313,332	$ 790,343
Prepaid research and development	219,574	210,865
Prepaid other		29,752
Total prepaid expenses	$ 532,906	$ 1,030,960

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued research and development	$ 699,990	$ 105,980
Accrued payroll related expenses	295,107	25,723
Accrued other	30,750
Total accrued expenses	$ 1,025,847	$ 131,703

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2021	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Research and development expense			$ 1,869,920	$ 212,936	$ 3,093,696	$ 928,034
Vernalis Development Limited [Member]
Research and development expense		$ 150,000
Development milestone payment		29,900,000
Vernalis Development Limited [Member] | IPO [Member]
Research and development expense	$ 1,350,000
Number of shares of common stock	192,857
Future milestone payments	$ 1,350,000
Vernalis Development Limited [Member] | Minimum [Member]
Marketing authorization amount		350,000
Sales milestone payments		10,000,000
Cumulative annual net sales amount		500,000,000
Vernalis Development Limited [Member] | Maximum [Member]
Marketing authorization amount		3,000,000
Sales milestone payments		25,000,000
Cumulative annual net sales amount		$ 1,000,000,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	Sep. 28, 2022	Dec. 31, 2022	Jun. 30, 2022	May 04, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock shares, authorized		40,000,000	40,000,000	40,000,000
Common stock, par value		$ 0.001	$ 0.001	$ 0.001
Preferred stock shares, authorized		2,000,000	2,000,000	2,000,000
Preferred stock, par value		$ 0.001	$ 0.001	$ 0.001
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, shares, new issues	2,264,650
Stock issued during period, value, new issues	$ 6,647,000
Stock issued value per unit	$ 2.935
Proceeds from issuance or sale of equity	$ 6,398,000
Net proceeds after deducting financing fees	$ 249,000
Warrant exercise price per share	$ 4.215
Warrant expire date	Sep. 28, 2027

Schedule of Fair Value Assumpti

Schedule of Fair Value Assumptions of Stock Options (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate
Expected term (in years)
Expected volatility	60%			50%
Expected dividend yield
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.72%		2.87%	0.79%
Expected term (in years)	4 years 6 months		4 years 6 months	3 years
Expected volatility			50%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.32%		4.32%	1.10%
Expected term (in years)	6 years 3 months		6 years 3 months	4 years 6 months
Expected volatility			60%

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding, Beginning balance	1,911,459
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 4.63
Weighted Average Remaining Contractual Term (Years), Outstanding, Ending balance	4 years 2 months 12 days	4 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding, Beginning balance
Number of Shares, Granted	172,654
Weighted Average Exercise Price, Granted	$ 3.31
Number of Shares, Exercised	(24,000)
Weighted Average Exercise Price, Exercised	$ 2.18
Number of Shares, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Shares, Outstanding, Ending balance	2,060,113	1,911,459
Weighted Average Exercise Price, Outstanding, Ending balance	$ 4.55	$ 4.63
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 137,362
Number of Shares, Exercisable, Ending balance	373,476
Weighted Average Exercise Price, Exercisable, Ending balance	$ 2.86
Weighted Average Remaining Contractual Term (Years), Exercisable, Ending balance	3 years 2 months 12 days
Aggregate Intrinsic Value, Exercisable, Ending balance	$ 75,625

Schedule of Stock-Based Compens

Schedule of Stock-Based Compensation Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 225,621	$ 94,282	$ 437,521	$ 128,455
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense		2,108		11,988
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 225,621	$ 92,174	$ 437,521	$ 116,467

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2022	Oct. 22, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, per share			$ 1.86
Unrecognized stock-based compensation			$ 2.9
Unrecognized stock-based compensation, term			3 years 1 month 6 days
Restricted Stock [Member] | Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of restricted common stock	982,500
2020 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant				3,650,000
Share-based compensation, terms of award		Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant
Common stock, capital shares reserved for future issuance			583,387
2020 Stock Incentive Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock option granted		1,650,000

Schedule of Anti-dilutive Secur

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	4,324,763	661,063
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	2,060,113	661,063
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	2,264,650