SEC Info - Amesite Inc. - ‘10-K’ for 6/30/22

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Amesite Inc. – ‘10-K’ for 6/30/22 – ‘XML’

On: Wednesday, 9/28/22, at 4:00pm ET · For: 6/30/22 · Accession #: 1213900-22-59740 · File #: 1-39553

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/28/22  Amesite Inc.                      10-K        6/30/22   59:3.5M                                   EdgarAgents LLC/FA

Annual Report — Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    677K 
 2: EX-23.1     Consent of Deloitte & Touche LLP                    HTML     16K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     22K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     22K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     17K 
12: R1          Document And Entity Information                     HTML     88K 
13: R2          Balance Sheets                                      HTML     96K 
14: R3          Balance Sheets (Parentheticals)                     HTML     35K 
15: R4          Statements of Operations                            HTML     64K 
16: R5          Statements of Operations (Parentheticals)           HTML     26K 
17: R6          Statements of Stockholders? Equity                  HTML     56K 
18: R7          Statements of Cash Flows                            HTML     87K 
19: R8          Statements of Cash Flows (Parentheticals)           HTML     20K 
20: R9          Nature of Business and Liquidity                    HTML     26K 
21: R10         Significant Accounting Policies                     HTML     54K 
22: R11         Property and Equipment                              HTML     24K 
23: R12         Common Stock                                        HTML     28K 
24: R13         Warrants                                            HTML     24K 
25: R14         Stock-Based Compensation                            HTML     35K 
26: R15         Income Taxes                                        HTML     36K 
27: R16         Convertible Notes Payable                           HTML     21K 
28: R17         Subsequent Events                                   HTML     23K 
29: R18         Accounting Policies, by Policy (Policies)           HTML     81K 
30: R19         Significant Accounting Policies (Tables)            HTML     35K 
31: R20         Property and Equipment (Tables)                     HTML     22K 
32: R21         Warrants (Tables)                                   HTML     27K 
33: R22         Stock-Based Compensation (Tables)                   HTML     30K 
34: R23         Income Taxes (Tables)                               HTML     34K 
35: R24         Nature of Business and Liquidity (Details)          HTML     20K 
36: R25         Significant Accounting Policies (Details)           HTML     43K 
37: R26         Significant Accounting Policies (Details) -         HTML     25K 
                Schedule of costs of maintenance and repairs                     
38: R27         Significant Accounting Policies (Details) -         HTML     27K 
                Schedule of straight-line method over the                        
                estimated useful life                                            
39: R28         Significant Accounting Policies (Details) -         HTML     26K 
                Schedule of revenue from contracts with customers                
                by customer                                                      
40: R29         Significant Accounting Policies (Details) -         HTML     24K 
                Schedule of contract liabilities                                 
41: R30         Property and Equipment (Details)                    HTML     19K 
42: R31         Property and Equipment (Details) - Schedule of      HTML     27K 
                property and equipment                                           
43: R32         Common Stock (Details)                              HTML    109K 
44: R33         Warrants (Details)                                  HTML     31K 
45: R34         Warrants (Details) - Schedule of warrants           HTML     28K 
46: R35         Warrants (Details) - Schedule of fair value of      HTML     29K 
                warrants using black-scholes model                               
47: R36         Stock-Based Compensation (Details)                  HTML     48K 
48: R37         Stock-Based Compensation (Details) - Schedule of    HTML     31K 
                fair value of the stock options granted                          
49: R38         Stock-Based Compensation (Details) - Schedule of    HTML     42K 
                option activity                                                  
50: R39         Income Taxes (Details)                              HTML     27K 
51: R40         Income Taxes (Details) - Schedule of A              HTML     34K 
                reconciliation of the provision for income taxes                 
                to income taxes                                                  
52: R41         Income Taxes (Details) - Schedule of net deferred   HTML     47K 
                tax asset                                                        
53: R42         Convertible Notes Payable (Details)                 HTML     44K 
54: R43         Subsequent Events (Details)                         HTML     33K 
57: XML         IDEA XML File -- Filing Summary                      XML    101K 
55: XML         XBRL Instance -- f10k2022_amesiteinc_htm             XML    507K 
56: EXCEL       IDEA Workbook of Financial Reports                  XLSX     95K 
 8: EX-101.CAL  XBRL Calculations -- amst-20220630_cal               XML     70K 
 9: EX-101.DEF  XBRL Definitions -- amst-20220630_def                XML    493K 
10: EX-101.LAB  XBRL Labels -- amst-20220630_lab                     XML    995K 
11: EX-101.PRE  XBRL Presentations -- amst-20220630_pre              XML    498K 
 7: EX-101.SCH  XBRL Schema -- amst-20220630                         XSD    135K 
58: JSON        XBRL Instance as JSON Data -- MetaLinks              254±   361K 
59: ZIP         XBRL Zipped Folder -- 0001213900-22-059740-xbrl      Zip    221K

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Note 1 - Nature of Business and Liquidity Amesite Inc. (the “Company”) was incorporated in November 2017. The Company is an artificial intelligence driven platform and course designer, that provides customized, high performance and scalable online products for schools and businesses. The Company uses machine learning to provide a novel, mass customized experience to learners. The Company’s Customers are businesses, universities and colleges, and a K-12 school. The Company’s activities are subject to significant risks and uncertainties. The Company’s operations are considered to be in one segment. On September 18, 2020, we consummated a reorganizational merger, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated July 14, 2020 (“Effective Date”), whereby we merged with and into Amesite Inc. (“Amesite Parent”) our former parent corporation, with our Company resulting as the surviving entity. In connection with the same, we filed a Certificate of Ownership and Merger with the Secretary of State of the State of Delaware, and changed our name from “Amesite Operating Company” to “Amesite Inc.” The stockholders of Amesite Parent approved the Merger Agreement on August 4, 2020. The directors and officers of Amesite Parent became our directors and officers. Pursuant to the Merger Agreement, on the Effective Date, each share of the Amesite parent’s common stock, $0.0001 par value per share, issued and outstanding immediately before the Effective Date, was converted, on a one-for-one basis, into shares of our common stock. Additionally, each option or warrant to acquire shares of Amesite Parent outstanding immediately before the Effective Date was converted into and became an equivalent option to acquire shares of our common stock, upon the same terms and conditions. Going Concern The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is developing its customer base and has not completed its efforts to establish a stabilized source of revenue sufficient to cover its expenses. The Company has had a history of net losses and negative cash flows from operating activities since inception and expects to continue to incur net losses and use cash in its operations in the foreseeable future. In addition, the Company has received a notice from the Nasdaq related to their failure to maintain a minimum bid price of $1 per share. The Company is not currently in compliance with the Nasdaq listing rules and if the Company does not regain compliance, the common stock of the Company could be delisted from the Nasdaq exchange. If the Company’s common stock is delisted, it may affect the Company’s ability to obtain financing, trade or sell shares of their common stock, and/or forecasted operations could be negatively impacted in an amount that the Company cannot currently quantify. The assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Based on their current forecast, management believes that it will have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements; however, there is uncertainty in the forecast and therefore the Company cannot assert that it is probable. The Company has considered both quantitative and qualitative factors that are known or reasonably knowable as of the date of these financial statements are issued and concluded that there are conditions present in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern. In response to the conditions, management plans include generating cash by completing financing transactions, which may include offerings of common stock. However, these plans are subject to market conditions, and are not within the Company’s control, and therefore, cannot be deemed probable. There is no assurance that the Company will be successful in implementing their plans. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

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Note 2 - Significant Accounting Policies Basis of Presentation The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and considering the requirements of the United States Securities and Exchange Commission (“SEC”). The Company has a fiscal year with a June 30 year end. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value. Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques. In instances wherein inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. Cash and Cash Equivalents The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. The total amount of bank deposits (checking and savings accounts) that was insured by the FDIC at year end was $250,000. Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the year. Deferred tax liabilities or assets are recognized for the estimated future tax effects of temporary differences between financial reporting and tax accounting. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. Technology and Content Development Technology and content development expenditures consist primarily of personnel and personnel-related expense and contracted services associated with the maintenance of our platform as well as hosting and licensing costs and are charged to expense as incurred. It also includes amortization of capitalized software costs and research and development costs related to improving our platform and creating content that are charged to expense as incurred. Property and Equipment Property and equipment are recorded at cost. The straight-line method is used for computing depreciation and amortization. Assets are depreciated over their estimated useful lives. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">Depreciable Life - Years</td> <td style="padding-bottom: 1.5pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 59%">Leasehold improvements</td> <td style="width: 1%"> </td> <td style="width: 39%; text-align: center">Shorter of estimated lease term or 10 years</td> <td style="width: 1%"> </td> </tr> <tr style="vertical-align: bottom"> <td>Furniture and fixtures</td> <td> </td> <td style="text-align: center">7 years</td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Computer equipment and software</td> <td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center">5 years</td> <td style="padding-bottom: 1.5pt"> </td> </tr> </table> Capitalized Software Costs The Company capitalizes costs incurred in the development of software for internal use, including the costs of the software, materials, consultants, and payroll and payroll related costs for employees incurred in developing internal use computer software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Capitalization of costs requires judgment in determining when a project has reached the application development stage, the proportion of time spent in the application development stage, and the period over which we expect to benefit from the use of that software. Once the software is placed in service, these costs are amortized on the straight-line method over the estimated useful life of the software, which is generally three years. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,650,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,881,523</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Additions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">599,660</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">768,899</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt; padding-left: 5.4pt">Total cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,250,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,650,422</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,183,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,337,779</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 10pt; padding-left: 5.4pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,066,674</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,312,643</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Amortization expense for the years ended June 30, 2022 and 2021 was $845,629 and $733,353, respectively and included as part of “Technology and content development” in the Statements of Operations. Revenue Recognition We generate substantially all of our revenue from contractual arrangements with businesses, colleges and universities to provide a comprehensive platform of integrated technology and technology enabled services related to product offerings. During the year-end June 30, 2022 and 2021, we recognized revenue from contracts with customers of $697,001 and $674,580, respectively, of which $26,900 and $163,655, respectively, related to services transferred at a point in time and the remainder related to services provided over time. Performance Obligations and Timing of Recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the Customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other fees for course development and miscellaneous items. Our contracts with Customers generally have a one-year term and a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services Customers need to attract, enroll, educate, and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the Customers receive and consume benefits, which occurs ratably over the contract term. Occasionally, we will provide professional services, such as custom development, non-complex implementation activities, training, and other various professional services. We evaluate these services to determine if they are distinct and separately identifiable in the context of the contract. In our contracts with Customers that contain multiple performance obligations because of this assessment, we allocate the transaction price to each separate performance obligation on a relative standalone selling price basis. Standalone selling prices of our solutions and services are typically estimated based on observable transactions when the solutions or services are sold on a standalone basis. When standalone selling prices are not observable, we utilize a cost-plus margin approach to allocate the transaction price. We do not disclose the value of unsatisfied performance obligations because the consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance). During the year ended June 30, 2022, three customers comprised approximately 69% of total revenue. During the year ended June 30, 2021, two customers comprised of approximately 76% of total revenue. We also receive fees that are fixed in nature, such as annual license and maintenance charges. The fees are independent of the number of students that are enrolled in courses with our Customers and are allocated to and recognized ratably over the service period of the contract that the Company’s platform is made available to the Customer (i.e., the Customer simultaneously receives and consumes the benefit of the software over the contract service period). The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The majority of our Customers are private and public learning institutions across various domestic regions</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The majority of our Customers have annual payment terms</td></tr> </table> The following table shows revenue from contracts with customers by customer type for the years ended June 30, 2022 and 2021, respectively. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Customer Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Enterprise</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">579,664</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">553,703</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>University</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,982</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">K-12</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">67,895</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt; padding-left: 6.55pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">697,001</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">674,580</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> Accounts Receivable, Contract Assets and Liabilities Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management’s evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of June 30, 2022 and 2021. We may recognize revenue prior to billing a Customer when we have satisfied or partially satisfied our performance obligations as billings to our Customers may not be made until after the service period has commenced. As of June 30, 2022 and 2021, we do not have any contract assets. Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized. Some contracts also involve annual license fees, for which upfront amounts are received from Customers. In these contracts, the license fees received in advance of the platform’s launch are recorded as contract liabilities. The following table provides information on the changes in the balance of contract liabilities for the years ended June 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">333,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">380,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Billings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">706,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less revenue recognized from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(697,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(674,580</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">342,672</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">333,200</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Revenue recognized during the years ended June 30, 2022 and 2021 that was included in the deferred revenue balance that existed in the opening balance of each year was approximately $315,590 and $220,046, respectively. The deferred revenue balance as of June 30, 2022 is expected to be recognized over the next 12 months. Net Loss per Share Basic net loss per share is calculated by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. At June 30, 2022 and June 30, 2021, the Company had 4,922,007 and 4,456,364 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For the years ended June 30, 2022 and 2021, the dilutive effect of common stock options and common stock warrants has not been included in the average shares outstanding for the calculation of net loss per share as the effect would be anti-dilutive as a result of our net losses in these periods. Stock-Based Compensation We have issued three types of stock-based awards under our stock plans: stock options, restricted stock units and stock warrants. All stock-based awards granted to employees, directors and independent contractors are measured at fair value at each grant date. We rely on the Black-Scholes option pricing model for estimating the fair value of stock-based awards granted, and expected volatility is based on the historical volatility of the Company’s stock prices. Stock options generally vest over two years from the grant date and generally have ten-year contractual terms. Restricted stock units generally have a term of 12 months from the closing date of the agreement. Stock warrants issued have a term of five years. Information about the assumptions used in the calculation of stock-based compensation expense is set forth in Notes 4 and 6 in the Notes to Financial Statements. Risks and Uncertainties The Company operates in an industry subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early-stage company, including the potential risk of business failure. On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a novel coronavirus as a “pandemic.” First identified in late 2019 and known now as COVID-19, the outbreak has impacted thousands of individuals worldwide. In response, many countries, including the United States, have implemented measures to combat the outbreak which have impacted global business operations. While management believes the Company’s operations have not been significantly impacted, the Company continues to monitor the situation. In addition, while the Company’s results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.

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Basis of Presentation The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and considering the requirements of the United States Securities and Exchange Commission (“SEC”). The Company has a fiscal year with a June 30 year end.

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Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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Fair Value Measurements Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value. Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques. In instances wherein inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

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Cash and Cash Equivalents The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. The total amount of bank deposits (checking and savings accounts) that was insured by the FDIC at year end was $250,000.

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Income Taxes A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the year. Deferred tax liabilities or assets are recognized for the estimated future tax effects of temporary differences between financial reporting and tax accounting. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date.

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Technology and Content Development Technology and content development expenditures consist primarily of personnel and personnel-related expense and contracted services associated with the maintenance of our platform as well as hosting and licensing costs and are charged to expense as incurred. It also includes amortization of capitalized software costs and research and development costs related to improving our platform and creating content that are charged to expense as incurred.

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Property and Equipment Property and equipment are recorded at cost. The straight-line method is used for computing depreciation and amortization. Assets are depreciated over their estimated useful lives. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred.

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<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="c27"> 5 years </us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>

<us-gaap:InternalUseSoftwarePolicy contextRef="c0">

Capitalized Software Costs The Company capitalizes costs incurred in the development of software for internal use, including the costs of the software, materials, consultants, and payroll and payroll related costs for employees incurred in developing internal use computer software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Capitalization of costs requires judgment in determining when a project has reached the application development stage, the proportion of time spent in the application development stage, and the period over which we expect to benefit from the use of that software. Once the software is placed in service, these costs are amortized on the straight-line method over the estimated useful life of the software, which is generally three years. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">June 30,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,650,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,881,523</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Additions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">599,660</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">768,899</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt; padding-left: 5.4pt">Total cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,250,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,650,422</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,183,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,337,779</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: 10pt; padding-left: 5.4pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,066,674</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,312,643</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Amortization expense for the years ended June 30, 2022 and 2021 was $845,629 and $733,353, respectively and included as part of “Technology and content development” in the Statements of Operations.

</us-gaap:InternalUseSoftwarePolicy>

<amst:ScheduleofStraightlinesMethodOverTheEstimatedUsefulLifeTableTextBlick contextRef="c0">

</amst:ScheduleofStraightlinesMethodOverTheEstimatedUsefulLifeTableTextBlick>

<amst:CapitalizedComputerSoftwareNetBeginningBalance contextRef="c3" decimals="0" unitRef="usd"> 2650422 </amst:CapitalizedComputerSoftwareNetBeginningBalance>

<amst:CapitalizedComputerSoftwareNetBeginningBalance contextRef="c4" decimals="0" unitRef="usd"> 1881523 </amst:CapitalizedComputerSoftwareNetBeginningBalance>

<us-gaap:ServicingAssetAtFairValueAdditions contextRef="c0" decimals="0" unitRef="usd"> 599660 </us-gaap:ServicingAssetAtFairValueAdditions>

<us-gaap:ServicingAssetAtFairValueAdditions contextRef="c5" decimals="0" unitRef="usd"> 768899 </us-gaap:ServicingAssetAtFairValueAdditions>

<us-gaap:CapitalizedComputerSoftwareGross contextRef="c3" decimals="0" unitRef="usd"> 3250082 </us-gaap:CapitalizedComputerSoftwareGross>

<us-gaap:CapitalizedComputerSoftwareGross contextRef="c4" decimals="0" unitRef="usd"> 2650422 </us-gaap:CapitalizedComputerSoftwareGross>

<us-gaap:CapitalizedComputerSoftwareAccumulatedAmortization contextRef="c3" decimals="0" unitRef="usd"> 2183408 </us-gaap:CapitalizedComputerSoftwareAccumulatedAmortization>

<us-gaap:CapitalizedComputerSoftwareAccumulatedAmortization contextRef="c4" decimals="0" unitRef="usd"> 1337779 </us-gaap:CapitalizedComputerSoftwareAccumulatedAmortization>

<us-gaap:CapitalizedComputerSoftwareNet contextRef="c3" decimals="0" unitRef="usd"> 1066674 </us-gaap:CapitalizedComputerSoftwareNet>

<us-gaap:CapitalizedComputerSoftwareNet contextRef="c4" decimals="0" unitRef="usd"> 1312643 </us-gaap:CapitalizedComputerSoftwareNet>

<us-gaap:AdjustmentForAmortization contextRef="c0" decimals="0" unitRef="usd"> 845629 </us-gaap:AdjustmentForAmortization>

<us-gaap:AdjustmentForAmortization contextRef="c5" decimals="0" unitRef="usd"> 733353 </us-gaap:AdjustmentForAmortization>

<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0">

Revenue Recognition We generate substantially all of our revenue from contractual arrangements with businesses, colleges and universities to provide a comprehensive platform of integrated technology and technology enabled services related to product offerings. During the year-end June 30, 2022 and 2021, we recognized revenue from contracts with customers of $697,001 and $674,580, respectively, of which $26,900 and $163,655, respectively, related to services transferred at a point in time and the remainder related to services provided over time. Performance Obligations and Timing of Recognition A performance obligation is a promise in a contract to transfer a distinct good or service to the Customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other fees for course development and miscellaneous items. Our contracts with Customers generally have a one-year term and a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services Customers need to attract, enroll, educate, and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the Customers receive and consume benefits, which occurs ratably over the contract term. Occasionally, we will provide professional services, such as custom development, non-complex implementation activities, training, and other various professional services. We evaluate these services to determine if they are distinct and separately identifiable in the context of the contract. In our contracts with Customers that contain multiple performance obligations because of this assessment, we allocate the transaction price to each separate performance obligation on a relative standalone selling price basis. Standalone selling prices of our solutions and services are typically estimated based on observable transactions when the solutions or services are sold on a standalone basis. When standalone selling prices are not observable, we utilize a cost-plus margin approach to allocate the transaction price. We do not disclose the value of unsatisfied performance obligations because the consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance). During the year ended June 30, 2022, three customers comprised approximately 69% of total revenue. During the year ended June 30, 2021, two customers comprised of approximately 76% of total revenue. We also receive fees that are fixed in nature, such as annual license and maintenance charges. The fees are independent of the number of students that are enrolled in courses with our Customers and are allocated to and recognized ratably over the service period of the contract that the Company’s platform is made available to the Customer (i.e., the Customer simultaneously receives and consumes the benefit of the software over the contract service period). The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The majority of our Customers are private and public learning institutions across various domestic regions</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 72px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">The majority of our Customers have annual payment terms</td></tr> </table> The following table shows revenue from contracts with customers by customer type for the years ended June 30, 2022 and 2021, respectively. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Customer Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Enterprise</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">579,664</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">553,703</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>University</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,982</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">K-12</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">67,895</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt; padding-left: 6.55pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">697,001</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">674,580</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> Accounts Receivable, Contract Assets and Liabilities Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management’s evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of June 30, 2022 and 2021. We may recognize revenue prior to billing a Customer when we have satisfied or partially satisfied our performance obligations as billings to our Customers may not be made until after the service period has commenced. As of June 30, 2022 and 2021, we do not have any contract assets. Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized. Some contracts also involve annual license fees, for which upfront amounts are received from Customers. In these contracts, the license fees received in advance of the platform’s launch are recorded as contract liabilities. The following table provides information on the changes in the balance of contract liabilities for the years ended June 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">333,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">380,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Billings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">706,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less revenue recognized from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(697,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(674,580</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">342,672</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">333,200</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Revenue recognized during the years ended June 30, 2022 and 2021 that was included in the deferred revenue balance that existed in the opening balance of each year was approximately $315,590 and $220,046, respectively. The deferred revenue balance as of June 30, 2022 is expected to be recognized over the next 12 months.

</us-gaap:RevenueRecognitionPolicyTextBlock>

<us-gaap:ContractWithCustomerReceivableAfterAllowanceForCreditLoss contextRef="c3" decimals="0" unitRef="usd"> 697001 </us-gaap:ContractWithCustomerReceivableAfterAllowanceForCreditLoss>

<us-gaap:ContractWithCustomerReceivableAfterAllowanceForCreditLoss contextRef="c4" decimals="0" unitRef="usd"> 674580 </us-gaap:ContractWithCustomerReceivableAfterAllowanceForCreditLoss>

<amst:ServicesTransferred contextRef="c0" decimals="0" unitRef="usd"> 26900 </amst:ServicesTransferred>

<amst:ServicesTransferred contextRef="c5" decimals="0" unitRef="usd"> 163655 </amst:ServicesTransferred>

<amst:ConcentrationsRiskPercentage1 contextRef="c23" decimals="2" unitRef="pure"> 0.69 </amst:ConcentrationsRiskPercentage1>

<amst:ConcentrationsRiskPercentage1 contextRef="c24" decimals="2" unitRef="pure"> 0.76 </amst:ConcentrationsRiskPercentage1>

<us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="c0">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Customer Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Enterprise</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">579,664</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">553,703</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>University</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">97,337</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,982</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">K-12</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">67,895</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; padding-bottom: 4pt; padding-left: 6.55pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">697,001</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">674,580</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>

<us-gaap:ContractWithCustomerLiability contextRef="c28" decimals="0" unitRef="usd"> 579664 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c29" decimals="0" unitRef="usd"> 553703 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c30" decimals="0" unitRef="usd"> 97337 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c31" decimals="0" unitRef="usd"> 52982 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c32" decimals="0" unitRef="usd"> 20000 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c33" decimals="0" unitRef="usd"> 67895 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c3" decimals="0" unitRef="usd"> 697001 </us-gaap:ContractWithCustomerLiability>

<us-gaap:ContractWithCustomerLiability contextRef="c4" decimals="0" unitRef="usd"> 674580 </us-gaap:ContractWithCustomerLiability>

<amst:ScheduleofContractLiabilitieTableTextBlock contextRef="c0">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">333,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">380,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Billings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">706,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">627,780</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less revenue recognized from continuing operations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(697,001</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(674,580</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">342,672</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">333,200</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

</amst:ScheduleofContractLiabilitieTableTextBlock>

<us-gaap:ContractWithCustomerLiabilityCurrent contextRef="c4" decimals="0" unitRef="usd"> 333200 </us-gaap:ContractWithCustomerLiabilityCurrent>

<us-gaap:ContractWithCustomerLiabilityCurrent contextRef="c9" decimals="0" unitRef="usd"> 380000 </us-gaap:ContractWithCustomerLiabilityCurrent>

<amst:ContractWithCustomersLiability contextRef="c0" decimals="0" unitRef="usd"> 706473 </amst:ContractWithCustomersLiability>

<amst:ContractWithCustomersLiability contextRef="c5" decimals="0" unitRef="usd"> 627780 </amst:ContractWithCustomersLiability>

<amst:RevenueRecognizedFromContinuingOperations contextRef="c0" decimals="0" unitRef="usd"> -697001 </amst:RevenueRecognizedFromContinuingOperations>

<amst:RevenueRecognizedFromContinuingOperations contextRef="c5" decimals="0" unitRef="usd"> -674580 </amst:RevenueRecognizedFromContinuingOperations>

<us-gaap:ContractWithCustomerLiabilityCurrent contextRef="c3" decimals="0" unitRef="usd"> 342672 </us-gaap:ContractWithCustomerLiabilityCurrent>

<us-gaap:ContractWithCustomerLiabilityCurrent contextRef="c4" decimals="0" unitRef="usd"> 333200 </us-gaap:ContractWithCustomerLiabilityCurrent>

<us-gaap:DeferredRevenueAdditions contextRef="c0" decimals="0" unitRef="usd"> 315590 </us-gaap:DeferredRevenueAdditions>

<us-gaap:DeferredRevenueAdditions contextRef="c5" decimals="0" unitRef="usd"> 220046 </us-gaap:DeferredRevenueAdditions>

<us-gaap:EarningsPerSharePolicyTextBlock contextRef="c0">

Net Loss per Share Basic net loss per share is calculated by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. At June 30, 2022 and June 30, 2021, the Company had 4,922,007 and 4,456,364 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For the years ended June 30, 2022 and 2021, the dilutive effect of common stock options and common stock warrants has not been included in the average shares outstanding for the calculation of net loss per share as the effect would be anti-dilutive as a result of our net losses in these periods.

</us-gaap:EarningsPerSharePolicyTextBlock>

<amst:PotentiallyDilutiveShares contextRef="c16" decimals="0" unitRef="shares"> 4922007 </amst:PotentiallyDilutiveShares>

<amst:PotentiallyDilutiveShares contextRef="c10" decimals="0" unitRef="shares"> 4456364 </amst:PotentiallyDilutiveShares>

<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="c0">

Stock-Based Compensation We have issued three types of stock-based awards under our stock plans: stock options, restricted stock units and stock warrants. All stock-based awards granted to employees, directors and independent contractors are measured at fair value at each grant date. We rely on the Black-Scholes option pricing model for estimating the fair value of stock-based awards granted, and expected volatility is based on the historical volatility of the Company’s stock prices. Stock options generally vest over two years from the grant date and generally have ten-year contractual terms. Restricted stock units generally have a term of 12 months from the closing date of the agreement. Stock warrants issued have a term of five years. Information about the assumptions used in the calculation of stock-based compensation expense is set forth in Notes 4 and 6 in the Notes to Financial Statements.

</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>

<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2 contextRef="c0"> P2Y </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2>

<us-gaap:WarrantsAndRightsOutstandingTerm contextRef="c3"> P5Y </us-gaap:WarrantsAndRightsOutstandingTerm>

<us-gaap:ConcentrationRiskCreditRisk contextRef="c0">

Risks and Uncertainties The Company operates in an industry subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early-stage company, including the potential risk of business failure. On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a novel coronavirus as a “pandemic.” First identified in late 2019 and known now as COVID-19, the outbreak has impacted thousands of individuals worldwide. In response, many countries, including the United States, have implemented measures to combat the outbreak which have impacted global business operations. While management believes the Company’s operations have not been significantly impacted, the Company continues to monitor the situation. In addition, while the Company’s results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.

</us-gaap:ConcentrationRiskCreditRisk>

<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0">

Note 3 - Property and Equipment Property and equipment are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Furniture and fixtures</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,960</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Computer equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">117,094</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,519</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 7.1pt">Total cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,054</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(66,864</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(36,889</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 7.1pt">Closing balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">87,190</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">100,590</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Depreciation expense for the years ended June 30, 2022 and 2021 was $29,975 and $18,145, respectively and included as part of “General and administrative expenses” in the Statements of Operations.

</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>

<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c0">

</us-gaap:PropertyPlantAndEquipmentTextBlock>

<us-gaap:FurnitureAndFixturesGross contextRef="c3" decimals="0" unitRef="usd"> 36960 </us-gaap:FurnitureAndFixturesGross>

<us-gaap:FurnitureAndFixturesGross contextRef="c4" decimals="0" unitRef="usd"> 36960 </us-gaap:FurnitureAndFixturesGross>

<amst:ComputerEquipment contextRef="c3" decimals="0" unitRef="usd"> 117094 </amst:ComputerEquipment>

<amst:ComputerEquipment contextRef="c4" decimals="0" unitRef="usd"> 100519 </amst:ComputerEquipment>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="c3" decimals="0" unitRef="usd"> 154054 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentGross contextRef="c4" decimals="0" unitRef="usd"> 137479 </us-gaap:PropertyPlantAndEquipmentGross>

<us-gaap:PropertyPlantAndEquipmentOtherAccumulatedDepreciation contextRef="c3" decimals="0" unitRef="usd"> 66864 </us-gaap:PropertyPlantAndEquipmentOtherAccumulatedDepreciation>

<us-gaap:PropertyPlantAndEquipmentOtherAccumulatedDepreciation contextRef="c4" decimals="0" unitRef="usd"> 36889 </us-gaap:PropertyPlantAndEquipmentOtherAccumulatedDepreciation>

<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c3" decimals="0" unitRef="usd"> 87190 </us-gaap:PropertyPlantAndEquipmentOtherNet>

<us-gaap:PropertyPlantAndEquipmentOtherNet contextRef="c4" decimals="0" unitRef="usd"> 100590 </us-gaap:PropertyPlantAndEquipmentOtherNet>

<us-gaap:Depreciation contextRef="c0" decimals="0" unitRef="usd"> 29975 </us-gaap:Depreciation>

<us-gaap:Depreciation contextRef="c5" decimals="0" unitRef="usd"> 18145 </us-gaap:Depreciation>

<amst:CommonStockDisclosureTextBlock contextRef="c0">

Note 4 - Common Stock On September 25, 2020, the Company completed an initial public offering (“Offering”) of 3,000,000 shares of its common stock, $0.0001 par value per share, at an offering price of $5.00 per share (total net proceeds of approximately $12.8 million after underwriting discounts, commissions, and other offering costs). In connection with the Offering, the Company agreed to issue five (5) year warrants to the underwriter to purchase five percent (5%) of the number of common shares sold in the Offering for an exercise price equal to $6.00. Total warrants of 150,000 were issued to the underwriter on September 29, 2020. The Company measures the warrants using the Black Scholes Model (“BSM”) to estimate their fair value. The fair value of the warrants issued in connection with the Offering was approximately $249,000 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 45.00%; (ii) risk free interest rate of .14%; and (iii) expected life of the warrants of 5 years. The warrants were fully vested on the date of grant and are included in offering costs in the Statement of Stockholders’ Equity. In connection with the Offering, the Company converted its outstanding convertible notes payable into 1,127,872 shares of its common stock. Additionally, in connection with the Offering, the Company cancelled 126,532 warrants previously issued to nonemployees in exchange for professional services to meet certain offering listing requirements, of which 6,665 were replaced and deemed vested in full. As a result, the Company recorded approximately $15,000 of additional warrant expense, which was recorded as additional paid-in-capital. On November 3, 2020 and December 14, 2020, the Company issued 69,709 shares of its common stock totaling approximately $290,000 and 106,383 shares of its common stock totaling approximately $500,000 in value, respectively, to various consulting firms in exchange for strategic investor relations services. These shares vested immediately upon issuance. In June 2021, the Company issued an additional 39,437 shares of its common stock totaling approximately $220,000 to a consulting firm for strategic investor relations services. These shares vested immediately upon issuance. During fiscal year 2021, warrant holders exercised 834,544 warrants on a cashless basis and received 488,728 shares of common stock. On August 2, 2021, the Company entered into a purchase agreement (the “Purchase Agreement”), with Lincoln Park Capital Fund, LLC (“Lincoln Park”), under which, subject to specified terms and conditions, the Company may sell to Lincoln Park up to $16.5 million worth of common stock, par value $0.0001 per share, from time to time during the term of the Purchase Agreement, which ends August 2, 2023. In connection with the Purchase Agreement, the Company entered into an introducing broker agreement with Laidlaw & Company (UK) Ltd. (“Laidlaw”), pursuant to which the Company agreed to pay a cash fee to Laidlaw (the “Introductory Fee”) equal to (i) 8% of the amount of the Initial Purchase, (ii) 8% of the amount of a one-time share request up to $1,000,000 (“Tranche Purchase”), if any, and (iii) 4% of up to the next $13,500,000 (or up to $14,500,000 if the Tranche Purchase is not exercised). Upon entering into the Purchase Agreement, the Company sold 759,109 shares of common stock to Lincoln Park as an initial purchase for a total purchase price of $1,500,000 (the “Initial Purchase”). The Company received net proceeds from the Initial Purchase of $1,360,000 after the payment of the Introductory Fee and offering costs. As consideration for Lincoln Park’s commitment to purchase up to $16.5 million of shares of common stock under the Purchase Agreement, the Company issued 152,715 shares of common stock to Lincoln Park. If Lincoln Park is requested to purchase additional shares during the term of the Purchase Agreement, the requested shares, (“Regular Purchase”), are limited based on the current share price of the Company’s common stock. If the average price is below $3.00 per share, the Company is limited to issuing 50,000 shares per request; if the share price is between $3.00 and $4.00 per share, the limit is 75,000 shares per request, if the share price is between $4.00 and $5.00, the limit is 100,000 shares per request, and if the share price is above $5.00, the limit is 150,000 shares per request. Requests for purchases are permitted daily as long as the Company’s stock price is above $0.50 per share. The price for such regular purchases will be the lower of: (i) the lowest closing price of the Company’s common stock on the purchase date for such Regular Purchase and (ii) the arithmetic average of the three (3) lowest closing prices of the Company’s common stock during the ten (10) consecutive business days immediately preceding. Additionally, the Company may instruct Lincoln Park to purchase additional shares of common stock that exceed the Regular Purchase limits (“Accelerated Purchase”). If the Company requests Lincoln Park to make an Accelerated Purchase, the price per share is discounted from average historical closing prices. No additional shares were sold to Lincoln Park in the year ended June 30, 2022. The Company evaluated the contract that includes the right to require Lincoln Park to purchase additional shares of common stock in the future (“put right”) considering the guidance in ASC 815-40, “Derivatives and Hedging - Contracts on an Entity’s Own Equity” (“ASC 815-40”) and concluded that it is an equity-linked contract that does not qualify for equity classification, and therefore requires fair value accounting. The Company has analyzed the terms of the put right and has concluded that it has no value as of June 30, 2022. On October 19, 2021 and December 2, 2021, the Company issued 9,901 shares of its common stock totaling approximately $18,218 and 4,000 shares of its common stock totaling approximately $4,480 in value, respectively, to various consulting firms in exchange for strategic investor relations services. These shares vested immediately upon issuance. During the fourth quarter of fiscal year 2022, the Company issued 250,000 of its common stock totaling approximately $126,250 in value, respectively, to a consulting firm in exchange for strategic advisory and digital marketing services. These shares vested immediately upon issuance. On February 11, 2022, the Company entered into an underwriting agreement with Laidlaw, as representative of the several underwriters, to issue and sell up to 3,437,500 shares of the Company’s common stock, at a public offering price of $0.80 per share. On February 14, 2022, the Company entered into an amended and restated underwriting agreement in order to increase the number of shares sold in the offering to 3,750,000. On February 16, 2022, the Company closed the offering, and sold 3,750,000 shares of common stock to Laidlaw for total gross proceeds of $3,000,000. After deducting the underwriting commission and expenses, the Company received net proceeds of approximately $2,509,550. In connection with the offering, the Company issued five (5) year warrants to the underwriter to purchase 187,500 common shares at an exercise price of $1.00. The Company measures the warrants using the BSM to estimate their fair value. The fair value of the warrants issued in connection with the offering was approximately $94,165 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 80.10%; (ii) risk free interest rate of 1.63%; and (iii) expected life of the warrants of 5 years. The warrants were fully vested on the date of grant and are included in offering costs in the Statement of Stockholders’ Equity.

</amst:CommonStockDisclosureTextBlock>

<us-gaap:StockIssuedDuringPeriodSharesOther contextRef="c34" decimals="0" unitRef="shares"> 3000000 </us-gaap:StockIssuedDuringPeriodSharesOther>

<us-gaap:SaleOfStockPricePerShare contextRef="c35" decimals="4" unitRef="usdPershares"> 0.0001 </us-gaap:SaleOfStockPricePerShare>

<us-gaap:SharesIssuedPricePerShare contextRef="c36" decimals="2" unitRef="usdPershares"> 5 </us-gaap:SharesIssuedPricePerShare>

<us-gaap:PaymentsOfStockIssuanceCosts contextRef="c37" decimals="-5" unitRef="usd"> 12800000 </us-gaap:PaymentsOfStockIssuanceCosts>

<amst:PrivatePlacementOfferingDescription contextRef="c37"> In connection with the Offering, the Company agreed to issue five (5) year warrants to the underwriter to purchase five percent (5%) of the number of common shares sold in the Offering for an exercise price equal to $6.00. Total warrants of 150,000 were issued to the underwriter on September 29, 2020. </amst:PrivatePlacementOfferingDescription>

<us-gaap:DescriptionOfFairValueHedgeActivity contextRef="c0"> The fair value of the warrants issued in connection with the Offering was approximately $249,000 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 45.00%; (ii) risk free interest rate of .14%; and (iii) expected life of the warrants of 5 years. The warrants were fully vested on the date of grant and are included in offering costs in the Statement of Stockholders’ Equity. </us-gaap:DescriptionOfFairValueHedgeActivity>

<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="c0" decimals="0" unitRef="shares"> 1127872 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>

<amst:WarrantsIssued contextRef="c0" decimals="0" unitRef="shares"> 126532 </amst:WarrantsIssued>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="c0" decimals="0" unitRef="shares"> 6665 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares>

<us-gaap:ProductWarrantyExpense contextRef="c0" decimals="0" unitRef="usd"> 15000 </us-gaap:ProductWarrantyExpense>

<us-gaap:ExcessStockSharesIssued contextRef="c38" decimals="0" unitRef="shares"> 69709 </us-gaap:ExcessStockSharesIssued>

<us-gaap:ExcessStockSharesIssued contextRef="c39" decimals="0" unitRef="shares"> 69709 </us-gaap:ExcessStockSharesIssued>

<us-gaap:CommonStockValue contextRef="c38" decimals="0" unitRef="usd"> 290000 </us-gaap:CommonStockValue>

<amst:CommonStockTotalApproximateValue contextRef="c40" decimals="0" unitRef="shares"> 106383 </amst:CommonStockTotalApproximateValue>

<us-gaap:CommonStockValue contextRef="c41" decimals="0" unitRef="usd"> 500000 </us-gaap:CommonStockValue>

<us-gaap:CommonStockValue contextRef="c42" decimals="0" unitRef="usd"> 500000 </us-gaap:CommonStockValue>

<us-gaap:ExcessStockSharesIssued contextRef="c4" decimals="0" unitRef="shares"> 39437 </us-gaap:ExcessStockSharesIssued>

<us-gaap:CommonStockValue contextRef="c13" decimals="0" unitRef="usd"> 220000 </us-gaap:CommonStockValue>

<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight contextRef="c43" decimals="0" unitRef="shares"> 834544 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight>

<amst:StockIssuedDuringPeriodValueNewIssue contextRef="c44" decimals="0" unitRef="shares"> 488728 </amst:StockIssuedDuringPeriodValueNewIssue>

<us-gaap:StockIssuedDuringPeriodValueOther contextRef="c45" decimals="-5" unitRef="usd"> 16500000 </us-gaap:StockIssuedDuringPeriodValueOther>

<us-gaap:SaleOfStockPricePerShare contextRef="c46" decimals="4" unitRef="usdPershares"> 0.0001 </us-gaap:SaleOfStockPricePerShare>

<amst:PurchaseAgreementDescription contextRef="c47"> (“Laidlaw”), pursuant to which the Company agreed to pay a cash fee to Laidlaw (the “Introductory Fee”) equal to (i) 8% of the amount of the Initial Purchase, (ii) 8% of the amount of a one-time share request up to $1,000,000 (“Tranche Purchase”), if any, and (iii) 4% of up to the next $13,500,000 (or up to $14,500,000 if the Tranche Purchase is not exercised). </amst:PurchaseAgreementDescription>

<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="c0" decimals="0" unitRef="shares"> 759109 </us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>

<amst:PurchasePrice contextRef="c0" decimals="0" unitRef="usd"> 1500000 </amst:PurchasePrice>

<us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="c0" decimals="0" unitRef="usd"> 1360000 </us-gaap:ProceedsFromIssuanceInitialPublicOffering>

<us-gaap:StockIssuedDuringPeriodValueOther contextRef="c47" decimals="-5" unitRef="usd"> 16500000 </us-gaap:StockIssuedDuringPeriodValueOther>

<us-gaap:StockIssuedDuringPeriodSharesOther contextRef="c47" decimals="0" unitRef="shares"> 152715 </us-gaap:StockIssuedDuringPeriodSharesOther>

<amst:AveragePriceDescription contextRef="c0"> If the average price is below $3.00 per share, the Company is limited to issuing 50,000 shares per request; if the share price is between $3.00 and $4.00 per share, the limit is 75,000 shares per request, if the share price is between $4.00 and $5.00, the limit is 100,000 shares per request, and if the share price is above $5.00, the limit is 150,000 shares per request. Requests for purchases are permitted daily as long as the Company’s stock price is above $0.50 per share. </amst:AveragePriceDescription>

<us-gaap:ExcessStockSharesIssued contextRef="c48" decimals="0" unitRef="shares"> 9901 </us-gaap:ExcessStockSharesIssued>

<us-gaap:ExcessStockSharesIssued contextRef="c49" decimals="0" unitRef="shares"> 9901 </us-gaap:ExcessStockSharesIssued>

<us-gaap:CommonStockValue contextRef="c48" decimals="0" unitRef="usd"> 18218 </us-gaap:CommonStockValue>

<amst:CommonStockTotalApproximateValue contextRef="c50" decimals="0" unitRef="shares"> 4000 </amst:CommonStockTotalApproximateValue>

<us-gaap:CommonStockValue contextRef="c51" decimals="0" unitRef="usd"> 4480 </us-gaap:CommonStockValue>

<us-gaap:CommonStockValue contextRef="c52" decimals="0" unitRef="usd"> 4480 </us-gaap:CommonStockValue>

<us-gaap:TemporaryEquitySharesIssued contextRef="c3" decimals="0" unitRef="shares"> 250000 </us-gaap:TemporaryEquitySharesIssued>

<us-gaap:CommonStockValue contextRef="c19" decimals="0" unitRef="usd"> 126250 </us-gaap:CommonStockValue>

<us-gaap:SharesIssued contextRef="c53" decimals="0" unitRef="shares"> 3437500 </us-gaap:SharesIssued>

<amst:PublicOfferingPricePerShare contextRef="c53" decimals="2" unitRef="usdPershares"> 0.8 </amst:PublicOfferingPricePerShare>

<amst:UnderwritingAgreementShares contextRef="c54" decimals="0" unitRef="shares"> 3750000 </amst:UnderwritingAgreementShares>

<amst:SharesOfCommonStock contextRef="c55" decimals="0" unitRef="shares"> 3750000 </amst:SharesOfCommonStock>

<amst:GrossProceed contextRef="c55" decimals="0" unitRef="usd"> 3000000 </amst:GrossProceed>

<amst:NetProceeds contextRef="c55" decimals="0" unitRef="usd"> 2509550 </amst:NetProceeds>

<amst:OfferingWarrantIssued contextRef="c55"> P5Y </amst:OfferingWarrantIssued>

<amst:UnderwriterOFPurchase contextRef="c55" decimals="0" unitRef="shares"> 187500 </amst:UnderwriterOFPurchase>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="c56" decimals="2" unitRef="usdPershares"> 1 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue>

<amst:WarrantsIssueds contextRef="c3" decimals="0" unitRef="usd"> 94165 </amst:WarrantsIssueds>

<us-gaap:DescriptionOfPriceRiskExposure contextRef="c0"> (i) expected stock price volatility of 80.10%; (ii) risk free interest rate of 1.63%; and (iii) expected life of the warrants of 5 years. </us-gaap:DescriptionOfPriceRiskExposure>

<amst:WarrantsTextBlock contextRef="c0">

Note 5 – Warrants As of June 30, 2022 and June 30, 2021, there were 1,421,739 and 1,234,239 warrants outstanding, respectively. During the year ended June 30, 2022 and June 30, 2021, the Company issued 187,500 and 150,000 common stock warrants, respectively, to a placement agent related to fundraisings and other advisory services. The warrants are fully vested, have a term of 5 years from closing date of the private placements and an exercise price of $1.00 per share (2022 warrants) and $6.00 per share (2021 warrants), respectively (see Note 4 for additional terms of the warrants). <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Warrants</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold">Outstanding at July 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,045,315</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Terminated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(126,532</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(834,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Outstanding at June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234,239</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Granted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">187,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,421,739</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The Company measures the fair value of warrants using Black-Scholes Model. The fair value of the warrants issued during the year ended June 30, 2022 and June 30, 2021 was approximately $94,165 and $249,000, respectively, based on the following inputs and assumptions below. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Volatility (percent)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">80.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45 - 46</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free rate (percent)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.63</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> </table>

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<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="c3" decimals="0" unitRef="shares"> 1421739 </us-gaap:ClassOfWarrantOrRightOutstanding>

<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="c4" decimals="0" unitRef="shares"> 1234239 </us-gaap:ClassOfWarrantOrRightOutstanding>

<us-gaap:DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1 contextRef="c16" decimals="0" unitRef="shares"> 187500 </us-gaap:DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1>

<us-gaap:DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1 contextRef="c10" decimals="0" unitRef="shares"> 150000 </us-gaap:DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1>

<us-gaap:WarrantsAndRightsOutstandingTerm contextRef="c57"> P5Y </us-gaap:WarrantsAndRightsOutstandingTerm>

<us-gaap:WarrantExercisePriceDecrease contextRef="c0" decimals="2" unitRef="usdPershares"> 1 </us-gaap:WarrantExercisePriceDecrease>

<us-gaap:WarrantExercisePriceDecrease contextRef="c5" decimals="2" unitRef="usdPershares"> 6 </us-gaap:WarrantExercisePriceDecrease>

<us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="c0">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Warrants</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold">Outstanding at July 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,045,315</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Terminated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(126,532</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(834,544</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Outstanding at June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,234,239</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Granted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">187,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Outstanding at June 30, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,421,739</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

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<amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice contextRef="c58" decimals="INF" unitRef="shares"> 2045315 </amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="c59" decimals="INF" unitRef="shares"> 150000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

<amst:StockIssuedDuringPeriodSharesStockOptionsTerminated contextRef="c59" decimals="INF" unitRef="shares"> -126532 </amst:StockIssuedDuringPeriodSharesStockOptionsTerminated>

<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="c59" decimals="INF" unitRef="shares"> 834544 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>

<amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice contextRef="c60" decimals="INF" unitRef="shares"> 1234239 </amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="c61" decimals="INF" unitRef="shares"> 187500 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

<amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice contextRef="c62" decimals="INF" unitRef="shares"> 1421739 </amst:ShareBasedCompensationArrangementByShareBasedPaymentsAwardOptionsOutstandingNumberExercisePrice>

<us-gaap:FairValueAdjustmentOfWarrants contextRef="c0" decimals="0" unitRef="usd"> 94165 </us-gaap:FairValueAdjustmentOfWarrants>

<us-gaap:FairValueAdjustmentOfWarrants contextRef="c5" decimals="0" unitRef="usd"> 249000 </us-gaap:FairValueAdjustmentOfWarrants>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Volatility (percent)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">80.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">45 - 46</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Risk-free rate (percent)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.63</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> </table>

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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="c0" decimals="3" unitRef="pure"> 0.801 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="c63" decimals="2" unitRef="pure"> 0.45 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="c64" decimals="2" unitRef="pure"> 0.46 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum contextRef="c0" decimals="4" unitRef="pure"> 0.0163 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum contextRef="c5" decimals="4" unitRef="pure"> 0.001 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="c0"> P5Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="c5"> P5Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>

<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="c0">

Note 6 - Stock-Based Compensation The Company’s Equity Incentive Plan (the “Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, or restricted stock units to officers, employees, directors, consultants, agents, and independent contractors of the Company. The Company believes that such awards better align the interests of its employees, directors, and consultants with those of its stockholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest over two years from the grant date and generally have ten-year contractual terms. Certain option awards provide for accelerated vesting (as defined in the Plan). The Company has reserved 4,600,000 shares of common stock to be available for granting under the Plan. The Company estimates the fair value of each option award using a BSM that uses the weighted average assumptions included in the table below. Expected volatilities used in the BSM assumptions are based on historical volatility of the Company’s stock prices. The expected term of stock options granted has been estimated using the simplified method because the Company is generally unable to rely on its limited historical exercise data or alternative information as a reasonable basis upon which to estimate the expected term of such options. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. When calculating the amount of annual compensation expense, the Company has elected not to estimate forfeitures and instead accounts for forfeitures as they occur. The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the year ended: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid">For the Years Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2022</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2021</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Expected term (years)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">7.00</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">5.00</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">0.12% - 2.2</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.12</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">46.3% - 93</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">45% - 46</td> <td>% </td></tr> <tr style="vertical-align: bottom"> <td>Dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> </table> A summary of option activity for the years ended June 30, 2022 and 2021 is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Options</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold">Outstanding at July 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,962,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">9,06</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">566,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.65</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Terminated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(306,708</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2.45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Outstanding at June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,222,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.96</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.34</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Terminated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(187,959</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.01</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8.69</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Outstanding and expected to vest at June 30, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,163,190</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.89</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7.34</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The weighted-average grant-date fair value of options granted during the years ended June 30, 2022 and 2021 was $1.76 and $1.29, respectively. The options contained time-based vesting conditions satisfied over one to five years from the grant date. During the years ended June 30, 2022 and 2021, the Company issued 129,024 and 566,000 options, respectively. During the year ended June 30, 2022 and 2021, no options were exercised and 187,959 and 306,708 options were terminated. On September 28, 2021, the Board approved certain stock awards to its board members in the form of stock options and restricted stock. The stock option awards are expected to vest ratably over twelve-month period from beginning September 28, 2021 through September 28, 2022. The restricted stock awards vested over a twelve-month period beginning July 1, 2021 through June 30, 2022. The total approved compensation was $172,702 in stock options and $600,000 in restricted stock. The number of options was determined based on the fair value of the Company’s share price as of the date of grant. The Company determined that there will be 337,078 of restricted shares issued upon vesting, based on the fair value of the Company’s share price on the grant date. Accordingly, $130,486 related to the stock option grants made to the board members, was recognized as stock-based compensation expense for the twelve months ended June 30, 2022. The Company also recognized $600,000 as stock-based compensation expense related to the restricted stock unit grants made to the board members for the twelve months ended June 30, 2022 as part of general and administrative expenses. The cost related to the grants made to board members is expected to be recognized through September of 2022. For the years ended June 30, 2022 and 2021, the Company recognized $1,442,087 and $876,295, in expense related to the Plan, respectively. As of June 30, 2022, there was approximately $280,801 of total unrecognized compensation cost for employees and non-employees related to nonvested options. These costs are expected to be recognized through March 2026.

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<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="c3" decimals="0" unitRef="shares"> 4600000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>

<us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="c0">

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid">For the Years Ended June 30,</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2022</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2021</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Expected term (years)</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">7.00</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">5.00</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td>Risk-free interest rate</td> <td> </td> <td> </td> <td style="text-align: right">0.12% - 2.2</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.12</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected volatility</td> <td> </td> <td> </td> <td style="text-align: right">46.3% - 93</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">45% - 46</td> <td>% </td></tr> <tr style="vertical-align: bottom"> <td>Dividend yield</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0</td> <td>%</td></tr> </table>

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<us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1 contextRef="c0"> P7Y </us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1>

<us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1 contextRef="c5"> P5Y </us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="c65" decimals="4" unitRef="pure"> 0.0012 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="c66" decimals="3" unitRef="pure"> 0.022 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="c5" decimals="4" unitRef="pure"> 0.0012 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="c65" decimals="3" unitRef="pure"> 0.463 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="c66" decimals="2" unitRef="pure"> 0.93 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="c63" decimals="2" unitRef="pure"> 0.45 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="c64" decimals="2" unitRef="pure"> 0.46 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="c0" decimals="2" unitRef="pure"> 0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="c5" decimals="2" unitRef="pure"> 0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>

<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="c0">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1.5pt solid">Options</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold">Outstanding at July 1, 2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,962,833</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1.82</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">9,06</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">566,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.65</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Terminated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(306,708</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2.45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">Outstanding at June 30, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,222,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.96</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8.34</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.76</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.26</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Terminated</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(187,959</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.01</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8.69</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Outstanding and expected to vest at June 30, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3,163,190</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1.89</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">7.34</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="c9" decimals="0" unitRef="shares"> 2962833 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="c9" decimals="2" unitRef="usdPershares"> 1.82 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="c5" decimals="0" unitRef="shares"> 566000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="c5" decimals="2" unitRef="usdPershares"> 2.97 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>

<amst:ShareBasedCompensationArrangementBySharesBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsGranted contextRef="c5"> P9Y7M24D </amst:ShareBasedCompensationArrangementBySharesBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsGranted>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="c5" decimals="0" unitRef="shares"> 306708 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>

<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="c5" decimals="2" unitRef="usdPershares"> 2.45 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="c4" decimals="0" unitRef="shares"> 3222125 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="c4" decimals="2" unitRef="usdPershares"> 1.96 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms contextRef="c5"> P8Y4M2D </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="c0" decimals="0" unitRef="shares"> 129024 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>

<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="c0" decimals="2" unitRef="usdPershares"> 1.76 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>

<amst:ShareBasedCompensationArrangementBySharesBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsGranted contextRef="c0"> P9Y3M3D </amst:ShareBasedCompensationArrangementBySharesBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsGranted>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="c0" decimals="0" unitRef="shares"> 187959 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>

<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="c0" decimals="2" unitRef="usdPershares"> 3.01 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>

<amst:SharesBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsTerminated contextRef="c0"> P8Y8M8D </amst:SharesBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageRemainingContractualTerminYearsTerminated>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="c3" decimals="0" unitRef="shares"> 3163190 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="c3" decimals="2" unitRef="usdPershares"> 1.89 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms contextRef="c0"> P7Y4M2D </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms>

<amst:WeightedaverageGrantdateFairValueOfOptionsGranted contextRef="c0" decimals="2" unitRef="usdPershares"> 1.76 </amst:WeightedaverageGrantdateFairValueOfOptionsGranted>

<amst:WeightedaverageGrantdateFairValueOfOptionsGranted contextRef="c5" decimals="2" unitRef="usdPershares"> 1.29 </amst:WeightedaverageGrantdateFairValueOfOptionsGranted>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="c65"> P1Y </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="c66"> P5Y </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>

<us-gaap:StockRepurchasedDuringPeriodShares contextRef="c0" decimals="0" unitRef="shares"> 129024 </us-gaap:StockRepurchasedDuringPeriodShares>

<us-gaap:StockRepurchasedDuringPeriodShares contextRef="c5" decimals="0" unitRef="shares"> 566000 </us-gaap:StockRepurchasedDuringPeriodShares>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="c0" decimals="0" unitRef="shares"> 187959 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="c5" decimals="0" unitRef="shares"> 306708 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>

<us-gaap:ProceedsFromStockPlans contextRef="c67" decimals="0" unitRef="usd"> 172702 </us-gaap:ProceedsFromStockPlans>

<us-gaap:RestrictedStockExpense contextRef="c67" decimals="0" unitRef="usd"> 600000 </us-gaap:RestrictedStockExpense>

<us-gaap:WeightedAverageNumberOfSharesRestrictedStock contextRef="c67" decimals="0" unitRef="shares"> 337078 </us-gaap:WeightedAverageNumberOfSharesRestrictedStock>

<us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation contextRef="c0" decimals="0" unitRef="usd"> 130486 </us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation>

<us-gaap:AllocatedShareBasedCompensationExpense contextRef="c0" decimals="0" unitRef="usd"> 600000 </us-gaap:AllocatedShareBasedCompensationExpense>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1 contextRef="c0" decimals="0" unitRef="usd"> 1442087 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1>

<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1 contextRef="c5" decimals="0" unitRef="usd"> 876295 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1>

<amst:UnrecognizedCompensationExpense contextRef="c0" decimals="0" unitRef="usd"> 280801 </amst:UnrecognizedCompensationExpense>

<us-gaap:IncomeTaxDisclosureTextBlock contextRef="c0">

Note 7 - Income Taxes For the year ended June 30, 2022 and prior periods since inception, the Company’s activities have not generated taxable income. A valuation allowance has been recorded on tax loss carryforwards and other deferred tax assets. Accordingly, the Company has not recognized any current or deferred income tax expense or benefit for the years ended June 30, 2022 and 2021. A reconciliation of the provision for income taxes to income taxes computed by applying the statutory United States federal rate to income before taxes is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax, at applicable federal tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,894,858</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,433,121</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">State income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(451,344</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(374,728</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,440,991</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,070,288</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,216</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-deductible interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">710,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Prior period adjustment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(220,005</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,001</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The details of the net deferred tax asset are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 7.1pt">Net operating loss carryforwards</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,000,166</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,863,935</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 7.1pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">771,816</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">522,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 7.1pt">Capitalization of start-up costs for tax purposes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 7.1pt">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 7.1pt">Accrued payroll</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 7.1pt">Deferred revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Charitable contributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,913</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,777</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 14.2pt">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,947,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563,063</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance recognized for deferred tax assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,666,179</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,225,188</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 14.2pt">Net deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280,890</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Capitalized software</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(280,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(337,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 14.2pt">Gross deferred tax liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(280,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(337,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 14.2pt">Net deferred tax assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The Company has approximately $23.3 million of net operating loss carryforwards for federal and $23.3 million for state, available to reduce future income taxes. Of the $23.3 million of federal net operating losses, approximately $17,000 will expire in 2037 and the balance can be utilized indefinitely but will be limited to 80% utilization. The state net operating losses will begin to expire in 2027. Due to uncertainty as to the realization of the net operating loss carryforwards and other deferred tax assets as a result of the Company’s limited operating history and operating losses since inception, a full valuation allowance has been recorded against the Company’s deferred tax assets. The Company does not have any uncertain tax positions. The net operating loss carryforwards may be subject to an annual limitation as a result of a change of ownership as defined under Internal Revenue Code Section 382. Tax years 2019-2022 remain open to examination for federal income tax purposes and by other major taxing jurisdictions to which the Company is subject.

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<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate contextRef="c0" decimals="0" unitRef="usd"> -1894858 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>

<us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate contextRef="c5" decimals="0" unitRef="usd"> -2433121 </us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate>

<amst:StateIncomeTax contextRef="c0" decimals="0" unitRef="usd"> -451344 </amst:StateIncomeTax>

<amst:StateIncomeTax contextRef="c5" decimals="0" unitRef="usd"> -374728 </amst:StateIncomeTax>

<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c0" decimals="0" unitRef="usd"> 2440991 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>

<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c5" decimals="0" unitRef="usd"> 2070288 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>

<amst:PermanentDifferences contextRef="c0" decimals="0" unitRef="usd"> 125216 </amst:PermanentDifferences>

<us-gaap:IncomeTaxReconciliationNondeductibleExpense contextRef="c5" decimals="0" unitRef="usd"> 710560 </us-gaap:IncomeTaxReconciliationNondeductibleExpense>

<amst:PriorPeriodAdjustment contextRef="c0" decimals="0" unitRef="usd"> -220005 </amst:PriorPeriodAdjustment>

<us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit contextRef="c5" decimals="0" unitRef="usd"> 27001 </us-gaap:DeferredStateAndLocalIncomeTaxExpenseBenefit>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 7.1pt">Net operating loss carryforwards</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,000,166</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,863,935</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 7.1pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">771,816</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">522,836</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 7.1pt">Capitalization of start-up costs for tax purposes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,004</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 7.1pt">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,560</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 7.1pt">Accrued payroll</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,559</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 7.1pt">Deferred revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,255</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Charitable contributions</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,913</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,777</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 14.2pt">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,947,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,563,063</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance recognized for deferred tax assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,666,179</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,225,188</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 14.2pt">Net deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280,890</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Capitalized software</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(280,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(337,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 14.2pt">Gross deferred tax liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(280,890</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(337,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; padding-left: 14.2pt">Net deferred tax assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-34">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-35">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

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<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="c4" decimals="0" unitRef="usd"> 522836 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>

<amst:CapitalizationOfStartupCostsForTaxPurposes contextRef="c3" decimals="0" unitRef="usd"> 114800 </amst:CapitalizationOfStartupCostsForTaxPurposes>

<amst:CapitalizationOfStartupCostsForTaxPurposes contextRef="c4" decimals="0" unitRef="usd"> 125004 </amst:CapitalizationOfStartupCostsForTaxPurposes>

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<us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment contextRef="c4" decimals="0" unitRef="usd"> 5148 </us-gaap:DeferredTaxAssetsPropertyPlantAndEquipment>

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<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities contextRef="c4" decimals="0" unitRef="usd"> 42214 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities>

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<us-gaap:DeferredTaxAssetsDeferredIncome contextRef="c4" decimals="0" unitRef="usd"> 149 </us-gaap:DeferredTaxAssetsDeferredIncome>

<us-gaap:DeferredTaxAssetsCharitableContributionCarryforwards contextRef="c3" decimals="0" unitRef="usd"> 3913 </us-gaap:DeferredTaxAssetsCharitableContributionCarryforwards>

<us-gaap:DeferredTaxAssetsCharitableContributionCarryforwards contextRef="c4" decimals="0" unitRef="usd"> 3777 </us-gaap:DeferredTaxAssetsCharitableContributionCarryforwards>

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<us-gaap:DeferredTaxAssetsGross contextRef="c4" decimals="0" unitRef="usd"> 4563063 </us-gaap:DeferredTaxAssetsGross>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c3" decimals="0" unitRef="usd"> 6666179 </us-gaap:DeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c4" decimals="0" unitRef="usd"> 4225188 </us-gaap:DeferredTaxAssetsValuationAllowance>

<us-gaap:DeferredTaxAssetsNet contextRef="c3" decimals="0" unitRef="usd"> 280890 </us-gaap:DeferredTaxAssetsNet>

<us-gaap:DeferredTaxAssetsNet contextRef="c4" decimals="0" unitRef="usd"> 337875 </us-gaap:DeferredTaxAssetsNet>

<us-gaap:DeferredTaxAssetsOther contextRef="c3" decimals="0" unitRef="usd"> 280890 </us-gaap:DeferredTaxAssetsOther>

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Note 8 - Convertible Notes Payable In April and May 2020, the Company issued unsecured, convertible notes payable (the “Notes”) to certain accredited investors, with an aggregate principal amount of $2,182,500, in an offering intended to be exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Notes were unsecured, bore interest at 8% per annum, and matured one year from their dates of issuance. The Notes were subject to automatic conversion into the Company’s common stock upon a qualified equity financing or change of control, based on a specified formula for the conversion price; using the lesser of $2.00 or 75% of the price paid per share in either of the conversion events. The Company incurred issuance costs of $261,900. The issuance costs were amortized over six months, which was the estimated length of time that the Company believed the Notes would be outstanding until a conversion event occurred. In connection with the Offering (Note 6), the Notes (totaling $2,255,815, including accrued interest) were converted into 1,127,872 shares of common stock at $2.00 per share. As the Offering price was $5.00 per share, the Company recognized an expense totaling $3,383,546 which represents the discount provided to the Note holders. This expense is recorded within interest expense in the statement of operations. Additionally, upon completion of the Offering, the remaining unamortized debt issuance costs of $182,900 were fully amortized and included within interest expense.

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<us-gaap:InterestPayableCurrentAndNoncurrent contextRef="c3" decimals="0" unitRef="usd"> 2255815 </us-gaap:InterestPayableCurrentAndNoncurrent>

<us-gaap:DebtConversionConvertedInstrumentSharesIssued1 contextRef="c0" decimals="0" unitRef="shares"> 1127872 </us-gaap:DebtConversionConvertedInstrumentSharesIssued1>

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Note 9 - Subsequent Events On August 26, 2022, the Company entered into a three-year master services agreement (“MSA”) with the National Association For Equal Opportunity in Higher Education (“NAFEO”), the nation’s only national membership association of all the nation’s Historically Black Colleges and Universities (“HBCUs”) and Predominantly Black Institutions (“PBIs”). Pursuant to the terms of the agreement, the Company has agreed to provide development, configuration, and support services for certain NAFEO-sponsored programs for use and access by third party universities, teachers, professionals, and students via a complete LCESM for HBCUs. Pursuant to the terms of the MSA, the Company shall work together with NAFEO on NAFEO’s efforts to raise $30 million from donors, of which up to $10 million is currently contemplated to be used to develop the Products and the LCESM for HBCUs. To date, no commitments for such funding have been secured and no amounts have been budgeted to be spent on the development of the Products and the LCESM. As presently contemplated, the Products and the LCESM are intended to initially deliver learning programs for up to 12 HBCUs if fully funded and implemented. No assurance can be given that NAFEO will be successful in raising the funds needed to develop the Products and the LCESM during the term, or at all, or that if funds are raised that NAFEO will deploy the proceeds raised for the contemplated purposes, or that if built, that the Products and the LCESM will be able to meet the needs of NAFEO member institutions and/or that NAFEO member institutions will ultimately adopt and/or deploy the Products and the LCESM . We do not anticipate incurring costs with no benefit under the terms of the agreement. No payments have been issued on either side. On September 1, 2022, the Company sold 4,181,821 shares of common stock for approximately $1.85 million, net of financing fees and expenses. In connection with the offering, the Company issued five (5) year warrants to the underwriter to purchase 209,091 shares of common stock at an exercise price of $1.025 per share. The warrants were fully vested on the date of grant. The Company intends to use the net proceeds from the Offering for working capital and for other general corporate purposes. On July 12, 2022, the Company issued 125,000 of its common stock totaling $61,250 in value to a consulting firm in exchange for strategic advisory and digital marketing services. These shares vested immediately upon issuance.

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4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/23/23  Amesite Inc.                      424B3                  1:164K                                   EdgarAgents LLC/FA
 5/08/23  Amesite Inc.                      S-1/A                  1:282K                                   EdgarAgents LLC/FA
 4/28/23  Amesite Inc.                      S-1/A                  1:282K                                   EdgarAgents LLC/FA
 3/14/23  Amesite Inc.                      S-1                    4:307K                                   EdgarAgents LLC/FA

7 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/16/22  Amesite Inc.                      8-K:1,7,9   2/11/22   16:602K                                   EdgarAgents LLC/FA
12/21/21  Amesite Inc.                      8-K:5,9    12/15/21   11:251K                                   EdgarAgents LLC/FA
11/01/21  Amesite Inc.                      S-3                    5:1.3M                                   EdgarAgents LLC/FA
 8/06/21  Amesite Inc.                      8-K:1,3,9   8/02/21    3:396K                                   EdgarAgents LLC/FA
 2/04/21  Amesite Inc.                      8-K:5,9     1/31/21    2:62K                                    EdgarAgents LLC/FA
11/16/20  Amesite Inc.                      10-Q        9/30/20   43:1.8M                                   EdgarAgents LLC/FA
 9/04/20  Amesite Inc.                      S-1/A                 29:4.1M                                   EdgarAgents LLC/FA

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Filing Submission 0001213900-22-059740 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Amesite Inc. – ‘10-K’ for 6/30/22 – ‘XML’

On: Wednesday, 9/28/22, at 4:00pm ET · For: 6/30/22 · Accession #: 1213900-22-59740 · File #: 1-39553

Annual Report — Form 10-KFiling Table of Contents

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4 Subsequent Filings that Reference this Filing

7 Previous Filings that this Filing References

Annual Report — Form 10-K

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