Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 12 Months Ended
Jun. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 17 - STOCKHOLDERS’ EQUITY

 

During the years ended June 30, 2023 and 2022, the Company issued 58,317 and 1,985 shares of common stock respectively, for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $159,000 and $12,009, respectively, and recorded as compensation expense in the accompanying consolidated financial statements.

 

During the year ended June 30, 2022, the Company issued 8,000 shares of common stock, to employees pursuant to the terms of their employment agreements. These shares were valued at the fair market value of $41,050, and recorded as compensation expense in the accompanying consolidated financial statements.

 

During the years ended June 30, 2023 and 2022, the Company issued 30,000 and 5,000 shares of common stock for services received from one of its vendors. These shares were valued at the fair market value of $67,500 and $19,525, respectively.

 

During the year ended June 30, 2022, the Company purchased 22,510 shares of its common stock from the open market for cash proceeds of $100,106 at an average price of $4.45 per share, pursuant to the Company’s stock buy-back plan.