Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Oct. 07, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Li3 Energy, Inc. | ||
Entity Central Index Key | 1,334,699 | ||
Trading Symbol | LIEG | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 495,153,347 | ||
Entity Public Float | $ 5,697,512 | ||
Document Type | 10-K/A | ||
Document Period End Date | Jun. 30, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash | $ 382,054 | $ 6,217 |
Prepaid expenses and advances | 9,169 | 51,760 |
Receivable from MSB for sale of controlling interest in Minera Li | 0 | 997,796 |
Total current assets | 391,223 | 1,055,773 |
Equity investment in Minera Li | 6,779,337 | 7,336,375 |
Total non-current assets | 6,779,337 | 7,336,375 |
Total assets | 7,170,560 | 8,392,148 |
Current liabilities: | ||
Accounts payable | 360,979 | 358,045 |
Accrued expenses | 306,861 | 278,477 |
Common stock payable | 236,678 | 276,678 |
Notes payable | 200,000 | 0 |
Convertible notes payable, net of discount of $349,081 and $0, respectively | 175,919 | 0 |
Current portion of long-term notes payable to MSB | 0 | 1,020,000 |
Derivative liabilities | 0 | 4,040 |
Total current liabilities | 1,280,437 | 1,937,240 |
Long-term notes payable to MSB | 454,901 | 200,000 |
Total non-current liabilities | 454,901 | 200,000 |
Total liabilities | 1,735,338 | 2,137,240 |
Commitments and contingencies | ||
Common stock subject to rescission, 65,000 shares issued and outstanding | 3,041 | 3,041 |
Equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 990,000,000 shares authorized; 495,153,347 and 477,119,526 shares issued and outstanding, respectively | 495,153 | 477,120 |
Additional paid-in capital | 72,511,626 | 71,808,625 |
Accumulated deficit | (67,574,598) | (66,033,878) |
Total stockholders' equity | 5,432,181 | 6,251,867 |
Total liabilities and stockholders' equity | $ 7,170,560 | $ 8,392,148 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Convertible notes payable, net of discount | $ 349,081 | $ 0 |
Common stock subject to rescission, shares issued | 65,000 | 65,000 |
Common stock subject to rescission, shares outstanding | 65,000 | 65,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 990,000,000 | 990,000,000 |
Common stock, shares issued | 495,153,347 | 477,119,526 |
Common stock, shares outstanding | 495,153,347 | 477,119,526 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating expenses: | ||
Loss from Minera Li equity investment | $ (557,038) | $ (236,050) |
General and administrative expenses | (839,446) | (1,390,428) |
Total operating expenses | (1,396,484) | (1,626,478) |
Other income (expense): | ||
Gain on debt extinguishment | 51,656 | 333,769 |
Change in fair value of derivative liability instruments | (53,811) | 1,844,967 |
Gain on foreign currency transactions | 4,160 | 1,532 |
Interest expense | (146,241) | (140,915) |
Total other income (expense) | (144,236) | 2,039,353 |
Net income (loss) | $ (1,540,720) | $ 412,875 |
Net income (loss) per common share - basic (in dollars per share) | $ 0 | $ 0 |
Net income (loss) per common share - diluted (in dollars per share) | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic (in share) | 484,766,399 | 447,583,953 |
Weighted average number of common shares outstanding - diluted (in share) | 484,766,399 | 448,383,953 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Directors and Employees [Member] | Third Party [Member] | Common Stock [Member] | Common Stock [Member]Directors and Employees [Member] | Common Stock [Member]Third Party [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Directors and Employees [Member] | Additional Paid-in Capital [Member]Third Party [Member] | Retained Earnings [Member] | Retained Earnings [Member]Directors and Employees [Member] | Retained Earnings [Member]Third Party [Member] |
Balance at Jun. 30, 2014 | $ 4,599,211 | $ 435,006 | $ 70,610,958 | $ (66,446,753) | ||||||||
Balance (in shares) at Jun. 30, 2014 | 435,006,181 | |||||||||||
Amortization of stock-based compensation | 7,843 | $ 0 | 7,843 | 0 | ||||||||
Stock issued for services | $ 423,500 | $ 27,144 | $ 396,356 | $ 0 | ||||||||
Stock issued for services (in shares) | 27,143,285 | |||||||||||
Stock issued in settlement of registration rights penalties | 808,438 | $ 14,970 | 793,468 | 0 | ||||||||
Stock issued in settlement of registration rights penalties (in shares) | 14,970,060 | |||||||||||
Net income (loss) | 412,875 | $ 0 | 0 | 412,875 | ||||||||
Balance at Jun. 30, 2015 | 6,251,867 | $ 477,120 | 71,808,625 | (66,033,878) | ||||||||
Balance (in shares) at Jun. 30, 2015 | 477,119,526 | |||||||||||
Amortization of stock-based compensation | 176 | $ 0 | 176 | 0 | ||||||||
Stock issued for services | $ 226,188 | $ 99,470 | $ 12,213 | $ 5,820 | $ 213,975 | $ 93,650 | $ 0 | $ 0 | ||||
Stock issued for services (in shares) | 12,213,936 | 5,819,885 | ||||||||||
Beneficial conversion feature related to convertible notes payable | 395,200 | 395,200 | ||||||||||
Net income (loss) | (1,540,720) | 0 | 0 | (1,540,720) | ||||||||
Balance at Jun. 30, 2016 | $ 5,432,181 | $ 495,153 | $ 72,511,626 | $ (67,574,598) | ||||||||
Balance (in shares) at Jun. 30, 2016 | 495,153,347 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ (1,540,720) | $ 412,875 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 0 | 322 |
Amortization of convertible debt discount | 71,325 | 0 |
Loss from Minera Li equity investment | 557,038 | 236,050 |
Gain on sale of Noto Energy | 0 | (4,245) |
Stock-based compensation | 84,171 | 232,843 |
Gain on debt and liabilities extinguishment | (51,656) | (333,769) |
Change in fair value of derivative liabilities | 53,811 | (1,844,967) |
Gain on foreign currency transactions | (4,160) | (1,532) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and advances | 43,302 | (12,090) |
Accretion of interest income on MSB receivable | (2,204) | (3,779) |
Increase in accounts payable | 20,577 | 120,280 |
Increase in accrued expenses | 309,353 | 185,739 |
Net cash used in operating activities | (459,163) | (1,012,273) |
Cash flows from financing activities | ||
Proceeds from notes payable - Directors | 40,000 | 0 |
Payments on notes payable - Directors | (25,000) | 0 |
Proceeds from convertible debts | 577,500 | 0 |
Payments on convertible debt | (57,500) | 0 |
Proceeds from note payable | 200,000 | 0 |
Proceeds from notes payable - MSB | 100,000 | 980,000 |
Net cash provided by financing activities | 835,000 | 980,000 |
Net (decrease) increase in cash | 375,837 | (32,273) |
Cash at beginning of the year | 6,217 | 38,490 |
Cash at end of the year | 382,054 | 6,217 |
Supplemental disclosure of cash flow information: | ||
Income taxes | 0 | 0 |
Interest | 2,417 | 2,652 |
Non-cash financing transactions: | ||
Original issue discount | 5,000 | 0 |
Derivative debt discount on conversion feature on convertible notes | 52,500 | 0 |
Beneficial conversion feature related to convertible notes | 395,200 | 0 |
Settlement of accrued liabilities through issuance of stock | 226,437 | 238,499 |
Settlement of MSB note receivable and MSB note payable | 1,000,000 | 0 |
Reclassification of interest owed to MSB to note payable | 134,901 | 0 |
Issuance of common stock | 0 | 808,438 |
Director [Member] | ||
Non-cash financing transactions: | ||
Issuance of common stock | $ 15,226 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Li3 Energy, Inc. (“Li3 Energy” or the “Company”) was incorporated under the laws of the State of Nevada on June 24, 2005. In 2009, the Company established its business focus and strategy toward identifying and pursuing business opportunities in lithium and industrial minerals mining in the Americas. Part of our strategic plan is to ensure that Minera Li (of which the Company owns a non-controlling interest) explores and develops the existing Maricunga Project in Chile while simultaneously identifying other synergistic opportunities with new projects with production potential that could also be advanced in an accelerated manner, with the goal of becoming a company with valuable lithium, potassium, nitrates and other industrial minerals properties. The Company’s three wholly owned subsidiaries include: Li3 Energy Peru SRL (“Li3 Peru”), a subsidiary formed in Peru to explore mining opportunities in Peru and in South America; Alfredo Holdings, Ltd. (“Alfredo”), an exempted limited company incorporated under the laws of the Cayman Islands; and Li3 Energy Copiapó, SA (“Li3 Copiapó”), a Chilean corporation, which is a subsidiary of Alfredo. Since October 22, 2014, the Company holds 40 100 On January 27, 2014, the Company entered into a transaction with a third party, Minera Salar Blanco SpA (“MSB”, previously BBL SpA), subsequent to which MSB became the majority holder of Minera Li, holding 51 49 60 We have generated no revenues to date and do not anticipate generating any revenues in the near term. Our activities have been limited to capital formation, organization, acquisition of interests in mining properties and limited exploration on the Maricunga Project, of which we currently hold a minority interest. The Company’s operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. We may be unable to locate exploitable quantities of mineral resources or operate on a profitable basis, or we may fail to secure additional funding to support our operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Li3 Peru, Alfredo and Li3 Copiapó. As a result of the Company disposing of its controlling interest in Minera Li on January 27, 2014, the Company deconsolidated Minera Li from its consolidated financial statements and now accounts for its remaining 49 60 40 The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2016 and 2015. The Company has not experienced any losses on its deposits of cash and cash equivalents. As of January 27, 2014, the Company’s investment in Minera Li is accounted for under the equity method in accordance with ASC 323 Equity Investments and Joint Ventures We evaluate equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an ‘‘other-than-temporary’’ decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is ‘‘other-than-temporary’’ based on an assessment of all relevant factors, including consideration of our intent and ability to retain the investment. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company recognizes interest related to income tax matters in income tax expense and penalties related to income tax matters in general and administrative expenses. The Company did not have any uncertain income tax positions or accrued interest included in our consolidated balance sheets at June 30, 2016, or 2015, and did not recognize any interest in its consolidated statements of operations during the years ended June 30, 2016 or 2015. During the year ended June 30, 2015, the Company reversed accrued penalties related to income tax matters of $ 160,000 As defined in FASB ASC Topic No. 820 - 10, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC Topic No. 820 - 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The statement requires fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instruments, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). The Company’s valuation models are primarily industry standard models. Level 3 instruments include derivative warrant instruments. The Company does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 1 or Level 2. As required by FASB ASC Topic No. 820 - 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s derivative liabilities are estimated using a modified lattice valuation model. If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. g. Earnings (Loss) per Share Basic net earnings per share amounts are computed by dividing the net income available to Li3 Energy, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the years ended June 30, 2016 and 2015, the following convertible debt, stock options and warrants to purchase shares of common stock were excluded from the computation of diluted net income or loss per share, as the inclusion of such shares would be anti-dilutive: Year Ended June 30, June 30, Stock options 916,666 1,250,000 Restricted stock units 600,000 - Stock warrants 2,380,950 89,125,976 3,897,616 90,375,976 h. Foreign Currency The Company has determined that the functional currency of the parent company and each of its foreign subsidiaries is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). i. Use of Estimates and Assumptions 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has made significant estimates related to the fair value of its mineral assets; the fair value of derivative liabilities; stock-based payments; and contingencies. j. Recent Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on the Company’s consolidated financial position, operations or cash flows. k. Subsequent Events The Company evaluated material events occurring between the end of our fiscal year, June 30, 2016, and through the date when the consolidated financial statements were available to be issued for disclosure consideration. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Going Concern [Text Block] | NOTE 3. GOING CONCERN As of June 30, 2016, the Company had no source of current revenue, a cash balance on hand of $ 382,054 889,214 The Company’s current negative working capital position is not sufficient to maintain its basic operations for at least the next 12 months. In the course of its development activities, the Company has sustained and continues to sustain losses. The Company cannot predict if and when the Company may generate profits. In the event we identify commercial reserves of lithium or other minerals, we will require substantial additional capital to develop those reserves and certain governmental permits to exploit such resources. The Company expects to finance its future operations primarily through future equity or debt financing. However, there exists substantial doubt about the Company’s ability to continue as a going concern because there is no assurance that it will be able to obtain such capital, through equity or debt financing, or any combination thereof, on satisfactory terms or at all. Additionally, no assurance can be given that any such financing, if obtained, will be adequate to meet the Company’s ultimate capital needs and to support its growth. If adequate capital cannot be obtained on a timely basis and on satisfactory terms, then the Company’s operations would be materially negatively impacted. The Company’s ability to complete additional offerings is dependent on the state of the debt and/or equity markets at the time of any proposed offering, and such market’s reception of the Company and the offering terms. In addition, the Company’s ability to complete an offering may be dependent on the status of its exploration activities, which cannot be predicted. There is no assurance that capital in any form would be available to the Company, and if available, on terms and conditions that are acceptable. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to obtain the necessary rights to exploit its mineral rights; meet its financial and operational obligations, to obtain additional financing as may be required until such time as it can generate sources of recurring revenues and to ultimately attain profitability. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
INVESTMENT IN MINERA LI
INVESTMENT IN MINERA LI | 12 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | The Company’s 49 Balance, July 1, 2014 $ 7,572,425 Less: Equity in loss of Minera Li (236,050) Balance, June 30, 2015 7,336,375 Less: Equity in loss of Minera Li (557,038) Balance, June 30, 2016 $ 6,779,337 Summarized Financial Information of Minera Li Set out below is the summarized financial information of Minera Li, which is accounted for using the equity method. The information reflects the amounts presented in the financial statements of Minera Li adjusted for differences in accounting policies between the Company and Minera Li. Our share of income and losses from our equity method investment in Minera Li is included in loss from Minera Li equity investment in the consolidated statements of operations. June 30, 2016 June 30, 2015 Current assets $ 47,973 $ 122,106 Non-current assets 17,383,067 17,062,020 Total assets $ 17,431,040 $ 17,184,126 Current liabilities $ 1,870,056 $ 486,329 Equity 15,560,984 16,697,797 Total liabilities and equity $ 17,431,040 $ 17,184,126 Summarized Statements of Operations Year ended Year ended June 30, 2016 June 30, 2015 Revenue $ - $ - Operating expenses: Exploration expenses (753,521) (22,302) General & administrative expenses (383,292) (459,432) Total operating expenses (1,136,813) (481,734) Net loss $ (1,136,813) $ (481,734) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 5. RELATED PARTY TRANSACTIONS MSB As of June 30, 2016, MSB owned 51 3 49 As of June 30, 2015, the Company had received a total of $ 1,220,000 8.5 18 1,000,000 1,000,000 134,901 100,000 13 454,901 8.5 5 The total interest accrued on the loans from MSB as of June 30, 2016 and 2015 was $ 17,268 74,305 78,307 On January 19, 2016, the Company entered into an amendment to the Shareholders Agreement with MSB, pursuant to which the total number of directors of Minera Li was reduced from 7 to 5 and the parties agreed to allow MSB, in its capacity as majority shareholder and principal of Minera Li, to lead and carry out negotiations with a third party to decide and execute individually on matters that previously required a special quorum under the initial Shareholders Agreement. The amendments to the Shareholders Agreement were approved at an extraordinary shareholders meeting of Minera Li. Notes Payable to Directors On July 31, 2015, the Company issued an unsecured promissory note to Mr. Luis Saenz, the CEO of the Company, bearing an interest rate of 3 7,500 3 7,500 667,807 226 On November 4, 2015, the Company issued unsecured non-interest-bearing promissory notes to each of Mr. Patrick Cussen and Mr. Patricio Campos in the amounts of $ 10,000 15,000 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 6. NOTES PAYABLE On January 29, 2016, the Company executed a non-binding letter of intent (“LOI”) with Wealth Minerals Ltd ("Wealth") for a transaction between the companies and on signing the LOI, the Company received a payment of $ 50,000 60 150,000 If the transaction is completed, the payments from Wealth will remain a non-interest bearing shareholder loan. If the transaction is terminated by Li3, the Company is required to repay the amounts within 30 days. If the transaction is terminated by Wealth, the payments will be converted into common shares of Li3 at a price equal to the greater of $0.02 per share or the 10-day volume weighted average price of the common shares of Li3 as quoted on the OTCBB. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2016 | |
Convertible Debt [Abstract] | |
Convertible Debt [Text Block] | NOTE 7. CONVERTIBLE NOTES PAYABLE 2015 Convertible Notes On December 8, 2015, the Company issued $ 57,500 52,500 86,317 2,417 26,401 The Company determined that the convertible notes contained embedded derivative instruments as the conversion prices were based on a variable that was not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40. The fair values of the convertible notes were recognized as derivative instruments at issuance and measured at fair value at each reporting period. The Company determined that the fair value of the derivatives was $ 131,884 52,500 79,384 52,500 The Company determined the fair values of the embedded derivatives on the grant dates using the modified lattice valuation model with the following assumptions: stock price on the measurement date of $ 0.025 1 156 0.15 32,294 Upon repayment of the convertible notes payable, the Company recorded a gain on debt extinguishment of $ 51,656 June 30, 2016 Prepayment penalty $ 26,401 Derivative gain (110,351) Amortization of debt discount 32,294 Gain on debt extinguishment $ (51,656) 2016 Convertible Notes During May, 2016, the Company issued unsecured convertible promissory notes to various individuals for aggregate proceeds of $ 525,000 10 12 0.0125 395,200 46,119 6,212 349,081 6,212 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 8. DERIVATIVE LIABILITIES Warrants The Company determined that certain warrants that the Company issued contained provisions that protected holders from future issuances of the Company’s common stock at prices below such warrants’ respective exercise prices and these provisions could have resulted in modification of the warrants exercise price based on a variable that was not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40. As at June 30, 2016, all derivative warrant instruments had expired. Decrease in Decrease in Balance at fair value of Balance at fair value of Balance at June 30, derivative June 30, derivative June 30, 2014 liabilities 2015 liabilities 2016 2009 Unit Offering warrants $ 1,499 $ (1,499) $ - $ - $ - First 2010 Unit Offering warrants 305,483 (305,483) - - - Second 2010 Unit Offering warrants 46,224 (46,224) - - - Third 2010 Unit Offering warrants 108,685 (108,685) - - - Incentive warrants 110,027 (110,027) - - - 2011 Unit Offering warrants - - - - - Lender warrants 41,372 (37,573) 3,799 (3,799) - Warrants for advisory services and arranger warrants 2,111 (1,870) 241 (241) - POSCAN warrants 1,233,606 (1,233,606) - - - $ 1,849,007 $ (1,844,967) $ 4,040 $ (4,040) $ - Valuation as of June 30, 2015 Common stock issuable upon exercise of warrants 89,125,976 Market value of common stock on measurement date (1) $ 0.011 Adjusted exercise price $ 0.04-$0.25 Risk free interest rate (2) 0.11%-0.28 % Warrant lives in years 0.0 2.1 Expected volatility (3) 131%-175 % Expected dividend yields (4) None Assumed stock offerings per year over next five years (5) 1 Probability of stock offering in any year over five years (6) 100 % Range of percentage of existing shares offered (7) 21 % Offering price (8) $ 0.02 (1) The market value of common stock is the stock price at the close of trading at year-end, as applicable. (2) The risk-free interest rate was determined by management using the 0.5 or 1-year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company’s trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering per year over the next five years. (6) Management has determined that the probability of a stock offering is 100% during the next year. (7) Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. (8) Represents the estimated offering price in future offerings as determined by management. Embedded Derivative Instruments The Company determined that the 2015 Convertible Notes contained an embedded derivative instrument as the conversion price was based on a variable that was not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 40. The fair value of the derivatives was recognized as a derivative instrument at issuance and measured at fair value at each reporting period. The Company repaid the 2015 convertible notes during the year ended June 30, 2016. December 8, Common stock issuable upon conversion of debt 5,227,273 Market value of common stock on measurement date (1) $ 0.025 Adjusted exercise price $ 0.011 Risk free interest rate (2) 0.15 % Life in years 1.0 Expected volatility (3) 156 % Expected dividend yields (4) None Assumed stock offerings per year over next two years (5) 1 Probability of stock offering in any year over next two years (6) 100 % Range of percentage of existing shares offered (7) 14 % Offering price range (8) $ 0.03 (1) The market value of common stock is the stock price at the close of trading on the date of issuance or at period-end, as applicable. (2) The risk-free interest rate was determined by management using the 1 year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company’s trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering in the next year. (6) Management estimates that the probability of a stock offering is 100% during the next year. (7) Management estimates that the range of percentages of existing shares offered in each stock offering will be 14% of the shares outstanding. (8) Represents the estimated offering price range in future offerings as determined by management. Initial valuation of embedded Fair value of derivative Increase in derivative Balance at instruments fair value of liabilities Balance at June 30, issued during derivative on repayment June 30, 2015 the period liabilities of debt 2016 Convertible Notes $ - $ 52,500 $ 57,851 $ (110,351) $ - $ - $ 52,500 $ 57,851 $ (110,351) $ - |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9. STOCKHOLDERS’ EQUITY Common Stock Issued to Satisfy Obligations and Issued for Services Year Ended June 30, 2016 During the year ended June 30, 2016, the Company issued 5,819,885 96,160 3,310 During the year ended June 30, 2016, the Company issued 12,213,936 194,402 31,786 Year Ended June 30, 2015 During the year ended June 30, 2015, the Company issued 14,970,060 808,438 During the year ended June 30, 2015, the Company issued 13,928,999 238,499 On April 9, 2015, in consideration of employment agreements with the Company’s CEO and CFO, the Company issued in aggregate 13,214,286 185,000 Restricted Stock Units The Company committed to grant restricted stock units with respect to an aggregate of 600,000 176 5,361 Stock Option Awards Weighted-average Weighted-average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at June 30, 2014 1,450,000 $ 0.22 2.03 $ - Expired/Forfeited (200,000) - - - Outstanding at June 30, 2015 1,250,000 $ 0.21 1.2 $ - Expired/Forfeited (333,334) - - - Outstanding at June 30, 2016 916,666 $ 0.23 0.6 $ - Exercisable at June 30, 2016 916,666 $ 0.23 0.6 $ - As of June 30, 2016, all of the stock options have vested. On August 11, 2016, a further 333,334 Warrants Weighted-average Number of Exercise Warrants Price Outstanding at June 30, 2014 155,635,919 $ 0.17 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 1,988,605 n/a Expired (68,498,548) - Outstanding at June 30, 2015 89,125,976 $ 0.15 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 242,053 n/a Expired (86,987,079) - Outstanding at June 30, 2016 2,380,950 $ 0.21 Outstanding Exercisable Exercise number Remaining number Issuance Date price of shares life of shares August 17, 2012 $ 0.21 2,380,950 1.1 years 2,380,950 2,380,950 2,380,950 The warrants outstanding at June 30, 2016 had no intrinsic value. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 10. FAIR VALUE MEASUREMENTS Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Total Assets Inputs Inputs Carrying Description (Level 1) (Level 2) (Level 3) Value As of June 30, 2016 $ - $ - $ - $ - As of June 30, 2015 $ - $ - $ 4,040 $ 4,040 Significant Unobservable Years Ended June 30, 2016 2015 Beginning balance $ 4,040 $ 1,849,007 Change in fair value 53,811 (1,844,967) Additions 52,500 - Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt (110,351) - Ending balance $ - $ 4,040 Change in unrealized loss (gain) included in earnings $ 53,811 $ (1,844,967) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 11. INCOME TAXES The Company files a U.S. federal income tax return. The Company’s foreign subsidiaries file income tax returns in their jurisdictions. 2016 2015 U.S. $ (1,381,558) $ (1,530,766) Foreign (159,162) (333,718) Total $ (1,540,720) $ (1,864,484) 2016 2015 Deferred tax assets: Net operating loss carry-forwards $ 7,210,370 $ 7,003,166 Stock-based compensation 195,306 166,747 Impairment of mineral rights 2,205,049 2,205,049 Loss contingency - - Equity method loss 304,451 116,497 Differences in cost base of equity method investment (621,598) (621,598) Valuation allowance (9,293,578) (8,869,861) Net deferred tax assets $ - $ - 2016 2015 Federal income taxes at 34% $ (502,434) $ 183,655 Change in fair value of derivative liability - warrant instruments 18,296 (627,289) Meals and entertainment 57 781 Non-deductible interest 36,054 - Amortization of discount 24,250 - Restricted stock units 60 2,667 Income tax penalty - (54,400) Foreign currency transaction exchange gain - (163) Change in valuation allowance 423,717 494,749 Provision for income taxes $ - $ - Unless previously utilized, $ 16,328,657 11,523,004 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12. COMMITMENTS AND CONTINGENCIES Employment Services Agreements On April 8, 2015, the Company entered into Amendment No. 1 (the “Saenz Amendment 1”) to the Employment Agreement with its CEO (the “CEO Employment Agreement”). Pursuant to the Saenz Amendment 1, the CEO’s employment term would terminate on December 31, 2015 unless the parties agreed in writing to extend the term prior to that date. On March 4, 2016, the Company entered into Amendment No. 2 (the “Saenz Amendment 2”) to the CEO Employment Agreement with its CEO whereby the term of the CEO’s employment was extended to March 31, 2016 and thereafter would terminate unless renewed at the sole discretion of the Chairman of the Board. The Saenz Amendment 2 provides that commencing January 1, 2016, the base salary of the CEO will be paid in shares of common stock of the Company. The CEO’s employment has been subsequently extended to September 30, 2016. The CEO was paid a base salary of $ 10,416 20,833 5,208 8,928,571 125,000 Mr. Saenz’s employment by us remains “at-will” and terminable at any time for any reason or for no reason. If Mr. Saenz’s employment is terminated by us without Cause, we must continue to pay him any base salary at the rate then in effect for a period of 18 months. If we terminate Mr. Saenz’s employment without Cause, or in connection with a Change of Control (as defined in the CEO Employment Agreement), or if Mr. Saenz terminates the CEO Employment Agreement for Good Reason, or in the event of a termination of employment due to a permanent disability, we will continue to pay him any base salary at the rate then in effect until the termination date. On April 8, 2015, the Company entered into Amendment No. 1 (the “Santillana Amendment 1”) to the Employment Agreement with its CFO (the “CFO Employment Agreement”), dated as of December 1, 2011 (as amended on April 10, 2012). Pursuant to the Santillana Amendment 1, the CFO’s term would terminate on December 31, 2015 unless the parties agreed in writing to extend the term prior to that date. On March 4, 2016, the Company entered into Amendment No. 2 (the “Santillana Amendment 2”) to the CFO Employment Agreement with its CFO whereby the term of the CFO’s employment was extended to March 31, 2016 and thereafter would terminate unless renewed at the sole discretion of the Chairman of the Board. The Santillana Amendment 2 states that commencing January 1, 2016, the base salary of the CFO will be paid in shares of common stock of the Company. The CFO’s employment has been subsequently extended to September 30, 2016. The CFO was paid a base salary of $ 7,708 15,417 3,980 4,285,715 60,000 Mr. Santillana’s employment by us is “at-will” and terminable at any time for any reason or for no reason. If Mr. Santillana’s employment is terminated by us without Cause or in connection with a Change of Control (as such terms are defined in the CFO Employment Agreement) or if he terminates the CFO Employment Agreement for Good Reason (as defined in the CFO Employment Agreement), his options will expire nine months after such termination. If we terminate Mr. Santillana’s employment without Cause, or in connection with a Change of Control, or if Mr. Santillana terminates his employment for Good Reason, or in the event of a termination of employment due to a permanent disability, we will continue to pay Mr. Santillana his base salary at the rate then in effect for until the termination date. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 13. SUBSEQUENT EVENTS On July 20, 2016, MSB entered into an agreement with Lithium Power International Limited (“LPI”), an Australian company, regarding a joint venture to explore and develop the Maricunga Project in accordance with a term sheet dated July 14, 2016. On August 30, 2016, the Company entered into an agreement with MSB, pursuant to which, the Company and MSB, as the current shareholders of Minera Li, unanimously agreed to approve the transactions contemplated by the term sheet (the “Transaction”). As part of the Transaction, Mineral Li and MSB will contribute their Maricunga lithium brine assets to a new joint venture (the “Maricunga JV”) and LPI will contribute $ 27.5 2.5 17.67 50.0 32.34 On September 1, 2016, LPI announced that it had satisfactorily completed the legal and technical due diligence regarding the Maricunga JV. |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | a. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Li3 Peru, Alfredo and Li3 Copiapó. As a result of the Company disposing of its controlling interest in Minera Li on January 27, 2014, the Company deconsolidated Minera Li from its consolidated financial statements and now accounts for its remaining 49 60 40 |
Cash and Cash Equivalents, Policy [Policy Text Block] | b. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2016 and 2015. The Company has not experienced any losses on its deposits of cash and cash equivalents. |
Equity Method Investments, Policy [Policy Text Block] | c. Investment in Minera Li As of January 27, 2014, the Company’s investment in Minera Li is accounted for under the equity method in accordance with ASC 323 Equity Investments and Joint Ventures We evaluate equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an ‘‘other-than-temporary’’ decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is ‘‘other-than-temporary’’ based on an assessment of all relevant factors, including consideration of our intent and ability to retain the investment. |
Income Tax, Policy [Policy Text Block] | d. Income Taxes A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company recognizes interest related to income tax matters in income tax expense and penalties related to income tax matters in general and administrative expenses. The Company did not have any uncertain income tax positions or accrued interest included in our consolidated balance sheets at June 30, 2016, or 2015, and did not recognize any interest in its consolidated statements of operations during the years ended June 30, 2016 or 2015. During the year ended June 30, 2015, the Company reversed accrued penalties related to income tax matters of $ 160,000 |
Fair Value Measurement, Policy [Policy Text Block] | e. Fair Value Measurements As defined in FASB ASC Topic No. 820 - 10, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC Topic No. 820 - 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The statement requires fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instruments, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). The Company’s valuation models are primarily industry standard models. Level 3 instruments include derivative warrant instruments. The Company does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 1 or Level 2. As required by FASB ASC Topic No. 820 - 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company’s derivative liabilities are estimated using a modified lattice valuation model. |
Beneficial Conversion Feature [Policy Text Block] | f. Beneficial Conversion Feature If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value at issuance, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount. In those circumstances, the convertible debt is recorded net of the discount related to the BCF, and the Company amortizes the discount to interest expense, over the life of the debt. |
Earnings Per Share, Policy [Policy Text Block] | g. Earnings (Loss) per Share Basic net earnings per share amounts are computed by dividing the net income available to Li3 Energy, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the years ended June 30, 2016 and 2015, the following convertible debt, stock options and warrants to purchase shares of common stock were excluded from the computation of diluted net income or loss per share, as the inclusion of such shares would be anti-dilutive: Year Ended June 30, June 30, Stock options 916,666 1,250,000 Restricted stock units 600,000 - Stock warrants 2,380,950 89,125,976 3,897,616 90,375,976 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | h. Foreign Currency The Company has determined that the functional currency of the parent company and each of its foreign subsidiaries is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). |
Use of Estimates, Policy [Policy Text Block] | i. Use of Estimates and Assumptions 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has made significant estimates related to the fair value of its mineral assets; the fair value of derivative liabilities; stock-based payments; and contingencies. |
New Accounting Pronouncements, Policy [Policy Text Block] | j. Recent Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on the Company’s consolidated financial position, operations or cash flows. |
Subsequent Events, Policy [Policy Text Block] | k. Subsequent Events The Company evaluated material events occurring between the end of our fiscal year, June 30, 2016, and through the date when the consolidated financial statements were available to be issued for disclosure consideration. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | For the years ended June 30, 2016 and 2015, the following convertible debt, stock options and warrants to purchase shares of common stock were excluded from the computation of diluted net income or loss per share, as the inclusion of such shares would be anti-dilutive: Year Ended June 30, June 30, Stock options 916,666 1,250,000 Restricted stock units 600,000 - Stock warrants 2,380,950 89,125,976 3,897,616 90,375,976 |
INVESTMENT IN MINERA LI (Tables
INVESTMENT IN MINERA LI (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Summary Investment Holdings [Table Text Block] | The activity of the investment for the period from July 1, 2014 to June 30, 2016 is as follows: Balance, July 1, 2014 $ 7,572,425 Less: Equity in loss of Minera Li (236,050) Balance, June 30, 2015 7,336,375 Less: Equity in loss of Minera Li (557,038) Balance, June 30, 2016 $ 6,779,337 |
Equity Method Investments [Table Text Block] | Summarized Balance Sheets June 30, 2016 June 30, 2015 Current assets $ 47,973 $ 122,106 Non-current assets 17,383,067 17,062,020 Total assets $ 17,431,040 $ 17,184,126 Current liabilities $ 1,870,056 $ 486,329 Equity 15,560,984 16,697,797 Total liabilities and equity $ 17,431,040 $ 17,184,126 Summarized Statements of Operations Year ended Year ended June 30, 2016 June 30, 2015 Revenue $ - $ - Operating expenses: Exploration expenses (753,521) (22,302) General & administrative expenses (383,292) (459,432) Total operating expenses (1,136,813) (481,734) Net loss $ (1,136,813) $ (481,734) |
CONVERTIBLE NOTES PAYABLE (Tabl
CONVERTIBLE NOTES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Convertible Debt [Abstract] | |
Convertible Debt [Table Text Block] | Gain on debt extinguishment June 30, 2016 Prepayment penalty $ 26,401 Derivative gain (110,351) Amortization of debt discount 32,294 Gain on debt extinguishment $ (51,656) |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Liabilities [Line Items] | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Activity for derivative warrant instruments during the years ended June 30, 2015 and 2016 was as follows: Decrease in Decrease in Balance at fair value of Balance at fair value of Balance at June 30, derivative June 30, derivative June 30, 2014 liabilities 2015 liabilities 2016 2009 Unit Offering warrants $ 1,499 $ (1,499) $ - $ - $ - First 2010 Unit Offering warrants 305,483 (305,483) - - - Second 2010 Unit Offering warrants 46,224 (46,224) - - - Third 2010 Unit Offering warrants 108,685 (108,685) - - - Incentive warrants 110,027 (110,027) - - - 2011 Unit Offering warrants - - - - - Lender warrants 41,372 (37,573) 3,799 (3,799) - Warrants for advisory services and arranger warrants 2,111 (1,870) 241 (241) - POSCAN warrants 1,233,606 (1,233,606) - - - $ 1,849,007 $ (1,844,967) $ 4,040 $ (4,040) $ - |
Schedule of Embedded Derivatives [Table Text Block] | Activity for embedded derivative instruments during the year ended June 30, 2016 was as follows: Initial valuation of embedded Fair value of derivative Increase in derivative Balance at instruments fair value of liabilities Balance at June 30, issued during derivative on repayment June 30, 2015 the period liabilities of debt 2016 Convertible Notes $ - $ 52,500 $ 57,851 $ (110,351) $ - $ - $ 52,500 $ 57,851 $ (110,351) $ - |
Embedded Derivative Financial Instruments [Member] | |
Derivative Liabilities [Line Items] | |
Schedule Of Fair Value Assumptions Used In Derivative Warrant Instruments Valuation [Table Text Block] | The following is a summary of the assumptions used in the modified lattice valuation model as of the issuance date of December 8, 2015: December 8, Common stock issuable upon conversion of debt 5,227,273 Market value of common stock on measurement date (1) $ 0.025 Adjusted exercise price $ 0.011 Risk free interest rate (2) 0.15 % Life in years 1.0 Expected volatility (3) 156 % Expected dividend yields (4) None Assumed stock offerings per year over next two years (5) 1 Probability of stock offering in any year over next two years (6) 100 % Range of percentage of existing shares offered (7) 14 % Offering price range (8) $ 0.03 (1) The market value of common stock is the stock price at the close of trading on the date of issuance or at period-end, as applicable. (2) The risk-free interest rate was determined by management using the 1 year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company’s trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering in the next year. (6) Management estimates that the probability of a stock offering is 100% during the next year. (7) Management estimates that the range of percentages of existing shares offered in each stock offering will be 14% of the shares outstanding. (8) Represents the estimated offering price range in future offerings as determined by management. |
Warrant [Member] | |
Derivative Liabilities [Line Items] | |
Schedule Of Fair Value Assumptions Used In Derivative Warrant Instruments Valuation [Table Text Block] | The following is a summary of the assumptions used in the modified lattice valuation model as of June 30, 2015. Valuation as of June 30, 2015 Common stock issuable upon exercise of warrants 89,125,976 Market value of common stock on measurement date (1) $ 0.011 Adjusted exercise price $ 0.04-$0.25 Risk free interest rate (2) 0.11%-0.28 % Warrant lives in years 0.0 2.1 Expected volatility (3) 131%-175 % Expected dividend yields (4) None Assumed stock offerings per year over next five years (5) 1 Probability of stock offering in any year over five years (6) 100 % Range of percentage of existing shares offered (7) 21 % Offering price (8) $ 0.02 (1) The market value of common stock is the stock price at the close of trading at year-end, as applicable. (2) The risk-free interest rate was determined by management using the 0.5 or 1-year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company’s trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering per year over the next five years. (6) Management has determined that the probability of a stock offering is 100% during the next year. (7) Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. (8) Represents the estimated offering price in future offerings as determined by management. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | There were no stock options issued during the years ended June 30, 2016 and 2015. A summary of stock option activity is presented in the table below: Weighted-average Weighted-average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at June 30, 2014 1,450,000 $ 0.22 2.03 $ - Expired/Forfeited (200,000) - - - Outstanding at June 30, 2015 1,250,000 $ 0.21 1.2 $ - Expired/Forfeited (333,334) - - - Outstanding at June 30, 2016 916,666 $ 0.23 0.6 $ - Exercisable at June 30, 2016 916,666 $ 0.23 0.6 $ - |
Schedule Of Share Based Compensation Warrants Activity [Table Text Block] | Summary information regarding common stock warrants outstanding is as follows: Weighted-average Number of Exercise Warrants Price Outstanding at June 30, 2014 155,635,919 $ 0.17 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 1,988,605 n/a Expired (68,498,548) - Outstanding at June 30, 2015 89,125,976 $ 0.15 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 242,053 n/a Expired (86,987,079) - Outstanding at June 30, 2016 2,380,950 $ 0.21 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Outstanding Exercisable Exercise number Remaining number Issuance Date price of shares life of shares August 17, 2012 $ 0.21 2,380,950 1.1 years 2,380,950 2,380,950 2,380,950 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following table sets forth, by level within the fair value hierarchy, the Company’s derivative liabilities that were accounted for at fair value on a recurring basis: Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Total Assets Inputs Inputs Carrying Description (Level 1) (Level 2) (Level 3) Value As of June 30, 2016 $ - $ - $ - $ - As of June 30, 2015 $ - $ - $ 4,040 $ 4,040 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as level 3 in the fair value hierarchy: Significant Unobservable Years Ended June 30, 2016 2015 Beginning balance $ 4,040 $ 1,849,007 Change in fair value 53,811 (1,844,967) Additions 52,500 - Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt (110,351) - Ending balance $ - $ 4,040 Change in unrealized loss (gain) included in earnings $ 53,811 $ (1,844,967) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2016 2015 U.S. $ (1,381,558) $ (1,530,766) Foreign (159,162) (333,718) Total $ (1,540,720) $ (1,864,484) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets: Net operating loss carry-forwards $ 7,210,370 $ 7,003,166 Stock-based compensation 195,306 166,747 Impairment of mineral rights 2,205,049 2,205,049 Loss contingency - - Equity method loss 304,451 116,497 Differences in cost base of equity method investment (621,598) (621,598) Valuation allowance (9,293,578) (8,869,861) Net deferred tax assets $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Federal income taxes at 34% $ (502,434) $ 183,655 Change in fair value of derivative liability - warrant instruments 18,296 (627,289) Meals and entertainment 57 781 Non-deductible interest 36,054 - Amortization of discount 24,250 - Restricted stock units 60 2,667 Income tax penalty - (54,400) Foreign currency transaction exchange gain - (163) Change in valuation allowance 423,717 494,749 Provision for income taxes $ - $ - |
ORGANIZATION AND DESCRIPTION 28
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Textual) | Jun. 30, 2016 | Oct. 22, 2014 |
Noto Energy [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Minera Li [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% | |
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 3,897,616 | 90,375,976 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 916,666 | 1,250,000 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 600,000 | 0 |
Stock warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 2,380,950 | 89,125,976 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2016 | Oct. 22, 2014 | |
Accrued Income Tax Penalties Credit | $ 160,000 | ||
Noto Energy [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | ||
Minera Li [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% | ||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Cash and Cash Equivalents, at Carrying Value, Total | $ 382,054 | $ 6,217 | $ 38,490 |
Negative Working Capital | $ 889,214 | ||
MSB Loan [Member] | Loans Payable [Member] | |||
Investment Owned, Balance, Shares | 13 |
INVESTMENT IN MINERA LI (Detail
INVESTMENT IN MINERA LI (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Opening balance | $ 7,336,375 | |
Less: Equity in loss of Minera Li | (557,038) | $ (236,050) |
Balance, June 30, 2016 | 6,779,337 | 7,336,375 |
Minera Li [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Opening balance | 7,336,375 | 7,572,425 |
Less: Equity in loss of Minera Li | (557,038) | (236,050) |
Balance, June 30, 2016 | $ 6,779,337 | $ 7,336,375 |
INVESTMENT IN MINERA LI (Deta33
INVESTMENT IN MINERA LI (Details 1) - Minera Li [Member] - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 47,973 | $ 122,106 |
Non-current assets | 17,383,067 | 17,062,020 |
Total assets | 17,431,040 | 17,184,126 |
Current liabilities | 1,870,056 | 486,329 |
Equity | 15,560,984 | 16,697,797 |
Total liabilities and equity | $ 17,431,040 | $ 17,184,126 |
INVESTMENT IN MINERA LI (Deta34
INVESTMENT IN MINERA LI (Details 2) - Minera Li [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Exploration expenses | (753,521) | (22,302) |
General & administrative expenses | (383,292) | (459,432) |
Total operating expenses | (1,136,813) | (481,734) |
Net loss | $ (1,136,813) | $ (481,734) |
INVESTMENT IN MINERA LI (Deta35
INVESTMENT IN MINERA LI (Details Textual) | Jun. 30, 2016 |
Minera Li [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 0.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) | Mar. 08, 2016USD ($)shares | Jan. 19, 2016USD ($)shares | Jul. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jan. 27, 2014 |
Related Party Transaction [Line Items] | ||||||
Proceeds from Notes Payable | $ 200,000 | $ 0 | ||||
Notes Payable, Related Parties, Current | 0 | 1,020,000 | ||||
Proceeds from Related Party Debt | 100,000 | 980,000 | ||||
Mr. Saenz [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 667,807 | |||||
Mr.Cussen [Member] | Interest Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Conversion, Converted Instrument, Amount | $ 226 | |||||
MSB Loan [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest Payable | 17,268 | 78,395 | ||||
Interest Expense, Debt | $ 74,305 | 78,307 | ||||
Notes Payable, Related Parties | 1,220,000 | |||||
Proceeds from Related Party Debt | 3 | |||||
Related Party Note One [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||
Proceeds from Notes Payable | $ 7,500 | |||||
Related Party Note Two [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||
Proceeds from Notes Payable | $ 7,500 | |||||
Minera Li [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% | 51.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Interest Payable | $ 134,901 | $ 3 | ||||
Securities Loaned, Amount Offset Against Collateral, Total | 1,000,000 | |||||
Notes Payable, Related Parties | 1,000,000 | |||||
Loans Payable, Total | 454,901 | |||||
Proceeds From Loans Payable | $ 100,000 | |||||
Number Of Shares Guaranteed As Security For Loan | 5 | |||||
Minera Li [Member] | Mr. Patrick Cussen [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes Payable, Related Parties, Current | $ 10,000 | |||||
Minera Li [Member] | Mr. Patricio Campos [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes Payable, Related Parties, Current | $ 15,000 | |||||
Minera Li [Member] | MSB Loan [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Debt Instrument, Term | 18 months | |||||
Number Of Shares In Related Party | shares | 13 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 29, 2016 | Jan. 29, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | |||
Proceeds from Issuance or Sale of Equity | $ 150,000 | $ 50,000 | |
Extension Period of Letter Of Intent | 60 days | ||
Equity Financing Description | If the transaction is completed, the payments from Wealth will remain a non-interest bearing shareholder loan. If the transaction is terminated by Li3, the Company is required to repay the amounts within 30 days. If the transaction is terminated by Wealth, the payments will be converted into common shares of Li3 at a price equal to the greater of $0.02 per share or the 10-day volume weighted average price of the common shares of Li3 as quoted on the OTCBB. |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Prepayment penalty | $ 26,401 |
Derivative gain | (110,351) |
Amortization of debt discount | 32,294 |
Gain on debt extinguishment | $ (51,656) |
CONVERTIBLE NOTES PAYABLE (De39
CONVERTIBLE NOTES PAYABLE (Details Textual) - USD ($) | Dec. 08, 2015 | May 31, 2016 | Apr. 29, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | |||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 51,656 | $ 333,769 | |||||
Derivative, Loss on Derivative | (110,351) | ||||||
Proceeds from Convertible Debt | 577,500 | 0 | |||||
Debt Instrument Prepayment Penalty | 26,401 | ||||||
Amortization of Debt Discount (Premium) | 32,294 | ||||||
Derivative Liability | 0 | 4,040 | $ 1,849,007 | ||||
Derivative, Gain (Loss) on Derivative, Net, Total | (53,811) | 1,844,967 | |||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 395,200 | 0 | |||||
Debt Instrument, Unamortized Discount, Current | 349,081 | $ 0 | |||||
Convertible Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Loss on Derivative | (110,351) | ||||||
Derivative Liability | $ 131,884 | ||||||
2015 Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 57,500 | ||||||
Gains (Losses) on Extinguishment of Debt, Total | $ 50,408 | ||||||
Debt Instrument, Maturity Date | Dec. 8, 2016 | ||||||
Debt Instrument, Convertible, Terms of Conversion Feature | (the “2015 Convertible Notes”), convertible at a price equal to 55% of the lowest daily trading prices of the Company’s common stock for the last 25 trading days prior to conversion, and bearing interest at 10% per annum. | ||||||
Share Price | $ 0.025 | ||||||
Fair Value Assumptions, Expected Term | 1 year | ||||||
Fair Value Assumptions, Expected Volatility Rate | 156.00% | ||||||
Fair Value Inputs, Discount Rate | 0.15% | ||||||
Proceeds from Convertible Debt | $ 52,500 | ||||||
Debt Instrument, Periodic Payment, Interest | $ 2,417 | ||||||
Debt Instrument, Periodic Payment | 86,317 | ||||||
Debt Instrument Prepayment Penalty | 26,401 | ||||||
Debt Instrument, Unamortized Discount | $ 52,500 | ||||||
Amortization of Debt Discount (Premium) | $ 32,294 | ||||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 79,384 | ||||||
2016 Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||
Proceeds from Convertible Debt | $ 525,000 | ||||||
Amortization of Debt Discount (Premium) | 46,119 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.0125 | ||||||
Debt Instrument, Term | 12 months | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 395,200 | ||||||
Interest Expense, Debt | 6,212 | ||||||
Debt Instrument, Unamortized Discount, Current | 349,081 | ||||||
Interest Payable, Current | $ 6,212 |
DERIVATIVE LIABILITIES (Details
DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||
Balance at Begining of Period | $ 4,040 | $ 1,849,007 |
Decrease in fair value of derivative liabilities | (4,040) | (1,844,967) |
Balance at End of Period | 0 | 4,040 |
Unit Offering warrants 2009 [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 1,499 |
Decrease in fair value of derivative liabilities | 0 | (1,499) |
Balance at End of Period | 0 | 0 |
First 2010 Unit Offering warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 305,483 |
Decrease in fair value of derivative liabilities | 0 | (305,483) |
Balance at End of Period | 0 | 0 |
Second 2010 unit offering warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 46,224 |
Decrease in fair value of derivative liabilities | 0 | (46,224) |
Balance at End of Period | 0 | 0 |
Third 2010 unit offering warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 108,685 |
Decrease in fair value of derivative liabilities | 0 | (108,685) |
Balance at End of Period | 0 | 0 |
Incentive warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 110,027 |
Decrease in fair value of derivative liabilities | 0 | (110,027) |
Balance at End of Period | 0 | 0 |
Unit Offering Warrants 2011 [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 0 |
Decrease in fair value of derivative liabilities | 0 | 0 |
Balance at End of Period | 0 | 0 |
Lender warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 3,799 | 41,372 |
Decrease in fair value of derivative liabilities | (3,799) | (37,573) |
Balance at End of Period | 0 | 3,799 |
Warrants for advisory services and arranger warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 241 | 2,111 |
Decrease in fair value of derivative liabilities | (241) | (1,870) |
Balance at End of Period | 0 | 241 |
POSCAN warrants [Member] | ||
Derivative [Line Items] | ||
Balance at Begining of Period | 0 | 1,233,606 |
Decrease in fair value of derivative liabilities | 0 | (1,233,606) |
Balance at End of Period | $ 0 | $ 0 |
DERIVATIVE LIABILITIES (Detai41
DERIVATIVE LIABILITIES (Details 1) - $ / shares | Dec. 08, 2015 | Jun. 30, 2015 | |
Embedded Derivative Financial Instruments [Member] | |||
Derivative [Line Items] | |||
Common stock issuable upon conversion of debt | 5,227,273 | ||
Market value of common stock on measurement date | [1] | $ 0.025 | |
Adjusted exercise price | $ 0.011 | ||
Risk free interest rate | [2] | 0.15% | |
Warrant lives in years | 1 year | ||
Expected volatility | [3] | 156.00% | |
Expected dividend yields | [4] | 0.00% | |
Assumed stock offerings per year over next two years | [5] | 1 | |
Probability of stock offering in any year over next two years | [6] | 100.00% | |
Range of percentage of existing shares offered | [7] | 14.00% | |
Offering price range | [8] | $ 0.03 | |
Warrant [Member] | |||
Derivative [Line Items] | |||
Common stock issuable upon exercise of warrants | 89,125,976 | ||
Market value of common stock on measurement date | [9] | $ 0.011 | |
Expected dividend yields | [4] | 0.00% | |
Assumed stock offerings per year over next two years | [10] | 1 | |
Probability of stock offering in any year over next two years | [11] | 100.00% | |
Range of percentage of existing shares offered | [12] | 21.00% | |
Offering price range | [13] | $ 0.02 | |
Minimum [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Adjusted exercise price | $ 0.04 | ||
Risk free interest rate | [14] | 0.11% | |
Warrant lives in years | 0 years | ||
Expected volatility | [3] | 131.00% | |
Maximum [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Adjusted exercise price | $ 0.25 | ||
Risk free interest rate | [14] | 0.28% | |
Warrant lives in years | 2 years 1 month 6 days | ||
Expected volatility | [3] | 175.00% | |
[1] | The market value of common stock is the stock price at the close of trading on the date of issuance or at period-end, as applicable. | ||
[2] | The risk-free interest rate was determined by management using the 1 year Treasury Bill as of the respective offering or measurement date. | ||
[3] | The historical trading volatility was determined by the Company's trading history. | ||
[4] | Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. | ||
[5] | Management estimates the Company will have at least one stock offering in the next year. | ||
[6] | Management estimates that the probability of a stock offering is 100% during the next year. | ||
[7] | Management estimates that the range of percentages of existing shares offered in each stock offering will be 14% of the shares outstanding. | ||
[8] | Represents the estimated offering price range in future offerings as determined by management. | ||
[9] | The market value of common stock is the stock price at the close of trading at year-end, as applicable. | ||
[10] | Management estimates the Company will have at least one stock offering per year over the next five years. | ||
[11] | Management has determined that the probability of a stock offering is 100% during the next year. | ||
[12] | Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. | ||
[13] | Represents the estimated offering price in future offerings as determined by management. | ||
[14] | The risk-free interest rate was determined by management using the 0.5 or 1-year Treasury Bill as of the respective offering or measurement date. |
DERIVATIVE LIABILITIES (Detai42
DERIVATIVE LIABILITIES (Details 2) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Schedule of Embedded Derivatives [Line Items] | |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | $ 0 |
Initial Valuation Of Embedded Derivative Instruments Issued During Period | 52,500 |
Embedded Derivative, Gain on Embedded Derivative | 57,851 |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 0 |
Derivative, Loss on Derivative | (110,351) |
Convertible Notes Payable [Member] | |
Schedule of Embedded Derivatives [Line Items] | |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 0 |
Initial Valuation Of Embedded Derivative Instruments Issued During Period | 52,500 |
Embedded Derivative, Gain on Embedded Derivative | 57,851 |
Embedded Derivative, Fair Value of Embedded Derivative, Net, Total | 0 |
Derivative, Loss on Derivative | $ (110,351) |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Weighted-average Exercise Price | |||
Expired/Forfeited (in dollars per share) | $ 0 | ||
Outstanding, ending balance (in dollars per share) | $ 0.21 | ||
Employee Stock Option [Member] | |||
Number of Shares | |||
Expired/Forfeited | (333,334) | (200,000) | |
Outstanding, ending balance | 916,666 | 1,250,000 | 1,450,000 |
Exercisable at June 30, 2016 | 916,666 | ||
Weighted-average Exercise Price | |||
Outstanding, beginning balance (in dollars per share) | $ 0.22 | $ 0.21 | |
Expired/Forfeited (in dollars per share) | 0 | 0 | |
Outstanding, ending balance (in dollars per share) | 0.23 | $ 0.22 | $ 0.21 |
Exercisable at June 30, 2016 | $ 0.23 | ||
Weighted-average Remaining Contractual Term (years) | |||
Outstanding | 7 months 6 days | 1 year 2 months 12 days | 2 years 11 days |
Exercisable | 7 months 6 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 0 | $ 0 | |
Exercisable | $ 0 |
STOCKHOLDERS' EQUITY (Details 1
STOCKHOLDERS' EQUITY (Details 1) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Weighted-average Exercise Price | ||
Expired (in dollars per share) | $ 0 | |
Outstanding, ending balance (in dollars per share) | $ 0.21 | |
Employee Stock Option [Member] | ||
Number of Warrants | ||
Outstanding, beginning balance | 1,250,000 | 1,450,000 |
Expired | (333,334) | (200,000) |
Outstanding, ending balance | 916,666 | 1,250,000 |
Weighted-average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ 0.22 | $ 0.21 |
Expired (in dollars per share) | 0 | 0 |
Outstanding, ending balance (in dollars per share) | $ 0.23 | $ 0.22 |
Warrant [Member] | ||
Number of Warrants | ||
Outstanding, beginning balance | 89,125,976 | 155,635,919 |
Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions | 242,053 | 1,988,605 |
Expired | (86,987,079) | (68,498,548) |
Outstanding, ending balance | 2,380,950 | 89,125,976 |
Weighted-average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ 0.17 | $ 0.15 |
Expired (in dollars per share) | 0 | |
Outstanding, ending balance (in dollars per share) | $ 0.17 |
STOCKHOLDERS' EQUITY (Details 2
STOCKHOLDERS' EQUITY (Details 2) | 12 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Outstanding number of shares | 2,380,950 |
Exercisable number of shares | 2,380,950 |
Warrants One [Member] | |
Issuance Date | Aug. 17, 2012 |
Exercise price | $ / shares | $ 0.21 |
Outstanding number of shares | 2,380,950 |
Remaining life | 1 year 1 month 6 days |
Exercisable number of shares | 2,380,950 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | Aug. 11, 2016 | Apr. 09, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Total | $ 84,171 | $ 232,843 | ||
Scenario, Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 333,334 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 600,000 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Total | $ 176 | $ 5,361 | ||
Third Parties [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 5,819,885 | |||
Stock Issued During Period, Value, Issued for Services | $ 96,160 | |||
Share-based Compensation, Total | $ 3,310 | |||
CEO, CFO And Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 12,213,936 | 13,928,999 | ||
Stock Issued During Period, Value, Issued for Services | $ 194,402 | |||
Share-based Compensation, Total | $ 31,786 | $ 238,499 | ||
Investors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 14,970,060 | |||
Share-based Compensation, Total | $ 808,438 | |||
CEO And CFO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 13,214,286 | |||
Share-based Compensation, Total | $ 185,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Derivative Liabilities | $ 0 | $ 4,040 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | $ 0 | $ 4,040 |
FAIR VALUE MEASUREMENTS (Deta48
FAIR VALUE MEASUREMENTS (Details 1) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Beginning balance | $ 4,040 | $ 1,849,007 |
Change in fair value | 53,811 | (1,844,967) |
Additions | 52,500 | 0 |
Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt | (110,351) | 0 |
Ending balance | 0 | 4,040 |
Change in unrealized gains (losses) included in earnings | $ 53,811 | $ (1,844,967) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Total consolidated net income (loss) before income taxes | $ (1,540,720) | $ (1,864,484) |
U.S. | ||
Total consolidated net income (loss) before income taxes | (1,381,558) | (1,530,766) |
Foreign | ||
Total consolidated net income (loss) before income taxes | $ (159,162) | $ (333,718) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 7,210,370 | $ 7,003,166 |
Stock-based compensation | 195,306 | 166,747 |
Impairment of mineral rights | 2,205,049 | 2,205,049 |
Loss contingency | 0 | 0 |
Equity method loss | 304,451 | 116,497 |
Differences in cost base of equity method investment | (621,598) | (621,598) |
Valuation allowance | (9,293,578) | (8,869,861) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Federal income taxes at 34% | $ (502,434) | $ 183,655 |
Change in fair value of derivative liability - warrant instruments | 18,296 | (627,289) |
Meals and entertainment | 57 | 781 |
Non-deductible interest | 36,054 | 0 |
Amortization of discount | 24,250 | 0 |
Restricted stock units | 60 | 2,667 |
Income tax penalty | 0 | (54,400) |
Foreign currency transaction exchange gain | 0 | (163) |
Change in valuation allowance | 423,717 | 494,749 |
Provision for income taxes | $ 0 | $ 0 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Net operating loss carryforwards | $ 16,328,657 |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2031 |
Operating Loss Carryforwards For Indefinite Period | $ 11,523,004 |
Federal tax rate | 34.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Apr. 08, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
Chief Executive Officer [Member] | ||||||
Officers' Compensation | $ 10,416 | $ 20,833 | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 8,928,571 | |||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 125,000 | |||||
Chief Executive Officer [Member] | Future Amount [Member] | ||||||
Officers' Compensation | $ 5,208 | |||||
Chief Financial Officer [Member] | ||||||
Officers' Compensation | $ 7,708 | $ 3,980 | $ 15,417 | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,285,715 | |||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 60,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | 1 Months Ended | ||
Jul. 20, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity Method Investments | $ 6,779,337 | $ 7,336,375 | |
Subsequent Event [Member] | |||
Exploration And Development Cost Covered Years | 2 years 6 months | ||
Directors Appointment Right Terms | The Company will be entitled to appoint one director of the Maricunga JV (so long as it holds at least 10% of the equity interests of the joint venture), with LPI and MSB holding three and two director seats, respectively. | ||
Subsequent Event [Member] | Minera Salar Blanco SpA [Member] | |||
Equity Method Investment, Ownership Percentage | 32.34% | ||
Subsequent Event [Member] | Lithium Power International Limited [Member] | |||
Equity Method Investments | $ 27,500,000 | ||
Subsequent Event [Member] | Minera Salar Blanco [Member] | Lithium Power International Limited [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% |