Document and Entity Information
Document and Entity Information | 3 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Bunker Hill Mining Corp. |
Entity Central Index Key | 0001407583 |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | false |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Current assets | |||
Cash and cash equivalents | $ 8,638,468 | $ 61,973 | $ 28,064 |
Accounts receivable | 89,528 | 78,692 | 42,864 |
Prepaid expenses | 252,571 | 102,714 | 35,172 |
Total current assets | 8,980,567 | 243,379 | 106,100 |
Non-current assets | |||
Equipment (note 4) (note 6) | 272,543 | 207,810 | 52,050 |
Right-of-use assets (note 5) (note 7) | 185,325 | 212,755 | |
Long term deposit | 68,939 | 68,939 | 68,939 |
Mining interests (note 7) (note 8) | 1 | 1 | 1 |
Total assets | 9,507,375 | 732,884 | 227,090 |
Current liabilities | |||
Accounts payable (notes 7 and 15) (notes 8 and 17) | 3,275,968 | 4,389,964 | 3,421,625 |
Accrued liabilities (notes 7 and 14) (notes 8 and 15) | 10,292,031 | 7,216,114 | 2,896,025 |
Other liabilities | 57,307 | ||
DSU liability (note 13) (note 14) | 753,791 | 549,664 | |
Interest payable (notes 8 and 9) (notes 9 and 10) | 483,059 | 403,933 | 201,507 |
Convertible loan payable (note 8) (note 9) | 1,600,000 | 1,600,000 | 1,744,327 |
Promissory notes payable (note 9) (note 10) | 836,592 | ||
Current portion of lease liability (note 10) (note 11) | 106,866 | 102,027 | |
Total current liabilities | 16,511,715 | 15,098,294 | 8,320,971 |
Non-current liabilities | |||
Lease liability (note 10) | 87,431 | 112,712 | |
Derivative warrant liability (notes 8, 9 and 11) (notes 9, 10 and 12) | 25,198,873 | 18,763,797 | 116,809 |
Total liabilities | 41,798,019 | 33,974,803 | 8,437,600 |
Shareholders' Deficiency | |||
Preferred shares | |||
Common shares | 137 | 79 | 16 |
Additional paid-in-capital (note 11) (note 12) | 31,901,497 | 30,133,058 | 24,284,765 |
Shares to be issued | 549,363 | 107,337 | |
Deficit accumulated during the exploration stage | (64,192,278) | (63,924,419) | (32,602,628) |
Total shareholders' deficiency | (32,290,644) | (33,241,919) | (8,210,510) |
Total shareholders' deficiency and liabilities | $ 9,507,375 | $ 732,884 | $ 227,090 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.000001 | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | |||
Common stock, par value | $ 0.000001 | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 | 750,000,000 |
Common stock, shares issued | 137,544,088 | 79,259,940 | 15,811,396 |
Common stock, shares outstanding | 137,544,088 | 79,259,940 | 15,811,396 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses | ||||
Operation and administration (notes 11, 12 and 13) (notes 12, 13 and 14) | $ 552,789 | $ 63,634 | $ 1,327,059 | $ 1,189,226 |
Exploration | 5,210,621 | 1,109,215 | 8,645,431 | 6,416,733 |
Legal and accounting | 159,268 | 28,572 | 268,181 | 240,969 |
Consulting (note 15) | 183,238 | 84,640 | 553,152 | 266,998 |
Income (loss) from operations | (7,053,072) | (1,286,061) | (10,793,823) | (8,113,926) |
Other income or gain (expense or loss) | ||||
Change in derivative liability (notes 8, 9 and 11) (notes 9, 10 and 12) | 9,311,304 | (1,813,257) | (18,843,947) | 1,892,488 |
Accretion expense (notes 8 and 9) (notes 9 and 10) | (118,388) | (33,869) | (359,267) | (734,589) |
Financing costs (note 9) (note 10) | (360,000) | (30,000) | ||
Loss on foreign exchange | (100,749) | 673 | (26,625) | (15,261) |
Interest expense (notes 8 and 9) (notes 9 and 10) | (107,427) | (47,890) | (202,426) | (256,029) |
Loss on sale of equipment | (10,930) | |||
Loss on loan extinguishment ( note 9 ) | (9,407) | (1,204,073) | ||
Loss on private placement (note 11) | (940,290) | |||
Share issuance costs (note 11) | (947,156) | |||
Loss on debt settlement (note 11) (note 12) | (899,237) | (1,056,296) | (1,056,296) | |
Loss before income tax | (4,236,700) | (31,321,791) | (8,442,320) | |
Provision for income taxes | ||||
Net loss and comprehensive loss for the period | $ (267,859) | $ (4,236,700) | $ (31,321,791) | $ (8,442,320) |
Net loss per common share - basic and fully diluted | $ 0 | $ (0.10) | $ (0.47) | $ (2.14) |
Weighted average number of common shares - basic and fully diluted | 106,276,928 | 43,825,952 | 67,180,554 | 3,951,072 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Common Stock [Member] | ||||||||||||
Balance | $ 79 | $ 16 | $ 3 | $ 16 | $ 3 | $ 16 | $ 3 | $ 16 | $ 3 | |||
Balance, shares | 79,259,940 | 15,811,396 | 3,301,372 | 15,811,396 | 3,301,372 | 15,811,396 | 3,301,372 | 15,811,396 | 3,301,372 | |||
Shares and units issued at $0.04 per share | $ 35 | [1] | $ 35 | [2] | ||||||||
Shares and units issued at $0.04 per share, shares | 35,008,956 | [1] | 35,008,956 | [2] | ||||||||
Units issued for debt settlement at $0.09 per share | $ 2 | $ 17 | $ 17 | |||||||||
Units issued for debt settlement at $0.09 per share, shares | 2,205,714 | 16,962,846 | 16,962,846 | |||||||||
Shares issued for debt settlement at $0.14 per share | $ 2 | $ 2 | ||||||||||
Shares issued for debt settlement at $0.14 per share, shares | 2,033,998 | 2,033,998 | ||||||||||
Issue costs | ||||||||||||
Warrant valuation | ||||||||||||
Stock-based compensation | ||||||||||||
Units issued at $0.26 per unit | [3] | $ 56 | ||||||||||
Units issued at $0.26 per unit, shares | [3] | 56,078,434 | ||||||||||
Units issued at $3.42 per share | [4] | |||||||||||
Units issued at $3.42 per share, shares | [4] | 160,408 | ||||||||||
Units issued at $0.57 per share | [5] | $ 1 | ||||||||||
Units issued at $0.57 per share, shares | [5] | 645,866 | ||||||||||
Units issued at $0.04 per share | [2] | $ 12 | ||||||||||
Units issued at $0.04 per share, shares | [2] | 11,660,000 | ||||||||||
Stock options exercised | ||||||||||||
Stock options exercised, shares | 43,750 | |||||||||||
Shares to be issued | ||||||||||||
Shares issued at $0.42 per share | [6] | $ 3 | ||||||||||
Shares issued at $0.42 per share, shares | [6] | 3,098,216 | ||||||||||
Shares issued for debt settlement at $0.42 per share | [6] | $ 1 | ||||||||||
Shares issued for debt settlement at $0.42 per share, shares | [6] | 696,428 | ||||||||||
Finder's units issued | $ 3 | |||||||||||
Finder's units issued, shares | 3,315,200 | |||||||||||
Finder's warrants issued | ||||||||||||
Warrants exercised at $0.18 per share | [7] | $ 2 | ||||||||||
Warrants exercised at $0.18 per share, shares | [7] | 2,332,900 | ||||||||||
Net loss for the period | ||||||||||||
Balance | $ 137 | $ 70 | $ 79 | $ 16 | ||||||||
Balance, shares | 137,544,088 | 69,817,196 | 79,259,940 | 15,811,396 | ||||||||
Additional Paid-In Capital [Member] | ||||||||||||
Balance | $ 30,133,058 | $ 24,284,765 | $ 23,397,259 | $ 24,284,765 | $ 23,397,259 | $ 24,284,765 | $ 23,397,259 | $ 24,284,765 | $ 23,397,259 | |||
Shares and units issued at $0.04 per share | 1,315,691 | [1] | 1,315,691 | [2] | ||||||||
Units issued for debt settlement at $0.09 per share | 1,484,350 | 1,499,034 | 1,499,034 | |||||||||
Shares issued for debt settlement at $0.14 per share | 274,916 | 274,916 | ||||||||||
Issue costs | (65,315) | (336,480) | (55,452) | |||||||||
Warrant valuation | (14,792,805) | (468,227) | (468,227) | (720,644) | ||||||||
Stock-based compensation | 278,176 | 497,724 | 43,403 | |||||||||
Units issued at $0.26 per unit | [3] | 14,798,718 | ||||||||||
Units issued at $3.42 per share | [4] | 549,333 | ||||||||||
Units issued at $0.57 per share | [5] | 365,340 | ||||||||||
Units issued at $0.04 per share | [2] | 436,596 | ||||||||||
Stock options exercised | 268,930 | |||||||||||
Shares to be issued | ||||||||||||
Shares issued at $0.42 per share | [6] | 1,301,522 | ||||||||||
Shares issued for debt settlement at $0.42 per share | [6] | 299,999 | ||||||||||
Finder's units issued | 125,177 | |||||||||||
Finder's warrants issued | 50,223 | |||||||||||
Warrants exercised at $0.18 per share | [7] | 1,288,714 | ||||||||||
Net loss for the period | ||||||||||||
Balance | 31,901,497 | 26,840,864 | 30,133,058 | 24,284,765 | ||||||||
Shares To Be Issued [Member] | ||||||||||||
Balance | 549,363 | 107,337 | 107,337 | 107,337 | 107,337 | |||||||
Shares and units issued at $0.04 per share | (107,337) | [1] | (107,337) | [2] | ||||||||
Units issued for debt settlement at $0.09 per share | ||||||||||||
Shares issued for debt settlement at $0.14 per share | ||||||||||||
Issue costs | ||||||||||||
Warrant valuation | ||||||||||||
Stock-based compensation | ||||||||||||
Units issued at $0.26 per unit | [3] | (549,363) | ||||||||||
Units issued at $3.42 per share | [4] | |||||||||||
Units issued at $0.57 per share | [5] | |||||||||||
Units issued at $0.04 per share | [2] | |||||||||||
Stock options exercised | ||||||||||||
Shares to be issued | 549,363 | 107,337 | ||||||||||
Shares issued at $0.42 per share | [6] | |||||||||||
Shares issued for debt settlement at $0.42 per share | [6] | |||||||||||
Finder's units issued | ||||||||||||
Finder's warrants issued | ||||||||||||
Warrants exercised at $0.18 per share | [7] | |||||||||||
Net loss for the period | ||||||||||||
Balance | 549,363 | 107,337 | ||||||||||
Deficit Accumulated During The Exploration Stage | ||||||||||||
Balance | (63,924,419) | (32,602,628) | (24,160,308) | (32,602,628) | (24,160,308) | (32,602,628) | (24,160,308) | (32,602,628) | (24,160,308) | |||
Shares and units issued at $0.04 per share | [1] | [2] | ||||||||||
Units issued for debt settlement at $0.09 per share | ||||||||||||
Shares issued for debt settlement at $0.14 per share | ||||||||||||
Issue costs | ||||||||||||
Warrant valuation | ||||||||||||
Stock-based compensation | ||||||||||||
Units issued at $0.26 per unit | [3] | |||||||||||
Units issued at $3.42 per share | [4] | |||||||||||
Units issued at $0.57 per share | [5] | |||||||||||
Units issued at $0.04 per share | [2] | |||||||||||
Stock options exercised | ||||||||||||
Shares to be issued | ||||||||||||
Shares issued at $0.42 per share | [6] | |||||||||||
Shares issued for debt settlement at $0.42 per share | [6] | |||||||||||
Finder's units issued | ||||||||||||
Finder's warrants issued | ||||||||||||
Warrants exercised at $0.18 per share | [7] | |||||||||||
Net loss for the period | (267,859) | (4,236,700) | (31,321,791) | (8,442,320) | ||||||||
Balance | (64,192,278) | (36,839,328) | (63,924,419) | (32,602,628) | ||||||||
Balance | (33,241,919) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | |||
Shares and units issued at $0.04 per share | 1,208,389 | [1] | $ 1,208,389 | [2] | ||||||||
Shares and units issued at $0.04 per share, shares | ||||||||||||
Units issued for debt settlement at $0.09 per share | 1,484,352 | 1,499,051 | $ 1,499,051 | |||||||||
Shares issued for debt settlement at $0.14 per share | 274,918 | 274,918 | ||||||||||
Issue costs | (65,315) | (336,480) | (55,452) | |||||||||
Warrant valuation | (14,792,805) | (468,227) | (468,227) | (720,644) | ||||||||
Stock-based compensation | 278,176 | 497,724 | 43,403 | |||||||||
Units issued at $0.26 per unit | [3] | 14,249,411 | ||||||||||
Units issued at $3.42 per share | [4] | 549,333 | ||||||||||
Units issued at $0.57 per share | [5] | 365,341 | ||||||||||
Units issued at $0.04 per share | [2] | 436,608 | ||||||||||
Stock options exercised | $ 268,930 | |||||||||||
Stock options exercised, shares | 43,750 | |||||||||||
Shares to be issued | 549,363 | $ 107,337 | ||||||||||
Shares issued at $0.42 per share | [6] | 1,301,525 | ||||||||||
Shares issued for debt settlement at $0.42 per share | [6] | 300,000 | ||||||||||
Finder's units issued | 125,180 | |||||||||||
Finder's warrants issued | 50,223 | |||||||||||
Warrants exercised at $0.18 per share | [7] | 1,288,716 | ||||||||||
Net loss for the period | (267,859) | (4,236,700) | (853,112) | (17,740,813) | (4,328,352) | (8,439,216) | (6,305,775) | (31,321,791) | (8,442,320) | |||
Balance | $ (32,290,644) | $ (9,998,394) | $ (1,404,816) | $ (23,334,737) | $ (4,521,059) | $ (12,399,312) | $ (6,498,482) | $ (33,241,919) | $ (8,210,510) | |||
[1] | Shares and units issued at C$0.05, converted to US at $0.04 (note 11) | |||||||||||
[2] | Shares and units issued at C$0.05, converted to US at $0.04 ( note 12 ) | |||||||||||
[3] | Units issued at C$0.35, converted to US at $0.26 (note 11) | |||||||||||
[4] | Units issued at C$4.50, converted to US at $3.42 ( note 12 ) | |||||||||||
[5] | Units issued at C$0.75, converted to US at $0.57 ( note 12 ) | |||||||||||
[6] | Shares issued at C$0.56, converted to US at $0.42 ( note 12 ) | |||||||||||
[7] | Shares issued upon warrants exercised at C$0.25, converted to US at $0.18 ( note 12) |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Changes in Shareholders' Deficiency (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Converted units issued price per share | $ 0.26 | $ 0.04 | ||
Units Issued One [Member] | ||||
Converted units issued price per share | $ 3.42 | |||
Units Issued Two [Member] | ||||
Converted units issued price per share | 0.57 | |||
Units Issued Three [Member] | ||||
Converted units issued price per share | 0.04 | |||
Units Issued Four [Member] | ||||
Converted units issued price per share | $ 0.04 | |||
Units Issued Five [Member] | ||||
Converted units issued price per share | 0.42 | |||
Units Issued Six [Member] | ||||
Converted shares issued warrants exercised | 0.18 | |||
CAD [Member] | ||||
Converted units issued price per share | $ 0.35 | $ 0.05 | ||
CAD [Member] | Units Issued One [Member] | ||||
Converted units issued price per share | 4.50 | |||
CAD [Member] | Units Issued Two [Member] | ||||
Converted units issued price per share | 0.75 | |||
CAD [Member] | Units Issued Three [Member] | ||||
Converted units issued price per share | $ 0.05 | |||
CAD [Member] | Units Issued Four [Member] | ||||
Converted units issued price per share | 0.05 | |||
CAD [Member] | Units Issued Five [Member] | ||||
Converted units issued price per share | 0.56 | |||
CAD [Member] | Units Issued Six [Member] | ||||
Converted shares issued warrants exercised | $ 0.25 |
Condensed Interim Consolidate_6
Condensed Interim Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||||
Net loss for the period | $ (267,859) | $ (4,236,700) | $ (31,321,791) | $ (8,442,320) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 482,303 | 1,047,388 | 43,403 | |
Depreciation expense | 47,464 | 25,044 | 123,956 | 9,897 |
Change in fair value of warrant liability | (9,311,304) | 1,813,257 | 18,843,947 | (1,892,488) |
Accretion expense | 118,388 | 33,869 | 359,267 | 734,589 |
Financing costs | 360,000 | 30,000 | ||
Interest expense on lease liability (note 10) | 5,284 | 7,787 | 27,062 | |
Loss on sale of equipment | 10,930 | |||
Foreign exchange gain on re-translation of lease liability (note 10) | (15,588) | (10,766) | ||
Loss on debt settlement (note 11) | 899,237 | 1,056,296 | 1,056,296 | |
Loss on private placement (note 11) | 940,290 | |||
Loss on loan extinguishment | 9,407 | 1,204,073 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (10,836) | (2,624) | (35,828) | 186,182 |
Deposit | 90,248 | |||
Prepaid expenses | (149,857) | 14,098 | (67,542) | 553,458 |
Accounts payable | (943,902) | 479,549 | 1,479,992 | 2,670,639 |
Accrued liabilities | 3,167,269 | 229,827 | 4,320,089 | 2,421,011 |
Other liabilities | (9,114) | (11,117) | (110) | |
Interest payable | 107,426 | 47,890 | 202,426 | 198,219 |
Long term deposit | (68,939) | |||
Net cash used in operating activities | (4,571,685) | (540,821) | (3,947,214) | (2,281,208) |
Investing activities | ||||
Purchase of machinery and equipment | (84,767) | (219,528) | (6,555) | |
Proceeds on disposal of equipment | 10,000 | |||
Net cash used in investing activities | (84,767) | (219,528) | 3,445 | |
Financing activities | ||||
Proceeds from convertible loan payable | 500,000 | |||
Proceeds from issuance of common stock | 14,262,697 | 1,143,074 | 2,428,530 | 1,195,830 |
Proceeds from warrants exercised | 417,006 | |||
Lease payments | (10,138) | (30,893) | (120,690) | |
Proceeds from promissory note | 840,000 | 1,084,536 | ||
Repayment of promissory note | (1,859,612) | (158,094) | ||
Shares to be issued | 549,363 | 107,337 | ||
Net cash provided by financing activities | 13,232,947 | 1,112,181 | 4,200,651 | 1,803,167 |
Net change in cash and cash equivalents | 8,576,495 | 571,360 | 33,909 | (474,596) |
Cash and cash equivalents, beginning of period | 61,973 | 28,064 | 28,064 | 502,660 |
Cash and cash equivalents, end of period | 8,638,468 | 599,424 | 61,973 | 28,064 |
Supplemental disclosures Non-cash activities: | ||||
Common stock issued to settle accounts payable, accrued liabilities, interest payable and promissory notes | $ 585,115 | $ 717,673 | 717,673 | |
Common stock issued to settle convertible loan | 300,000 | 100,000 | ||
Disposal of equipment used to settle accounts payable | 20,930 | |||
Stock options exercised used to settle accrued liabilities | $ 268,930 |
Nature and Continuance of Opera
Nature and Continuance of Operations and Going Concern | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature and Continuance of Operations and Going Concern | 1. Nature and continuance of operations and going concern Bunker Hill Mining Corp. (the “Company”) was incorporated under the laws of the state of Nevada, U.S.A on February 20, 2007 under the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty Silver Corp., and on September 29, 2017 the Company changed its name to Bunker Hill Mining Corp. The Company’s registered office is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4. As of the date of this Form 10-Q, the Company had two subsidiaries, Bunker Hill Operating LLC, a Colorado corporation that is currently dormant, and American Zinc Corp., an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Idaho. The Company was incorporated for the purpose of engaging in mineral exploration activities. It continues to work at developing its project with a view towards putting it into production. These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis. Bunker Hill Mining Corp. (the “Company”) has incurred losses since inception resulting in an accumulated deficit of $64,192,278 and further losses are anticipated in the development of its business. The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. This raises substantial doubt about the Company’s ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the mineral properties and the discovery, development, and sale of reserves. The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company’s operations and ability to finance its operations. | 1. Nature and continuance of operations and going concern Bunker Hill Mining Corp. (the “Company”) was incorporated under the laws of the state of Nevada, U.S.A on February 20, 2007 under the name Lincoln Mining Corp. Pursuant to a Certificate of Amendment dated February 11, 2010, the Company changed its name to Liberty Silver Corp., and on September 29, 2017 the Company changed its name to Bunker Hill Mining Corp. The Company’s registered office is located at 1802 N. Carson Street, Suite 212, Carson City Nevada 89701, and its head office is located at 401 Bay Street, Suite 2702, Toronto, Ontario, Canada, M5H 2Y4. As of the date of this Form 10-K, the Company had two subsidiaries, Bunker Hill Operating LLC, a Colorado corporation that is currently dormant, and American Zinc Corp., an Idaho corporation created to facilitate the work being conducted at the Bunker Hill Mine in Idaho. The Company was incorporated for the purpose of engaging in mineral exploration activities. It continues to work at developing its project with a view towards putting it into production. These consolidated financial statements have been prepared on a going concern basis. The Company (the “Company”) has incurred losses since inception resulting in an accumulated deficit of $ 63,924,419 (restated) and further losses are anticipated in the development of its business. The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. This raises substantial doubt about the Company’s ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the mineral properties and the discovery, development, and sale of reserves. These financial statements of the Company for the year ended June 30, 2020 were approved and authorized for issue by the Board of Directors of the Company on November 23, 2020. The Company’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 will have on its operations and the ability of others to meet their obligations with the Company, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect the Company’s operations and ability to finance its operations. |
Basis of Presentation
Basis of Presentation | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | 2. Basis of presentation The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’ equity or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Amended Form 10-K/A, which contains the annual audited consolidated financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended June 30, 2020. The interim results for the period ended September 30, 2020 are not necessarily indicative of the results for the full fiscal year. The unaudited interim condensed consolidated financial statements are presented in USD, which is the functional currency. | 2. Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America applicable to exploration stage enterprises. The consolidated financial statements are expressed in U.S. dollars, the functional currency. The Company’s fiscal year end is June 30. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant accounting policies The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements. Basis of consolidation These consolidated financial statements include the assets, liabilities and expenses of the Company and its wholly owned subsidiaries, American Zinc Corp. and Bunker Hill Operating LLC. All intercompany transactions and balances have been eliminated on consolidation. Cash and cash equivalents Cash and cash equivalents may include highly liquid investments with original maturities of three months or less. Mineral rights, property and acquisition costs The Company has been in the exploration stage since its formation on February 20, 2007 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. The Company capitalizes acquisition and option costs of mineral rights as intangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production, are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (FASB ASC) 360-10-35, Impairment or Disposal of Long-Lived Assets. Equipment Equipment is stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income or gain (expense or loss). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of equipment or whether the remaining balance of the equipment should be evaluated for possible impairment. If events and circumstances warrant evaluation, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the equipment in measuring their recoverability. Leases Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in operation and administration expenses in the consolidated statements of loss and comprehensive loss. The Company is required to make additional payments for certain variable costs. These costs are expensed and included in operation and administration expenses in the consolidated statements of loss and comprehensive loss. Rental income obtained through subleases is recorded as income over the lease term and is offset against operation and administration expenses. Impairment of long-lived assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360, Property, Plant and Equipment, if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis is performed using the rules of FASB ASC 930-360-35, Extractive Activities - Mining, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Various factors could impact the Company’s ability to achieve forecasted production schedules. Additionally, commodity prices, capital expenditure requirements and reclamation costs could differ from the assumptions the Company may use in cash flow models used to assess impairment. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material can ultimately be mined economically. Fair value of financial instruments The Company adopted FASB ASC 820-10, Fair Value Measurement. This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: * Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. * Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. * Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable excluding HST, accounts payable, accrued liabilities, interest payable, convertible loan payable, promissory notes payable, lease liability, and other liabilities, all of which qualify as financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring basis using level 1 inputs and derivative warrant liabilities at fair value on recurring basis using level 3 inputs. Environmental expenditures The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet, or if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. No costs have been recognized by the Company for environmental expenditures. Income taxes The Company accounts for income taxes in accordance with Accounting Standard Codification 740, Income Taxes (“FASB ASC 740”), on a tax jurisdictional basis. The Company files income tax returns in the United States. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and the consolidated financial statements reported amounts using enacted tax rates and laws in effect in the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined to be more likely than not that the deferred tax asset will not be realized. The Company assesses the likelihood of the consolidated financial statements effect of a tax position that should be recognized when it is more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities in jurisdictions such as the United States. Management does not believe that there are any uncertain tax positions that would result in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. The Company recognizes tax-related interest and penalties, if any, as a component of income tax expense. FSAB ASC 740 prescribes recognition threshold and measurement attributes for the consolidated financial statements recognition and measurement of a tax position taken, or expected to be taken, in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in periods, disclosure and transition. At June 30, 2018 and June 30, 2017, the Company has not taken any tax positions that would require disclosure under FASB ASC 740. Basic and diluted net loss per share The Company computes net loss per share of common stock in accordance with FASB ASC 260, Earnings per Share (“ASC 260”). Under the provisions of FASB ASC 260, basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible loan payable. As of June 30, 2020, 7,580,159 stock options and 37,844,404 warrants were considered in the calculation but not included, as they were anti-dilutive (June 30, 2019 - 287,100 stock options and 13,046,484 warrants). Stock-based compensation In December 2004, the FASB issued FASB ASC 718, Compensation – Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. The Company accounts for stock-based compensation arrangements with non-employees in accordance with ASU 505-50, Equity-Based Payments to Non-Employees, which requires that such equity instruments are recorded at the value on the grant date based on fair value of the equity or goods and services whichever is more reliable. Restricted share units For Restricted Share Units (“RSUs”), the Company estimates the grant date fair value using the Company’s common shares on the Canadian Securities Exchange at the grant date. The Company records the value of the RSUs in paid-in capital. Deferred share units The Company estimates the grant date fair value of the Deferred Share Units (“DSUs”) using the trading price of the Company’s common shares on the Canadian Securities Exchange on the day of grant. The Company records the value of the DSUs owing to its directors as DSU liability and measures the DSU liability at fair value at each reporting date, with changes in fair value recognized as stock-based compensation in profit (loss). Use of estimates and assumptions Many of the amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated financial statements. Areas of significant judgment and estimates affecting the amounts recognized in the consolidated financial statements include: Going concern The assessment of the Company’s ability to continue as a going concern involves judgment regarding future funding available for its operations and working capital requirements as discussed note 1. Accrued liabilities The Company has to make estimates to accrue for certain expenditures due to delay in receipt of third party vendor invoices. These accruals are made based on trends, history and knowledge of activities. Actual results may be different. Convertible loans, promissory notes and warrants Estimating the fair value of derivative warrant liability and conversion feature derivative liability requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the warrants and conversion feature derivative liability, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value of warrants and conversion feature derivative liability are disclosed in notes 9, 10 and 12. The fair value estimates may differ from actual fair values and these differences may be significant and could have a material impact on the Company’s balance sheets and the consolidated statements of operations. Assets are reviewed for an indication of impairment at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in precious metal prices. Concentrations of credit risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management also routinely assesses the financial strength and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are limited. Risks and uncertainties The Company operates in the mineralized material exploration industry that is subject to significant risks and uncertainties, including financial, operational, and other risks associated with operating a mineralized material exploration business, including the potential risk of business failure. Foreign currency transactions The Company from time to time will receive invoices from service providers that are presenting their invoices using the Canadian dollar. The Company will use its US dollars to settle the Canadian dollar liabilities and any differences resulting from the exchange transaction are reported as gain or loss on foreign exchange. Segment reporting FASB ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has one operating segment and reporting unit. The Company operates in one reportable business segment and is organized and operated as one business. Management reviews its business as a single operating segment, using financial and other information rendered meaningful only by the fact that such information is presented and reviewed in the aggregate. Convertible loans and promissory notes payable The Company reviews the terms of its convertible loans and promissory notes payable to determine whether there are embedded derivatives, including the embedded conversion option, that are required to be bifurcated and accounted for as individual derivative financial instruments. In circumstances where the convertible debt or the promissory note contains embedded derivatives that are to be separated from the host contracts, the total proceeds received are first allocated to the fair value of the derivative financial instruments determined using the binomial model. The remaining proceeds, if any, are then allocated to the debenture cost contracts, usually resulting in those instruments being recorded at a discount from their principal amount. This discount is accreted over the expected life of the instruments to profit (loss) using the effective interest method. The debenture host contracts are subsequently recorded at amortized cost at each reporting date, using the effective interest method. The embedded derivatives are subsequently recorded at fair value at each reporting date, with changes in fair value recognized in profit (loss). The Company presents its embedded derivatives and related debenture host contracts as separate instruments on the consolidated balance sheets. |
New and Recently Adopted Techni
New and Recently Adopted Technical and Accounting Pronouncements | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | ||
New and Recently Adopted Technical and Accounting Pronouncements | 3. New and recently adopted technical and accounting pronouncements On July 1, 2020, the Company adopted Account Standards Update (ASU) 2016-03, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | 4. New and recently adopted technical and accounting pronouncements The Company adopted ASU 2016-02 effective July 1, 2019. ASU 2016-02 requires lessees to recognize most leases on the balance sheet to reflect the right to use an asset for a period of time and an associated lease liability for payments. The Company has applied ASU 2016-02 in accordance with the modified retrospective approach only to contracts that were previously identified as leases. Contracts that were not identified as leases under previous standards were not reassessed for whether there is a lease. Therefore, the definition of a lease under ASU 2016-02 was applied only to contacts entered into or changed on or after July 1, 2019. There is no change to the comparative periods or transitional adjustments required as a result of the adoption of this standard using the modified retrospective approach. The aggregate lease liability recognized in the statement of financial position at July 1, 2019 and Company’s operating lease commitment at July 1, 2019 can be reconciled as follows: Operating lease commitment as at July 1, 2019 370,711 Effect of discounting at the incremental borrowing rate (51,578 ) Total lease liability as at July 1, 2019 319,133 The weighted average incremental borrowing rate applied to lease liability on July 1, 2019 was 10%. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The pronouncement revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the potential impact of this guidance on the consolidated financial statements. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | ||
Restatement of Previously Issued Financial Statements | 4. Restatement of previously issued financial statements In November 2020, it was determined that the Company has underaccrued for invoices issued by the United States Environmental Protection Agency (“EPA”) for excess water treatment costs relating to years ended June 30, 2018, 2019 and 2020, interest payable on the outstanding EPA balance, and for a finder’s fee related to the Company’s February 2020 private placement, which resulted in an understatement of liabilities for 2019 and 2020, an overstatement of additional paid-in-capital for 2020, an understatement of opening and closing deficit for 2019 and 2020, and an understatement of exploration expenses and net losses for 2019 and 2020. The following tables present the impact of the restatement adjustments on the Company’s previously issued condensed interim consolidated financial statements for the three months ended September 30, 2019. Impact to Condensed Interim Consolidated Statements of Loss and Comprehensive Loss Three months ended September 30, 2019 As previously reported Adjustment As restated Exploration $ 958,804 $ 150,411 $ 1,109,215 Loss from operations $ (1,135,650 ) $ (150,411 ) $ (1,286,061 ) Loss before income tax and net loss and comprehensive loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Net loss per common share - basic and fully diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) Impact to Condensed Interim Consolidated Statements of Cash Flows Three months September 30, 2019 As previously reported Adjustment As restated Net loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Changes in operating assets and liabilities: Accounts payable $ 329,138 $ 150,411 $ 479,549 Impact to Consolidated Statements of Changes in Shareholders’ Deficiency As previously reported Adjustment As restated Balance, Total, June 30, 2019 $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) Net loss for the period ended September 30, 2019 $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Deficit accumulated during the exploration stage, September 30, 2019 $ (35,437,690 ) $ (1,401,638 ) $ (36,839,328 ) Balance, Total, September 30, 2019 $ (8,596,756 ) $ (1,401,638 ) $ (9,998,394 ) | 5. Restatement of previously issued financial statements In November 2020, it was determined that the Company has underaccrued for invoices issued by the United States Environmental Protection Agency (“EPA”) for excess water treatment costs relating to years ended June 30, 2018, 2019 and 2020, interest payable on the outstanding EPA balance, and for a finder’s fee related to the Company’s February 2020 private placement, which resulted in an understatement of liabilities for 2019 and 2020, an overstatement of additional paid-in-capital for 2020, an understatement of opening and closing deficit for 2019 and 2020, and an understatement of exploration expenses and net losses for 2019 and 2020. The following table present the impact of the restatement adjustments on the Company’s previously issued consolidated financial statements for the years ended June 30, 2019 and 2020. Impact to Consolidated Statements of Loss and Comprehensive Loss Year ended June 30, 2019 As previously reported Adjustment As restated Exploration $ 5,712,238 $ 704,495 $ 6,416,733 Loss from operations $ (7,409,431 ) $ (704,495 ) $ (8,113,926 ) Loss before income tax and net loss and comprehensive loss for the year $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Net loss per common share - basic and fully diluted $ (1.96 ) $ (0.18 ) $ (2.14 ) Year ended June 30, 2020 As previously reported Adjustment As restated Exploration $ 7,951,423 $ 694,008 $ 8,645,431 Loss from operations $ (10,099,815 ) $ (694,008 ) $ (10,793,823 ) Loss before income tax and net loss and comprehensive loss for the year $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Net loss per common share - basic and fully diluted $ (0.46 ) $ (0.01 ) $ (0.47 ) Impact to Consolidated Balance Sheets As at June 30, 2019 As previously reported Adjustment As restated Accounts payable $ 2,170,398 $ 1,251,227 $ 3,421,625 Total current liabilities $ 7,069,564 $ 1,251,227 $ 8,320,791 Total liabilities $ 7,186,373 $ 1,251,227 $ 8,437,600 Deficit accumulated during exploration stage $ (31,351,401 ) $ (1,251,227 ) $ (32,602,628 ) Total shareholders’ deficiency $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) As at June 30, 2020 As previously reported Adjustment As restated Accounts payable $ 3,431,699 $ 958,265 $ 4,389,964 Accrued liabilities $ 6,149,448 $ 1,066,666 $ 7,216,114 Total current liabilities $ 13,073,363 $ 2,024,931 $ 15,098,294 Total liabilities $ 31,949,872 $ 2,024,931 $ 33,974,803 Additional paid-in-capital $ 30,212,754 $ (79,696 ) $ 30,133,058 Deficit accumulated during exploration stage $ (61,979,184 ) $ (1,945,235 ) $ (63,924,419 ) Total shareholders’ deficiency $ (31,216,988 ) $ (2,024,931 ) $ (33,241,919 ) Impact to Consolidated Statements of Cash Flows Year ended June 30, 2019 As previously reported Adjustment As restated Net loss for the year $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Changes in operating assets and liabilities: Accounts payable $ 1,966,144 $ 704,495 $ 2,670,639 Year ended June 30, 2020 As previously reported Adjustment As restated Net loss for the year $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Changes in operating assets and liabilities: Accounts payable $ 1,852,650 $ (372,658 ) $ 1,479,992 Accrued liabilities $ 3,253,423 $ 1,066,666 $ 4,320,089 Impact to Consolidated Statements of Changes in Shareholders’ Deficiency As previously reported Adjustment As restated Deficit accumulated during the exploration stage, June 30, 2018 $ (23,613,576 ) $ (546,732 ) $ (24,160,308 ) Balance, Total, June 30, 2018 $ (216,314 ) $ (546,732 ) $ (763,046 ) Net loss for the year ended June 30, 2019 $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Deficit accumulated during the exploration stage, June 30, 2019 $ (31,351,401 ) $ (1,251,227 ) $ (32,602,628 ) Balance, Total, June 30, 2019 $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) Issue costs $ (256,784 ) $ (79,696 ) $ (336,480 ) Net loss for the year ended June 30, 2020 $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Deficit accumulated during the exploration stage, June 30, 2020 $ (61,979,184 ) $ (1,945,235 ) $ (63,924,419 ) Balance, Total, June 30, 2020 $ (31,216,988 ) $ (2,024,931 ) $ (33,241,919 ) The circumstances associated with the adjustments also created errors in each of the previously reported quarters in 2019 and 2020, which have also been restated on a quarterly basis as disclosed in note 20. |
Equipment
Equipment | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Equipment | 5. Equipment Equipment consists of the following: September 30, 2020 June 30, 2020 Equipment $ 313,345 $ 228,578 313,345 228,578 Less accumulated depreciation (40,802 ) (20,768 ) Equipment, net $ 272,543 $ 207,810 The total depreciation expense during the three months ended September 30, 2020 was $20,034 (three months ended September 30, 2019 - recovery of $1,550 due to write off of lease incentive liability). | 6. Equipment Equipment consists of the following: June 30, 2020 June 30, 2019 Leasehold improvements $ - 59,947 Equipment 228,578 9,050 228,578 68,997 Less accumulated depreciation (20,768 ) (16,947 ) Equipment, net $ 207,810 $ 52,050 |
Right-of-Use Asset
Right-of-Use Asset | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Right-of-Use Asset | 6. Right-of-use asset Right-of-use asset consists of the following: September 30, 2020 June 30, 2020 Office lease $ 319,133 $ 319,133 Less accumulated depreciation (133,808 ) (106,378 ) Right-of-use asset, net $ 185,325 $ 212,755 The total depreciation expense during the three months ended September 30, 2020 was $27,430 (three months ended September 30, 2019 - $26,595). | 7. Right-of-use asset Right-of-use asset consists of the following: June 30, 2020 June 30, 2019 Office lease $ 319,133 - Less accumulated depreciation (106,378 ) - Right-of-use asset, net $ 212,755 $ - |
Mining Interests
Mining Interests | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Extractive Industries [Abstract] | ||
Mining Interests | 7. Mining interests Bunker Hill Mine Complex On November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. (“Placer Mining”), which letter of intent was further amended on March 29, 2017, to acquire the Bunker Hill Mine in Idaho and its associated milling facility located in Kellogg, Idaho, in the Coeur d’Alene Basin (the “Letter of Intent”). Pursuant to the terms and conditions of the Letter of Intent, the acquisition, which was subject to due diligence, would include all mining claims, surface rights, fee parcels, mineral interests, existing infrastructure, machinery and buildings at the Kellogg Tunnel portal in Milo Gulch, or anywhere underground at the Bunker Hill Mine Complex. The acquisition would also include all current and historic data relating to the Bunker Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the mine site or any other location. During the year ended June 30, 2017, the Company made payments totaling $300,000 as part of this Letter of Intent. These amounts were initially capitalized and subsequently written off during fiscal 2018 and were included in exploration expenses. On August 28, 2017, the Company announced that it signed a definitive agreement (the “Agreement”) for the lease and option to purchase the Bunker Hill Mine assets (the “Bunker Assets”). Under the terms of the Agreement, the Company was required to make a $1 million bonus payment to Placer Mining no later than October 31, 2017, which payment was made, along with two additional $500,000 bonus payments in December 2017. The 24-month lease commenced November 1, 2017. During the term of the lease, the Company was to $100,000 monthly mining lease payments, paid quarterly. The Company had an option to purchase the Bunker Assets at any time before the end of the lease and any extension for a purchase price of $45 million with purchase payments to be made over a ten-year period to Placer Mining. Under terms of the agreement, there is a 3% net smelter return royalty (“NSR”) on sales during the Lease and a 1.5% NSR on the sales after the purchase option is exercised, which post-acquisition NSR is capped at $60 million. On October 2, 2018, the Company announced that it was in default of its Lease with Option to Purchase Agreement with Placer Mining. The default arose as a result of missed lease and operating cost payments, totaling $400,000, which were due at the end of September and on October 1, 2018. As per the Agreement, the Company had 15 days, from the date notice of default was provided (September 28, 2018), to remediate the default by making the outstanding payment. While Management worked with urgency to resolve this matter, Management was ultimately unsuccessful in remedying the default, resulting in the lease being terminated. On November 13, 2018, the Company announced that it was successful in renewing the lease, effectively with the original Agreement intact, except that monthly payments are reduced to $60,000 per month for 12 months, with the accumulated reduction in payments of $140,000 per month (“deferred payments”) being accrued. As at September 30, 2020, the Company has accrued for a total of $1,787,300 (June 30, 2020 - $1,847,300), which is included in accounts payable. These deferred payments will be waived should the Company choose to exercise its option. On October 22, 2019, the Company signed a further amendment to the Agreement. The key terms of this amended agreement are as follows: * The lease period has been extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months based upon payment of a 1 time $60,000 extension fee (extended). * The Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase. * The purchase price is set at $11 million for 100% of the marketable assets of Bunker Assets to be paid with $6,200,000 in cash, and $4,800,000 in shares. The purchase price also includes the negotiable EPA costs of $20 million. The amended lease provides for the elimination of all royalty payments that were to be paid to the mine owner. Upon signing the amended agreement, the Company paid a one-time, non-refundable cash payment of $300,000 to the mine owner. This payment will be applied to the purchase price upon execution of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as an additional care and maintenance payment. On August 12, 2020, the Company extended the lease with Placer Mining for further 18 months for a $150,000 extension fee. This extension expires on August 1, 2022. In addition to the payments to Placer Mining, and pursuant to an agreement with the United States Environmental Protection Agency (“EPA”) whereby for so long as Bunker leases, owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of the EPA’s claim for cost recovery. These payments, if all are made, will total $20 million. The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed followed by a payment schedule detailed below: Date Amount Action Within 30 days of the effective date $ 1,000,000 Paid November 1, 2018 $ 2,000,000 Not paid November 1, 2019 $ 3,000,000 Not paid November 1, 2020 $ 3,000,000 Not paid November 1, 2021 $ 3,000,000 November 1, 2022 $ 3,000,000 November 1, 2023 $ 3,000,000 November 1, 2024 $ 2,000,000 In addition to these cost recovery payments, the Company is to make semi-annual payments of $480,000 on June 1 and December 1 of each year, to cover the EPA’s costs of operating and maintaining the water treatment facility that treats the water being discharged from the Bunker Hill Mine. Of these, the December 1, 2018, and June 1, 2019 semi-annual water treatment payments were not made, totaling $960,000 outstanding as at September 30, 2020 (June 30, 2020 - $960,000). The Company also has received invoices from the EPA for water treatment charges for the periods from December 2017 to October 2019. This was for a total of $3,269,388, with $2,229,408 outstanding as at September 30, 2020 (June 30, 2020 - $2,229,408). The Company is having discussions with the EPA to review and, where appropriate, have the additional water treatment charges amended. The unpaid EPA balance is subject to interest at the rate specified for interest on investments of the EPA Hazardous Substance Superfund. As at September 30, 2020, the interest accrued on the unpaid EPA balance is $120,477 (June 30, 2020 - $89,180). For 2020, the Company has accrued an estimate for additional water treatment charges based on 2018 and 2019 invoices received from the EPA, for a total of an additional semi-annual accrual of $799,998. The Company has included all unpaid and accrued EPA payments and accrued interest in accounts payable and accrued liabilities amounting to $11,096,542 (June 30, 2020 - $7,905,235). | 8 . Mining interests (restated) Bunker Hill Mine Complex On November 27, 2016, the Company entered into a non-binding letter of intent with Placer Mining Corp. (“Placer Mining”), which letter of intent was further amended on March 29, 2017, to acquire the Bunker Hill Mine in Idaho and its associated milling facility located in Kellogg, Idaho, in the Coeur d’Alene Basin (the “Letter of Intent”). Pursuant to the terms and conditions of the Letter of Intent, the acquisition, which was subject to due diligence, would include all mining claims, surface rights, fee parcels, mineral interests, existing infrastructure, machinery and buildings at the Kellogg Tunnel portal in Milo Gulch, or anywhere underground at the Bunker Hill Mine Complex. The acquisition would also include all current and historic data relating to the Bunker Hill Mine Complex, such as drill logs, reports, maps, and similar information located at the mine site or any other location. During the year ended June 30, 2017, the Company made payments totaling $300,000 as part of this Letter of Intent. These amounts were initially capitalized and subsequently written off during fiscal 2018 and were included in exploration expenses. On August 28, 2017, the Company announced that it signed a definitive agreement (the “Agreement”) for the lease and option to purchase the Bunker Hill Mine assets (the “Bunker Assets”). Under the terms of the Agreement, the Company was required to make a $1 million bonus payment to Placer Mining no later than October 31, 2017, which payment was made, along with two additional $500,000 bonus payments in December 2017. The 24-month lease commences November 1, 2017 and continues until October 31, 2019. The lease period can be extended by a further 12 months at the Company’s discretion. During the term of the lease, the Company must make $100,000 monthly mining lease payments, paid quarterly. The Company had an option to purchase the Bunker Assets at any time before the end of the lease and any extension for a purchase price of $45 million with purchase payments to be made over a ten-year period to Placer Mining. Under terms of the agreement, there is a 3% net smelter return royalty (“NSR”) on sales during the Lease and a 1.5% NSR on the sales after the purchase option is exercised, which post-acquisition NSR is capped at $60 million. On October 2, 2018, the Company announced that it was in default of its Lease with Option to Purchase Agreement with Placer Mining. The default arose as a result of missed lease and operating cost payments, totaling $400,000, which were due at the end of September and on October 1, 2018. As per the Agreement, the Company had 15 days, from the date notice of default was provided (September 28, 2018), to remediate the default by making the outstanding payment. While Management worked with urgency to resolve this matter, Management was ultimately unsuccessful in remedying the default, resulting in the lease being terminated. On November 13, 2018, the Company announced that it was successful in renewing the lease, effectively with the original Agreement intact, except that monthly payments are reduced to $60,000 per month for 12 months, with the accumulated reduction in payments of $140,000 per month (“deferred payments”) being accrued. As at June 30, 2020, the Company has accrued for a total of $1,847,300 (June 30, 2019 - $1,373,000), which is included in accounts payable. These deferred payments will be waived should the Company choose to exercise its option. On October 22, 2019, the Company signed a further amendment to the Agreement. The key terms of this amended agreement are as follows: * The lease period has been extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months based upon payment of a 1 time $60,000 extension fee (extended subsequent to June 30, 2020, see note 19 ). * The Company will continue to make monthly care and maintenance payments to Placer Mining of $60,000 until exercising the option to purchase. * The purchase price is set at $11 million for 100% of the marketable assets of Bunker Assets to be paid with $6,200,000 in cash, and $4,800,000 in shares. The purchase price also includes the negotiable EPA costs of $20 million. The amended lease provides for the elimination of all royalty payments that were to be paid to the mine owner. Upon signing the amended agreement, the Company paid a one-time, non-refundable cash payment of $300,000 to the mine owner. This payment will be applied to the purchase price upon execution of the purchase option. In the event the Company elects not to exercise the purchase option, the payment shall be treated as an additional care and maintenance payment. In addition to the payments to Placer Mining, and pursuant to an agreement with the United States Environmental Protection Agency (“EPA”) whereby for so long as Bunker leases, owns and/or occupies the Bunker Hill Mine, the Company will make payments to the EPA on behalf of the current owner in satisfaction of the EPA’s claim for cost recovery. These payments, if all are made, will total $20 million. The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed followed by a payment schedule detailed below: Date Amount Action Within 30 days of the effective date $ 1,000,000 Paid November 1, 2018 $ 2,000,000 Not paid November 1, 2019 $ 3,000,000 Not paid November 1, 2020 $ 3,000,000 November 1, 2021 $ 3,000,000 November 1, 2022 $ 3,000,000 November 1, 2023 $ 3,000,000 November 1, 2024 $ 2,000,000 In addition to these cost recovery payments, the Company is to make semi-annual payments of $480,000 on June 1 and December 1 of each year, to cover the EPA’s costs of operating and maintaining the water treatment facility that treats the water being discharged from the Bunker Hill Mine. Of these, the December 1, 2018, and June 1, 2019 semi-annual water treatment payments were not made, totaling $960,000 outstanding as at June 30, 2020 (June 30, 2019 - $560,000). The Company also has received invoices from the EPA for water treatment charges for the periods from December 2017 to October 2019. This was for a total of $3,749,388, with $2,229,408 outstanding as at June 30, 2020 (June 30, 2019 - $1,209,530). The Company is having discussions with the EPA to review and, where appropriate, have the additional water treatment charges amended. The unpaid EPA balance is subject to interest at the rate specified for interest on investments of the EPA Hazardous Substance Superfund. As at June 30, 2020, the interest accrued on the unpaid EPA balance is $89,180 (June 30, 2019 - $13,061). For 2020, the Company has accrued an estimate for additional water treatment charges based on invoices for 2018 and 2019 received from the EPA, for a total of an additional semi-annual accrual of $799,998. The Company has included all unpaid and accrued EPA payments and accrued interest in accounts payable and accrued liabilities amounting to $7,905,235 (June 30, 2019 - $3,811,227). |
Convertible Loan Payable
Convertible Loan Payable | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | ||
Convertible Loan Payable | 8. Convertible loan payable On June 13, 2018, the Company entered into a loan and warrant agreement with Hummingbird Resources PLC (“Hummingbird”), an arm’s length investor, for an unsecured convertible loan in the aggregate sum of $1,500,000, bearing interest at 10% per annum, maturing in one year. Contemporaneously, the Company agreed to issue 229,464 share purchase warrants, entitling the lender to acquire 229,464 common shares of the Company, at a price of C$8.50 per share, for two years. Under the terms of the loan agreement, the lender may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of the Company at a price per share equal to C$8.50. In the event that a notice of conversion would result in the lender holding 10% or more of the Company’s issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would be required to pay cash to the lender in an amount equal C$8.50 multiplied by the number of shares intended to be issued upon conversion. Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company. Lastly, among other things, the loan agreement further provides that for as long as any amount is outstanding under the convertible loan, the investor retains a right of first refusal on any Company financing or joint venture/strategic partnership/disposal of assets. In August 2018, the amount of the Hummingbird convertible loan payable was increased to $2 million from its original $1.5 million loan, net of $45,824 of debt issue costs. An additional 116,714 warrants with each warrant exercisable at C$4.50 were issued. Under the terms of the Amended and Restated Loan Agreement, Hummingbird may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of Bunker as follows: (i) $1,500,000, being the original principal amount (“Principal Amount”), the Principal Amount may be converted at a price per share equal to C$8.50; (ii) 229,464 common shares may be acquired upon exercise of warrants at a price of C$8.50 per warrant for a period of two years from the date of issuance; (iii) $500,000, being the additional principal amount (“Additional Amount”), may be converted at a price per share equal to C$4.50; and (iv) 116,714 common shares may be acquired upon exercise of warrants at a price of C$4.50 per warrant for a period of two years from the date issuance. In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or Additional Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price. During the year ended June 30, 2019, Hummingbird agreed to extend the scheduled maturity date of the loan to June 30, 2020. This was accounted for as a loan extinguishment which resulted in the recording of a net loss on loan extinguishment of $1,195,880. In June 2019, the Company settled $100,000 of the Additional Amount by issuing 2,660,000 shares, which resulted in the recording of a net loss on loan extinguishment of $8,193. In February 2020, the Company settled $300,000 of the Additional Amount by issuing 696,428 shares, which resulted in the recording of a net loss on loan extinguishment of $9,407. In June 2020, Hummingbird agreed to extend the scheduled maturity date of the loan to July 31, 2020. Subsequent to September 30, 2020, the Company settled the full amount of the outstanding loan by issuing 5,572,980 shares. The Company has accounted for the conversion features and warrants in accordance with ASC Topic 815. The conversion features and warrants are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of the conversion features and warrants was determined on the date of issuance and marks to market at each financial reporting period. As at September 30, 2020, the fair values of the conversion feature and warrants were $nil (June 30, 2020 - $nil). Accretion expense for the three months ended September 30, 2020 was $nil (three months ended September 30, 2019 - $33,869) based on effective interest rate of 16% after the loan extension. Interest expense for the three months ended September 30, 2020 was $101,827 (three months ended September 30, 2019 - $47,890). As at September 30, 2020, the Company has an outstanding interest payable of $483,059 (June 30, 2020 - $381,233). Amount Balance, June 30, 2019 $ 1,744,327 Accretion expense 146,266 Loss on loan extinguishment 9,407 Partial extinguishment (300,000 ) Balance, June 30, 2020 and September 30, 2020 $ 1,600,000 | 9. Convertible loan payable On June 13, 2018, the Company entered into a loan and warrant agreement with Hummingbird Resources PLC (“Hummingbird”), an arm’s length investor, for an unsecured convertible loan in the aggregate sum of $1,500,000, bearing interest at 10% per annum, maturing in one year. Contemporaneously, the Company agreed to issue 229,464 share purchase warrants, entitling the lender to acquire 229,464 common shares of the Company, at a price of C$8.50 per share, for two years. Under the terms of the loan agreement, the lender may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of the Company at a price per share equal to C$8.50. In the event that a notice of conversion would result in the lender holding 10% or more of the Company’s issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would be required to pay cash to the lender in an amount equal C$8.50 multiplied by the number of shares intended to be issued upon conversion. Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company. Lastly, among other things, the loan agreement further provides that for as long as any amount is outstanding under the convertible loan, the investor retains a right of first refusal on any Company financing or joint venture/strategic partnership/disposal of assets. In August 2018, the amount of the Hummingbird convertible loan payable was increased to $2 million from its original $1.5 million loan, net of $45,824 of debt issue costs. An additional 116,714 warrants with each warrant exercisable at C$4.50 were issued. Under the terms of the Amended and Restated Loan Agreement, Hummingbird may, at any time prior to maturity, convert any or all of the principal amount of the loan and accrued interest thereon, into common shares of Bunker as follows: (i) $1,500,000, being the original principal amount (“Principal Amount”), the Principal Amount may be converted at a price per share equal to C$8.50; (ii) 229,464 common shares may be acquired upon exercise of warrants at a price of C$8.50 per warrant for a period of two years from the date of issuance; (iii) $500,000, being the additional principal amount (“Additional Amount”), may be converted at a price per share equal to C$4.50; and (iv) 116,714 common shares may be acquired upon exercise of warrants at a price of C$4.50 per warrant for a period of two years from the date issuance. In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or Additional Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price. During the year ended June 30, 2019, Hummingbird agreed to extend the scheduled maturity date of the loan to June 30, 2020. This was accounted for as a loan extinguishment which resulted in the recording of a net loss on loan extinguishment of $1,195,880. In June 2019, the Company settled $100,000 of the Additional Amount by issuing 2,660,000 shares, which resulted in the recording of a net loss on loan extinguishment of $8,193. In February 2020, the Company settled $300,000 of the Additional Amount by issuing 696,428 shares, which resulted in the recording of a net loss on loan extinguishment of $9,407. In June 2020, Hummingbird agreed to extend the scheduled maturity date of the loan to July 31, 2020. An extension of the loan is being negotiated and the loan has not been repaid. The Company has accounted for the conversion features and warrants in accordance with ASC Topic 815. The conversion features and warrants are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of the conversion features and warrants was determined on the date of issuance and marks to market at each financial reporting period. At June 30, 2020, the fair value of the conversion features were estimated using the Binomial model to determine the fair value of conversion features using the following assumptions: Principal Amount June 30, 2019 June 30, 2020 Expected life 365 days 31 days Volatility 100 % 100 % Risk free interest rate 1.75 % 1.52 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 Additional Amount June 30, 2019 June 30, 2020 Expected life 365 days 31 days Volatility 100 % 100 % Risk free interest rate 1.75 % 1.23 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: Principal Amount June 30, 2019 June 30, 2020 Expected life 349 days Expired Volatility 100 % Risk free interest rate 1.95 % Dividend yield 0 % Share price $ 0.05 Fair value $ 0 $ 0 Change in derivative liability $ 0 Additional Amount June 30, 2019 June 30, 2020 Expected life 405 days 40 days Volatility 100 % 100 % Risk free interest rate 1.84 % 1.49 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 Accretion expense for the year ended June 30, 2020 was $146,266 (year ended June 30, 2019 - $734,589) based on effective interest rate of 16% after the loan extension. Interest expense for the year ended June 30, 2020 was $179,726 (year ended June 30, 2019 - $198,219). As at June 30, 2020, the Company has an outstanding interest payable of $381,233 (June 30, 2019 - $201,507). Amount Balance, June 30, 2018 $ 70,820 Proceeds on issuance 500,000 Debt issue costs (238,455 ) Conversion feature valuation (205,444 ) Warrant valuation (221,256 ) Accretion expense 734,589 Loss on loan extinguishment 1,204,073 Partial extinguishment (100,000 ) Balance, June 30, 2019 $ 1,744,327 Accretion expense 146,266 Loss on loan extinguishment 9,407 Partial extinguishment (300,000 ) Balance, June 30, 2020 $ 1,600,000 |
Promissory Notes Payable
Promissory Notes Payable | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | ||
Promissory Notes Payable | 9. Promissory notes payable (i) On November 13, 2019, the Company issued a promissory note in the amount of $300,000. The note is unsecured, bears interest of 1% monthly, and is due on demand after 90 days from issuance. In consideration for the loan, the Company issued 400,000 common share purchase warrants to the lender. Each whole warrant entitles the lender to acquire one common share of the Company at a price of C$0.80 per share for a period of two years. On April 24, 2020, the Company extended the maturity date of the promissory note payable to August 1, 2020. In consideration, the Company issued 400,000 common share purchase warrants to the lender at an exercise price of C$0.50. The warrants expire on November 13, 2021. This was accounted for as a loan modification. During the three months ended September 30, 2020, the Company repaid $110,658 of the promissory note and settled the remaining balance of $218,281 (C$288,000), which included interest payable of $28,939, in full by issuing 822,857 August 2020 Units (as defined in note 11), recognizing a loss on debt settlement of $335,467. The Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of the warrants was determined on the date of issuance and marks to market at each financial reporting period. The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: November 2019 issuance June 30, 2020 September 30, 2020 Expected life 501 days 409 days Volatility 100 % 100 % Risk free interest rate 0.94 % 0.75 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 150,161 $ 54,367 Change in derivative liability $ 95,794 April 2020 issuance June 30, 2020 September 30, 2020 Expected life 501 days 409 days Volatility 100 % 100 % Risk free interest rate 0.30 % 0.28 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 186,410 $ 86,603 Change in derivative liability $ 99,807 Accretion expense for the three months ended September 30, 2020 was $51,522 (three months ended September 30, 2019 - $nil) based on effective interest rate of 11% after the loan extension. Interest expense for the three months ended September 30, 2020 was $5,600 (three months ended September 30, 2019 - $nil). As at September 30, 2020, the Company has an outstanding interest payable of $nil (June 30, 2020 - $22,700). Amount Balance, June 30, 2019 $ - Proceeds on issuance 300,000 Warrant valuation (206,523 ) Accretion expense 155,001 Balance, June 30, 2020 $ 248,478 Accretion expense 51,522 Debt settlement (189,342 ) Repayment (110,658 ) Balance, September 30, 2020 $ - (ii) On May 12, 2020, the Company issued a promissory note in the amount of $362,650 (C$500,000), net of $89,190 of debt issue costs. The note bore interest and was due on demand after 90 days after the issue date. This promissory note was repaid during the three months ended September 30, 2020. Accretion expense for the three months ended September 30, 2020 was $47,737 (three months ended September 30, 2019 - $nil) based on effective interest rate of 7%. (iii) On May 12, 2020, the Company issued a promissory note in the amount of $141,704 (C$200,000), net of $35,676 of debt issue costs. The note bore no interest and was due on demand after 90 days after the issue date. During the three months ended September 30, 2020, the Company settled the promissory note in full by issuing 714,285 shares (see note 11). Accretion expense for the three months ended September 30, 2020 was $19,129 (three months ended September 30, 2019 - $nil) based on effective interest rate of 8%. (iv) On June 30, 2020, the Company issued a promissory note in the amount of $75,000, net of $15,000 of debt issue costs. The note bore no interest and was due on demand. This promissory note was repaid in full during the three months ended September 30, 2020. Financing cost for the three months ended September 30, 2020 was $nil (three months ended September 30, 2019 - $nil). (v) On June 30, 2020, the Company issued a promissory note in the amount of $75,000 to a director of the Company. The note bore no interest and was due on demand. This promissory note was repaid in full during the three months ended September 30, 2020. Financing cost for the three months ended September 30, 2020 was $nil (three months ended September 30, 2019 - $nil). (vi) On July 13, 2020, the Company issued a promissory note in the amount of $1,200,000, net of $360,000 debt issue costs. The note bears no interest and is due on August 31, 2020. This promissory note was repaid in full during the three months ended September 30, 2020. Financing cost for the three months ended September 30, 2020 was $360,000 (three months ended September 30, 2019 - $nil). | 10. Promissory notes payable (i) On November 13, 2019, the Company issued a promissory note in the amount of $300,000. The note is unsecured, bears interest of 1% monthly, and is due on demand after 90 days from issuance. In consideration for the loan, the Company issued 400,000 common share purchase warrants to the lender. Each whole warrant entitles the lender to acquire one common share of the Company at a price of C$0.80 per share for a period of two years. On April 24, 2020, the Company extended the maturity date of the promissory note payable to August 1, 2020. In consideration, the Company issued 400,000 common share purchase warrants to the lender at an exercise price of C$0.50. The warrants expire on November 13, 2021. This was accounted for as a loan modification. The Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative financial liabilities as they are convertible into common shares at a conversion price denominated in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of the warrants was determined on the date of issuance and marks to market at each financial reporting period. The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: November 2019 issuance November 14, 2019 June 30, 2020 Expected life 731 days 501 days Volatility 100 % 100 % Risk free interest rate 1.53 % 0.94 % Dividend yield 0 % 0 % Share price $ 0.53 $ 0.73 Fair value $ 106,622 $ 150,161 Change in derivative liability $ (43,539 ) April 2020 issuance April 24, 2020 June 30, 2020 Expected life 568 days 501 days Volatility 100 % 100 % Risk free interest rate 0.33 % 0.30 % Dividend yield 0 % 0 % Share price $ 0.46 $ 0.73 Fair value $ 99,901 $ 186,410 Change in derivative liability $ (86,509 ) Accretion expense for the year ended June 30, 2020 was $155,001 (year ended June 30, 2019 - $nil) based on effective interest rate of 11% after the loan extension. Interest expense for the year ended June 30, 2020 was $22,700 (year ended June 30, 2019 - $nil). As at June 30, 2020, the Company has an outstanding interest payable of $22,700 (June 30, 2019 - $nil). Amount Balance, June 30, 2019 $ - Proceeds on issuance 300,000 Warrant valuation (206,523 ) Accretion expense 155,001 Balance, June 30, 2020 $ 248,478 (ii) On December 31, 2019, the Company issued a promissory note in the amount of $82,367 (C$107,000). The note bears no interest and is due on demand. This promissory note has been repaid. (iii) On January 29, 2020, the Company issued a promissory note in the amount of $75,727 (C$100,000). The note bears no interest and is due on demand. This promissory note has been repaid. (iv) On May 12, 2020, the Company issued a promissory note in the amount of $362,650 (C$500,000), net of $89,190 of debt issue costs. The note bears no interest is due on demand after 90 days after the issue date. Subsequent to June 30, 2020, C$288,000 was settled by shares and the remaining balance was repaid in full. Accretion expense for the year ended June 30, 2020 was $41,453 (year ended June 30, 2019 - $nil) based on effective interest rate of 7%. (v) On May 12, 2020, the Company issued a promissory note in the amount of $141,704 (C$200,000), net of $35,676 of debt issue costs. The note bears no interest is due on demand after 90 days after the issue date. The promissory note was settled in full by shares issued subsequent to June 30, 2020 ( see note 19). Accretion expense for the year ended June 30, 2020 was $16,547 (year ended June 30, 2019 - $nil) based on effective interest rate of 8%. (vi) On June 30, 2020, the Company issued a promissory note in the amount of $75,000 ($103,988), net of $15,000 of debt issue costs. The note bears no interest and is due on demand. The promissory note was repaid in full subsequent to June 30, 2020. Financing cost for the year ended June 30, 2020 was $15,000 (year ended June 30, 2019 - $nil). (vii) On June 30, 2020, the Company issued a promissory note in the amount of $75,000 ($103,988) to a director of the Company. The note bears no interest and is due on demand. The promissory note was repaid in full subsequent to June 30, 2020. Financing cost for the year ended June 30, 2020 was $15,000 (year ended June 30, 2019 - $nil). |
Lease Liability
Lease Liability | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Lease Liability | 10. Lease liability The Company has an operating lease for office space that expires in 2022. Below is a summary of the Company’s lease liability as of September 30, 2020: Office lease Balance, June 30, 2019 $ - Addition 319,133 Interest expense 27,062 Lease payments (120,690 ) Foreign exchange gain (10,766 ) Balance, June 30, 2020 214,739 Addition - Interest expense 5,284 Lease payments (10,138 ) Foreign exchange gain (15,588 ) Balance, September 30, 2020 194,297 Less: current portion (106,866 ) Long-term lease liability $ 87,431 In addition to the minimum monthly lease payments of C$13,504, the Company is required to make additional payments amounting to C$12,505 for certain variable costs. The schedule below represents the Company’s obligations under the lease agreement in Canadian dollars. Less than 1 year 1-2 years 2-3 years Total Base rent $ 162,048 $ 121,536 $ - $ 283,584 Additional rent 150,060 112,545 - 262,605 $ 312,108 $ 234,081 $ - $ 546,189 The monthly rental expenses are offset by rental income obtained through a series of subleases held by the Company. | 11. Lease liability The Company has an operating lease for office space that expires in 2022. Below is a summary of the Company’s lease liability as of June 30, 2020: Office lease Balance, June 30, 2019 $ - Addition 319,133 Interest expense 27,062 Lease payments (120,690 ) Foreign exchange gain (10,766 ) Balance, June 30, 2020 214,739 Less: current portion (102,027 ) Long-term lease liability $ 112,712 In addition to the minimum monthly lease payments of C$13,504, the Company is required to make additional payments amounting to C$12,505 for certain variable costs. The schedule below represents the Company’s obligations under the lease agreement in Canadian dollars. Less than 1 year 1-2 years 2-3 years Total Base rent $ 162,048 $ 148,544 $ - $ 310,592 Additional rent 150,060 137,555 - 287,615 $ 312,108 $ 286,099 $ - $ 598,207 The monthly rental expenses are offset by rental income obtained through a series of subleases held by the Company. |
Capital Stock, Warrants and Sto
Capital Stock, Warrants and Stock Options | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Capital Stock, Warrants and Stock Options | 11. Capital stock, warrants and stock options Authorized The total authorized capital is as follows: * 750,000,000 common shares with a par value of $0.000001 per common share; and * 10,000,000 preferred shares with a par value of $0.000001 per preferred share On May 23, 2019, the Company affected a consolidation of its issued and outstanding share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation common shares, which has been retrospectively applied in these consolidated financial statements. On July 19, 2019, the Company amended its articles of incorporation to change the total authorized capital and the par values, which have been retrospectively applied in these consolidated financial statements. Issued and outstanding On August 1, 2019, the Company closed the second and final tranche (“Tranche Two”) of the non-brokered private placement, issuing 6,042,954 units (“August 2019 Units”) at C$0.05 per August 2019 Unit for gross proceeds of C$302,148 ($228,202) and incurring financing costs of $36,468. Each August 2019 Unit consists of one common share of the Company and one common share purchase warrant, which entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. The Company also issued 16,962,846 August 2019 Units to settle $640,556 of debt at a deemed price of C$0.09 based on the fair value of the shares issued. As a result, the Company recorded resulting in loss on debt settlement of $858,495. On August 23, 2019, the Company closed the first tranche (the “First Tranche”) of the non-brokered private placement, issuing 27,966,002 common shares of the Company at C$0.05 per share for gross proceeds of C$1,398,300 ($1,049,974) and incurring financing costs of $28,847. The Company also issued 2,033,998 common shares to settle $77,117 of debt at a deemed price of C$0.18 based on the fair value of the shares issued. As a result, the Company recorded a loss on debt settlement of $197,800. On August 30, 2019, the Company closed the second and final tranche (the “Second Tranche”) of the non-brokered private placement, issuing 1,000,000 common shares at C$0.05 per share for gross proceeds of C$50,000 ($37,550). On February 26, 2020, the Company closed a non-brokered private placement, issuing 2,991,073 common shares of the Company at C$0.56 per share for gross proceeds of C$1,675,000 ($1,256,854) and incurring financing costs of $95,763 and 239,284 broker warrants. Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 7). On May 12, 2020, the Company closed a non-brokered private placement, issuing 107,142 common shares of the Company at C$0.56 per share for gross proceeds of C$60,000 ($44,671). During the year ended June 30, 2020, the Company issued 1,403,200 June 2019 Units and 1,912,000 August 2019 Units at a deemed price of C$0.05 as finder’s fees with a total value of C$165,760 ($125,180) to a shareholder of the Company. On August 14, 2020, the Company closed the first tranche of the brokered private placement of units of the Company (“August 2020 Offering”), issuing 35,212,142 units of the Company (“August 2020 Units”) at C$0.35 per August 2020 Unit for gross proceeds of $9,301,321 (C$12,324,250). Each August 2020 Unit consisted of one common share of the Company and one common share purchase warrant of the Company (“August 2020 Warrant”), which entitles the holder to acquire a common share of the Company at C$0.50 per common share of the Company until August 31, 2023. In connection with the first tranche, the Company incurred financing costs of $709,016 (C$829,719) and issued 2,112,729 compensation options (“August 2020 Compensation Options”). Each compensation option is exercisable into one August 2020 Unit at an exercise price of C$0.35 until August 31, 2023. On August 25, 2020, the Company closed the second tranche of the August 2020 Offering, issuing 20,866,292 August 2020 Units at C$0.35 per August 2020 Unit for gross proceeds of $5,497,453 (C$7,303,202). In connection with the second tranche, the Company incurred financing costs of $238,140 (C$314,512) and issued 1,127,178 August 2020 Compensation Options. In the August 2020 Offering, the fair value of warrants, which are treated as liability and fair value accounted for, were greater than gross proceeds. As a result, a loss of $940,290 has been recognized in the unaudited condensed interim consolidated statements of loss and the share issue costs were also expensed. The Company also issued 2,205,714 August 2020 Units to settle $170,093 of accounts payable, $55,676 of accrued liabilities, $28,300 of interest payable, and $331,046 of promissory notes payable at a deemed price of $0.67 based on the fair value of the units issued. As a result, the Company recorded a loss on debt settlement of $899,237. For each financing, the Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments as they were issued in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of warrants accounted for as liabilities was determined on the date of issue and marks to market at each financial reporting period. The change in fair value of the warrant is recorded in the unaudited condensed interim consolidated statement of operations and comprehensive loss as a gain or loss and is estimated using the Binomial model. The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions on the day of issuance and as at September 30, 2020: August 2020 issuance August 14, 2020 September 30, 2020 Expected life 1112 days 1065 days Volatility 100 % 100 % Risk free interest rate 1.53 % 1.48 % Dividend yield 0 % 0 % Share price $ 0.42 $ 0.43 Fair value $ 15,746,380 $ 16,097,069 Change in derivative liability $ (350,689 ) The warrant liabilities as a result of the December 2017, August 2018, November 2018, June 2019 and August 2019 private placements were revalued as at September 30, 2020 and June 30, 2020 using the Binomial model and the following assumptions: December 2017 issuance June 30, 2020 September 30, 2020 Expected life 166 days 74 days Volatility 100 % 100 % Risk free interest rate 0.69 % 1.48 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 0 $ 0 Change in derivative liability $ 0 August 2018 issuance June 30, 2020 September 30, 2020 Expected life 405 days 313 days Volatility 100 % 100 % Risk free interest rate 1.20 % 1.49 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 6,132 $ 0 Change in derivative liability $ 6,132 November 2018 issuance June 30, 2020 September 30, 2020 Expected life 516 days 424 days Volatility 100 % 100 % Risk free interest rate 1.34 % 1.19 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 206,253 $ 68,901 Change in derivative liability $ 137,352 June 2019 issuance June 30, 2020 September 30, 2020 Expected life 363 days 271 days Volatility 100 % 100 % Risk free interest rate 1.15 % 0.97 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 6,582,920 $ 3,146,863 Change in derivative liability $ 3,436,057 August 2019 issuance June 30, 2020 September 30, 2020 Expected life 397 days 305 days Volatility 100 % 100 % Risk free interest rate 1.11 % 0.93 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 11,631,921 $ 5,574,662 Change in derivative liability $ 6,057,259 Warrants Number of warrants Weighted average exercise price (C$) Weighted average grant date value ($) Balance, June 30, 2019 13,046,484 0.88 $ 0.27 Issued 23,005,800 0.25 0.02 Balance, September 30, 2019 36,052,284 0.48 $ 0.11 Balance, June 30, 2020 37,844,404 0.43 $ 0.09 Issued 58,284,148 0.50 0.11 Expired (116,714 ) 4.50 1.90 Balance, September 30, 2020 96,011,838 0.47 $ 0.10 Expiry date Exercise price (C$) Number of warrants Number of warrants exercisable December 5, 2020 20.00 227,032 227,032 December 13, 2020 20.00 7,000 7,000 August 9, 2021 4.50 160,408 160,408 November 28, 2021 1.00 645,866 645,866 June 27, 2021 0.25 11,660,000 11,660,000 August 1, 2021 0.25 20,672,900 20,672,900 November 13, 2021 0.80 400,000 400,000 November 13, 2021 0.50 400,000 400,000 August 1, 2021 0.25 763,200 763,200 August 26, 2021 0.05 1,912,000 1,912,000 February 7, 2022 0.25 640,000 640,000 February 26, 2022 0.70 239,284 239,284 August 31, 2023 0.50 58,284,148 58,284,148 96,011,838 96,011,838 Broker options Number of broker options Weighted average exercise price (C$) Balance, June 30, 2019, September 30, 2019 and June 30, 2020 - $ - Issued (i) 3,239,907 0.35 Balance, September 30, 2020 3,239,907 $ 0.35 (i) The grant date fair value of the broker options were estimated at $937,748 using the Black-Scholes valuation model with the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life 0.31 % 0 % 100 % C$0.54-C$0.56 3 years Exercise Number of Expiry date price (C$) broker options Fair value ($) August 31, 2023 (i) 0.50 3,239,907 937,748 (i) Exercisable into one August 2020 Unit Stock options The following table summarizes the stock option activity during the periods ended September 30, 2020: Number of stock options Weighted average exercise price (C$) Balance, June 30, 2019 and September 30, 2019 287,100 $ 7.50 Balance, June 30, 2020 7,580,159 0.62 Granted (i) 200,000 0.60 Balance, September 30, 2020 7,780,159 $ 0.62 (i) On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On April 20, 2020, 5,957,659 stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire one common share of the Company at an exercise price of C$0.55. The stock options vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The grant date fair value of the stock options were estimated at $1,536,764. The vesting of these options results in stock-based compensation of $201,728 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (iii) On September 30, 2020, 200,000 stock options were issued to a consultant. Each stock option entitles the holder to acquire one common share of the Company at an exercise price of C$0.60. The stock options vest 50% at 6 months and 50% at 12 months from the grant date and expire in 3 years. The grant date fair value of the options were estimated at $52,909. The vesting of these options resulted in stock-based compensation of $218 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life (i) 1.54 % 0 % 100 % C$0.50 5 years (ii) 0.44 % 0 % 100 % C$0.50 5 years (iii) 0.25 % 0 % 100 % C$0.58 3 years The following table reflects the actual stock options issued and outstanding as of September 30, 2020: Exercise price (C$) Weighted average remaining contractual life (years) Number of options outstanding Number of options vested (exercisable) Grant date fair value ($) 10.00 1.59 40,000 40,000 217,274 16.50 1.59 7,500 7,500 40,739 0.60 4.07 1,575,000 675,000 435,069 0.55 4.56 5,957,659 - 1,536,764 0.60 3.00 200,000 - 52,909 7,780,159 722,500 2,282,755 | 12. Capital stock, warrants and stock options Authorized The total authorized capital is as follows: * 750,000,000 common shares with a par value of $0.000001 per common share; and * 10,000,000 preferred shares with a par value of $0.000001 per preferred share On May 23, 2019, the Company affected a consolidation of its issued and outstanding share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation common shares, which has been retrospectively applied in these consolidated financial statements. On July 19, 2019, the Company amended its articles of incorporation to change the total authorized capital and the par values, which have been retrospectively applied in these consolidated financial statements. Issued and outstanding In August 2018, the Company closed a private placement, issuing 160,408 Units to Gemstone 102 Ltd. (“Gemstone”) at a price of C$4.50 per Unit, for gross proceeds of C$721,834 ($549,333) and incurring financing costs of $25,750. Each Unit entitles Gemstone to acquire one common share (“Unit Share”) and one common share purchase warrant (“Unit Warrant”), with each Unit Warrant entitling Gemstone to acquire one common share of the Company at a price of C$4.50 for a period of three years. Prior to the issuance of the Units, Gemstone held 400,000 common shares of the Company and 200,000 warrants (“Prior Warrants”) exercisable at a price of C$20.00 per share. Immediately prior to closing, the Prior Warrants were early terminated by mutual agreement of the Company and Gemstone. Upon issuance of the 160,408 Units to Gemstone, Gemstone beneficially owns or exercises control or direction over 560,408 common shares of the Company. Assuming exercise of the Unit Warrants, Gemstone would hold 720,816 of the outstanding common shares of the Company. Gemstone’s participation in the Offering constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Given the urgent need to secure financing to meet the new lease obligations, Bunker’s Board approved an equity private placement of Units to be sold at C$0.75 per Unit with each Unit consisting of one common share and one common share purchase warrant. On November 28, 2018, the Company closed on a total of 645,866 Units for gross proceeds of C$484,400 ($365,341) and incurring financing costs of $10,062, with each purchase warrant exercisable into a Common Share at C$1.00 per Common Share for a period of thirty-six months. On June 27, 2019, the Company closed the first tranche (“First Tranche”) of a non-brokered private placement, issuing 11,660,000 units (“June 2019 Unit”) at a price of C$0.05 per June 2019 Unit for gross proceeds of C$583,000 ($436,608) and incurring financing costs of $19,640. Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant (“June 2019 Warrant”). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. As a part of the First Tranche, Hummingbird Resources PLC (“Hummingbird”) has acquired 2,660,000 June 2019 Units for C$133,000 ($100,000) which was applied to reduction of the principal amount owing under the convertible loan facility (see note 9 ). On August 1, 2019, the Company closed the second and final tranche (“Tranche Two”) of the non-brokered private placement, issuing 6,042,954 units (“August 2019 Units”) at C$0.05 per August 2019 Unit for gross proceeds of C$302,148 ($228,202) and incurring financing costs of $36,468. Each August 2019 Unit consists of one common share of the Company and one common share purchase warrant, which entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. The Company also issued 16,962,846 August 2019 Units to settle $640,556 of debt at a deemed price of C$0.09 based on the fair value of the shares issued. As a result, the Company recorded resulting in loss on debt settlement of $858,495. On August 23, 2019, the Company closed the first tranche (the “First Tranche”) of the non-brokered private placement, issuing 27,966,002 common shares of the Company at C$0.05 per share for gross proceeds of C$1,398,300 ($1,049,974) and incurring financing costs of $28,847. The Company also issued 2,033,998 common shares to settle $77,117 of debt at a deemed price of C$0.18 based on the fair value of the shares issued. As a result, the Company recorded a loss on debt settlement of $197,800. On August 30, 2019, the Company closed the second and final tranche (the “Second Tranche”) of the non-brokered private placement, issuing 1,000,000 common shares at C$0.05 per share for gross proceeds of C$50,000 ($37,550). On February 26, 2020, the Company closed a non-brokered private placement, issuing 2,991,073 common shares of the Company at C$0.56 per share for gross proceeds of C$1,675,000 ($1,256,854) and incurring financing costs of $ 95,763 (restated) and 239,284 broker warrants. Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 9 ). On May 12, 2020, the Company closed a non-brokered private placement, issuing 107,143 common shares of the Company at C$0.56 per share for gross proceeds of C$60,000 ($44,671). During the year ended June 30, 2020, the Company issued 1,403,200 June 2019 Units and 1,912,000 August 2019 Units at a deemed price of C$0.05 as finder’s fees with a total value of C$165,760 ($125,180) to a shareholder of the Company. As at June 30, 2020, the Company received cash proceeds of $549,363 for a private placement that closed subsequent to June 30, 2020 ( see note 19 ). For each financing, the Company has accounted for the warrants in accordance with ASC Topic 815. The warrants are considered derivative instruments as they were issued in a currency other than the Company’s functional currency of the US dollar. The estimated fair value of warrants accounted for as liabilities was determined on the date of issue and marks to market at each financial reporting period. The change in fair value of the warrant is recorded in the consolidated statement of operations and comprehensive loss as a gain or loss and is estimated using the Binomial model. The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions on the day of issuance and as at June 30, 2020: August 2019 issuance August 1, 2019 June 30, 2020 Expected life 731 days 397 days Volatility 100 % 100 % Risk free interest rate 1.59 % 1.11 % Dividend yield 0 % 0 % Share price $ 0.07 $ 0.73 Fair value $ 468,227 $ 11,631,921 Change in derivative liability $ (11,163,694 ) The warrant liabilities as a result of the December 2017, August 2018, November 2018, and June 2019 private placements were revalued as at June 30, 2020 and June 30, 2019 using the Binomial model and the following assumptions: December 2017 issuance June 30, 2019 June 30, 2020 Expected life 532 days 166 days Volatility 100 % 100 % Risk free interest rate 1.66 % 0.69 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 August 2018 issuance June 30, 2019 June 30, 2020 Expected life 771 days 405 days Volatility 100 % 100 % Risk free interest rate 1.59 % 1.20 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 6,132 Change in derivative liability $ (6,132 ) November 2018 issuance June 30, 2019 June 30, 2020 Expected life 882 days 516 days Volatility 100 % 100 % Risk free interest rate 1.47 % 1.34 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 1,875 $ 206,253 Change in derivative liability $ (204,378 ) June 2019 issuance June 30, 2019 June 30, 2020 Expected life 727 days 363 days Volatility 100 % 100 % Risk free interest rate 1.47 % 1.15 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 114,934 $ 6,582,920 Change in derivative liability $ (6,467,986 ) Warrants Number of warrants Weighted average exercise price (C$) Weighted average Grant date Value ($) Balance, June 30, 2018 663,496 $ 16.02 $ 6.13 Issued 12,582,988 0.38 0.07 Cancelled (200,000 ) 20.00 7.50 Balance, June 30, 2019 13,046,484 $ 0.88 $ 0.27 Issued 27,360,284 0.27 0.03 Expired (229,464 ) 8.50 3.54 Exercised (i) (2,332,900 ) 0.25 0.02 Balance, June 30, 2020 37,844,404 $ 0.43 $ 0.09 (i) During the year ended June 30, 2020, 2,332,900 warrants were exercised at C$0.25 per warrant for gross proceeds of C$583,225 ($417,006). In conjunction with the exercise of warrants, the Company recognized a change in derivative liability of $871,710. Expiry date Exercise price (C$) Number of warrants Number of warrants exercisable December 5, 2020 20.00 227,032 227,032 December 13, 2020 20.00 7,000 7,000 August 9, 2021 4.50 116,714 116,714 August 9, 2021 4.50 160,408 160,408 November 28, 2021 1.00 645,866 645,866 June 27, 2021 0.25 11,660,000 11,660,000 August 1, 2021 0.25 20,672,900 20,672,900 November 13, 2021 0.80 400,000 400,000 November 13, 2021 0.50 400,000 400,000 August 1, 2021 0.25 763,200 763,200 August 26, 2021 0.05 1,912,000 1,912,000 February 7, 2022 0.25 640,000 640,000 February 26, 2022 0.70 239,284 239,284 37,844,404 37,844,404 Stock options The following table summarizes the stock option activity during the years ended June 30, 2020: Number of stock options Weighted average exercise price (C$) Balance, June 30, 2018 287,100 $ 7.50 Granted (i) 43,750 8.00 Exercised (43,750 ) 8.00 Balance, June 30, 2019 287,100 $ 7.50 Granted (ii) 7,532,659 0.56 Forfeited (239,600 ) 9.78 Balance, June 30, 2020 7,580,159 $ 0.62 (i) On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company’s books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (iii) On April 20, 2020, 5,957,659 stock options were issued to certain directors of the Company. Each stock option entitles the holder to acquire one common share of the Company at an exercise price of C$0.55. The stock options vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The grant date fair value of the stock options were estimated at $1,536,764. The vesting of these options results in stock-based compensation of $162,855 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life (i) 2.32 % 0 % 100 % C$2.30 5 years (ii) 1.54 % 0 % 100 % C$0.50 5 years (iii) 0.44 % 0 % 100 % C$0.50 5 years The following table reflects the actual stock options issued and outstanding as of June 30, 2020: Exercise price (C$) Weighted average remaining contractual life (years) Number of options outstanding Number of options vested (exercisable) Grant date fair value ($) 10.00 1.84 40,000 40,000 217,274 16.50 2.44 7,500 7,500 40,739 0.60 4.32 1,575,000 675,000 435,069 0.55 4.81 5,957,659 - 1,536,764 7,580,159 722,500 2,229,846 |
Restricted Share Units
Restricted Share Units | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Restricted Share Units | 12. Restricted share units Effective March 25, 2020, the Board of Directors approved a Restricted Share Unit (“RSU”) Plan to grant RSUs to its officers, directors, key employees and consultants. The following table summarizes the RSU activity during the periods ended September 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2019 and September 30, 2019 - $ - Unvested as at June 30, 2020 and September 30, 2020 600,000 $ 0.40 (i) On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $20,770 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $10,287 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | 13. Restricted share units Effective March 25, 2020, the Board of Directors approved a Restricted Share Unit (“RSU”) Plan to grant RSUs to its officers, directors, key employees and consultants. The following table summarizes the RSU activity during the years ended June 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2018 and June 30, 2019 - $ - Granted (i)(ii) 600,000 0.40 Unvested as at June 30, 2020 600,000 $ 0.40 (i) On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $17,384 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $8,274 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Deferred Share Units
Deferred Share Units | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Deferred Share Units | 13. Deferred share units Effective April 21, 2020, the Board of Directors approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time. Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company’s common share on the date of redemption in exchange for cash. The following table summarizes the DSU activity during the periods ended September 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2019 and September 30, 2019 - $ - Unvested as at June 30, 2020 and September 30, 2020 7,500,000 $ 0.65 (i) On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. During the three months ended September 30, 2020, the Company recognized $204,127 stock-based compensation related to the DSUs (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | 14. Deferred share units Effective April 21, 2020, the Board of Directors approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time. Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company’s common share on the date of redemption in exchange for cash. The following table summarizes the DSU activity during the years ended June 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2018 and June 30, 2019 - $ - Granted (i) 7,500,000 0.65 Unvested as at June 30, 2020 7,500,000 $ 0.65 (i) On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these DSUs results in stock-based compensation of $549,664 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 14. Commitments and contingencies As stipulated by the agreements with Placer Mining as described in note 6, the Company is required to make monthly payment of $60,000 for care and maintenance and a lease extension fee of $60,000. Including the previously accrued payments, a total of $1,787,300 is payable until the Company decides to acquire the mine at which time these payments will be waived. As stipulated in the agreement with the EPA and as described in note 7, the company is required to make two payments to the EPA, one for cost-recovery, and the other for water treatment. As at September 30, 2020, $11,096,542 payable to the EPA has been included in accounts payable and accrued liabilities. The Company is now engaged with the EPA to amend and defer these payments. The Company has entered into a lease agreement which expires in May 2022. Monthly rental expenses are approximately C$26,000 and are offset by rental income obtained through a series of subleases held by the Company. See note 10. | 15. Commitments and contingencies (restated) As stipulated by the agreements with Placer Mining as described in note 8 , the Company is required to make monthly payment of $60,000 for care and maintenance and a lease extension fee of $60,000. Including the previously accrued payments, a total of $1,847,300 is payable until the Company decides to acquire the mine at which time these payments will be waived. As stipulated in the agreement with the EPA and as described in note 8, the company is required to make two payments to the EPA, one for cost-recovery, and the other for water treatment. As at June 30, 2020, $7,905,235 payable to the EPA has been included in accounts payable and accrued liabilities. The Company is now engaged with the EPA to amend and defer these payments. The Company has entered into a lease agreement which expires in May 2022. Monthly rental expenses are approximately C$26,000 and are offset by rental income obtained through a series of subleases held by the Company. See note 11 . |
Income Taxes (Restated)
Income Taxes (Restated) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes (Restated) | 16. Income taxes (restated) As at June 30, 2020 and 2019, the Company had no accrued interest and penalties related to uncertain tax positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 26.9% (2019 - 26.9%) to pretax loss from operations for the years ended June 30, 2020 and 2019 due to the following: Year Ended June 30, 2020 Year Ended June 30, 2019 Loss before income taxes (as restated) $ 31,321,791 $ 8,442,320 Expected income tax recovery (8,425,600 ) (2,271,000 ) Other permanent difference 673,000 563,070 Change in valuation allowance 7,752,600 1,707,930 Total $ - $ - Deferred tax assets and the valuation account are as follows: June 30, 2020 June 30, 2019 Deferred tax asset: Net operating loss carry forward $ 6,374,700 $ 4,285,020 Other deferred tax assets 8,916,350 3,392,290 Valuation allowance (15,304,180 ) (7,687,200 ) Unrealized foreign exchange loss 13,130 8,870 Equipment - 1,020 Total $ - $ - June 30, 2020 June 30, 2019 Deferred tax asset: Non-capital losses carried forward $ 10,050 $ 1,530,460 Lease liabilities 57,120 - Deferred tax liabilities: Convertible debt - (1,530,460 ) Equipment (10,050 ) - Right of use assets and lease obligations (57,120 ) - Net deferred tax asset $ - $ - The potential income tax benefit of these losses has been offset by a full valuation allowance. As of June 30, 2020, and 2019, the Company has an unused net operating loss carry-forward balance of $ 25,680,750 and $ 22,094,056 , respectively, that is available to offset future taxable income. The US non-capital loss carryforwards generated before 2018 expire between 2031 and 2037. The losses generated after 2018 do not expire. The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended June 30, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | 15. Related party transactions (i) During the three months ended September 30, 2020, John Ryan (Director and former CEO) billed $9,000 (three months ended September 30, 2019 - $15,500) for consulting services to the Company. (ii) During the three months ended September 30, 2020, Wayne Parsons (Director and CFO) billed $40,000 (three months ended September 30, 2019 - $42,618) for consulting services to the Company. (iii) During the three months ended September 30, 2020, Hugh Aird (Director) billed $18,223 (three months ended September 30, 2019 - $9,774) for consulting services to the Company. (iv) During the three months ended September 30, 2020, Richard Williams (Director and Executive Chairman) billed $45,000 (three months ended September 30, 2019 - $nil) for consulting services to the Company. At September 30, 2020, $109,236 is owed to Mr. Williams (June 30, 2020 - $121,161) with all amounts included in accounts payable and accrued liabilities During the three months ended September 30, 2020, the Company issued 214,286 August 2020 Units at a deemed price of $0.67 to settle $56,925 of debt owed to Mr. Williams. See note 9(v) (v) During the three months ended September 30, 2020 Sam Ash (President and CEO) billed $54,583(three months ended September 30, 2019 - $nil) for consulting services to the Company. At September 30, 2020, $nil is owed to Mr. Ash (June 30, 2020 - 60,000 with all amounts included in accounts payable and accrued liabilities During the three months ended September 30, 2020, the Company issued 77,143 August 2020 Units at a deemed price of $0.67 to settle $20,000 of debt owed to Mr. Ash. (vi) During the three months ended September 30, 2020, the Company issued 300,000 August 2020 Units at a deemed price of $0.67 to settle $77,696 (C$105,000) of debt owed to a shareholder of the Company. | 17. Related party transactions During the year ended June 30, 2020, John Ryan (Director and former CEO) billed $51,500, Wayne Parsons (Director and CFO) billed $136,045, Hugh Aird (Director) billed $9,774, Richard Williams (Director and Executive Chairman) billed $134,927, and Sam Ash (President and CEO) billed $60,000 for services to the Company. At June 30, 2020, $121,161 is owed to Mr. Williams and $60,000 is owed to Mr. Ash with all amounts included in accounts payable and accrued liabilities. During the year ended June 30, 2020, the Company issued 1,403,200 June 2019 Units and 1,912,000 August 2019 Units at a deemed price of C$0.05 as finder’s fees with a total value of C$165,760 ($125,180) to a shareholder of the Company. |
Financial Instruments
Financial Instruments | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Investments, All Other Investments [Abstract] | ||
Financial Instruments | 16. Financial instruments Fair values The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable excluding HST, accounts payable, accrued liabilities, DSU liability, interest payable, convertible loan payable, promissory notes payable and lease liability, all of which qualify as financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring basis using level 1 inputs and derivative warrant liabilties at fair value on recurring basis using level 3 inputs. There were no transfers of financial instruments between levels 1, 2, and 3 during the years ended September 30, 2020 and 2020. Foreign currency risk Foreign currency risk is the risk that changes the rates of exchange on foreign currencies will impact the financial position of cash flows of the Company. The Company is exposed to foreign currency risks in relation to certain activities that are to be settled in Canadian dollar. Management monitors its foreign currency exposure regularly to minimize the risk of an adverse impact on its cash flows. Concentration of credit risk Concentration of credit risk is the risk of loss in the event that certain counterparties are unable to fulfill its obligations to the Company. The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management also routinely assesses the financial strength and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are limited. Liquidity risk Liquidity risk is the risk that the Company’s consolidated cash flows from operations will not be sufficient for the Company to continue operating and discharge its liabilities. The Company is exposed to liquidity risk as its continued operation is dependent upon its ability to obtain financing, either in the form of debt or equity, or achieving profitable operations in order to satisfy its liabilities as they come due. | 18. Financial instruments Fair values The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable excluding HST, accounts payable, accrued liabilities, interest payable, convertible loan payable, promissory notes payable, lease liability, and other liabilities, all of which qualify as financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring basis using level 1 inputs and derivative warrant liabilities at fair value on recurring basis using level 3 inputs. There were no transfers of financial instruments between levels 1, 2, and 3 during the years ended June 30, 2020 and 2019. Foreign currency risk Foreign currency risk is the risk that changes the rates of exchange on foreign currencies will impact the financial position of cash flows of the Company. The Company is exposed to foreign currency risks in relation to certain activities that are to be settled in Canadian dollar. Management monitors its foreign currency exposure regularly to minimize the risk of an adverse impact on its cash flows. Concentration of credit risk Concentration of credit risk is the risk of loss in the event that certain counterparties are unable to fulfill its obligations to the Company. The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management also routinely assesses the financial strength and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are limited. Liquidity risk Liquidity risk is the risk that the Company’s consolidated cash flows from operations will not be sufficient for the Company to continue operating and discharge its liabilities. The Company is exposed to liquidity risk as its continued operation is dependent upon its ability to obtain financing, either in the form of debt or equity, or achieving profitable operations in order to satisfy its liabilities as they come due. |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 17. Subsequent events On October 9, 2020, the Company settled the full balance of the convertible loan payable to Hummingbird (see note 8) by issuing 5,572,980 shares of the Company. | 19. Subsequent events (restated) On July 15, 2020 the Company has entered into a loan agreement with an arm’s length third party for an unsecured loan facility of $1,200,000 (the “July 2020 Loan”) due August 31, 2020. As consideration for the July 2020 Loan, the Company has agreed to pay the lender a one-time origination fee of $360,000. The Company repaid the July 2020 Loan in full on maturity. On August 12, 2020, the Company announced that it has extended the lease with Placer Mining for further 18 months for a $150,000 extension fee, in addition to the 6 month extension available for a $60,000 extension fee (see note 8). This extension expires on August 1, 2022. On August 14, 2020, the Company closed the first tranche of the brokered private placement of units of the Company (“August 2020 Offering”), issuing 35,212,142 units of the Company (“August 2020 Units”) at C$0.35 per August 2020 Unit for gross proceeds of $9,301,321 (C$12,324,250). Each August 2020 Unit consisted of one common share of the Company and one common share purchase warrant of the Company (“August 2020 Warrant”), which entitles the holder to acquire a common share of the Company at C$0.50 per common share of the Company until August 31, 2023. In connection with the first tranche, the Company incurred financing costs of $641,493 (C$739,455) and issued 2,112,729 compensation options (“August 2020 Compensation Options”). Each compensation option is exercisable into one August 2020 Unit at an exercise price of C$0.35 until August 31, 2023. On August 25, 2020, the Company closed the second tranche of the August 2020 Offering, issuing 20,866,292 August 2020 Units at C$0.35 per August 2020 Unit for gross proceeds of $5,497,453 (C$7,303,202). In connection with the second tranche, the Company incurred financing costs of $292,377 (C$386,376) and issued 1,127,178 August 2020 Compensation Options. The Company also issued 2,205,714 August 2020 Units to settle $585,115 (C$772,000) of debt. On September 30, 2020, 200,000 stock options were issued to a consultant. Each stock option entitles the holder to acquire one common share of the Company at an exercise price of C$0.60. The stock options vest 50% at 6 months and 50% at 12 months from the grant date and expire in 3 years. On October 9, 2020, the Company settled the full balance of the convertible loan payable to Hummingbird by issuing 5,572,980 shares of the Company. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 20. Quarterly financial data (unaudited) The Company restated its consolidated financial statements as of and for the quarterly periods ended September 30, 2019 and 2018, December 31, 2019 and 2018, and March 31, 2020 and 2019 to correct misstatements, as discussed in note 5 describing the restatement of annual periods. The following tables summarize the impact of the restatement on the Company’s unaudited condensed interim consolidated financial statements. Impact to Condensed Interim Consolidated Statements of Loss and Comprehensive Loss Three months ended September 30, 2018 As previously reported Adjustment As restated Exploration $ 810,265 $ 216,622 $ 1,026,887 Total operating expense and loss from operations $ (1,611,333 ) $ (216,622 ) $ (1,827,955 ) Loss before income tax and net loss and comprehensive loss $ (636,490 ) $ (216,622 ) $ (853,112 ) Net loss per common share - basic and fully diluted (*) $ (0.19 ) $ (0.06 ) $ (0.25 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended December 31, 2018 As previously reported Adjustment As restated Exploration $ 3,003,911 $ 184,947 $ 3,188,858 Total operating expense and loss from operations $ (3,393,071 ) $ (184,947 ) (3,578,018 ) Loss before income tax and net loss and comprehensive loss for the period $ (3,290,293 ) $ (184,947 ) $ (3,475,240 ) Net loss per common share - basic and fully diluted (*) $ (0.88 ) $ (0.05 ) $ (0.93 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Six months ended December 31, 2018 As previously reported Adjustment As restated Exploration $ 3,814,176 $ 401,569 $ 4,215,745 Total operating expense and loss from operations $ (5,004,404 ) $ (401,569 ) $ (5,405,973 ) Loss before income tax and net loss and comprehensive loss for the period $ (3,926,783 ) $ (401,569 ) $ (4,328,352 ) Net loss per common share - basic and fully diluted (*) $ (1.10 ) $ (0.11 ) $ (1.21 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended March 31, 2019 As previously reported Adjustment As restated Exploration $ 999,602 $ 151,018 $ 1,150,620 Total operating expense and loss from operations $ (1,239,839 ) $ (151,018 ) $ (1,390,857 ) Loss before income tax and net loss and comprehensive lossfor the period $ (1,826,405 ) $ (151,018 ) $ (1,977,423 ) Net loss per common share - basic and fully diluted (*) $ (0.44 ) $ (0.04 ) $ (0.48 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Nine months ended March 31, 2019 As previously reported Adjustment As restated Exploration $ 4,813,778 $ 552,587 $ 5,366,365 Total operating expense and loss from operations $ (6,244,243 ) $ (552,587 ) $ (6,796,830 ) Loss before income tax and net loss and comprehensive loss for the period $ (5,753,188 ) $ (552,587 ) $ (6,305,775 ) Net loss per common share - basic and fully diluted (*) $ (1.53 ) $ (0.15 ) $ (1.68 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended September 30, 2019 As previously reported Adjustment As restated Exploration $ 958,804 $ 150,411 $ 1,109,215 Loss from operations $ (1,135,650 ) $ (150,411 ) $ (1,286,061 ) Loss before income tax and net loss and comprehensive loss $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Net loss per common share - basic and fully diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) Three months ended December 31, 2019 As previously reported Adjustment As restated Exploration $ 3,985,959 $ 173,133 $ 4,159,092 Loss from operations $ (4,382,308 ) $ (173,133 ) $ (4,555,441 ) Loss before income tax and net loss and comprehensive loss $ (13,330,980 ) $ (173,133 ) $ (13,504,113 ) Net loss per common share - basic and fully diluted $ (0.19 ) $ - $ (0.19 ) Six months ended December 31, 2019 As previously reported Adjustment As restated Exploration $ 4,944,763 $ 323,544 $ 5,268,307 Loss from operations $ (5,517,958 ) $ (323,544 ) $ (5,841,502 ) Loss before income tax and net loss and comprehensive loss for the period $ (17,417,269 ) $ (323,544 ) $ (17,740,813 ) Net loss per common share - basic and fully diluted $ (0.31 ) $ - $ (0.31 ) Three months ended March 31, 2020 As previously reported Adjustment As restated Exploration $ 730,334 $ 185,407 $ 915,741 Loss from operations $ (1,177,553 ) $ (185,407 ) $ (1,362,960 ) Income (loss) before income tax and net income (loss) $ 9,487,004 $ (185,407 ) $ 9,301,597 Net income (loss) per common share - basic and fully diluted $ 0.13 $ - $ 0.13 Nine months ended March 31, 2020 As previously reported Adjustment As restated Exploration $ 5,675,097 $ 508,951 $ 6,184,048 Loss from operations $ (6,695,511 ) $ (508,951 ) $ (7,204,462 ) Income (loss) before income tax and net income (loss)and comprehensive income (loss) for the period $ (7,930,265 ) $ (508,951 ) $ (8,439,216 ) Net loss per common share - basic and fully diluted $ (0.12 ) $ (0.01 ) $ (0.13 ) Impact to Condensed Interim Consolidated Balance Sheets As at September 30, 2018 As previously reported Adjustment As restated Accounts payable $ 237,781 $ 763,354 $ 1,001,135 Total current liabilities $ 1,170,752 $ 763,354 $ 1,934,106 Total liabilities $ 1,430,374 $ 763,354 $ 2,193,728 Deficit accumulated during exploration stage $ (24,250,066 ) $ (763,354 ) $ (25,013,420 ) Total shareholders’ equity (deficiency) $ (641,462 ) (763,354 ) $ (1,404,816 ) As at December 31, 2018 As previously reported Adjustment As restated Accounts payable $ 975,401 $ 948,301 $ 1,923,702 Total current liabilities $ 3,975,689 $ 948,301 $ 4,923,990 Total liabilities $ 4,101,195 $ 948,301 $ 5,049,496 Deficit accumulated during exploration stage $ (27,540,359 ) $ (948,301 ) $ (28,488,660 ) Total shareholders’ deficiency $ (3,572,758 ) $ (948,301 ) $ (4,521,059 ) As at March 31, 2019 As previously reported Adjustment As restated Accounts payable $ 1,785,489 $ 1,099,319 $ 2,884,808 Total current liabilities $ 5,618,921 $ 1,099,319 $ 6,718,240 Total liabilities $ 5,744,427 $ 1,099,319 $ 6,843,746 Deficit accumulated during exploration stage $ (29,366,764 ) $ (1,099,319 ) $ (30,466,083 ) Total shareholders’ deficiency $ (5,399,163 ) $ (1,099,319 ) $ (6,498,482 ) As at September 30, 2019 As previously reported Adjustment As restated Accounts payable $ 2,027,170 $ 1,401,638 $ 3,428,808 Total current liabilities $ 7,033,719 $ 1,401,638 $ 8,435,357 Total liabilities $ 9,629,628 $ 1,401,638 $ 11,031,266 Deficit accumulated during exploration stage $ (35,437,690 ) $ (1,401,638 ) $ (36,839,328 ) Total shareholders’ deficiency $ (8,596,756 ) $ (1,401,638 ) $ (9,998,394 ) As at December 31, 2019 As previously reported Adjustment As restated Accounts payable $ 2,382,993 $ 1,308,105 $ 3,691,098 Accrued liabilities $ 5,842,809 $ 266,666 $ 6,109,475 Total current liabilities $ 10,756,375 $ 1,574,771 $ 12,331,146 Total liabilities $ 22,250,278 $ 1,574,771 $ 23,825,049 Deficit accumulated during exploration stage $ (48,768,670 ) $ (1,574,771 ) $ (50,343,441 ) Total shareholders’ deficiency $ (21,759,966 ) $ (1,574,771 ) $ (23,334,737 ) As at March 31, 2020 As previously reported Adjustment As restated Accounts payable $ 2,346,314 $ 1,173,208 $ 3,519,522 Accrued liabilities $ 5,919,951 $ 666,666 $ 6,586,617 Total current liabilities $ 10,616,583 $ 1,839,874 $ 12,456,457 Total liabilities $ 11,187,555 $ 1,839,874 $ 13,027,429 Additional paid-in-capital $ 28,635,306 $ (79,696 ) $ 28,555,610 Deficit accumulated during exploration stage $ (39,281,666 ) $ (1,760,178 ) $ (41,041,844 ) Total shareholders’ deficiency $ (10,559,438 ) $ (1,839,874 ) $ (12,399,312 ) Impact to Condensed Interim Consolidated Statements of Cash Flows Three months ended September 30, 2018 As previously reported Adjustment As restated Net loss for the period $ (636,490 ) $ (216,622 ) $ (853,112 ) Changes in operating assets and liabilities: Accounts payable $ 12,597 $ 216,622 $ 229,219 Six months ended December 31, 2018 As previously reported Adjustment As restated Net loss for the period $ (3,926,783 ) $ (401,569 ) $ (4,328,352 ) Changes in operating assets and liabilities: Accounts payable $ 770,563 $ 401,569 $ 1,172,132 Nine months ended March 31, 2019 As previously reported Adjustment As restated Net loss for the period $ (5,753,188 ) $ (552,587 ) $ (6,305,775 ) Changes in operating assets and liabilities: Accounts payable $ 1,581,235 $ 552,587 $ 2,133,822 Three months ended September 30, 2019 As previously reported Adjustment As restated Net loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Changes in operating assets and liabilities: Accounts payable $ 329,138 $ 150,411 $ 479,549 Six months ended December 31, 2019 As previously reported Adjustment As restated Net loss for the period $ (17,417,269 ) $ (323,544 ) $ (17,740,813 ) Changes in operating assets and liabilities: Accounts payable $ 670,380 $ 56,878 $ 727,258 Accrued liabilities $ 3,192,282 $ 266,666 $ 3,458,948 Nine months ended March 31, 2020 As previously reported Adjustment As restated Net loss for the period $ (7,930,265 ) $ (508,951 ) $ (8,439,216 ) Changes in operating assets and liabilities: Accounts payable $ 633,701 $ (157,715 ) $ 475,986 Accrued liabilities $ 3,269,424 $ 666,666 $ 3,936,090 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of consolidation These consolidated financial statements include the assets, liabilities and expenses of the Company and its wholly owned subsidiaries, American Zinc Corp. and Bunker Hill Operating LLC. All intercompany transactions and balances have been eliminated on consolidation. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents may include highly liquid investments with original maturities of three months or less. |
Mineral Rights, Property and Acquisition Costs | Mineral rights, property and acquisition costs The Company has been in the exploration stage since its formation on February 20, 2007 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. The Company capitalizes acquisition and option costs of mineral rights as intangible assets. Upon commencement of commercial production, the mineral rights will be amortized using the unit-of-production method over the life of the mineral rights. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. The costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred to develop and expand the capacity of mines, or to develop mine areas in advance of production, are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current exploration or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (FASB ASC) 360-10-35, Impairment or Disposal of Long-Lived Assets. |
Equipment | Equipment Equipment is stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from 3 to 10 years. The cost of repairs and maintenance is charged to expense as incurred. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income or gain (expense or loss). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of equipment or whether the remaining balance of the equipment should be evaluated for possible impairment. If events and circumstances warrant evaluation, the Company uses an estimate of the related undiscounted cash flows over the remaining life of the equipment in measuring their recoverability. |
Leases | Leases Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in operation and administration expenses in the consolidated statements of loss and comprehensive loss. The Company is required to make additional payments for certain variable costs. These costs are expensed and included in operation and administration expenses in the consolidated statements of loss and comprehensive loss. Rental income obtained through subleases is recorded as income over the lease term and is offset against operation and administration expenses. |
Impairment of Long-Lived Assets | Impairment of long-lived assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under FASB ASC 360, Property, Plant and Equipment, if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis is performed using the rules of FASB ASC 930-360-35, Extractive Activities - Mining, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets. Various factors could impact the Company’s ability to achieve forecasted production schedules. Additionally, commodity prices, capital expenditure requirements and reclamation costs could differ from the assumptions the Company may use in cash flow models used to assess impairment. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material can ultimately be mined economically. |
Fair Value of Financial Instruments | Fair value of financial instruments The Company adopted FASB ASC 820-10, Fair Value Measurement. This guidance defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows: * Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. * Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. * Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable excluding HST, accounts payable, accrued liabilities, interest payable, convertible loan payable, promissory notes payable, lease liability, and other liabilities, all of which qualify as financial instruments, are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and current market rate of interest. The Company measured its DSU liability at fair value on recurring basis using level 1 inputs and derivative warrant liabilities at fair value on recurring basis using level 3 inputs. |
Environmental Expenditures | Environmental expenditures The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet, or if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. No costs have been recognized by the Company for environmental expenditures. |
Income Taxes | Income taxes The Company accounts for income taxes in accordance with Accounting Standard Codification 740, Income Taxes (“FASB ASC 740”), on a tax jurisdictional basis. The Company files income tax returns in the United States. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and the consolidated financial statements reported amounts using enacted tax rates and laws in effect in the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined to be more likely than not that the deferred tax asset will not be realized. The Company assesses the likelihood of the consolidated financial statements effect of a tax position that should be recognized when it is more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities in jurisdictions such as the United States. Management does not believe that there are any uncertain tax positions that would result in an asset or liability for taxes being recognized in the accompanying consolidated financial statements. The Company recognizes tax-related interest and penalties, if any, as a component of income tax expense. FSAB ASC 740 prescribes recognition threshold and measurement attributes for the consolidated financial statements recognition and measurement of a tax position taken, or expected to be taken, in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in periods, disclosure and transition. At June 30, 2018 and June 30, 2017, the Company has not taken any tax positions that would require disclosure under FASB ASC 740. |
Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share The Company computes net loss per share of common stock in accordance with FASB ASC 260, Earnings per Share (“ASC 260”). Under the provisions of FASB ASC 260, basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants and the conversion of convertible loan payable. As of June 30, 2020, 7,580,159 stock options and 37,844,404 warrants were considered in the calculation but not included, as they were anti-dilutive (June 30, 2019 - 287,100 stock options and 13,046,484 warrants). |
Stock-Based Compensation | Stock-based compensation In December 2004, the FASB issued FASB ASC 718, Compensation – Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. The Company accounts for stock-based compensation arrangements with non-employees in accordance with ASU 505-50, Equity-Based Payments to Non-Employees, which requires that such equity instruments are recorded at the value on the grant date based on fair value of the equity or goods and services whichever is more reliable. |
Restricted Share Units | Restricted share units For Restricted Share Units (“RSUs”), the Company estimates the grant date fair value using the Company’s common shares on the Canadian Securities Exchange at the grant date. The Company records the value of the RSUs in paid-in capital. |
Deferred Share Units | Deferred share units The Company estimates the grant date fair value of the Deferred Share Units (“DSUs”) using the trading price of the Company’s common shares on the Canadian Securities Exchange on the day of grant. The Company records the value of the DSUs owing to its directors as DSU liability and measures the DSU liability at fair value at each reporting date, with changes in fair value recognized as stock-based compensation in profit (loss). |
Use of Estimates and Assumptions | Use of estimates and assumptions Many of the amounts included in the consolidated financial statements require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated financial statements. Areas of significant judgment and estimates affecting the amounts recognized in the consolidated financial statements include: Going concern The assessment of the Company’s ability to continue as a going concern involves judgment regarding future funding available for its operations and working capital requirements as discussed note 1. Accrued liabilities The Company has to make estimates to accrue for certain expenditures due to delay in receipt of third party vendor invoices. These accruals are made based on trends, history and knowledge of activities. Actual results may be different. Convertible loans, promissory notes and warrants Estimating the fair value of derivative warrant liability and conversion feature derivative liability requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the issuance. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the warrants and conversion feature derivative liability, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value of warrants and conversion feature derivative liability are disclosed in notes 9, 10 and 12. The fair value estimates may differ from actual fair values and these differences may be significant and could have a material impact on the Company’s balance sheets and the consolidated statements of operations. Assets are reviewed for an indication of impairment at each reporting date. This determination requires significant judgment. Factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends, interruptions in exploration activities or a significant drop in precious metal prices. |
Concentrations of Credit Risk | Concentrations of credit risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management also routinely assesses the financial strength and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are limited. |
Risks and Uncertainties | Risks and uncertainties The Company operates in the mineralized material exploration industry that is subject to significant risks and uncertainties, including financial, operational, and other risks associated with operating a mineralized material exploration business, including the potential risk of business failure. |
Foreign Currency Transactions | Foreign currency transactions The Company from time to time will receive invoices from service providers that are presenting their invoices using the Canadian dollar. The Company will use its US dollars to settle the Canadian dollar liabilities and any differences resulting from the exchange transaction are reported as gain or loss on foreign exchange. |
Segment Reporting | Segment reporting FASB ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has one operating segment and reporting unit. The Company operates in one reportable business segment and is organized and operated as one business. Management reviews its business as a single operating segment, using financial and other information rendered meaningful only by the fact that such information is presented and reviewed in the aggregate. |
Convertible Loans and Promissory Notes Payable | Convertible loans and promissory notes payable The Company reviews the terms of its convertible loans and promissory notes payable to determine whether there are embedded derivatives, including the embedded conversion option, that are required to be bifurcated and accounted for as individual derivative financial instruments. In circumstances where the convertible debt or the promissory note contains embedded derivatives that are to be separated from the host contracts, the total proceeds received are first allocated to the fair value of the derivative financial instruments determined using the binomial model. The remaining proceeds, if any, are then allocated to the debenture cost contracts, usually resulting in those instruments being recorded at a discount from their principal amount. This discount is accreted over the expected life of the instruments to profit (loss) using the effective interest method. The debenture host contracts are subsequently recorded at amortized cost at each reporting date, using the effective interest method. The embedded derivatives are subsequently recorded at fair value at each reporting date, with changes in fair value recognized in profit (loss). The Company presents its embedded derivatives and related debenture host contracts as separate instruments on the consolidated balance sheets. |
New and Recently Adopted Tech_2
New and Recently Adopted Technical and Accounting Pronouncements (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Operating Lease Commitment | The aggregate lease liability recognized in the statement of financial position at July 1, 2019 and Company’s operating lease commitment at July 1, 2019 can be reconciled as follows: Operating lease commitment as at July 1, 2019 370,711 Effect of discounting at the incremental borrowing rate (51,578 ) Total lease liability as at July 1, 2019 319,133 |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | ||
Schedule of Restatements | The following tables present the impact of the restatement adjustments on the Company’s previously issued condensed interim consolidated financial statements for the three months ended September 30, 2019. Impact to Condensed Interim Consolidated Statements of Loss and Comprehensive Loss Three months ended September 30, 2019 As previously reported Adjustment As restated Exploration $ 958,804 $ 150,411 $ 1,109,215 Loss from operations $ (1,135,650 ) $ (150,411 ) $ (1,286,061 ) Loss before income tax and net loss and comprehensive loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Net loss per common share - basic and fully diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) Impact to Condensed Interim Consolidated Statements of Cash Flows Three months September 30, 2019 As previously reported Adjustment As restated Net loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Changes in operating assets and liabilities: Accounts payable $ 329,138 $ 150,411 $ 479,549 Impact to Consolidated Statements of Changes in Shareholders’ Deficiency As previously reported Adjustment As restated Balance, Total, June 30, 2019 $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) Net loss for the period ended September 30, 2019 $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Deficit accumulated during the exploration stage, September 30, 2019 $ (35,437,690 ) $ (1,401,638 ) $ (36,839,328 ) Balance, Total, September 30, 2019 $ (8,596,756 ) $ (1,401,638 ) $ (9,998,394 ) | Impact to Consolidated Statements of Loss and Comprehensive Loss Year ended June 30, 2019 As previously reported Adjustment As restated Exploration $ 5,712,238 $ 704,495 $ 6,416,733 Loss from operations $ (7,409,431 ) $ (704,495 ) $ (8,113,926 ) Loss before income tax and net loss and comprehensive loss for the year $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Net loss per common share - basic and fully diluted $ (1.96 ) $ (0.18 ) $ (2.14 ) Year ended June 30, 2020 As previously reported Adjustment As restated Exploration $ 7,951,423 $ 694,008 $ 8,645,431 Loss from operations $ (10,099,815 ) $ (694,008 ) $ (10,793,823 ) Loss before income tax and net loss and comprehensive loss for the year $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Net loss per common share - basic and fully diluted $ (0.46 ) $ (0.01 ) $ (0.47 ) Impact to Consolidated Balance Sheets As at June 30, 2019 As previously reported Adjustment As restated Accounts payable $ 2,170,398 $ 1,251,227 $ 3,421,625 Total current liabilities $ 7,069,564 $ 1,251,227 $ 8,320,791 Total liabilities $ 7,186,373 $ 1,251,227 $ 8,437,600 Deficit accumulated during exploration stage $ (31,351,401 ) $ (1,251,227 ) $ (32,602,628 ) Total shareholders’ deficiency $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) As at June 30, 2020 As previously reported Adjustment As restated Accounts payable $ 3,431,699 $ 958,265 $ 4,389,964 Accrued liabilities $ 6,149,448 $ 1,066,666 $ 7,216,114 Total current liabilities $ 13,073,363 $ 2,024,931 $ 15,098,294 Total liabilities $ 31,949,872 $ 2,024,931 $ 33,974,803 Additional paid-in-capital $ 30,212,754 $ (79,696 ) $ 30,133,058 Deficit accumulated during exploration stage $ (61,979,184 ) $ (1,945,235 ) $ (63,924,419 ) Total shareholders’ deficiency $ (31,216,988 ) $ (2,024,931 ) $ (33,241,919 ) Impact to Consolidated Statements of Cash Flows Year ended June 30, 2019 As previously reported Adjustment As restated Net loss for the year $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Changes in operating assets and liabilities: Accounts payable $ 1,966,144 $ 704,495 $ 2,670,639 Year ended June 30, 2020 As previously reported Adjustment As restated Net loss for the year $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Changes in operating assets and liabilities: Accounts payable $ 1,852,650 $ (372,658 ) $ 1,479,992 Accrued liabilities $ 3,253,423 $ 1,066,666 $ 4,320,089 Impact to Consolidated Statements of Changes in Shareholders’ Deficiency As previously reported Adjustment As restated Deficit accumulated during the exploration stage, June 30, 2018 $ (23,613,576 ) $ (546,732 ) $ (24,160,308 ) Balance, Total, June 30, 2018 $ (216,314 ) $ (546,732 ) $ (763,046 ) Net loss for the year ended June 30, 2019 $ (7,737,825 ) $ (704,495 ) $ (8,442,320 ) Deficit accumulated during the exploration stage, June 30, 2019 $ (31,351,401 ) $ (1,251,227 ) $ (32,602,628 ) Balance, Total, June 30, 2019 $ (6,959,283 ) $ (1,251,227 ) $ (8,210,510 ) Issue costs $ (256,784 ) $ (79,696 ) $ (336,480 ) Net loss for the year ended June 30, 2020 $ (30,627,783 ) $ (694,008 ) $ (31,321,791 ) Deficit accumulated during the exploration stage, June 30, 2020 $ (61,979,184 ) $ (1,945,235 ) $ (63,924,419 ) Balance, Total, June 30, 2020 $ (31,216,988 ) $ (2,024,931 ) $ (33,241,919 ) |
Equipment (Tables)
Equipment (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Equipment | Equipment consists of the following: September 30, 2020 June 30, 2020 Equipment $ 313,345 $ 228,578 313,345 228,578 Less accumulated depreciation (40,802 ) (20,768 ) Equipment, net $ 272,543 $ 207,810 | Equipment consists of the following: June 30, 2020 June 30, 2019 Leasehold improvements $ - 59,947 Equipment 228,578 9,050 228,578 68,997 Less accumulated depreciation (20,768 ) (16,947 ) Equipment, net $ 207,810 $ 52,050 |
Right-of-Use Asset (Tables)
Right-of-Use Asset (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Schedule of Right-of-Use Asset | Right-of-use asset consists of the following: September 30, 2020 June 30, 2020 Office lease $ 319,133 $ 319,133 Less accumulated depreciation (133,808 ) (106,378 ) Right-of-use asset, net $ 185,325 $ 212,755 | Right-of-use asset consists of the following: June 30, 2020 June 30, 2019 Office lease $ 319,133 - Less accumulated depreciation (106,378 ) - Right-of-use asset, net $ 212,755 $ - |
Mining Interests (Tables)
Mining Interests (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Extractive Industries [Abstract] | ||
Schedule of Payment for Mining | The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed followed by a payment schedule detailed below: Date Amount Action Within 30 days of the effective date $ 1,000,000 Paid November 1, 2018 $ 2,000,000 Not paid November 1, 2019 $ 3,000,000 Not paid November 1, 2020 $ 3,000,000 Not paid November 1, 2021 $ 3,000,000 November 1, 2022 $ 3,000,000 November 1, 2023 $ 3,000,000 November 1, 2024 $ 2,000,000 | The agreement calls for payments starting with $1 million 30 days after a fully ratified agreement was signed followed by a payment schedule detailed below: Date Amount Action Within 30 days of the effective date $ 1,000,000 Paid November 1, 2018 $ 2,000,000 Not paid November 1, 2019 $ 3,000,000 Not paid November 1, 2020 $ 3,000,000 November 1, 2021 $ 3,000,000 November 1, 2022 $ 3,000,000 November 1, 2023 $ 3,000,000 November 1, 2024 $ 2,000,000 |
Convertible Loan Payable (Table
Convertible Loan Payable (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of Fair Value Assumptions of Conversion Features | At June 30, 2020, the fair value of the conversion features were estimated using the Binomial model to determine the fair value of conversion features using the following assumptions: Principal Amount June 30, 2019 June 30, 2020 Expected life 365 days 31 days Volatility 100 % 100 % Risk free interest rate 1.75 % 1.52 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 Additional Amount June 30, 2019 June 30, 2020 Expected life 365 days 31 days Volatility 100 % 100 % Risk free interest rate 1.75 % 1.23 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 | |
Schedule of Fair Value of Derivative Warrant Liabilities | The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: Principal Amount June 30, 2019 June 30, 2020 Expected life 349 days Expired Volatility 100 % Risk free interest rate 1.95 % Dividend yield 0 % Share price $ 0.05 Fair value $ 0 $ 0 Change in derivative liability $ 0 Additional Amount June 30, 2019 June 30, 2020 Expected life 405 days 40 days Volatility 100 % 100 % Risk free interest rate 1.84 % 1.49 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 | |
Schedule of Convertible Loan Outstanding Interest Payable | Amount Balance, June 30, 2019 $ 1,744,327 Accretion expense 146,266 Loss on loan extinguishment 9,407 Partial extinguishment (300,000 ) Balance, June 30, 2020 and September 30, 2020 $ 1,600,000 | Amount Balance, June 30, 2018 $ 70,820 Proceeds on issuance 500,000 Debt issue costs (238,455 ) Conversion feature valuation (205,444 ) Warrant valuation (221,256 ) Accretion expense 734,589 Loss on loan extinguishment 1,204,073 Partial extinguishment (100,000 ) Balance, June 30, 2019 $ 1,744,327 Accretion expense 146,266 Loss on loan extinguishment 9,407 Partial extinguishment (300,000 ) Balance, June 30, 2020 $ 1,600,000 |
Promissory Notes Payable (Table
Promissory Notes Payable (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Schedule of Fair Value of Derivative Warrant Liability Assumptions | The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: Principal Amount June 30, 2019 June 30, 2020 Expected life 349 days Expired Volatility 100 % Risk free interest rate 1.95 % Dividend yield 0 % Share price $ 0.05 Fair value $ 0 $ 0 Change in derivative liability $ 0 Additional Amount June 30, 2019 June 30, 2020 Expected life 405 days 40 days Volatility 100 % 100 % Risk free interest rate 1.84 % 1.49 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 | |
Promissory Notes Payable [Member] | ||
Schedule of Fair Value of Derivative Warrant Liability Assumptions | The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: November 2019 issuance June 30, 2020 September 30, 2020 Expected life 501 days 409 days Volatility 100 % 100 % Risk free interest rate 0.94 % 0.75 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 150,161 $ 54,367 Change in derivative liability $ 95,794 April 2020 issuance June 30, 2020 September 30, 2020 Expected life 501 days 409 days Volatility 100 % 100 % Risk free interest rate 0.30 % 0.28 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 186,410 $ 86,603 Change in derivative liability $ 99,807 | The fair value of the warrants were estimated using the Binomial model to determine the fair value of the derivative warrant liabilities using the following assumptions: November 2019 issuance November 14, 2019 June 30, 2020 Expected life 731 days 501 days Volatility 100 % 100 % Risk free interest rate 1.53 % 0.94 % Dividend yield 0 % 0 % Share price $ 0.53 $ 0.73 Fair value $ 106,622 $ 150,161 Change in derivative liability $ (43,539 ) April 2020 issuance April 24, 2020 June 30, 2020 Expected life 568 days 501 days Volatility 100 % 100 % Risk free interest rate 0.33 % 0.30 % Dividend yield 0 % 0 % Share price $ 0.46 $ 0.73 Fair value $ 99,901 $ 186,410 Change in derivative liability $ (86,509 ) |
Schedule of Promissory Notes Outstanding Interest Payable | Amount Balance, June 30, 2019 $ - Proceeds on issuance 300,000 Warrant valuation (206,523 ) Accretion expense 155,001 Balance, June 30, 2020 $ 248,478 Accretion expense 51,522 Debt settlement (189,342 ) Repayment (110,658 ) Balance, September 30, 2020 $ - | As at June 30, 2020, the Company has an outstanding interest payable of $22,700 (June 30, 2019 - $nil). Amount Balance, June 30, 2019 $ - Proceeds on issuance 300,000 Warrant valuation (206,523 ) Accretion expense 155,001 Balance, June 30, 2020 $ 248,478 |
Lease Liability (Tables)
Lease Liability (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Schedule of Operating Lease Liability | The Company has an operating lease for office space that expires in 2022. Below is a summary of the Company’s lease liability as of September 30, 2020: Office lease Balance, June 30, 2019 $ - Addition 319,133 Interest expense 27,062 Lease payments (120,690 ) Foreign exchange gain (10,766 ) Balance, June 30, 2020 214,739 Addition - Interest expense 5,284 Lease payments (10,138 ) Foreign exchange gain (15,588 ) Balance, September 30, 2020 194,297 Less: current portion (106,866 ) Long-term lease liability $ 87,431 | Below is a summary of the Company’s lease liability as of June 30, 2020: Office lease Balance, June 30, 2019 $ - Addition 319,133 Interest expense 27,062 Lease payments (120,690 ) Foreign exchange gain (10,766 ) Balance, June 30, 2020 214,739 Less: current portion (102,027 ) Long-term lease liability $ 112,712 |
Schedule of Lease Obligations | The schedule below represents the Company’s obligations under the lease agreement in Canadian dollars. Less than 1 year 1-2 years 2-3 years Total Base rent $ 162,048 $ 121,536 $ - $ 283,584 Additional rent 150,060 112,545 - 262,605 $ 312,108 $ 234,081 $ - $ 546,189 | The schedule below represents the Company’s obligations under the lease agreement in Canadian dollars. Less than 1 year 1-2 years 2-3 years Total Base rent $ 162,048 $ 148,544 $ - $ 310,592 Additional rent 150,060 137,555 - 287,615 $ 312,108 $ 286,099 $ - $ 598,207 |
Capital Stock, Warrants and S_2
Capital Stock, Warrants and Stock Options (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities | The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions on the day of issuance and as at September 30, 2020: August 2020 issuance August 14, 2020 September 30, 2020 Expected life 1112 days 1065 days Volatility 100 % 100 % Risk free interest rate 1.53 % 1.48 % Dividend yield 0 % 0 % Share price $ 0.42 $ 0.43 Fair value $ 15,746,380 $ 16,097,069 Change in derivative liability $ (350,689 ) The warrant liabilities as a result of the December 2017, August 2018, November 2018, June 2019 and August 2019 private placements were revalued as at September 30, 2020 and June 30, 2020 using the Binomial model and the following assumptions: December 2017 issuance June 30, 2020 September 30, 2020 Expected life 166 days 74 days Volatility 100 % 100 % Risk free interest rate 0.69 % 1.48 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 0 $ 0 Change in derivative liability $ 0 August 2018 issuance June 30, 2020 September 30, 2020 Expected life 405 days 313 days Volatility 100 % 100 % Risk free interest rate 1.20 % 1.49 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 6,132 $ 0 Change in derivative liability $ 6,132 November 2018 issuance June 30, 2020 September 30, 2020 Expected life 516 days 424 days Volatility 100 % 100 % Risk free interest rate 1.34 % 1.19 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 206,253 $ 68,901 Change in derivative liability $ 137,352 June 2019 issuance June 30, 2020 September 30, 2020 Expected life 363 days 271 days Volatility 100 % 100 % Risk free interest rate 1.15 % 0.97 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 6,582,920 $ 3,146,863 Change in derivative liability $ 3,436,057 August 2019 issuance June 30, 2020 September 30, 2020 Expected life 397 days 305 days Volatility 100 % 100 % Risk free interest rate 1.11 % 0.93 % Dividend yield 0 % 0 % Share price $ 0.73 $ 0.43 Fair value $ 11,631,921 $ 5,574,662 Change in derivative liability $ 6,057,259 | The fair value of the warrant liabilities related to the various tranches of warrants issued during the period were estimated using the Binomial model to determine the fair value using the following assumptions on the day of issuance and as at June 30, 2020: August 2019 issuance August 1, 2019 June 30, 2020 Expected life 731 days 397 days Volatility 100 % 100 % Risk free interest rate 1.59 % 1.11 % Dividend yield 0 % 0 % Share price $ 0.07 $ 0.73 Fair value $ 468,227 $ 11,631,921 Change in derivative liability $ (11,163,694 ) The warrant liabilities as a result of the December 2017, August 2018, November 2018, and June 2019 private placements were revalued as at June 30, 2020 and June 30, 2019 using the Binomial model and the following assumptions: December 2017 issuance June 30, 2019 June 30, 2020 Expected life 532 days 166 days Volatility 100 % 100 % Risk free interest rate 1.66 % 0.69 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 0 Change in derivative liability $ 0 August 2018 issuance June 30, 2019 June 30, 2020 Expected life 771 days 405 days Volatility 100 % 100 % Risk free interest rate 1.59 % 1.20 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 0 $ 6,132 Change in derivative liability $ (6,132 ) November 2018 issuance June 30, 2019 June 30, 2020 Expected life 882 days 516 days Volatility 100 % 100 % Risk free interest rate 1.47 % 1.34 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 1,875 $ 206,253 Change in derivative liability $ (204,378 ) June 2019 issuance June 30, 2019 June 30, 2020 Expected life 727 days 363 days Volatility 100 % 100 % Risk free interest rate 1.47 % 1.15 % Dividend yield 0 % 0 % Share price $ 0.05 $ 0.73 Fair value $ 114,934 $ 6,582,920 Change in derivative liability $ (6,467,986 ) |
Schedule of Warrant Activity | Warrants Number of warrants Weighted average exercise price (C$) Weighted average grant date value ($) Balance, June 30, 2019 13,046,484 0.88 $ 0.27 Issued 23,005,800 0.25 0.02 Balance, September 30, 2019 36,052,284 0.48 $ 0.11 Balance, June 30, 2020 37,844,404 0.43 $ 0.09 Issued 58,284,148 0.50 0.11 Expired (116,714 ) 4.50 1.90 Balance, September 30, 2020 96,011,838 0.47 $ 0.10 | Warrants Number of warrants Weighted average exercise price (C$) Weighted average Grant date Value ($) Balance, June 30, 2018 663,496 $ 16.02 $ 6.13 Issued 12,582,988 0.38 0.07 Cancelled (200,000 ) 20.00 7.50 Balance, June 30, 2019 13,046,484 $ 0.88 $ 0.27 Issued 27,360,284 0.27 0.03 Expired (229,464 ) 8.50 3.54 Exercised (i) (2,332,900 ) 0.25 0.02 Balance, June 30, 2020 37,844,404 $ 0.43 $ 0.09 (i) During the year ended June 30, 2020, 2,332,900 warrants were exercised at C$0.25 per warrant for gross proceeds of C$583,225 ($417,006). In conjunction with the exercise of warrants, the Company recognized a change in derivative liability of $871,710. |
Schedule of Warrants Outstanding Exercise Prices | Expiry date Exercise price (C$) Number of warrants Number of warrants exercisable December 5, 2020 20.00 227,032 227,032 December 13, 2020 20.00 7,000 7,000 August 9, 2021 4.50 160,408 160,408 November 28, 2021 1.00 645,866 645,866 June 27, 2021 0.25 11,660,000 11,660,000 August 1, 2021 0.25 20,672,900 20,672,900 November 13, 2021 0.80 400,000 400,000 November 13, 2021 0.50 400,000 400,000 August 1, 2021 0.25 763,200 763,200 August 26, 2021 0.05 1,912,000 1,912,000 February 7, 2022 0.25 640,000 640,000 February 26, 2022 0.70 239,284 239,284 August 31, 2023 0.50 58,284,148 58,284,148 96,011,838 96,011,838 | Expiry date Exercise price (C$) Number of warrants Number of warrants exercisable December 5, 2020 20.00 227,032 227,032 December 13, 2020 20.00 7,000 7,000 August 9, 2021 4.50 116,714 116,714 August 9, 2021 4.50 160,408 160,408 November 28, 2021 1.00 645,866 645,866 June 27, 2021 0.25 11,660,000 11,660,000 August 1, 2021 0.25 20,672,900 20,672,900 November 13, 2021 0.80 400,000 400,000 November 13, 2021 0.50 400,000 400,000 August 1, 2021 0.25 763,200 763,200 August 26, 2021 0.05 1,912,000 1,912,000 February 7, 2022 0.25 640,000 640,000 February 26, 2022 0.70 239,284 239,284 37,844,404 37,844,404 |
Schedule of Broker Options | Number of broker options Weighted average exercise price (C$) Balance, June 30, 2019, September 30, 2019 and June 30, 2020 - $ - Issued (i) 3,239,907 0.35 Balance, September 30, 2020 3,239,907 $ 0.35 (i) The grant date fair value of the broker options were estimated at $937,748 using the Black-Scholes valuation model with the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life 0.31 % 0 % 100 % C$0.54-C$0.56 3 years | |
Schedule of Broker Options Issued and Outstanding | Exercise Number of Expiry date price (C$) broker options Fair value ($) August 31, 2023 (i) 0.50 3,239,907 937,748 (i) Exercisable into one August 2020 Unit | |
Schedule of Stock Options | The following table summarizes the stock option activity during the periods ended September 30, 2020: Number of stock options Weighted average exercise price (C$) Balance, June 30, 2019 and September 30, 2019 287,100 $ 7.50 Balance, June 30, 2020 7,580,159 0.62 Granted (i) 200,000 0.60 Balance, September 30, 2020 7,780,159 $ 0.62 (i) On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | The following table summarizes the stock option activity during the years ended June 30, 2020: Number of stock options Weighted average exercise price (C$) Balance, June 30, 2018 287,100 $ 7.50 Granted (i) 43,750 8.00 Exercised (43,750 ) 8.00 Balance, June 30, 2019 287,100 $ 7.50 Granted (ii) 7,532,659 0.56 Forfeited (239,600 ) 9.78 Balance, June 30, 2020 7,580,159 $ 0.62 (i) On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company’s books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Stock Options | The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life (i) 1.54 % 0 % 100 % C$0.50 5 years (ii) 0.44 % 0 % 100 % C$0.50 5 years (iii) 0.25 % 0 % 100 % C$0.58 3 years | The fair value of these stock options was determined on the date of grant using the Black-Scholes valuation model, and using the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life (i) 2.32 % 0 % 100 % C$2.30 5 years (ii) 1.54 % 0 % 100 % C$0.50 5 years (iii) 0.44 % 0 % 100 % C$0.50 5 years |
Schedule of Stock Option Issued and Outstanding | The following table reflects the actual stock options issued and outstanding as of September 30, 2020: Exercise price (C$) Weighted average remaining contractual life (years) Number of options outstanding Number of options vested (exercisable) Grant date fair value ($) 10.00 1.59 40,000 40,000 217,274 16.50 1.59 7,500 7,500 40,739 0.60 4.07 1,575,000 675,000 435,069 0.55 4.56 5,957,659 - 1,536,764 0.60 3.00 200,000 - 52,909 7,780,159 722,500 2,282,755 | The following table reflects the actual stock options issued and outstanding as of June 30, 2020: Exercise price (C$) Weighted average remaining contractual life (years) Number of options outstanding Number of options vested (exercisable) Grant date fair value ($) 10.00 1.84 40,000 40,000 217,274 16.50 2.44 7,500 7,500 40,739 0.60 4.32 1,575,000 675,000 435,069 0.55 4.81 5,957,659 - 1,536,764 7,580,159 722,500 2,229,846 |
Restricted Share Units (Tables)
Restricted Share Units (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Schedule of Restricted Share Units | The following table summarizes the RSU activity during the periods ended September 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2019 and September 30, 2019 - $ - Unvested as at June 30, 2020 and September 30, 2020 600,000 $ 0.40 (i) On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $20,770 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $10,287 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | The following table summarizes the RSU activity during the years ended June 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2018 and June 30, 2019 - $ - Granted (i)(ii) 600,000 0.40 Unvested as at June 30, 2020 600,000 $ 0.40 (i) On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $17,384 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. (ii) On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $8,274 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Deferred Share Units (Tables)
Deferred Share Units (Tables) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Schedule of Deferred Share Units | The following table summarizes the DSU activity during the periods ended September 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2019 and September 30, 2019 - $ - Unvested as at June 30, 2020 and September 30, 2020 7,500,000 $ 0.65 (i) On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. During the three months ended September 30, 2020, the Company recognized $204,127 stock-based compensation related to the DSUs (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | The following table summarizes the DSU activity during the years ended June 30, 2020: Number of shares Weighted average grant date fair value per share (C$) Unvested as at June 30, 2018 and June 30, 2019 - $ - Granted (i) 7,500,000 0.65 Unvested as at June 30, 2020 7,500,000 $ 0.65 (i) On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these DSUs results in stock-based compensation of $549,664 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Income Taxes (Restated) (Tables
Income Taxes (Restated) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 26.9% (2019 - 26.9%) to pretax loss from operations for the years ended June 30, 2020 and 2019 due to the following: Year Ended June 30, 2020 Year Ended June 30, 2019 Loss before income taxes (as restated) $ 31,321,791 $ 8,442,320 Expected income tax recovery (8,425,600 ) (2,271,000 ) Other permanent difference 673,000 563,070 Change in valuation allowance 7,752,600 1,707,930 Total $ - $ - |
Schedule of Deferred Tax Assets | Deferred tax assets and the valuation account are as follows: June 30, 2020 June 30, 2019 Deferred tax asset: Net operating loss carry forward $ 6,374,700 $ 4,285,020 Other deferred tax assets 8,916,350 3,392,290 Valuation allowance (15,304,180 ) (7,687,200 ) Unrealized foreign exchange loss 13,130 8,870 Equipment - 1,020 Total $ - $ - June 30, 2020 June 30, 2019 Deferred tax asset: Non-capital losses carried forward $ 10,050 $ 1,530,460 Lease liabilities 57,120 - Deferred tax liabilities: Convertible debt - (1,530,460 ) Equipment (10,050 ) - Right of use assets and lease obligations (57,120 ) - Net deferred tax asset $ - $ - |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly unaudited Condensed Interim Consolidated Financial Statement | The following tables summarize the impact of the restatement on the Company’s unaudited condensed interim consolidated financial statements. Impact to Condensed Interim Consolidated Statements of Loss and Comprehensive Loss Three months ended September 30, 2018 As previously reported Adjustment As restated Exploration $ 810,265 $ 216,622 $ 1,026,887 Total operating expense and loss from operations $ (1,611,333 ) $ (216,622 ) $ (1,827,955 ) Loss before income tax and net loss and comprehensive loss $ (636,490 ) $ (216,622 ) $ (853,112 ) Net loss per common share - basic and fully diluted (*) $ (0.19 ) $ (0.06 ) $ (0.25 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended December 31, 2018 As previously reported Adjustment As restated Exploration $ 3,003,911 $ 184,947 $ 3,188,858 Total operating expense and loss from operations $ (3,393,071 ) $ (184,947 ) (3,578,018 ) Loss before income tax and net loss and comprehensive loss for the period $ (3,290,293 ) $ (184,947 ) $ (3,475,240 ) Net loss per common share - basic and fully diluted (*) $ (0.88 ) $ (0.05 ) $ (0.93 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Six months ended December 31, 2018 As previously reported Adjustment As restated Exploration $ 3,814,176 $ 401,569 $ 4,215,745 Total operating expense and loss from operations $ (5,004,404 ) $ (401,569 ) $ (5,405,973 ) Loss before income tax and net loss and comprehensive loss for the period $ (3,926,783 ) $ (401,569 ) $ (4,328,352 ) Net loss per common share - basic and fully diluted (*) $ (1.10 ) $ (0.11 ) $ (1.21 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended March 31, 2019 As previously reported Adjustment As restated Exploration $ 999,602 $ 151,018 $ 1,150,620 Total operating expense and loss from operations $ (1,239,839 ) $ (151,018 ) $ (1,390,857 ) Loss before income tax and net loss and comprehensive lossfor the period $ (1,826,405 ) $ (151,018 ) $ (1,977,423 ) Net loss per common share - basic and fully diluted (*) $ (0.44 ) $ (0.04 ) $ (0.48 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Nine months ended March 31, 2019 As previously reported Adjustment As restated Exploration $ 4,813,778 $ 552,587 $ 5,366,365 Total operating expense and loss from operations $ (6,244,243 ) $ (552,587 ) $ (6,796,830 ) Loss before income tax and net loss and comprehensive loss for the period $ (5,753,188 ) $ (552,587 ) $ (6,305,775 ) Net loss per common share - basic and fully diluted (*) $ (1.53 ) $ (0.15 ) $ (1.68 ) (*) Adjusted for 10-to-1 share consolidation on May 23, 2019. Three months ended September 30, 2019 As previously reported Adjustment As restated Exploration $ 958,804 $ 150,411 $ 1,109,215 Loss from operations $ (1,135,650 ) $ (150,411 ) $ (1,286,061 ) Loss before income tax and net loss and comprehensive loss $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Net loss per common share - basic and fully diluted $ (0.09 ) $ (0.01 ) $ (0.10 ) Three months ended December 31, 2019 As previously reported Adjustment As restated Exploration $ 3,985,959 $ 173,133 $ 4,159,092 Loss from operations $ (4,382,308 ) $ (173,133 ) $ (4,555,441 ) Loss before income tax and net loss and comprehensive loss $ (13,330,980 ) $ (173,133 ) $ (13,504,113 ) Net loss per common share - basic and fully diluted $ (0.19 ) $ - $ (0.19 ) Six months ended December 31, 2019 As previously reported Adjustment As restated Exploration $ 4,944,763 $ 323,544 $ 5,268,307 Loss from operations $ (5,517,958 ) $ (323,544 ) $ (5,841,502 ) Loss before income tax and net loss and comprehensive loss for the period $ (17,417,269 ) $ (323,544 ) $ (17,740,813 ) Net loss per common share - basic and fully diluted $ (0.31 ) $ - $ (0.31 ) Three months ended March 31, 2020 As previously reported Adjustment As restated Exploration $ 730,334 $ 185,407 $ 915,741 Loss from operations $ (1,177,553 ) $ (185,407 ) $ (1,362,960 ) Income (loss) before income tax and net income (loss) $ 9,487,004 $ (185,407 ) $ 9,301,597 Net income (loss) per common share - basic and fully diluted $ 0.13 $ - $ 0.13 Nine months ended March 31, 2020 As previously reported Adjustment As restated Exploration $ 5,675,097 $ 508,951 $ 6,184,048 Loss from operations $ (6,695,511 ) $ (508,951 ) $ (7,204,462 ) Income (loss) before income tax and net income (loss)and comprehensive income (loss) for the period $ (7,930,265 ) $ (508,951 ) $ (8,439,216 ) Net loss per common share - basic and fully diluted $ (0.12 ) $ (0.01 ) $ (0.13 ) Impact to Condensed Interim Consolidated Balance Sheets As at September 30, 2018 As previously reported Adjustment As restated Accounts payable $ 237,781 $ 763,354 $ 1,001,135 Total current liabilities $ 1,170,752 $ 763,354 $ 1,934,106 Total liabilities $ 1,430,374 $ 763,354 $ 2,193,728 Deficit accumulated during exploration stage $ (24,250,066 ) $ (763,354 ) $ (25,013,420 ) Total shareholders’ equity (deficiency) $ (641,462 ) (763,354 ) $ (1,404,816 ) As at December 31, 2018 As previously reported Adjustment As restated Accounts payable $ 975,401 $ 948,301 $ 1,923,702 Total current liabilities $ 3,975,689 $ 948,301 $ 4,923,990 Total liabilities $ 4,101,195 $ 948,301 $ 5,049,496 Deficit accumulated during exploration stage $ (27,540,359 ) $ (948,301 ) $ (28,488,660 ) Total shareholders’ deficiency $ (3,572,758 ) $ (948,301 ) $ (4,521,059 ) As at March 31, 2019 As previously reported Adjustment As restated Accounts payable $ 1,785,489 $ 1,099,319 $ 2,884,808 Total current liabilities $ 5,618,921 $ 1,099,319 $ 6,718,240 Total liabilities $ 5,744,427 $ 1,099,319 $ 6,843,746 Deficit accumulated during exploration stage $ (29,366,764 ) $ (1,099,319 ) $ (30,466,083 ) Total shareholders’ deficiency $ (5,399,163 ) $ (1,099,319 ) $ (6,498,482 ) As at September 30, 2019 As previously reported Adjustment As restated Accounts payable $ 2,027,170 $ 1,401,638 $ 3,428,808 Total current liabilities $ 7,033,719 $ 1,401,638 $ 8,435,357 Total liabilities $ 9,629,628 $ 1,401,638 $ 11,031,266 Deficit accumulated during exploration stage $ (35,437,690 ) $ (1,401,638 ) $ (36,839,328 ) Total shareholders’ deficiency $ (8,596,756 ) $ (1,401,638 ) $ (9,998,394 ) As at December 31, 2019 As previously reported Adjustment As restated Accounts payable $ 2,382,993 $ 1,308,105 $ 3,691,098 Accrued liabilities $ 5,842,809 $ 266,666 $ 6,109,475 Total current liabilities $ 10,756,375 $ 1,574,771 $ 12,331,146 Total liabilities $ 22,250,278 $ 1,574,771 $ 23,825,049 Deficit accumulated during exploration stage $ (48,768,670 ) $ (1,574,771 ) $ (50,343,441 ) Total shareholders’ deficiency $ (21,759,966 ) $ (1,574,771 ) $ (23,334,737 ) As at March 31, 2020 As previously reported Adjustment As restated Accounts payable $ 2,346,314 $ 1,173,208 $ 3,519,522 Accrued liabilities $ 5,919,951 $ 666,666 $ 6,586,617 Total current liabilities $ 10,616,583 $ 1,839,874 $ 12,456,457 Total liabilities $ 11,187,555 $ 1,839,874 $ 13,027,429 Additional paid-in-capital $ 28,635,306 $ (79,696 ) $ 28,555,610 Deficit accumulated during exploration stage $ (39,281,666 ) $ (1,760,178 ) $ (41,041,844 ) Total shareholders’ deficiency $ (10,559,438 ) $ (1,839,874 ) $ (12,399,312 ) Impact to Condensed Interim Consolidated Statements of Cash Flows Three months ended September 30, 2018 As previously reported Adjustment As restated Net loss for the period $ (636,490 ) $ (216,622 ) $ (853,112 ) Changes in operating assets and liabilities: Accounts payable $ 12,597 $ 216,622 $ 229,219 Six months ended December 31, 2018 As previously reported Adjustment As restated Net loss for the period $ (3,926,783 ) $ (401,569 ) $ (4,328,352 ) Changes in operating assets and liabilities: Accounts payable $ 770,563 $ 401,569 $ 1,172,132 Nine months ended March 31, 2019 As previously reported Adjustment As restated Net loss for the period $ (5,753,188 ) $ (552,587 ) $ (6,305,775 ) Changes in operating assets and liabilities: Accounts payable $ 1,581,235 $ 552,587 $ 2,133,822 Three months ended September 30, 2019 As previously reported Adjustment As restated Net loss for the period $ (4,086,289 ) $ (150,411 ) $ (4,236,700 ) Changes in operating assets and liabilities: Accounts payable $ 329,138 $ 150,411 $ 479,549 Six months ended December 31, 2019 As previously reported Adjustment As restated Net loss for the period $ (17,417,269 ) $ (323,544 ) $ (17,740,813 ) Changes in operating assets and liabilities: Accounts payable $ 670,380 $ 56,878 $ 727,258 Accrued liabilities $ 3,192,282 $ 266,666 $ 3,458,948 Nine months ended March 31, 2020 As previously reported Adjustment As restated Net loss for the period $ (7,930,265 ) $ (508,951 ) $ (8,439,216 ) Changes in operating assets and liabilities: Accounts payable $ 633,701 $ (157,715 ) $ 475,986 Accrued liabilities $ 3,269,424 $ 666,666 $ 3,936,090 |
Nature and Continuance of Ope_2
Nature and Continuance of Operations and Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Substantial doubt about going concern | These unaudited condensed interim consolidated financial statements have been prepared on a going concern basis. Bunker Hill Mining Corp. (the "Company") has incurred losses since inception resulting in an accumulated deficit of $64,192,278 and further losses are anticipated in the development of its business. The Company does not have sufficient working capital needed to meet its current fiscal obligations and commitments. In order to continue to meet its fiscal obligations in the current fiscal year and beyond, the Company must seek additional financing. This raises substantial doubt about the Company's ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. | ||||||||
Deficit accumulated during the exploration stage | $ (64,192,278) | $ (63,924,419) | $ (41,041,844) | $ (50,343,441) | $ (36,839,328) | $ (32,602,628) | $ (30,466,083) | $ (28,488,660) | $ (25,013,420) |
Substantial doubt about going concern, management's evaluation | Management is considering various financing alternatives including, but not limited to, raising capital through the capital markets and debt financing. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. |
Nature and Continuance of Ope_3
Nature and Continuance of Operations and Going Concern (Details Narrative) (10-K/A) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Accumulated deficit | $ (64,192,278) | $ (63,924,419) | $ (41,041,844) | $ (50,343,441) | $ (36,839,328) | $ (32,602,628) | $ (30,466,083) | $ (28,488,660) | $ (25,013,420) |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) (10-K/A) - shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Options [Member] | ||
Anti-dilutive securities excluded from earnings per share | 7,580,159 | 287,100 |
Warrants [Member] | ||
Anti-dilutive securities excluded from earnings per share | 37,844,404 | 13,046,484 |
Minimum [Member] | ||
Estimated useful lives of equipment | 3 years | |
Maximum [Member] | ||
Estimated useful lives of equipment | 10 years |
New and Recently Adopted Tech_3
New and Recently Adopted Technical and Accounting Pronouncements (Details Narrative) (10-K/A) | Jul. 02, 2019 |
Accounting Changes and Error Corrections [Abstract] | |
Lease liability weighted average incremental borrowing rate | 10.00% |
New and Recently Adopted Tech_4
New and Recently Adopted Technical and Accounting Pronouncements - Schedule of Operating Lease Commitment (Details) (10-K/A) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jul. 02, 2019 | Jun. 30, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||||
Operating lease commitment as at July 1, 2019 | $ 370,711 | |||
Effect of discounting at the incremental borrowing rate | (51,578) | |||
Total lease liability as at July 1, 2019 | $ 194,297 | $ 214,739 | $ 319,133 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Schedule of Restatements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||||
Exploration | $ 5,210,621 | $ 915,741 | $ 4,159,092 | $ 1,109,215 | $ 1,150,620 | $ 3,188,858 | $ 1,026,887 | $ 5,268,307 | $ 4,215,745 | $ 6,184,048 | $ 5,366,365 | $ 8,645,431 | $ 6,416,733 | |||||
Loss from operations | (7,053,072) | $ (1,362,960) | $ (4,555,441) | (1,286,061) | $ (1,390,857) | $ (3,578,018) | (1,827,955) | (5,841,502) | (5,405,973) | (7,204,462) | (6,796,830) | (10,793,823) | (8,113,926) | |||||
Loss before income tax and net loss and comprehensive loss for the period | $ (267,859) | $ (4,236,700) | $ (853,112) | $ (17,740,813) | $ (4,328,352) | $ (8,439,216) | $ (6,305,775) | $ (31,321,791) | $ (8,442,320) | |||||||||
Net loss per common share - basic and fully diluted | $ 0 | $ 0.13 | $ (0.19) | $ (0.10) | $ (0.48) | [1] | $ (0.93) | [1] | $ (0.25) | [1] | $ (0.31) | $ (1.21) | [1] | $ (0.13) | $ (1.68) | [1] | $ (0.47) | $ (2.14) |
Changes in operating assets and liabilities: Accounts payable | $ (943,902) | $ 479,549 | $ 229,219 | $ 727,258 | $ 1,172,132 | $ 475,986 | $ 2,133,822 | $ 1,479,992 | $ 2,670,639 | |||||||||
Balance | (33,241,919) | $ (23,334,737) | $ (9,998,394) | (8,210,510) | $ (4,521,059) | $ (1,404,816) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | |||||
Deficit accumulated during the exploration stage, September 30, 2019 | (36,839,328) | |||||||||||||||||
Balance | (32,290,644) | (12,399,312) | (23,334,737) | (9,998,394) | (6,498,482) | (4,521,059) | (1,404,816) | (23,334,737) | (4,521,059) | (12,399,312) | (6,498,482) | (33,241,919) | (8,210,510) | |||||
As Previously Reported [Member] | ||||||||||||||||||
Exploration | 730,334 | 3,985,959 | 958,804 | 999,602 | 3,003,911 | 810,265 | 4,944,763 | 3,814,176 | 5,675,097 | 4,813,778 | 7,951,423 | 5,712,238 | ||||||
Loss from operations | $ (1,177,553) | $ (4,382,308) | (1,135,650) | $ (1,239,839) | $ (3,393,071) | (1,611,333) | (5,517,958) | (5,004,404) | (6,695,511) | (6,244,243) | (10,099,815) | (7,409,431) | ||||||
Loss before income tax and net loss and comprehensive loss for the period | $ (4,086,289) | $ (636,490) | $ (17,417,269) | $ (3,926,783) | $ (7,930,265) | $ (5,753,188) | $ (30,627,783) | $ (7,737,825) | ||||||||||
Net loss per common share - basic and fully diluted | $ 0.13 | $ (0.19) | $ (0.09) | $ (0.44) | [1] | $ (0.88) | [1] | $ (0.19) | [1] | $ (0.31) | $ (1.10) | [1] | $ (0.12) | $ (1.53) | [1] | $ (0.46) | $ (1.96) | |
Changes in operating assets and liabilities: Accounts payable | $ 329,138 | $ 12,597 | $ 670,380 | $ 770,563 | $ 633,701 | $ 1,581,235 | $ 1,852,650 | $ 1,966,144 | ||||||||||
Balance | $ (31,216,988) | $ (21,759,966) | $ (8,596,756) | (6,959,283) | $ (3,572,758) | $ (641,462) | (216,314) | (6,959,283) | (216,314) | (6,959,283) | (216,314) | (6,959,283) | (216,314) | |||||
Deficit accumulated during the exploration stage, September 30, 2019 | (35,437,690) | |||||||||||||||||
Balance | $ (10,559,438) | (21,759,966) | (8,596,756) | $ (5,399,163) | $ (3,572,758) | $ (641,462) | (21,759,966) | $ (3,572,758) | (10,559,438) | $ (5,399,163) | (31,216,988) | (6,959,283) | ||||||
Adjustment [Member] | ||||||||||||||||||
Exploration | 150,411 | |||||||||||||||||
Loss from operations | (150,411) | |||||||||||||||||
Loss before income tax and net loss and comprehensive loss for the period | $ (150,411) | |||||||||||||||||
Net loss per common share - basic and fully diluted | $ (0.01) | |||||||||||||||||
Changes in operating assets and liabilities: Accounts payable | $ 150,411 | |||||||||||||||||
Balance | $ (1,401,638) | (1,251,227) | $ (1,251,227) | $ (1,251,227) | $ (1,251,227) | |||||||||||||
Deficit accumulated during the exploration stage, September 30, 2019 | (1,401,638) | |||||||||||||||||
Balance | $ (1,401,638) | $ (1,251,227) | ||||||||||||||||
[1] | Adjusted for 10-to-1 share consolidation on May 23, 2019. |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Schedule of Restatements (Details) (10-K/A) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | ||||||||
Exploration | $ 5,210,621 | $ 915,741 | $ 4,159,092 | $ 1,109,215 | $ 1,150,620 | $ 3,188,858 | $ 1,026,887 | $ 5,268,307 | $ 4,215,745 | $ 6,184,048 | $ 5,366,365 | $ 8,645,431 | $ 6,416,733 | |||||||||||||||||
Loss from operations | $ (7,053,072) | (1,362,960) | (4,555,441) | (1,286,061) | (1,390,857) | (3,578,018) | (1,827,955) | (5,841,502) | (5,405,973) | (7,204,462) | (6,796,830) | (10,793,823) | (8,113,926) | |||||||||||||||||
Loss before income tax and net loss and comprehensive loss for the year | $ 9,301,597 | $ (13,504,113) | $ (4,236,700) | $ (1,977,423) | $ (3,475,240) | $ (853,112) | $ (17,740,813) | $ (4,328,352) | $ (8,439,216) | $ (6,305,775) | $ (31,321,791) | $ (8,442,320) | ||||||||||||||||||
Net loss per common share - basic and fully diluted | $ 0 | $ 0.13 | $ (0.19) | $ (0.10) | $ (0.48) | [1] | $ (0.93) | [1] | $ (0.25) | [1] | $ (0.31) | $ (1.21) | [1] | $ (0.13) | $ (1.68) | [1] | $ (0.47) | $ (2.14) | ||||||||||||
Accounts payable | $ 3,275,968 | $ 4,389,964 | $ 3,519,522 | $ 3,691,098 | $ 3,428,808 | $ 3,421,625 | $ 2,884,808 | $ 1,923,702 | $ 1,001,135 | |||||||||||||||||||||
Accrued liabilities | 10,292,031 | 7,216,114 | 6,586,617 | 6,109,475 | 2,896,025 | |||||||||||||||||||||||||
Total current liabilities | 16,511,715 | 15,098,294 | 12,456,457 | 12,331,146 | 8,435,357 | 8,320,971 | 6,718,240 | 4,923,990 | 1,934,106 | |||||||||||||||||||||
Total liabilities | 41,798,019 | 33,974,803 | 13,027,429 | 23,825,049 | 11,031,266 | 8,437,600 | 6,843,746 | 5,049,496 | 2,193,728 | |||||||||||||||||||||
Additional paid-in-capital | 31,901,497 | 30,133,058 | 28,555,610 | 24,284,765 | ||||||||||||||||||||||||||
Deficit accumulated during exploration stage | (64,192,278) | (63,924,419) | (41,041,844) | (50,343,441) | (36,839,328) | (32,602,628) | (30,466,083) | (28,488,660) | (25,013,420) | |||||||||||||||||||||
Total shareholders' equity (deficiency) | $ (32,290,644) | $ (12,399,312) | $ (23,334,737) | $ (9,998,394) | $ (6,498,482) | $ (4,521,059) | $ (1,404,816) | $ (23,334,737) | $ (4,521,059) | $ (12,399,312) | $ (6,498,482) | $ (8,210,510) | $ (8,210,510) | $ (763,046) | $ (32,290,644) | (33,241,919) | (12,399,312) | (23,334,737) | (9,998,394) | (8,210,510) | (6,498,482) | (4,521,059) | (1,404,816) | |||||||
Net loss for the year | (267,859) | (4,236,700) | (853,112) | (17,740,813) | (4,328,352) | (8,439,216) | (6,305,775) | (31,321,791) | (8,442,320) | |||||||||||||||||||||
Changes in operating assets and liabilities: Accounts payable | (943,902) | 479,549 | 229,219 | 727,258 | 1,172,132 | 475,986 | 2,133,822 | 1,479,992 | 2,670,639 | |||||||||||||||||||||
Changes in operating assets and liabilities: Accrued liabilities | 3,167,269 | 229,827 | 3,458,948 | 3,936,090 | 4,320,089 | 2,421,011 | ||||||||||||||||||||||||
Balance | (33,241,919) | (23,334,737) | (9,998,394) | (8,210,510) | (4,521,059) | (1,404,816) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | (8,210,510) | (763,046) | |||||||||||||||||
Deficit accumulated during the exploration stage | (63,924,419) | (32,602,628) | (24,160,308) | |||||||||||||||||||||||||||
Issue costs | 1,208,389 | [2] | 1,208,389 | [3] | ||||||||||||||||||||||||||
Balance | (32,290,644) | (12,399,312) | (23,334,737) | (9,998,394) | (6,498,482) | (4,521,059) | (1,404,816) | (23,334,737) | (4,521,059) | (12,399,312) | (6,498,482) | (33,241,919) | (8,210,510) | (763,046) | ||||||||||||||||
As Previously Reported [Member] | ||||||||||||||||||||||||||||||
Exploration | 730,334 | 3,985,959 | 958,804 | 999,602 | 3,003,911 | 810,265 | 4,944,763 | 3,814,176 | 5,675,097 | 4,813,778 | 7,951,423 | 5,712,238 | ||||||||||||||||||
Loss from operations | (1,177,553) | (4,382,308) | (1,135,650) | (1,239,839) | (3,393,071) | (1,611,333) | (5,517,958) | (5,004,404) | (6,695,511) | (6,244,243) | (10,099,815) | (7,409,431) | ||||||||||||||||||
Loss before income tax and net loss and comprehensive loss for the year | $ 9,487,004 | $ (13,330,980) | $ (4,086,289) | $ (1,826,405) | $ (3,290,293) | $ (636,490) | $ (17,417,269) | $ (3,926,783) | $ (7,930,265) | $ (5,753,188) | $ (30,627,783) | $ (7,737,825) | ||||||||||||||||||
Net loss per common share - basic and fully diluted | $ 0.13 | $ (0.19) | $ (0.09) | $ (0.44) | [1] | $ (0.88) | [1] | $ (0.19) | [1] | $ (0.31) | $ (1.10) | [1] | $ (0.12) | $ (1.53) | [1] | $ (0.46) | $ (1.96) | |||||||||||||
Accounts payable | 3,431,699 | 2,346,314 | 2,382,993 | 2,027,170 | 2,170,398 | 1,785,489 | 975,401 | 237,781 | ||||||||||||||||||||||
Accrued liabilities | 6,149,448 | 5,919,951 | 5,842,809 | |||||||||||||||||||||||||||
Total current liabilities | 13,073,363 | 10,616,583 | 10,756,375 | 7,033,719 | 7,069,564 | 5,618,921 | 3,975,689 | 1,170,752 | ||||||||||||||||||||||
Total liabilities | 31,949,872 | 11,187,555 | 22,250,278 | 9,629,628 | 7,186,373 | 5,744,427 | 4,101,195 | 1,430,374 | ||||||||||||||||||||||
Additional paid-in-capital | 30,212,754 | 28,635,306 | ||||||||||||||||||||||||||||
Deficit accumulated during exploration stage | (61,979,184) | (39,281,666) | (48,768,670) | (35,437,690) | (31,351,401) | (29,366,764) | (27,540,359) | (24,250,066) | ||||||||||||||||||||||
Total shareholders' equity (deficiency) | (31,216,988) | $ (10,559,438) | $ (21,759,966) | $ (8,596,756) | $ (5,399,163) | $ (3,572,758) | $ (641,462) | $ (21,759,966) | $ (3,572,758) | $ (10,559,438) | $ (5,399,163) | $ (31,216,988) | $ (216,314) | (216,314) | (31,216,988) | (10,559,438) | (21,759,966) | (8,596,756) | (6,959,283) | (5,399,163) | (3,572,758) | (641,462) | ||||||||
Net loss for the year | (4,086,289) | (636,490) | (17,417,269) | (3,926,783) | (7,930,265) | (5,753,188) | (30,627,783) | (7,737,825) | ||||||||||||||||||||||
Changes in operating assets and liabilities: Accounts payable | 329,138 | 12,597 | 670,380 | 770,563 | 633,701 | 1,581,235 | 1,852,650 | 1,966,144 | ||||||||||||||||||||||
Changes in operating assets and liabilities: Accrued liabilities | 3,192,282 | 3,269,424 | 3,253,423 | |||||||||||||||||||||||||||
Balance | (31,216,988) | (21,759,966) | (8,596,756) | (6,959,283) | (3,572,758) | (641,462) | (216,314) | (6,959,283) | (216,314) | (6,959,283) | (216,314) | (6,959,283) | (216,314) | |||||||||||||||||
Deficit accumulated during the exploration stage | (61,979,184) | (31,351,401) | (23,613,576) | |||||||||||||||||||||||||||
Issue costs | (256,784) | |||||||||||||||||||||||||||||
Balance | (10,559,438) | (21,759,966) | (8,596,756) | (5,399,163) | (3,572,758) | (641,462) | (21,759,966) | (3,572,758) | (10,559,438) | (5,399,163) | (31,216,988) | (6,959,283) | (216,314) | |||||||||||||||||
Adjustment [Member] | ||||||||||||||||||||||||||||||
Exploration | 185,407 | 173,133 | 150,411 | 151,018 | 184,947 | 216,622 | 323,544 | 401,569 | 508,951 | 552,587 | 694,008 | 704,495 | ||||||||||||||||||
Loss from operations | (185,407) | (173,133) | (150,411) | (151,018) | (184,947) | (216,622) | (323,544) | (401,569) | (508,951) | (552,587) | (694,008) | (704,495) | ||||||||||||||||||
Loss before income tax and net loss and comprehensive loss for the year | $ (185,407) | $ (173,133) | $ (150,411) | $ (151,018) | $ (184,947) | $ (216,622) | $ (323,544) | $ (401,569) | $ (508,951) | $ (552,587) | $ (694,008) | $ (704,495) | ||||||||||||||||||
Net loss per common share - basic and fully diluted | $ (0.01) | $ (0.04) | [1] | $ (0.05) | [1] | $ (0.06) | [1] | $ (0.11) | [1] | $ (0.01) | $ (0.15) | [1] | $ (0.01) | $ (0.18) | ||||||||||||||||
Accounts payable | 958,265 | 1,173,208 | 1,308,105 | 1,401,638 | 1,251,227 | 1,099,319 | 948,301 | 763,354 | ||||||||||||||||||||||
Accrued liabilities | 1,066,666 | 666,666 | 266,666 | |||||||||||||||||||||||||||
Total current liabilities | 2,024,931 | 1,839,874 | 1,574,771 | 1,401,638 | 1,251,227 | 1,099,319 | 948,301 | 763,354 | ||||||||||||||||||||||
Total liabilities | 2,024,931 | 1,839,874 | 1,574,771 | 1,401,638 | 1,251,227 | 1,099,319 | 948,301 | 763,354 | ||||||||||||||||||||||
Additional paid-in-capital | (79,696) | (79,696) | ||||||||||||||||||||||||||||
Deficit accumulated during exploration stage | (1,945,235) | (1,760,178) | (1,574,771) | (1,401,638) | (1,251,227) | (1,099,319) | (948,301) | (763,354) | ||||||||||||||||||||||
Total shareholders' equity (deficiency) | (2,024,931) | $ (1,839,874) | $ (1,574,771) | $ (1,401,638) | $ (1,099,319) | $ (948,301) | $ (763,354) | $ (1,574,771) | $ (948,301) | $ (1,839,874) | $ (1,099,319) | $ (2,024,931) | $ (1,251,227) | (546,732) | $ (2,024,931) | $ (1,839,874) | $ (1,574,771) | $ (1,401,638) | $ (1,251,227) | $ (1,099,319) | $ (948,301) | $ (763,354) | ||||||||
Net loss for the year | (150,411) | (216,622) | (323,544) | (401,569) | (508,951) | (552,587) | (694,008) | (704,495) | ||||||||||||||||||||||
Changes in operating assets and liabilities: Accounts payable | 150,411 | 216,622 | 56,878 | 401,569 | (157,715) | 552,587 | (372,658) | 704,495 | ||||||||||||||||||||||
Changes in operating assets and liabilities: Accrued liabilities | 266,666 | 666,666 | 1,066,666 | |||||||||||||||||||||||||||
Balance | $ (2,024,931) | (1,574,771) | (1,401,638) | (1,251,227) | (948,301) | (763,354) | (546,732) | (1,251,227) | (546,732) | (1,251,227) | (546,732) | (1,251,227) | (546,732) | |||||||||||||||||
Deficit accumulated during the exploration stage | (1,945,235) | (1,251,227) | (546,732) | |||||||||||||||||||||||||||
Issue costs | (79,696) | |||||||||||||||||||||||||||||
Balance | $ (1,839,874) | $ (1,574,771) | $ (1,401,638) | $ (1,099,319) | $ (948,301) | $ (763,354) | $ (1,574,771) | $ (948,301) | $ (1,839,874) | $ (1,099,319) | $ (2,024,931) | $ (1,251,227) | $ (546,732) | |||||||||||||||||
[1] | Adjusted for 10-to-1 share consolidation on May 23, 2019. | |||||||||||||||||||||||||||||
[2] | Shares and units issued at C$0.05, converted to US at $0.04 (note 11) | |||||||||||||||||||||||||||||
[3] | Shares and units issued at C$0.05, converted to US at $0.04 ( note 12 ) |
Equipment (Details Narrative)
Equipment (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation expense | $ 47,464 | $ 25,044 | $ 123,956 | $ 9,897 |
Recovery of lease incentive | $ 1,550 | |||
Equipment [Member] | ||||
Depreciation expense | $ 20,034 |
Equipment - Schedule of Equipme
Equipment - Schedule of Equipment (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Equipment | $ 313,345 | $ 228,578 | $ 68,997 |
Less accumulated depreciation | (40,802) | (20,768) | (16,947) |
Equipment, net | 272,543 | 207,810 | 52,050 |
Equipment [Member] | |||
Equipment | $ 313,345 | $ 228,578 | $ 9,050 |
Equipment - Schedule of Equip_2
Equipment - Schedule of Equipment (Details) (10-K/A) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Equipment, gross | $ 313,345 | $ 228,578 | $ 68,997 |
Less accumulated depreciation | (40,802) | (20,768) | (16,947) |
Equipment, net | 272,543 | 207,810 | 52,050 |
Leasehold Improvements [Member] | |||
Equipment, gross | 59,947 | ||
Equipment [Member] | |||
Equipment, gross | $ 313,345 | $ 228,578 | $ 9,050 |
Right-of-Use Asset (Details Nar
Right-of-Use Asset (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation expense | $ 47,464 | $ 25,044 | $ 123,956 | $ 9,897 |
Right-of-Use Asset [Member] | ||||
Depreciation expense | $ 27,430 | $ 26,595 |
Right-of-Use Asset - Schedule o
Right-of-Use Asset - Schedule of right of use assets (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Office lease | $ 319,133 | $ 319,133 | |
Less accumulated depreciation | (133,808) | (106,378) | |
Right-of-use asset, net | $ 185,325 | $ 212,755 |
Right-of-Use Asset - Schedule_2
Right-of-Use Asset - Schedule of Right-of-Use Asset (Details) (10-K/A) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Office lease | $ 319,133 | ||
Less accumulated depreciation | (106,378) | ||
Right-of-use asset, net | $ 185,325 | $ 212,755 |
Mining Interests (Details Narra
Mining Interests (Details Narrative) - USD ($) | Aug. 12, 2020 | Oct. 22, 2019 | Oct. 02, 2018 | Oct. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2017 | Jul. 02, 2019 | Nov. 13, 2018 |
Lease term description | Office space that expires in 2022 | Office space that expires in 2022. | ||||||||||
Mining lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||||||||
Lease liability payments due | $ 370,711 | |||||||||||
Outstanding payment | 3,749,388 | |||||||||||
Accounts payable and accrued liabilities | 7,905,235 | 3,811,227 | ||||||||||
Semi-annual accrual | 799,998 | |||||||||||
Placer Mining Corp [Member] | ||||||||||||
Mining lease payments | 1,787,300 | 1,847,300 | ||||||||||
Lease extension fee | $ 60,000 | 60,000 | ||||||||||
Outstanding payment | $ 2,229,408 | 1,209,530 | ||||||||||
Placer Mining Corp [Member] | Bunker Assets [Member] | ||||||||||||
Lease term | 10 years | 10 years | ||||||||||
Option to purchase lease asset price | $ 45,000,000 | $ 45,000,000 | ||||||||||
Royalty percentage of net smelter return on sales | 3.00% | 3.00% | ||||||||||
Royalty percentage of net smelter return after purchase option | 1.50% | 1.50% | ||||||||||
Post-acquisition of net smelter return cost | $ 60,000,000 | $ 60,000,000 | ||||||||||
Letter of Intent [Member] | ||||||||||||
Payments to acquire mining interest | $ 300,000 | |||||||||||
Definitive Agreement [Member] | Placer Mining Corp [Member] | ||||||||||||
Bonus payment for mining assets | $ 1,000,000 | $ 500,000 | ||||||||||
Lease term description | The 24-month lease commenced November 1, 2017. | The 24-month lease commences November 1, 2017 and continues until October 31, 2019. | ||||||||||
Lease term | 24 months | |||||||||||
Mining lease payments | $ 100,000 | |||||||||||
Option to extend lease period | The lease period can be extended by a further 12 months at the Company's discretion. | |||||||||||
Option to Purchase Agreement [Member] | Invoices for December 2017 to October 2019 [Member] | ||||||||||||
Outstanding payment | $ 2,229,408 | $ 2,229,408 | ||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | ||||||||||||
Lease liability payments due | 20,000,000 | |||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | 30 Days After a Fully Ratified Agreement [Member] | ||||||||||||
Lease liability payments due | 1,000,000 | |||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | June 1 and December 1 of Each Year [Member] | ||||||||||||
Semi-annual lease payments | 480,000 | |||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | ||||||||||||
Lease term | 18 months | |||||||||||
Mining lease payments | $ 60,000 | $ 400,000 | ||||||||||
Option to purchase lease asset price | $ 11,000,000 | |||||||||||
Royalty percentage of net smelter return on sales | 100.00% | |||||||||||
Reduction of monthly lease payments | $ 60,000 | |||||||||||
Accumulated reduction of lease payments | $ 140,000 | |||||||||||
Accrued expenses | 1,787,300 | 1,847,300 | 1,373,000 | |||||||||
Lease expiration date | Aug. 1, 2022 | |||||||||||
Lease extension fee | $ 150,000 | $ 60,000 | ||||||||||
Option to extend lease period | The lease period has been extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months based upon payment of a 1 time $60,000 extension fee | |||||||||||
Cash payment | $ 300,000 | |||||||||||
Outstanding payment | 960,000 | 960,000 | $ 560,000 | |||||||||
Accounts payable and accrued liabilities | 11,096,542 | 7,905,235 | ||||||||||
Semi-annual accrual | 120,477 | $ 89,180 | ||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | Semi Annual Accrual [Member] | ||||||||||||
Semi-annual accrual | 799,998 | |||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | Bunker Assets to be Paid in Cash [Member] | ||||||||||||
Option to purchase lease asset price | 6,200,000 | |||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | Bunker Assets to be Paid in Shares [Member] | ||||||||||||
Option to purchase lease asset price | 4,800,000 | |||||||||||
Option to Purchase Agreement [Member] | USA [Member] | Invoices for December 2017 to October 2019 [Member] | ||||||||||||
Outstanding payment | $ 3,269,388 | |||||||||||
Environmental Protection Agency [Member] | Placer Mining Corp [Member] | ||||||||||||
Option to purchase lease asset price | $ 20,000,000 |
Mining Interests (Restated) (De
Mining Interests (Restated) (Details Narrative) (10-K/A) - USD ($) | Oct. 22, 2019 | Oct. 02, 2018 | Oct. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2017 | Aug. 12, 2020 | Jul. 02, 2019 | Nov. 13, 2018 |
Lease term description | Office space that expires in 2022 | Office space that expires in 2022. | ||||||||||
Mining lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||||||||
Lease liability payments due | $ 370,711 | |||||||||||
Outstanding payment | 3,749,388 | |||||||||||
Accounts payable and accrued liabilities | 7,905,235 | 3,811,227 | ||||||||||
Semi-annual accrual | 799,998 | |||||||||||
Placer Mining Corp [Member] | ||||||||||||
Mining lease payments | 1,787,300 | 1,847,300 | ||||||||||
Outstanding payment | 2,229,408 | 1,209,530 | ||||||||||
Accrued interest | 89,180 | 13,061 | ||||||||||
Placer Mining Corp [Member] | Bunker Assets [Member] | ||||||||||||
Option to purchase lease asset price | $ 45,000,000 | $ 45,000,000 | ||||||||||
Lease term | 10 years | 10 years | ||||||||||
Royalty percentage of net smelter return on sales | 3.00% | 3.00% | ||||||||||
Royalty percentage of net smelter return after purchase option | 1.50% | 1.50% | ||||||||||
Post-acquisition of net smelter return cost | $ 60,000,000 | $ 60,000,000 | ||||||||||
Letter of Intent [Member] | ||||||||||||
Payments to acquire mining interest | $ 300,000 | |||||||||||
Definitive Agreement [Member] | Placer Mining Corp [Member] | ||||||||||||
Bonus payment for mining assets | $ 1,000,000 | $ 500,000 | ||||||||||
Lease term description | The 24-month lease commenced November 1, 2017. | The 24-month lease commences November 1, 2017 and continues until October 31, 2019. | ||||||||||
Option to extend lease period | The lease period can be extended by a further 12 months at the Company's discretion. | |||||||||||
Mining lease payments | $ 100,000 | |||||||||||
Lease term | 24 months | |||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | ||||||||||||
Lease liability payments due | $ 20,000,000 | |||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | 30 Days After a Fully Ratified Agreement [Member] | ||||||||||||
Lease liability payments due | 1,000,000 | |||||||||||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | June 1 and December 1 of Each Year [Member] | ||||||||||||
Semi-annual lease payments | 480,000 | |||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | ||||||||||||
Option to extend lease period | The lease period has been extended for an additional period of nine months to August 1, 2020, with the option to extend for a further 6 months based upon payment of a 1 time $60,000 extension fee | |||||||||||
Mining lease payments | $ 60,000 | $ 400,000 | ||||||||||
Option to purchase lease asset price | $ 11,000,000 | |||||||||||
Lease term | 18 months | |||||||||||
Royalty percentage of net smelter return on sales | 100.00% | |||||||||||
Reduction of monthly lease payments | $ 60,000 | |||||||||||
Accumulated reduction of lease payments | $ 140,000 | |||||||||||
Accrued expenses | $ 1,787,300 | 1,847,300 | 1,373,000 | |||||||||
Cash payment | $ 300,000 | |||||||||||
Outstanding payment | 960,000 | 960,000 | $ 560,000 | |||||||||
Accounts payable and accrued liabilities | 11,096,542 | 7,905,235 | ||||||||||
Semi-annual accrual | $ 120,477 | $ 89,180 | ||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | Bunker Assets to be Paid in Cash [Member] | ||||||||||||
Option to purchase lease asset price | 6,200,000 | |||||||||||
Option to Purchase Agreement [Member] | Placer Mining Corp [Member] | Bunker Assets to be Paid in Shares [Member] | ||||||||||||
Option to purchase lease asset price | 4,800,000 | |||||||||||
Environmental Protection Agency [Member] | Placer Mining Corp [Member] | ||||||||||||
Option to purchase lease asset price | $ 20,000,000 |
Mining Interests - Schedule of
Mining Interests - Schedule of Payment for Mining (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | Jul. 02, 2019 | |
Lease liability payments due | $ 370,711 | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | |||
Lease liability payments due | $ 20,000,000 | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | Within 30 Days of the Effective Date [Member] | |||
Lease liability payments due | $ 1,000,000 | $ 1,000,000 | |
Lease liability payment action | Paid | Paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2018 [Member] | |||
Lease liability payments due | $ 2,000,000 | $ 2,000,000 | |
Lease liability payment action | Not paid | Not paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2019 [Member] | |||
Lease liability payments due | $ 3,000,000 | $ 3,000,000 | |
Lease liability payment action | Not paid | Not paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2020 [Member] | |||
Lease liability payments due | $ 3,000,000 | $ 3,000,000 | |
Lease liability payment action | Not paid | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2021 [Member] | |||
Lease liability payments due | $ 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2022 [Member] | |||
Lease liability payments due | 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2023 [Member] | |||
Lease liability payments due | 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2024 [Member] | |||
Lease liability payments due | $ 2,000,000 | $ 2,000,000 |
Mining Interests (Restated) - S
Mining Interests (Restated) - Schedule of Payment for Mining (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | Jul. 02, 2019 | |
Lease liability payments due | $ 370,711 | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | |||
Lease liability payments due | $ 20,000,000 | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | Within 30 Days of the Effective Date [Member] | |||
Lease liability payments due | $ 1,000,000 | $ 1,000,000 | |
Lease liability payment action | Paid | Paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2018 [Member] | |||
Lease liability payments due | $ 2,000,000 | $ 2,000,000 | |
Lease liability payment action | Not paid | Not paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2019 [Member] | |||
Lease liability payments due | $ 3,000,000 | $ 3,000,000 | |
Lease liability payment action | Not paid | Not paid | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2020 [Member] | |||
Lease liability payments due | $ 3,000,000 | $ 3,000,000 | |
Lease liability payment action | Not paid | ||
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2021 [Member] | |||
Lease liability payments due | $ 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2022 [Member] | |||
Lease liability payments due | 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2023 [Member] | |||
Lease liability payments due | 3,000,000 | 3,000,000 | |
Option to Purchase Agreement [Member] | Environmental Protection Agency [Member] | November 1, 2024 [Member] | |||
Lease liability payments due | $ 2,000,000 | $ 2,000,000 |
Convertible Loan Payable (Detai
Convertible Loan Payable (Details Narrative) - USD ($) | Oct. 09, 2020 | Jun. 13, 2018 | Feb. 29, 2020 | Jun. 30, 2019 | Aug. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Warrants to purchase shares | 96,011,838 | 37,844,404 | ||||||||
Warrants exercise price | $ 0.18 | |||||||||
Loss on loan extinguishment | $ 9,407 | $ 1,204,073 | ||||||||
Number of shares issued | ||||||||||
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | 734,589 | ||||||
Interest expense | $ 107,427 | 47,890 | $ 202,426 | 256,029 | ||||||
Convertible Loan Payable [Member] | ||||||||||
Loan interest rate | 16.00% | 16.00% | ||||||||
Convertible loan payable | $ 1,744,327 | $ 1,600,000 | $ 1,600,000 | 1,744,327 | $ 70,820 | |||||
Loss on loan extinguishment | 9,407 | 1,204,073 | ||||||||
Fair values of the conversion feature | ||||||||||
Accretion expense | 33,869 | 146,266 | 734,589 | |||||||
Interest expense | 101,827 | $ 47,890 | 179,726 | 198,219 | ||||||
Outstanding interest payable | 201,507 | $ 483,059 | $ 381,233 | $ 201,507 | ||||||
Subsequent Event [Member] | Convertible Loan Payable [Member] | ||||||||||
Debt conversion shares issued | 5,572,980 | |||||||||
Hummingbird Resources PLC [Member] | ||||||||||
Warrants to purchase shares | 116,714 | |||||||||
Warrants term | 2 years | |||||||||
Convertible loan payable | $ 2,000,000 | |||||||||
Debt issuance costs | $ 45,824 | |||||||||
Extended maturity date | Jul. 31, 2020 | Jun. 30, 2020 | ||||||||
Loss on loan extinguishment | $ 9,407 | 8,193 | $ 1,195,880 | |||||||
Repayment of convertible debt | $ 300,000 | $ 100,000 | ||||||||
Number of shares issued | 696,428 | 2,660,000 | ||||||||
Hummingbird Resources PLC [Member] | CAD [Member] | ||||||||||
Warrants exercise price | $ 4.50 | |||||||||
Loan and Warrant Agreement [Member] | Hummingbird Resources PLC [Member] | ||||||||||
Unsecured convertible loans payable | $ 1,500,000 | |||||||||
Loan interest rate | 10.00% | |||||||||
Maturity term | 1 year | |||||||||
Warrants to purchase shares | 229,464 | |||||||||
Number of shares acquired | 229,464 | |||||||||
Warrants term | 2 years | |||||||||
Event of default description | In the event that a notice of conversion would result in the lender holding 10% or more of the Company's issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would be required to pay cash to the lender in an amount equal C$8.50 multiplied by the number of shares intended to be issued upon conversion. Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company. | |||||||||
Loan and Warrant Agreement [Member] | Hummingbird Resources PLC [Member] | CAD [Member] | ||||||||||
Warrants exercise price | $ 8.50 | |||||||||
Conversion price per share | $ 8.50 | |||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Additional Amount [Member] | ||||||||||
Number of shares acquired | 116,714 | |||||||||
Event of default description | In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or Additional Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price. | |||||||||
Debt conversion original debt amount | $ 500,000 | |||||||||
Amended and Restated Loan Agreement [Member] | CAD [Member] | Hummingbird Additional Amount [Member] | ||||||||||
Warrants exercise price | $ 4.50 | |||||||||
Conversion price per share | $ 4.50 | |||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Resources PLC [Member] | ||||||||||
Number of shares acquired | 229,464 | |||||||||
Debt conversion original debt amount | $ 1,500,000 | |||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Resources PLC [Member] | CAD [Member] | ||||||||||
Warrants exercise price | $ 8.50 | |||||||||
Conversion price per share | $ 8.50 |
Convertible Loan Payable (Det_2
Convertible Loan Payable (Details Narrative) (10-K/A) - USD ($) | Jun. 13, 2018 | Feb. 29, 2020 | Jun. 30, 2019 | Aug. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Warrants to purchase shares | 96,011,838 | 37,844,404 | |||||||
Warrants exercise price | $ 0.18 | ||||||||
Loss on loan extinguishment | $ 9,407 | $ 1,204,073 | |||||||
Number of shares issued | |||||||||
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | 734,589 | |||||
Interest expense | $ 107,427 | 47,890 | $ 202,426 | 256,029 | |||||
Convertible Loan Payable [Member] | |||||||||
Loan interest rate | 16.00% | 16.00% | |||||||
Convertible loan payable | $ 1,744,327 | $ 1,600,000 | $ 1,600,000 | 1,744,327 | $ 70,820 | ||||
Loss on loan extinguishment | 9,407 | 1,204,073 | |||||||
Accretion expense | 33,869 | 146,266 | 734,589 | ||||||
Interest expense | 101,827 | $ 47,890 | 179,726 | 198,219 | |||||
Outstanding interest payable | 201,507 | $ 483,059 | $ 381,233 | $ 201,507 | |||||
Hummingbird Resources PLC [Member] | |||||||||
Warrants to purchase shares | 116,714 | ||||||||
Warrants term | 2 years | ||||||||
Convertible loan payable | $ 2,000,000 | ||||||||
Debt issuance costs | $ 45,824 | ||||||||
Extended maturity date | Jul. 31, 2020 | Jun. 30, 2020 | |||||||
Loss on loan extinguishment | $ 9,407 | 8,193 | $ 1,195,880 | ||||||
Repayment of convertible debt | $ 300,000 | $ 100,000 | |||||||
Number of shares issued | 696,428 | 2,660,000 | |||||||
Hummingbird Resources PLC [Member] | CAD [Member] | |||||||||
Warrants exercise price | $ 4.50 | ||||||||
Loan and Warrant Agreement [Member] | Hummingbird Resources PLC [Member] | |||||||||
Unsecured convertible loans payable | $ 1,500,000 | ||||||||
Loan interest rate | 10.00% | ||||||||
Maturity term | 1 year | ||||||||
Warrants to purchase shares | 229,464 | ||||||||
Number of shares acquired | 229,464 | ||||||||
Warrants term | 2 years | ||||||||
Event of default description | In the event that a notice of conversion would result in the lender holding 10% or more of the Company's issued and outstanding shares, then, in the alternative, and under certain circumstances, the Company would be required to pay cash to the lender in an amount equal C$8.50 multiplied by the number of shares intended to be issued upon conversion. Further, in the event that the lender holds more than 5% of the issued and outstanding shares of the Company subsequent to the exercise of any of its convertible securities held under this placement, it shall have the right to appoint one director to the board of the Company. | ||||||||
Loan and Warrant Agreement [Member] | Hummingbird Resources PLC [Member] | CAD [Member] | |||||||||
Warrants exercise price | $ 8.50 | ||||||||
Conversion price per share | $ 8.50 | ||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Additional Amount [Member] | |||||||||
Number of shares acquired | 116,714 | ||||||||
Event of default description | In the event that Hummingbird would acquire common shares in excess of 9.999% through the conversion of the Principal Amount or Additional Amount, including interest accruing thereon, or on exercise of the warrants as disclosed herein, the Company shall pay to Hummingbird a cash amount equal to the common shares exercised in excess of 9.999%, multiplied by the conversion price. | ||||||||
Debt conversion original debt amount | $ 500,000 | ||||||||
Amended and Restated Loan Agreement [Member] | CAD [Member] | Hummingbird Additional Amount [Member] | |||||||||
Warrants exercise price | $ 4.50 | ||||||||
Conversion price per share | $ 4.50 | ||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Resources PLC [Member] | |||||||||
Number of shares acquired | 229,464 | ||||||||
Debt conversion original debt amount | $ 1,500,000 | ||||||||
Amended and Restated Loan Agreement [Member] | Hummingbird Resources PLC [Member] | CAD [Member] | |||||||||
Warrants exercise price | $ 8.50 | ||||||||
Conversion price per share | $ 8.50 |
Convertible Loan Payable - Sche
Convertible Loan Payable - Schedule of Fair Value Assumptions of Conversion Features (Details) (10-K/A) | 12 Months Ended | |
Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | |
Change in derivative liability | $ (18,843,947) | |
Convertible Debt Principal Amount [Member] | ||
Share price | $ / shares | $ 0.73 | $ 0.05 |
Fair value | $ 0 | $ 0 |
Change in derivative liability | $ 0 | |
Convertible Debt Principal Amount [Member] | Expected Life [Member] | ||
Fair value measurement input, conversion features term | 31 days | 365 days |
Convertible Debt Principal Amount [Member] | Volatility [Member] | ||
Fair value measurement input, conversion features | 100 | 100 |
Convertible Debt Principal Amount [Member] | Risk Free Interest Rate [Member] | ||
Fair value measurement input, conversion features | 1.52 | 1.75 |
Convertible Debt Principal Amount [Member] | Dividend Yield [Member] | ||
Fair value measurement input, conversion features | 0 | 0 |
Convertible Debt Additional Amount [Member] | ||
Share price | $ / shares | $ 0.73 | $ 0.05 |
Fair value | $ 0 | $ 0 |
Change in derivative liability | $ 0 | |
Convertible Debt Additional Amount [Member] | Expected Life [Member] | ||
Fair value measurement input, conversion features term | 31 days | 365 days |
Convertible Debt Additional Amount [Member] | Volatility [Member] | ||
Fair value measurement input, conversion features | 100 | 100 |
Convertible Debt Additional Amount [Member] | Risk Free Interest Rate [Member] | ||
Fair value measurement input, conversion features | 123 | 1.75 |
Convertible Debt Additional Amount [Member] | Dividend Yield [Member] | ||
Fair value measurement input, conversion features | 0 | 0 |
Warrant Additional Amount [Member] | ||
Change in derivative liability | $ 0 |
Convertible Loan Payable - Sc_2
Convertible Loan Payable - Schedule of Fair Value of Derivative Warrant Liabilities (Details) (10-K/A) | 12 Months Ended | |
Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | |
Warrants exercise price | $ 0.18 | |
Warrant Principal Amount [Member] | ||
Warrant liabilities, fair value | $ | $ 0 | $ 0 |
Warrants exercise price | $ 0.05 | |
Warrant Principal Amount [Member] | Expected Life [Member] | ||
Warrant liabilities, fair value measurement input, conversion features term | 349 days | |
Warrant term description | Expired | |
Warrant Principal Amount [Member] | Volatility [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 100 | |
Warrant Principal Amount [Member] | Risk Free Interest Rate [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 1.95 | |
Warrant Principal Amount [Member] | Dividend Yield [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 0 | |
Warrant Additional Amount [Member] | ||
Warrant liabilities, fair value | $ | $ 0 | $ 0 |
Warrants exercise price | $ 0.05 | $ 0.05 |
Warrant Additional Amount [Member] | Expected Life [Member] | ||
Warrant liabilities, fair value measurement input, conversion features term | 40 days | 405 days |
Warrant Additional Amount [Member] | Volatility [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 |
Warrant Additional Amount [Member] | Risk Free Interest Rate [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 1.49 | 1.84 |
Warrant Additional Amount [Member] | Dividend Yield [Member] | ||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 |
Convertible Loan Payable - Sc_3
Convertible Loan Payable - Schedule of Convertible Loan Outstanding Interest Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | $ 734,589 |
Loss on loan extinguishment | 9,407 | 1,204,073 | ||
Convertible Loan Payable [Member] | ||||
Beginning Balance | 1,600,000 | 1,744,327 | 1,744,327 | 70,820 |
Accretion expense | $ 33,869 | 146,266 | 734,589 | |
Loss on loan extinguishment | 9,407 | 1,204,073 | ||
Partial extinguishment | (300,000) | (100,000) | ||
Ending Balance | $ 1,600,000 | $ 1,600,000 | $ 1,744,327 |
Convertible Loan Payable - Sc_4
Convertible Loan Payable - Schedule of Convertible Loan Outstanding Interest Payable (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | $ 734,589 |
Loss on loan extinguishment | 9,407 | 1,204,073 | ||
Convertible Loan Payable [Member] | ||||
Beginning Balance | 1,600,000 | 1,744,327 | 1,744,327 | 70,820 |
Proceeds on issuance | 500,000 | |||
Debt issue costs | (238,455) | |||
Conversion feature valuation | (205,444) | |||
Warrant valuation | (221,256) | |||
Accretion expense | $ 33,869 | 146,266 | 734,589 | |
Loss on loan extinguishment | 9,407 | 1,204,073 | ||
Partial extinguishment | (300,000) | (100,000) | ||
Ending Balance | $ 1,600,000 | $ 1,600,000 | $ 1,744,327 |
Promissory Notes Payable (Detai
Promissory Notes Payable (Details Narrative) | Jul. 13, 2020USD ($) | Apr. 24, 2020$ / sharesshares | Nov. 13, 2019USD ($)$ / sharesshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Sep. 30, 2020CAD ($)shares | May 12, 2020USD ($) | May 12, 2020CAD ($) | Jan. 29, 2020USD ($) | Jan. 29, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Warrants to purchase shares | shares | 96,011,838 | 37,844,404 | 96,011,838 | |||||||||||
Warrants exercise price | $ / shares | $ 0.18 | |||||||||||||
Repayments of promissory note | $ 1,859,612 | $ 158,094 | ||||||||||||
Loss on debt settlement | 9,407 | 1,204,073 | ||||||||||||
Accretion expense | 118,388 | 33,869 | 359,267 | 734,589 | ||||||||||
Interest expense | $ 107,427 | 47,890 | $ 202,426 | 256,029 | ||||||||||
Promissory Note [Member] | ||||||||||||||
Unsecured promissory notes payable | $ 300,000 | |||||||||||||
Debt instrument, interest rate | 1.00% | |||||||||||||
Maturity term | 90 days | |||||||||||||
Warrants to purchase shares | shares | 400,000 | 400,000 | ||||||||||||
Number of shares acquired | shares | 1 | |||||||||||||
Warrants term | 2 years | |||||||||||||
Debt instrument, maturity date | Aug. 1, 2020 | |||||||||||||
Warrants expiration | Nov. 13, 2021 | |||||||||||||
Promissory Note [Member] | CAD [Member] | ||||||||||||||
Warrants exercise price | $ / shares | $ 0.50 | $ 0.80 | ||||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Debt instrument, interest rate | 11.00% | 11.00% | 11.00% | |||||||||||
Repayments of promissory note | $ 110,658 | |||||||||||||
Promissory notes payable | 218,281 | $ 248,478 | ||||||||||||
Outstanding interest payable | 22,700 | 27,000 | ||||||||||||
Debt conversion shares issued | shares | 822,857 | |||||||||||||
Loss on debt settlement | $ 335,467 | |||||||||||||
Accretion expense | 51,522 | 155,001 | ||||||||||||
Interest expense | 5,600 | $ 22,700 | ||||||||||||
Promissory Notes Payable [Member] | August 2020 Unit [Member] | ||||||||||||||
Outstanding interest payable | $ 28,939 | |||||||||||||
Promissory Notes Payable [Member] | CAD [Member] | ||||||||||||||
Promissory notes payable | $ 288,000 | |||||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Debt instrument, interest rate | 7.00% | 7.00% | 7.00% | |||||||||||
Promissory notes payable | $ 362,650 | $ 75,727 | $ 82,367 | |||||||||||
Accretion expense | $ 47,737 | $ 41,453 | ||||||||||||
Debt issue costs | 89,190 | |||||||||||||
Promissory Notes Payable [Member] | CAD [Member] | ||||||||||||||
Promissory notes payable | $ 500,000 | $ 100,000 | $ 107,000 | |||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Debt instrument, interest rate | 8.00% | 8.00% | 8.00% | |||||||||||
Promissory notes payable | $ 103,988 | 141,704 | ||||||||||||
Debt conversion shares issued | shares | 714,285 | |||||||||||||
Accretion expense | $ 19,129 | 16,547 | ||||||||||||
Debt issue costs | $ 35,676 | |||||||||||||
Promissory Notes Payable [Member] | CAD [Member] | ||||||||||||||
Promissory notes payable | $ 200,000 | |||||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Promissory notes payable | 75,000 | |||||||||||||
Debt issue costs | 15,000 | |||||||||||||
Financing Costs | 15,000 | |||||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Financing Costs | 15,000 | |||||||||||||
Promissory Notes Payable [Member] | Director [Member] | ||||||||||||||
Promissory notes payable | $ 75,000 | |||||||||||||
Promissory Notes Payable [Member] | ||||||||||||||
Debt instrument, maturity date | Aug. 31, 2020 | |||||||||||||
Promissory notes payable | $ 1,200,000 | |||||||||||||
Debt issue costs | $ 360,000 | |||||||||||||
Financing Costs | $ 360,000 |
Promissory Notes Payable (Det_2
Promissory Notes Payable (Details Narrative) (10-K/A) | Apr. 24, 2020$ / sharesshares | Nov. 13, 2019USD ($)$ / sharesshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Sep. 30, 2020CAD ($)shares | May 12, 2020USD ($) | May 12, 2020CAD ($) | Jan. 29, 2020USD ($) | Jan. 29, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) |
Warrants to purchase shares | shares | 96,011,838 | 37,844,404 | 96,011,838 | ||||||||||
Warrants exercise price | $ / shares | $ 0.18 | ||||||||||||
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | $ 734,589 | |||||||||
Interest expense | $ 107,427 | 47,890 | $ 202,426 | 256,029 | |||||||||
Promissory Note [Member] | |||||||||||||
Unsecured promissory notes payable | $ 300,000 | ||||||||||||
Debt instrument, interest rate | 1.00% | ||||||||||||
Maturity term | 90 days | ||||||||||||
Warrants to purchase shares | shares | 400,000 | 400,000 | |||||||||||
Number of shares acquired | shares | 1 | ||||||||||||
Warrants term | 2 years | ||||||||||||
Debt instrument, maturity date | Aug. 1, 2020 | ||||||||||||
Warrants expiration | Nov. 13, 2021 | ||||||||||||
Promissory Note [Member] | CAD [Member] | |||||||||||||
Warrants exercise price | $ / shares | $ 0.50 | $ 0.80 | |||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Debt instrument, interest rate | 11.00% | 11.00% | 11.00% | ||||||||||
Accretion expense | $ 51,522 | $ 155,001 | |||||||||||
Interest expense | 5,600 | 22,700 | |||||||||||
Outstanding interest payable | 22,700 | 27,000 | |||||||||||
Promissory notes payable | $ 218,281 | $ 248,478 | |||||||||||
Promissory Notes Payable [Member] | CAD [Member] | |||||||||||||
Promissory notes payable | $ 288,000 | ||||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Debt instrument, interest rate | 7.00% | 7.00% | 7.00% | ||||||||||
Accretion expense | $ 47,737 | $ 41,453 | |||||||||||
Promissory notes payable | $ 362,650 | $ 75,727 | $ 82,367 | ||||||||||
Debt issue costs | 89,190 | ||||||||||||
Promissory Notes Payable [Member] | CAD [Member] | |||||||||||||
Promissory notes payable | $ 500,000 | $ 100,000 | $ 107,000 | ||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Debt instrument, interest rate | 8.00% | 8.00% | 8.00% | ||||||||||
Accretion expense | $ 19,129 | $ 16,547 | |||||||||||
Promissory notes payable | 103,988 | 141,704 | |||||||||||
Debt issue costs | $ 35,676 | ||||||||||||
Promissory Notes Payable [Member] | CAD [Member] | |||||||||||||
Promissory notes payable | $ 200,000 | ||||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Promissory notes payable | 75,000 | ||||||||||||
Debt issue costs | 15,000 | ||||||||||||
Financing costs | 15,000 | ||||||||||||
Promissory Notes Payable [Member] | |||||||||||||
Financing costs | 15,000 | ||||||||||||
Promissory Notes Payable [Member] | Director [Member] | |||||||||||||
Promissory notes payable | 75,000 | ||||||||||||
Promissory Note Payable [Member] | Director [Member] | |||||||||||||
Promissory notes payable | $ 103,988 |
Promissory Notes Payable - Sche
Promissory Notes Payable - Schedule of Fair Value of Derivative Warrant Liability Assumptions (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Apr. 24, 2020USD ($)$ / shares | Nov. 14, 2019USD ($)$ / shares | |
Change in derivative liability | $ (18,843,947) | |||
November 2019 Issuance [Member] | ||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.53 | |
Warrant liabilities, fair value | $ 54,367 | $ 150,161 | $ 106,622 | |
Change in derivative liability | $ 95,794 | $ (43,539) | ||
November 2019 Issuance [Member] | Expected Life [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features term | 409 days | 501 days | 731 days | |
November 2019 Issuance [Member] | Volatility [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |
November 2019 Issuance [Member] | Risk Free Interest Rate [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0.75 | 0.94 | 1.53 | |
November 2019 Issuance [Member] | Dividend Yield [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |
April 2020 Issuance [Member] | ||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.46 | |
Warrant liabilities, fair value | $ 86,603 | $ 186,410 | $ 99,901 | |
Change in derivative liability | $ 99,807 | $ (86,509) | ||
April 2020 Issuance [Member] | Expected Life [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features term | 409 days | 501 days | 568 days | |
April 2020 Issuance [Member] | Volatility [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |
April 2020 Issuance [Member] | Risk Free Interest Rate [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0.28 | 0.30 | 0.33 | |
April 2020 Issuance [Member] | Dividend Yield [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 |
Promissory Notes Payable - Sc_2
Promissory Notes Payable - Schedule of Fair Value of Derivative Warrant Liability Assumptions (Details) (10-K/A) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Apr. 24, 2020USD ($)$ / shares | Nov. 14, 2019USD ($)$ / shares | |
Change in derivative liability | $ (18,843,947) | |||
November 2019 Issuance [Member] | ||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.53 | |
Warrant liabilities, fair value | $ 54,367 | $ 150,161 | $ 106,622 | |
Change in derivative liability | $ 95,794 | $ (43,539) | ||
November 2019 Issuance [Member] | Expected Life [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features term | 409 days | 501 days | 731 days | |
November 2019 Issuance [Member] | Volatility [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |
November 2019 Issuance [Member] | Risk Free Interest Rate [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0.75 | 0.94 | 1.53 | |
November 2019 Issuance [Member] | Dividend Yield [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |
April 2020 Issuance [Member] | ||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.46 | |
Warrant liabilities, fair value | $ 86,603 | $ 186,410 | $ 99,901 | |
Change in derivative liability | $ 99,807 | $ (86,509) | ||
April 2020 Issuance [Member] | Expected Life [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features term | 409 days | 501 days | 568 days | |
April 2020 Issuance [Member] | Volatility [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |
April 2020 Issuance [Member] | Risk Free Interest Rate [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0.28 | 0.30 | 0.33 | |
April 2020 Issuance [Member] | Dividend Yield [Member] | ||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 |
Promissory Notes Payable - Sc_3
Promissory Notes Payable - Schedule of Promissory Notes Outstanding Interest Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | $ 734,589 |
Repayments of promissory note | (1,859,612) | (158,094) | ||
Promissory Notes Payable [Member] | ||||
Beginning Balance | 248,478 | |||
Proceeds on issuance | 300,000 | |||
Warrant valuation | (206,523) | |||
Accretion expense | 51,522 | 155,001 | ||
Debt settlement | (189,342) | |||
Repayments of promissory note | (110,658) | |||
Ending Balance | $ 218,281 | $ 248,478 |
Promissory Notes Payable - Sc_4
Promissory Notes Payable - Schedule of Promissory Notes Outstanding Interest Payable (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accretion expense | $ 118,388 | $ 33,869 | $ 359,267 | $ 734,589 |
Promissory Notes Payable [Member] | ||||
Beginning Balance | 248,478 | |||
Proceeds on issuance | 300,000 | |||
Warrant valuation | (206,523) | |||
Accretion expense | 51,522 | 155,001 | ||
Ending Balance | $ 218,281 | $ 248,478 |
Lease Liability (Details Narrat
Lease Liability (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019USD ($) | |
Operating lease expires, description | Office space that expires in 2022 | Office space that expires in 2022 | Office space that expires in 2022. | Office space that expires in 2022. | ||
Lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||
CAD [Member] | ||||||
Lease payments | $ 13,504 | $ 13,504 | ||||
Lease additional payments to variable costs | $ 12,505 | $ 12,505 |
Lease Liability (Details Narr_2
Lease Liability (Details Narrative) (10-K/A) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019USD ($) | |
Operating lease expires, description | Office space that expires in 2022 | Office space that expires in 2022 | Office space that expires in 2022. | Office space that expires in 2022. | ||
Lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||
CAD [Member] | ||||||
Lease payments | $ 13,504 | $ 13,504 | ||||
Lease additional payments to variable costs | $ 12,505 | $ 12,505 |
Lease Liability - Schedule of O
Lease Liability - Schedule of Operating Lease Liability (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Balance | $ 214,739 | |||
Addition | 319,133 | |||
Interest expense | 5,284 | 27,062 | ||
Lease payments | (10,138) | $ (30,893) | (120,690) | |
Foreign exchange gain | (15,588) | (10,766) | ||
Balance | 194,297 | 214,739 | ||
Less: current portion | (106,866) | (102,027) | ||
Long-term lease liability | $ 87,431 | $ 112,712 |
Lease Liability - Schedule of_2
Lease Liability - Schedule of Operating Lease Liability (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Balance | $ 214,739 | |||
Addition | 319,133 | |||
Interest expense | 5,284 | 27,062 | ||
Lease payments | (10,138) | $ (30,893) | (120,690) | |
Foreign exchange gain | (15,588) | (10,766) | ||
Balance | 194,297 | 214,739 | ||
Less: current portion | (106,866) | (102,027) | ||
Long-term lease liability | $ 87,431 | $ 112,712 |
Lease Liability - Schedule of L
Lease Liability - Schedule of Lease Obligations (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Base rent | $ 283,584 | $ 310,592 |
Additional rent | 262,605 | 287,615 |
Rent | 546,189 | 598,207 |
Less than 1 Year [Member] | ||
Base rent | 162,048 | 162,048 |
Additional rent | 150,060 | 150,060 |
Rent | 312,108 | 312,108 |
1-2 Years [Member] | ||
Base rent | 121,536 | 148,544 |
Additional rent | 112,545 | 137,555 |
Rent | 234,081 | 286,099 |
2-3 Years [Member] | ||
Base rent | ||
Additional rent | ||
Rent |
Lease Liability - Schedule of_3
Lease Liability - Schedule of Lease Obligations (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Base rent | $ 283,584 | $ 310,592 |
Additional rent | 262,605 | 287,615 |
Rent | 546,189 | 598,207 |
Less than 1 Year [Member] | ||
Base rent | 162,048 | 162,048 |
Additional rent | 150,060 | 150,060 |
Rent | 312,108 | 312,108 |
1-2 Years [Member] | ||
Base rent | 121,536 | 148,544 |
Additional rent | 112,545 | 137,555 |
Rent | 234,081 | 286,099 |
2-3 Years [Member] | ||
Base rent | ||
Additional rent | ||
Rent |
Capital Stock, Warrants and S_3
Capital Stock, Warrants and Stock Options (Details Narrative) | Aug. 25, 2020USD ($)$ / sharesshares | Aug. 25, 2020CAD ($)shares | Aug. 14, 2020USD ($)$ / sharesshares | Aug. 14, 2020CAD ($)shares | May 12, 2020USD ($)$ / sharesshares | May 12, 2020CAD ($)shares | Feb. 26, 2020USD ($)$ / sharesshares | Feb. 26, 2020CAD ($)shares | Aug. 30, 2019USD ($)$ / sharesshares | Aug. 30, 2019CAD ($)shares | Aug. 23, 2019USD ($)$ / sharesshares | Aug. 23, 2019CAD ($)shares | Aug. 01, 2019USD ($)$ / sharesshares | Aug. 01, 2019CAD ($)shares | Jun. 27, 2019USD ($)$ / sharesshares | Jun. 27, 2019CAD ($)shares | May 23, 2019 | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020CAD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | Aug. 25, 2020CAD ($) | Aug. 14, 2020CAD ($) |
Common stock, shares authorized | shares | 750,000,000 | 750,000,000 | 750,000,000 | |||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | $ 0.000001 | |||||||||||||||||||||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | $ 0.000001 | |||||||||||||||||||||
Shares capital, description | Share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation common shares | |||||||||||||||||||||||
Number of common stock issued | shares | ||||||||||||||||||||||||
Proceeds from issuance of private placement | $ 125,180 | |||||||||||||||||||||||
Settlement of debt | 9,407 | $ 1,204,073 | ||||||||||||||||||||||
Proceeds from common stock | $ 14,262,697 | $ 1,143,074 | $ 2,428,530 | $ 1,195,830 | ||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.18 | |||||||||||||||||||||||
Loss on private placement | $ (940,290) | |||||||||||||||||||||||
August 2020 Units [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 2,205,714 | 2,205,714 | ||||||||||||||||||||||
Settlement of debt | $ 899,237 | |||||||||||||||||||||||
Deemed price | $ / shares | $ 0.67 | |||||||||||||||||||||||
Accounts payable | $ 170,093 | |||||||||||||||||||||||
Accrued liabilities | 55,676 | |||||||||||||||||||||||
Interest payable | 28,300 | |||||||||||||||||||||||
Promissory notes payable | $ 331,046 | |||||||||||||||||||||||
August 2019 Warrant [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
June 2019 Unit [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,403,200 | 1,403,200 | ||||||||||||||||||||||
August 2019 Unit [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,912,000 | 1,912,000 | ||||||||||||||||||||||
CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 165,760 | |||||||||||||||||||||||
CAD [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.25 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 107,142 | 107,142 | 2,991,073 | 2,991,073 | ||||||||||||||||||||
Proceeds from issuance of private placement | $ 44,671 | $ 1,256,854 | ||||||||||||||||||||||
Financing costs | $ 95,763 | |||||||||||||||||||||||
Number of common shares held | shares | 696,428 | 696,428 | ||||||||||||||||||||||
Principal amount of convertible loan facility | $ 300,000 | |||||||||||||||||||||||
Issuance of shares, description | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 7). | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 7). | ||||||||||||||||||||||
Non-Brokered Private Placement [Member] | One Common Stock [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.56 | $ 0.56 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 60,000 | $ 1,675,000 | ||||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | One Common Stock [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.70 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | Broker Warrants [Member] | ||||||||||||||||||||||||
Financing costs | $ 239,284 | |||||||||||||||||||||||
Tranche Two [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 16,962,846 | 16,962,846 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 640,556 | |||||||||||||||||||||||
Settlement of debt | $ 858,495 | |||||||||||||||||||||||
Tranche Two [Member] | CAD [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Deemed price | $ / shares | $ 0.09 | |||||||||||||||||||||||
Tranche Two [Member] | Non-Brokered Private Placement [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 6,042,954 | 6,042,954 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 228,202 | |||||||||||||||||||||||
Financing costs | $ 36,468 | |||||||||||||||||||||||
Tranche Two [Member] | Non-Brokered Private Placement [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 302,148 | |||||||||||||||||||||||
First Tranche [Member] | August 2020 Offering [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 35,212,142 | 35,212,142 | ||||||||||||||||||||||
Proceeds from common stock | $ 9,301,321 | |||||||||||||||||||||||
First Tranche [Member] | August 2020 Warrant [Member] | ||||||||||||||||||||||||
Warrants expiration date | Aug. 31, 2023 | Aug. 31, 2023 | ||||||||||||||||||||||
First Tranche [Member] | August 2020 Compensation Options [Member] | ||||||||||||||||||||||||
Financing costs | $ 709,016 | |||||||||||||||||||||||
Warrants expiration date | Aug. 31, 2023 | Aug. 31, 2023 | ||||||||||||||||||||||
Compensation options | shares | 2,112,729 | 2,112,729 | ||||||||||||||||||||||
First Tranche [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.18 | |||||||||||||||||||||||
Settlement of debt | $ 197,800 | |||||||||||||||||||||||
First Tranche [Member] | CAD [Member] | August 2020 Offering [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.35 | |||||||||||||||||||||||
Proceeds from common stock | $ 12,324,250 | |||||||||||||||||||||||
First Tranche [Member] | CAD [Member] | August 2020 Warrant [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | 0.50 | |||||||||||||||||||||||
First Tranche [Member] | CAD [Member] | August 2020 Compensation Options [Member] | ||||||||||||||||||||||||
Financing costs | $ 829,719 | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.35 | |||||||||||||||||||||||
First Tranche [Member] | Non-Brokered Private Placement [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,000,000 | 1,000,000 | 27,966,002 | 27,966,002 | 11,660,000 | 11,660,000 | ||||||||||||||||||
Proceeds from issuance of private placement | $ 37,550 | $ 1,049,974 | $ 436,608 | |||||||||||||||||||||
Financing costs | 28,847 | $ 19,640 | ||||||||||||||||||||||
Settlement of debt | $ 77,117 | |||||||||||||||||||||||
Number of common shares held | shares | 2,033,998 | 2,033,998 | ||||||||||||||||||||||
Issuance of shares, description | Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant ("June 2019 Warrant"). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. | Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant ("June 2019 Warrant"). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. | ||||||||||||||||||||||
First Tranche [Member] | Non-Brokered Private Placement [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | |||||||||||||||||||||
Proceeds from issuance of private placement | $ 50,000 | $ 1,398,300 | $ 583,000 | |||||||||||||||||||||
Second Tranche [Member] | August 2020 Offering [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 20,866,292 | 20,866,292 | ||||||||||||||||||||||
Financing costs | $ 238,140 | |||||||||||||||||||||||
Proceeds from common stock | 5,497,453 | |||||||||||||||||||||||
Loss on private placement | $ 940,290 | |||||||||||||||||||||||
Second Tranche [Member] | August 2020 Compensation Options [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,127,178 | 1,127,178 | ||||||||||||||||||||||
Second Tranche [Member] | CAD [Member] | August 2020 Offering [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.35 | |||||||||||||||||||||||
Financing costs | $ 314,512 | |||||||||||||||||||||||
Proceeds from common stock | $ 7,303,202 |
Capital Stock, Warrants and S_4
Capital Stock, Warrants and Stock Options (Details Narrative) (10-K/A) | May 12, 2020USD ($)$ / sharesshares | May 12, 2020CAD ($)shares | Feb. 26, 2020USD ($)$ / sharesshares | Feb. 26, 2020CAD ($)shares | Aug. 30, 2019USD ($)$ / sharesshares | Aug. 30, 2019CAD ($)shares | Aug. 23, 2019USD ($)$ / sharesshares | Aug. 23, 2019CAD ($)shares | Aug. 01, 2019USD ($)$ / sharesshares | Aug. 01, 2019CAD ($)shares | Jun. 27, 2019USD ($)$ / sharesshares | Jun. 27, 2019CAD ($)shares | May 23, 2019 | Nov. 28, 2018USD ($)$ / sharesshares | Nov. 28, 2018CAD ($)shares | Feb. 29, 2020USD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | Aug. 31, 2018USD ($)$ / sharesshares | Aug. 31, 2018CAD ($)shares | Oct. 20, 2020USD ($) | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020CAD ($)shares | Jun. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2020$ / sharesshares |
Common stock, shares authorized | shares | 750,000,000 | 750,000,000 | 750,000,000 | 750,000,000 | ||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | $ 0.000001 | $ 0.000001 | ||||||||||||||||||||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.000001 | $ 0.000001 | $ 0.000001 | $ 0.000001 | ||||||||||||||||||||
Shares capital, description | Share capital on the basis of one (1) post-consolidation share for each ten (10) pre-consolidation common shares | |||||||||||||||||||||||
Number of common stock issued | shares | ||||||||||||||||||||||||
Proceeds from issuance of private placement | $ 125,180 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.18 | |||||||||||||||||||||||
Settlement of debt | $ 9,407 | $ 1,204,073 | ||||||||||||||||||||||
Warrants outstanding | shares | 37,844,404 | 96,011,838 | ||||||||||||||||||||||
Gross proceeds from warrant | $ 417,006 | |||||||||||||||||||||||
Change in derivative liability | $ (18,843,947) | |||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||
Proceeds from issuance of private placement | $ 549,363 | |||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.18 | |||||||||||||||||||||||
Warrants outstanding | shares | 2,332,900 | |||||||||||||||||||||||
Gross proceeds from warrant | $ 417,006 | |||||||||||||||||||||||
Change in derivative liability | $ 871,710 | |||||||||||||||||||||||
June 2019 Warrant [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
August 2019 Warrant [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
June 2019 Unit [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,403,200 | 1,403,200 | ||||||||||||||||||||||
August 2019 Unit [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,912,000 | 1,912,000 | ||||||||||||||||||||||
Tranche Two [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 16,962,846 | 16,962,846 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 640,556 | |||||||||||||||||||||||
Settlement of debt | $ 858,495 | |||||||||||||||||||||||
CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 165,760 | |||||||||||||||||||||||
CAD [Member] | Warrants [Member] | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.25 | |||||||||||||||||||||||
Gross proceeds from warrant | $ 583,225 | |||||||||||||||||||||||
CAD [Member] | June 2019 Warrant [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.25 | |||||||||||||||||||||||
CAD [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.25 | |||||||||||||||||||||||
CAD [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.18 | |||||||||||||||||||||||
Settlement of debt | $ 197,800 | |||||||||||||||||||||||
CAD [Member] | Tranche Two [Member] | August 2019 Warrant [Member] | ||||||||||||||||||||||||
Deemed price | $ / shares | $ 0.09 | |||||||||||||||||||||||
Gemstone 102 Ltd. [Member] | ||||||||||||||||||||||||
Number of common shares held | shares | 400,000 | 400,000 | ||||||||||||||||||||||
Warrants exercisable common stock | shares | 200,000 | |||||||||||||||||||||||
Exercises control over company's common stock | shares | 560,408 | 560,408 | ||||||||||||||||||||||
Hold the outstanding common shares | shares | 720,816 | 720,816 | ||||||||||||||||||||||
Hummingbird Resources PLC [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
Number of common stock issued | shares | 696,428 | 2,660,000 | ||||||||||||||||||||||
Financing costs | $ 45,824 | |||||||||||||||||||||||
Settlement of debt | $ 9,407 | $ 8,193 | $ 1,195,880 | |||||||||||||||||||||
Hummingbird Resources PLC [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 2,660,000 | 2,660,000 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 100,000 | |||||||||||||||||||||||
Hummingbird Resources PLC [Member] | CAD [Member] | ||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4.50 | |||||||||||||||||||||||
Hummingbird Resources PLC [Member] | CAD [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Proceeds from issuance of private placement | $ 133,000 | |||||||||||||||||||||||
Non-brokered Private Placement [Member] | ||||||||||||||||||||||||
Warrant term | 36 months | |||||||||||||||||||||||
Number of common stock issued | shares | 645,866 | 645,866 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 365,341 | |||||||||||||||||||||||
Issuance of shares, description | Each Unit consisting of one common share and one common share purchase warrant. | Each Unit consisting of one common share and one common share purchase warrant. | ||||||||||||||||||||||
Financing costs | $ 10,062 | |||||||||||||||||||||||
Non-brokered Private Placement [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.75 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 484,400 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1 | |||||||||||||||||||||||
Non-brokered Private Placement [Member] | Gemstone 102 Ltd. [Member] | ||||||||||||||||||||||||
Warrant term | 3 years | |||||||||||||||||||||||
Number of common stock issued | shares | 160,408 | 160,408 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 549,333 | |||||||||||||||||||||||
Issuance of shares, description | Each Unit entitles Gemstone to acquire one common share ("Unit Share") and one common share purchase warrant ("Unit Warrant"), with each Unit Warrant entitling Gemstone to acquire one common share of the Company at a price of C$4.50 for a period of three years. | Each Unit entitles Gemstone to acquire one common share ("Unit Share") and one common share purchase warrant ("Unit Warrant"), with each Unit Warrant entitling Gemstone to acquire one common share of the Company at a price of C$4.50 for a period of three years. | ||||||||||||||||||||||
Financing costs | $ 25,750 | |||||||||||||||||||||||
Non-brokered Private Placement [Member] | Gemstone 102 Ltd. [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 721,834 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 107,142 | 107,142 | 2,991,073 | 2,991,073 | ||||||||||||||||||||
Proceeds from issuance of private placement | $ 44,671 | $ 1,256,854 | ||||||||||||||||||||||
Issuance of shares, description | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 7). | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 7). | ||||||||||||||||||||||
Financing costs | $ 95,763 | |||||||||||||||||||||||
Number of common shares held | shares | 696,428 | 696,428 | ||||||||||||||||||||||
Principal amount of convertible loan facility | $ 300,000 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | One Common Stock [Member] | ||||||||||||||||||||||||
Warrant term | 2 years | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 1,000,000 | 1,000,000 | 27,966,002 | 27,966,002 | 11,660,000 | 11,660,000 | ||||||||||||||||||
Proceeds from issuance of private placement | $ 37,550 | $ 1,049,974 | $ 436,608 | |||||||||||||||||||||
Issuance of shares, description | Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant ("June 2019 Warrant"). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. | Each June 2019 Unit consists of one common share of the Company and one common share purchase warrant ("June 2019 Warrant"). Each whole June 2019 Warrant entitles the holder to acquire one common share at a price of C$0.25 per common share for a period of two years. | ||||||||||||||||||||||
Financing costs | $ 28,847 | $ 19,640 | ||||||||||||||||||||||
Number of common shares held | shares | 2,033,998 | 2,033,998 | ||||||||||||||||||||||
Settlement of debt | $ 77,117 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | Tranche Two [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 6,042,954 | 6,042,954 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 228,202 | |||||||||||||||||||||||
Financing costs | $ 36,468 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.56 | $ 0.56 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 60,000 | $ 1,675,000 | ||||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | One Common Stock [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.70 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | |||||||||||||||||||||
Proceeds from issuance of private placement | $ 50,000 | $ 1,398,300 | $ 583,000 | |||||||||||||||||||||
Non-Brokered Private Placement [Member] | CAD [Member] | Tranche Two [Member] | ||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 0.05 | |||||||||||||||||||||||
Proceeds from issuance of private placement | $ 302,148 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | Broker Warrants [Member] | ||||||||||||||||||||||||
Financing costs | $ 239,284 | |||||||||||||||||||||||
Non-Brokered Private Placement [Member] | ||||||||||||||||||||||||
Number of common stock issued | shares | 2,991,073 | 2,991,073 | ||||||||||||||||||||||
Proceeds from issuance of private placement | $ 1,256,854 | |||||||||||||||||||||||
Issuance of shares, description | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 8). | Each broker warrant entitles the holder to acquire one common share at a price of C$0.70 per common share for a period of two years. The Company also issued 696,428 common shares for $300,000 which was applied to reduce the principal amount owing under the convertible loan facility (see note 8). | ||||||||||||||||||||||
Number of common shares held | shares | 696,428 | 696,428 |
Capital Stock, Warrants and S_5
Capital Stock, Warrants and Stock Options - Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities (Details) | Aug. 01, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) | Aug. 14, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares |
Warrant liabilities, fair value | $ (9,311,304) | $ 1,813,257 | $ 18,843,947 | $ (1,892,488) | ||
Change in derivative liability | $ (18,843,947) | |||||
Warrant Liabilities [Member] | August 2020 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.43 | $ 0.42 | ||||
Warrant liabilities, fair value | $ 16,097,069 | $ 15,746,380 | ||||
Change in derivative liability | $ (350,689) | |||||
Warrant Liabilities [Member] | August 2020 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 1065 days | 1112 days | ||||
Warrant Liabilities [Member] | August 2020 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | ||||
Warrant Liabilities [Member] | August 2020 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 1.48 | 1.53 | ||||
Warrant Liabilities [Member] | August 2020 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | ||||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | |||
Warrant liabilities, fair value | $ 0 | $ 0 | $ 0 | |||
Change in derivative liability | $ 0 | $ 0 | ||||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 74 days | 166 days | 532 days | |||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 1.48 | 0.69 | 1.66 | |||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | |||
Warrant liabilities, fair value | $ 0 | $ 6,132 | $ 0 | |||
Change in derivative liability | $ 6,132 | $ (6,132) | ||||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 313 days | 405 days | 771 days | |||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 1.49 | 1.20 | 1.59 | |||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | |||
Warrant liabilities, fair value | $ 68,901 | $ 206,253 | $ 1,875 | |||
Change in derivative liability | $ 137,352 | $ (204,378) | ||||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 424 days | 516 days | 882 days | |||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 1.19 | 1.34 | 1.47 | |||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | |||
Warrant liabilities, fair value | $ 3,146,863 | $ 6,582,920 | $ 114,934 | |||
Change in derivative liability | $ 3,436,057 | $ (6,467,986) | ||||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 271 days | 363 days | 727 days | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0.97 | 1.15 | 1.47 | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | ||||||
Share price | $ / shares | $ 0.07 | $ 0.43 | $ 0.73 | |||
Warrant liabilities, fair value | $ 468,227 | $ 5,574,662 | $ 11,631,921 | |||
Change in derivative liability | $ 6,057,259 | $ (11,163,694) | ||||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Expected Life [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features term | 731 days | 305 days | 397 days | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Volatility [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Risk Free Interest Rate [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 1.59 | 0.93 | 1.11 | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Dividend Yield [Member] | ||||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 |
Capital Stock, Warrants and S_6
Capital Stock, Warrants and Stock Options - Schedule of Estimated Using the Binomial Model to Determine the Fair Value of Warrant Liabilities (Details) (10-K/A) | Aug. 01, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares |
Warrant liabilities, fair value | $ (9,311,304) | $ 1,813,257 | $ 18,843,947 | $ (1,892,488) | |
Change in derivative liability | $ (18,843,947) | ||||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | |||||
Share price | $ / shares | $ 0.07 | $ 0.43 | $ 0.73 | ||
Warrant liabilities, fair value | $ 468,227 | $ 5,574,662 | $ 11,631,921 | ||
Change in derivative liability | $ 6,057,259 | $ (11,163,694) | |||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Expected Life [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features term | 731 days | 305 days | 397 days | ||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Volatility [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | ||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Risk Free Interest Rate [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 1.59 | 0.93 | 1.11 | ||
Warrant Liabilities [Member] | August 2019 Issuance [Member] | Dividend Yield [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | ||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | |||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | ||
Warrant liabilities, fair value | $ 0 | $ 0 | $ 0 | ||
Change in derivative liability | $ 0 | $ 0 | |||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Expected Life [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features term | 74 days | 166 days | 532 days | ||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Volatility [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | ||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Risk Free Interest Rate [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 1.48 | 0.69 | 1.66 | ||
Warrant Liabilities [Member] | December 2017 Issuance [Member] | Dividend Yield [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | ||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | |||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | ||
Warrant liabilities, fair value | $ 0 | $ 6,132 | $ 0 | ||
Change in derivative liability | $ 6,132 | $ (6,132) | |||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Expected Life [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features term | 313 days | 405 days | 771 days | ||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Volatility [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | ||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Risk Free Interest Rate [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 1.49 | 1.20 | 1.59 | ||
Warrant Liabilities [Member] | August 2018 Issuance [Member] | Dividend Yield [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | ||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | |||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | ||
Warrant liabilities, fair value | $ 68,901 | $ 206,253 | $ 1,875 | ||
Change in derivative liability | $ 137,352 | $ (204,378) | |||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Expected Life [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features term | 424 days | 516 days | 882 days | ||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Volatility [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | ||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Risk Free Interest Rate [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 1.19 | 1.34 | 1.47 | ||
Warrant Liabilities [Member] | November 2018 Issuance [Member] | Dividend Yield [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 | ||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | |||||
Share price | $ / shares | $ 0.43 | $ 0.73 | $ 0.05 | ||
Warrant liabilities, fair value | $ 3,146,863 | $ 6,582,920 | $ 114,934 | ||
Change in derivative liability | $ 3,436,057 | $ (6,467,986) | |||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Expected Life [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features term | 271 days | 363 days | 727 days | ||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Volatility [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 100 | 100 | 100 | ||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Risk Free Interest Rate [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0.97 | 1.15 | 1.47 | ||
Warrant Liabilities [Member] | June 2019 Issuance [Member] | Dividend Yield [Member] | |||||
Warrant liabilities, fair value measurement input, conversion features | 0 | 0 | 0 |
Capital Stock, Warrants and S_7
Capital Stock, Warrants and Stock Options - Schedule of Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Number of warrants, beginning balance | 37,844,404 | 13,046,484 | 13,046,484 |
Number of warrants, Issued | 58,284,148 | 23,005,800 | |
Number of warrants, Expired | (116,714) | ||
Number of warrants, ending balance | 96,011,838 | 36,052,284 | 37,844,404 |
Weighted average grant date value, beginning balance | $ 0.09 | $ 0.27 | $ 0.27 |
Weighted average grant date value, Issued | 0.11 | 0.02 | |
Weighted average grant date value, Expired | 1.90 | ||
Weighted average grant date value, ending balance | 0.10 | 0.11 | 0.09 |
CAD [Member] | |||
Weighted average exercise price, beginning balance | 0.43 | 0.88 | 0.88 |
Weighted average exercise price, Issued | 0.50 | 0.25 | |
Weighted average exercise price, Expired | 4.50 | ||
Weighted average exercise price, ending balance | $ 0.47 | $ 0.48 | $ 0.43 |
Capital Stock, Warrants and S_8
Capital Stock, Warrants and Stock Options - Schedule of Warrant Activity (Details) (10-K/A) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Number of warrants, beginning balance | 37,844,404 | 13,046,484 | 13,046,484 | ||
Number of warrants, Issued | 58,284,148 | 23,005,800 | |||
Number of warrants, ending balance | 96,011,838 | 36,052,284 | 37,844,404 | 13,046,484 | |
CAD [Member] | |||||
Weighted average exercise price, beginning balance | $ 0.43 | $ 0.88 | $ 0.88 | ||
Weighted average exercise price, Issued | 0.50 | 0.25 | |||
Weighted average exercise price, ending balance | $ 0.47 | $ 0.48 | $ 0.43 | $ 0.88 | |
Warrants [Member] | |||||
Number of warrants, beginning balance | 37,844,404 | 13,046,484 | 13,046,484 | 663,496 | |
Number of warrants, Issued | 27,360,284 | 12,582,988 | |||
Number of warrants, Cancelled | (229,464) | (200,000) | |||
Number of warrants, Exercised | [1] | (2,332,900) | |||
Number of warrants, ending balance | 37,844,404 | 13,046,484 | |||
Weighted average exercise price, beginning balance | $ 0.09 | $ 0.27 | $ 0.27 | $ 6.13 | |
Weighted average exercise price, Issued | 0.03 | 0.07 | |||
Weighted average exercise price, Cancelled | 3.54 | 7.50 | |||
Weighted average exercise price, Exercised | [1] | 0.02 | |||
Weighted average exercise price, ending balance | 0.09 | 0.27 | |||
Warrants [Member] | CAD [Member] | |||||
Weighted average exercise price, beginning balance | $ 0.43 | $ 0.88 | 0.88 | 16.02 | |
Weighted average exercise price, Issued | 0.27 | 0.38 | |||
Weighted average exercise price, Cancelled | 8.50 | 20 | |||
Weighted average exercise price, Exercised | [1] | 0.25 | |||
Weighted average exercise price, ending balance | $ 0.43 | $ 0.88 | |||
[1] | During the year ended June 30, 2020, 2,332,900 warrants were exercised at C$0.25 per warrant for gross proceeds of C$583,225 ($417,006). In conjunction with the exercise of warrants, the Company recognized a change in derivative liability of $871,710. |
Capital Stock, Warrants and S_9
Capital Stock, Warrants and Stock Options - Schedule of Warrant Activity (Details) (10-K/A) (Parenthetical) | 12 Months Ended | |||
Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020CAD ($)shares | Jun. 30, 2019USD ($) | ||
Warrants exercise price | $ / shares | $ 0.18 | |||
Proceeds from warrants exercise | $ 417,006 | |||
Change in derivative liability | $ (18,843,947) | |||
Warrants [Member] | ||||
Warrants exercised | shares | [1] | 2,332,900 | 2,332,900 | |
Warrants exercise price | $ / shares | $ 0.18 | |||
Proceeds from warrants exercise | $ 417,006 | |||
Change in derivative liability | $ 871,710 | |||
Warrants [Member] | CAD [Member] | ||||
Warrants exercise price | $ / shares | $ 0.25 | |||
Proceeds from warrants exercise | $ 583,225 | |||
[1] | During the year ended June 30, 2020, 2,332,900 warrants were exercised at C$0.25 per warrant for gross proceeds of C$583,225 ($417,006). In conjunction with the exercise of warrants, the Company recognized a change in derivative liability of $871,710. |
Capital Stock, Warrants and _10
Capital Stock, Warrants and Stock Options - Schedule of Warrants Outstanding Exercise Prices (Details) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
Exercise price | $ 0.18 | |
Number of warrants | 96,011,838 | 37,844,404 |
Number of warrants exercisable | 96,011,838 | 37,844,404 |
Warrants One [Member] | ||
Expiry date | Dec. 5, 2020 | Dec. 5, 2020 |
Number of warrants | 227,032 | 227,032 |
Number of warrants exercisable | 227,032 | 227,032 |
Warrants One [Member] | CAD [Member] | ||
Exercise price | $ 20 | $ 20 |
Warrants Two [Member] | ||
Expiry date | Dec. 13, 2020 | Dec. 13, 2020 |
Number of warrants | 7,000 | 7,000 |
Number of warrants exercisable | 7,000 | 7,000 |
Warrants Two [Member] | CAD [Member] | ||
Exercise price | $ 20 | $ 20 |
Warrants Three [Member] | ||
Expiry date | Aug. 9, 2021 | Aug. 9, 2021 |
Number of warrants | 160,408 | 116,714 |
Number of warrants exercisable | 160,408 | 116,714 |
Warrants Three [Member] | CAD [Member] | ||
Exercise price | $ 4.50 | $ 4.50 |
Warrants Four [Member] | ||
Expiry date | Nov. 28, 2021 | Aug. 9, 2021 |
Number of warrants | 645,866 | 160,408 |
Number of warrants exercisable | 645,866 | 160,408 |
Warrants Four [Member] | CAD [Member] | ||
Exercise price | $ 1 | $ 4.50 |
Warrants Five [Member] | ||
Expiry date | Jun. 27, 2021 | Nov. 28, 2021 |
Number of warrants | 11,660,000 | 645,866 |
Number of warrants exercisable | 11,660,000 | 645,866 |
Warrants Five [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 1 |
Warrants Six [Member] | ||
Expiry date | Aug. 1, 2021 | Jun. 27, 2021 |
Number of warrants | 20,672,900 | 11,660,000 |
Number of warrants exercisable | 20,672,900 | 11,660,000 |
Warrants Six [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.25 |
Warrants Seven [Member] | ||
Expiry date | Nov. 13, 2021 | Aug. 1, 2021 |
Number of warrants | 400,000 | 20,672,900 |
Number of warrants exercisable | 400,000 | 20,672,900 |
Warrants Seven [Member] | CAD [Member] | ||
Exercise price | $ 0.80 | $ 0.25 |
Warrants Eight [Member] | ||
Expiry date | Nov. 13, 2021 | Nov. 13, 2021 |
Number of warrants | 400,000 | 400,000 |
Number of warrants exercisable | 400,000 | 400,000 |
Warrants Eight [Member] | CAD [Member] | ||
Exercise price | $ 0.50 | $ 0.80 |
Warrants Nine [Member] | ||
Expiry date | Aug. 1, 2021 | Nov. 13, 2021 |
Number of warrants | 763,200 | 400,000 |
Number of warrants exercisable | 763,200 | 400,000 |
Warrants Nine [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.50 |
Warrants Ten [Member] | ||
Expiry date | Aug. 26, 2021 | Aug. 1, 2021 |
Number of warrants | 1,912,000 | 763,200 |
Number of warrants exercisable | 1,912,000 | 763,200 |
Warrants Ten [Member] | Debt Settlement [Member] | ||
Exercise price | $ 0.05 | $ 0.25 |
Warrants Eleven [Member] | ||
Expiry date | Feb. 7, 2022 | Aug. 26, 2021 |
Number of warrants | 640,000 | 1,912,000 |
Number of warrants exercisable | 640,000 | 1,912,000 |
Warrants Eleven [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.05 |
Warrants Twelve [Member] | ||
Expiry date | Feb. 26, 2022 | Feb. 7, 2022 |
Number of warrants | 239,284 | 640,000 |
Number of warrants exercisable | 239,284 | 640,000 |
Warrants Twelve [Member] | CAD [Member] | ||
Exercise price | $ 0.70 | $ 0.25 |
Warrants Thirteen [Member] | ||
Expiry date | Aug. 31, 2023 | Feb. 26, 2022 |
Number of warrants | 58,284,148 | 239,284 |
Number of warrants exercisable | 58,284,148 | 239,284 |
Warrants Thirteen [Member] | CAD [Member] | ||
Exercise price | $ 0.50 | $ 0.70 |
Capital Stock, Warrants and _11
Capital Stock, Warrants and Stock Options - Schedule of Warrants Outstanding Exercise Prices (Details) (10-K/A) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
Exercise price | $ 0.18 | |
Number of warrants | 96,011,838 | 37,844,404 |
Number of warrants exercisable | 96,011,838 | 37,844,404 |
Warrants One [Member] | ||
Expiry date | Dec. 5, 2020 | Dec. 5, 2020 |
Number of warrants | 227,032 | 227,032 |
Number of warrants exercisable | 227,032 | 227,032 |
Warrants One [Member] | CAD [Member] | ||
Exercise price | $ 20 | $ 20 |
Warrants Two [Member] | ||
Expiry date | Dec. 13, 2020 | Dec. 13, 2020 |
Number of warrants | 7,000 | 7,000 |
Number of warrants exercisable | 7,000 | 7,000 |
Warrants Two [Member] | CAD [Member] | ||
Exercise price | $ 20 | $ 20 |
Warrants Three [Member] | ||
Expiry date | Aug. 9, 2021 | Aug. 9, 2021 |
Number of warrants | 160,408 | 116,714 |
Number of warrants exercisable | 160,408 | 116,714 |
Warrants Three [Member] | CAD [Member] | ||
Exercise price | $ 4.50 | $ 4.50 |
Warrants Four [Member] | ||
Expiry date | Nov. 28, 2021 | Aug. 9, 2021 |
Number of warrants | 645,866 | 160,408 |
Number of warrants exercisable | 645,866 | 160,408 |
Warrants Four [Member] | CAD [Member] | ||
Exercise price | $ 1 | $ 4.50 |
Warrants Five [Member] | ||
Expiry date | Jun. 27, 2021 | Nov. 28, 2021 |
Number of warrants | 11,660,000 | 645,866 |
Number of warrants exercisable | 11,660,000 | 645,866 |
Warrants Five [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 1 |
Warrants Six [Member] | ||
Expiry date | Aug. 1, 2021 | Jun. 27, 2021 |
Number of warrants | 20,672,900 | 11,660,000 |
Number of warrants exercisable | 20,672,900 | 11,660,000 |
Warrants Six [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.25 |
Warrants Seven [Member] | ||
Expiry date | Nov. 13, 2021 | Aug. 1, 2021 |
Number of warrants | 400,000 | 20,672,900 |
Number of warrants exercisable | 400,000 | 20,672,900 |
Warrants Seven [Member] | CAD [Member] | ||
Exercise price | $ 0.80 | $ 0.25 |
Warrants Eight [Member] | ||
Expiry date | Nov. 13, 2021 | Nov. 13, 2021 |
Number of warrants | 400,000 | 400,000 |
Number of warrants exercisable | 400,000 | 400,000 |
Warrants Eight [Member] | CAD [Member] | ||
Exercise price | $ 0.50 | $ 0.80 |
Warrants Nine [Member] | ||
Expiry date | Aug. 1, 2021 | Nov. 13, 2021 |
Number of warrants | 763,200 | 400,000 |
Number of warrants exercisable | 763,200 | 400,000 |
Warrants Nine [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.50 |
Warrants Ten [Member] | ||
Expiry date | Aug. 26, 2021 | Aug. 1, 2021 |
Number of warrants | 1,912,000 | 763,200 |
Number of warrants exercisable | 1,912,000 | 763,200 |
Warrants Ten [Member] | Debt Settlement [Member] | ||
Exercise price | $ 0.05 | $ 0.25 |
Warrants Eleven [Member] | ||
Expiry date | Feb. 7, 2022 | Aug. 26, 2021 |
Number of warrants | 640,000 | 1,912,000 |
Number of warrants exercisable | 640,000 | 1,912,000 |
Warrants Eleven [Member] | CAD [Member] | ||
Exercise price | $ 0.25 | $ 0.05 |
Warrants Twelve [Member] | ||
Expiry date | Feb. 26, 2022 | Feb. 7, 2022 |
Number of warrants | 239,284 | 640,000 |
Number of warrants exercisable | 239,284 | 640,000 |
Warrants Twelve [Member] | CAD [Member] | ||
Exercise price | $ 0.70 | $ 0.25 |
Warrants Thirteen [Member] | ||
Expiry date | Aug. 31, 2023 | Feb. 26, 2022 |
Number of warrants | 58,284,148 | 239,284 |
Number of warrants exercisable | 58,284,148 | 239,284 |
Warrants Thirteen [Member] | CAD [Member] | ||
Exercise price | $ 0.50 | $ 0.70 |
Capital Stock, Warrants and _12
Capital Stock, Warrants and Stock Options - Schedule of Broker Option (Details) - $ / shares | 3 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Number of broker options, beginning balance | |||
Number of broker options, Issued | [1] | 3,239,907 | |
Number of broker options, ending balance | 3,239,907 | ||
CAD [Member] | |||
Weighted average exercise price, beginning balance | |||
Weighted average exercise price, Issued | 0.35 | ||
Weighted average exercise price, ending balance | $ 0.35 | ||
[1] | The grant date fair value of the broker options were estimated at $937,748 using the Black-Scholes valuation model with the following underlying assumptions: Risk free interest rate Dividend yield Volatility Stock price Weighted average life 0.31% 0% 100% C$0.54-C$0.56 3 years |
Capital Stock, Warrants and _13
Capital Stock, Warrants and Stock Options - Schedule of Broker Option (Details) (Parenthetical) | 3 Months Ended |
Sep. 30, 2020USD ($)$ / shares | |
Fair value of broker options | $ | $ 937,748 |
Risk free interest rate | 0.31% |
Dividend yield | 0.00% |
Volatility | 100.00% |
Weighted average life | 3 years |
Minimum [Member] | CAD [Member] | |
Stock price | $ 0.54 |
Maximum [Member] | CAD [Member] | |
Stock price | $ 0.56 |
Capital Stock, Warrants and _14
Capital Stock, Warrants and Stock Options - Schedule of Broker Options Issued and Outstanding (Details) - USD ($) | 3 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | ||
Expiry date | [1] | Aug. 31, 2023 | |||
Number of broker options | 3,239,907 | ||||
Fair value | $ 937,748 | ||||
CAD [Member] | |||||
Exercise price | $ 0.50 | ||||
[1] | Exercisable into one August 2020 Unit |
Capital Stock, Warrants and _15
Capital Stock, Warrants and Stock Options - Schedule of Stock Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Number of stock options, beginning balance | 7,580,159 | 287,100 | 287,100 | 287,100 | |||
Number of stock options, Granted | 200,000 | [1] | 7,532,659 | [2] | 43,750 | [3] | |
Number of stock options, ending balance | 7,780,159 | 287,100 | 7,580,159 | 287,100 | |||
CAD [Member] | |||||||
Weighted average exercise price, beginning balance | $ 0.62 | $ 7.50 | $ 7.50 | $ 7.50 | |||
Weighted average exercise price, Granted | 0.60 | 0.56 | 8 | ||||
Weighted average exercise price, ending balance | $ 0.62 | $ 7.50 | $ 0.62 | $ 7.50 | |||
[1] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[2] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[3] | On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company's books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Capital Stock, Warrants and _16
Capital Stock, Warrants and Stock Options - Schedule of Stock Options (Details) (Parenthetical) - USD ($) | Sep. 30, 2020 | Apr. 20, 2020 | Oct. 24, 2019 | Oct. 03, 2018 | Sep. 27, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
CAD [Member] | |||||||||
Stock option exercise price | $ 0.60 | $ 0.56 | $ 8 | ||||||
Directors and Officers [Member] | |||||||||
Number of vested stock option shares | 1,575,000 | ||||||||
Stock option expiration term | 5 years | ||||||||
Fair value of stock option vested | $ 435,069 | $ 45,173 | $ 309,211 | ||||||
Directors and Officers [Member] | CAD [Member] | |||||||||
Stock option exercise price | $ 0.60 | ||||||||
Directors [Member] | |||||||||
Number of vested stock option shares | 5,957,659 | ||||||||
Stock option expiration term | 5 years | ||||||||
Fair value of stock option vested | $ 1,536,764 | 201,728 | 162,855 | ||||||
Directors [Member] | CAD [Member] | |||||||||
Stock option exercise price | $ 0.55 | ||||||||
Consultant [Member] | |||||||||
Number of vested stock option shares | 200,000 | 43,750 | |||||||
Stock option expiration term | 3 years | 5 years | |||||||
Fair value of stock option vested | $ 52,909 | $ 43,893 | $ 218 | $ 43,893 | |||||
Share-based payment award, description | The stock options vest 50% at 6 months and 50% at 12 months from the grant date and expire in 3 years. | ||||||||
Vesting rights percentage | 50.00% | ||||||||
Consultant [Member] | CAD [Member] | |||||||||
Stock option exercise price | $ 0.60 | $ 8 |
Capital Stock, Warrants and _17
Capital Stock, Warrants and Stock Options - Schedule of Stock Options (Details) (10-K/A) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Number of stock options, beginning balance | 7,580,159 | 287,100 | 287,100 | 287,100 | |||
Number of stock options, Granted | 200,000 | [1] | 7,532,659 | [2] | 43,750 | [3] | |
Number of stock options, Exercised | (43,750) | ||||||
Number of stock options, Forfeited | (239,600) | ||||||
Number of stock options, ending balance | 7,780,159 | 287,100 | 7,580,159 | 287,100 | |||
CAD [Member] | |||||||
Weighted average exercise price, beginning balance | $ 0.62 | $ 7.50 | $ 7.50 | $ 7.50 | |||
Weighted average exercise price, Granted | 0.60 | 0.56 | 8 | ||||
Weighted average exercise price, Exercised | 8 | ||||||
Weighted average exercise price, Forfeited | 9.78 | ||||||
Weighted average exercise price, ending balance | $ 0.62 | $ 7.50 | $ 0.62 | $ 7.50 | |||
[1] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[2] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[3] | On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company's books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Capital Stock, Warrants and _18
Capital Stock, Warrants and Stock Options - Schedule of Stock Options (Details) (10-K/A) (Parenthetical) - USD ($) | Sep. 30, 2020 | Apr. 20, 2020 | Oct. 24, 2019 | Oct. 03, 2018 | Sep. 27, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2018 | |||
Stock option granted shares | 200,000 | [1] | 7,532,659 | [2] | 43,750 | [3] | |||||||
CAD [Member] | |||||||||||||
Stock option exercise price | $ 0.60 | $ 0.56 | $ 8 | ||||||||||
Consultant [Member] | |||||||||||||
Number of vested stock option shares | 200,000 | 43,750 | |||||||||||
Stock option expiration term | 3 years | 5 years | |||||||||||
Fair value of stock option vested | $ 52,909 | $ 43,893 | $ 218 | $ 43,893 | |||||||||
Consultant [Member] | CAD [Member] | |||||||||||||
Due to related party | $ 350,000 | ||||||||||||
Stock option exercise price | $ 0.60 | $ 8 | |||||||||||
Directors and Officers [Member] | |||||||||||||
Number of vested stock option shares | 1,575,000 | ||||||||||||
Stock option expiration term | 5 years | ||||||||||||
Fair value of stock option vested | $ 435,069 | 45,173 | 309,211 | ||||||||||
Directors and Officers [Member] | CAD [Member] | |||||||||||||
Stock option exercise price | $ 0.60 | ||||||||||||
Directors [Member] | |||||||||||||
Number of vested stock option shares | 5,957,659 | ||||||||||||
Stock option expiration term | 5 years | ||||||||||||
Fair value of stock option vested | $ 1,536,764 | $ 201,728 | $ 162,855 | ||||||||||
Directors [Member] | CAD [Member] | |||||||||||||
Stock option exercise price | $ 0.55 | ||||||||||||
[1] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||||||||
[2] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||||||||
[3] | On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company's books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Capital Stock, Warrants and _19
Capital Stock, Warrants and Stock Options - Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Stock Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Range One [Member] | ||
Risk free interest rate | 1.54% | 2.32% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 5 years | 5 years |
Range One [Member] | CAD [Member] | ||
Stock price | $ 0.50 | $ 2.30 |
Range Two [Member] | ||
Risk free interest rate | 0.44% | 1.54% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 5 years | 5 years |
Range Two [Member] | CAD [Member] | ||
Stock price | $ 0.50 | $ 0.50 |
Range Three [Member] | ||
Risk free interest rate | 0.25% | 0.44% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 3 years | 5 years |
Range Three [Member] | CAD [Member] | ||
Stock price | $ 0.58 | $ 0.50 |
Capital Stock, Warrants and _20
Capital Stock, Warrants and Stock Options - Schedule of Estimated Using Black-Scholes Valuation Model for Fair Value of Stock Options (Details) (10-K/A) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Range One [Member] | ||
Risk free interest rate | 1.54% | 2.32% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 5 years | 5 years |
Range One [Member] | CAD [Member] | ||
Stock price | $ 0.50 | $ 2.30 |
Range Two [Member] | ||
Risk free interest rate | 0.44% | 1.54% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 5 years | 5 years |
Range Two [Member] | CAD [Member] | ||
Stock price | $ 0.50 | $ 0.50 |
Range Three [Member] | ||
Risk free interest rate | 0.25% | 0.44% |
Dividend yield | 0.00% | 0.00% |
Volatility | 100.00% | 100.00% |
Weighted average life | 3 years | 5 years |
Range Three [Member] | CAD [Member] | ||
Stock price | $ 0.58 | $ 0.50 |
Capital Stock, Warrants and _21
Capital Stock, Warrants and Stock Options - Schedule of Stock Option Issued and Outstanding (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of options outstanding | 7,780,159 | 7,580,159 | 287,100 | 287,100 | 287,100 |
Number of options vested (exercisable) | 722,500 | 722,500 | |||
Grant date fair value | $ 2,282,755 | $ 2,229,846 | |||
Stock Options One [Member] | |||||
Weighted average remaining contractual life (years) | 1 year 7 months 2 days | 1 year 10 months 3 days | |||
Number of options outstanding | 40,000 | 40,000 | |||
Number of options vested (exercisable) | 40,000 | 40,000 | |||
Grant date fair value | $ 217,274 | $ 217,274 | |||
Stock Options One [Member] | CAD [Member] | |||||
Exercise price | $ 10 | $ 10 | |||
Stock Options Two [Member] | |||||
Weighted average remaining contractual life (years) | 1 year 7 months 2 days | 2 years 5 months 9 days | |||
Number of options outstanding | 7,500 | 7,500 | |||
Number of options vested (exercisable) | 7,500 | 7,500 | |||
Grant date fair value | $ 40,739 | $ 40,739 | |||
Stock Options Two [Member] | CAD [Member] | |||||
Exercise price | $ 16.50 | $ 16.50 | |||
Stock Options Three [Member] | |||||
Weighted average remaining contractual life (years) | 4 years 26 days | 4 years 3 months 26 days | |||
Number of options outstanding | 1,575,000 | 1,575,000 | |||
Number of options vested (exercisable) | 675,000 | 675,000 | |||
Grant date fair value | $ 435,069 | $ 435,069 | |||
Stock Options Three [Member] | CAD [Member] | |||||
Exercise price | $ 0.60 | $ 0.60 | |||
Stock Options Four [Member] | |||||
Weighted average remaining contractual life (years) | 4 years 6 months 21 days | 4 years 9 months 22 days | |||
Number of options outstanding | 5,957,659 | 5,957,659 | |||
Number of options vested (exercisable) | |||||
Grant date fair value | $ 1,536,764 | $ 1,536,764 | |||
Stock Options Four [Member] | CAD [Member] | |||||
Exercise price | $ 0.55 | $ 0.55 | |||
Stock Options Five [Member] | |||||
Weighted average remaining contractual life (years) | 3 years | ||||
Number of options outstanding | 200,000 | ||||
Number of options vested (exercisable) | |||||
Grant date fair value | $ 52,909 | ||||
Stock Options Five [Member] | CAD [Member] | |||||
Exercise price | $ 0.60 |
Capital Stock, Warrants and _22
Capital Stock, Warrants and Stock Options - Schedule of Stock Option Issued and Outstanding (Details) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of options outstanding | 7,780,159 | 7,580,159 | 287,100 | 287,100 | 287,100 |
Number of options vested (exercisable) | 722,500 | 722,500 | |||
Grant date fair value | $ 2,282,755 | $ 2,229,846 | |||
Stock Options One [Member] | |||||
Weighted average remaining contractual life (years) | 1 year 7 months 2 days | 1 year 10 months 3 days | |||
Number of options outstanding | 40,000 | 40,000 | |||
Number of options vested (exercisable) | 40,000 | 40,000 | |||
Grant date fair value | $ 217,274 | $ 217,274 | |||
Stock Options One [Member] | CAD [Member] | |||||
Exercise price | $ 10 | $ 10 | |||
Stock Options Two [Member] | |||||
Weighted average remaining contractual life (years) | 1 year 7 months 2 days | 2 years 5 months 9 days | |||
Number of options outstanding | 7,500 | 7,500 | |||
Number of options vested (exercisable) | 7,500 | 7,500 | |||
Grant date fair value | $ 40,739 | $ 40,739 | |||
Stock Options Two [Member] | CAD [Member] | |||||
Exercise price | $ 16.50 | $ 16.50 | |||
Stock Options Three [Member] | |||||
Weighted average remaining contractual life (years) | 4 years 26 days | 4 years 3 months 26 days | |||
Number of options outstanding | 1,575,000 | 1,575,000 | |||
Number of options vested (exercisable) | 675,000 | 675,000 | |||
Grant date fair value | $ 435,069 | $ 435,069 | |||
Stock Options Three [Member] | CAD [Member] | |||||
Exercise price | $ 0.60 | $ 0.60 | |||
Stock Options Four [Member] | |||||
Weighted average remaining contractual life (years) | 4 years 6 months 21 days | 4 years 9 months 22 days | |||
Number of options outstanding | 5,957,659 | 5,957,659 | |||
Number of options vested (exercisable) | |||||
Grant date fair value | $ 1,536,764 | $ 1,536,764 | |||
Stock Options Four [Member] | CAD [Member] | |||||
Exercise price | $ 0.55 | $ 0.55 |
Restricted Share Units - Schedu
Restricted Share Units - Schedule of Restricted Share Units (Details) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Number of shares, Unvested, Beginning balance | 600,000 | 600,000 | ||
Number of shares, Unvested, Ending balance | 600,000 | |||
CAD [Member] | ||||
Weighted average grant date fair value per share, Unvested, Beginning balance | $ 0.40 | $ 0.40 | ||
Weighted average grant date fair value per share, Unvested, Ending balance | $ 0.40 |
Restricted Share Units - Sche_2
Restricted Share Units - Schedule of Restricted Share Units (Details) (Parenthetical) - USD ($) | Apr. 20, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Granted shares | [1],[2] | 600,000 | |||||
Stock-based compensation | $ 204,127 | ||||||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | |||||||
Granted shares | 400,000 | ||||||
Grant date and expire | 5 years | ||||||
Stock-based compensation | 20,770 | $ 17,384 | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Granted shares | 200,000 | ||||||
Grant date and expire | 5 years | ||||||
Stock-based compensation | $ 10,287 | $ 8,274 | |||||
[1] | On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $8,274 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[2] | On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $17,384 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Restricted Share Units - Sche_3
Restricted Share Units - Schedule of Restricted Share Units (Details) (10-K/A) | 12 Months Ended | |
Jun. 30, 2020$ / sharesshares | ||
Number of shares, Unvested, Beginning balance | shares | ||
Number of shares, Granted | shares | 600,000 | [1],[2] |
Number of shares, Unvested, Ending balance | shares | 600,000 | |
CAD [Member] | ||
Weighted average grant date fair value per share, Unvested, Beginning balance | $ / shares | ||
Weighted average grant date fair value per share, Granted | $ / shares | 0.40 | [1],[2] |
Weighted average grant date fair value per share, Unvested, Ending balance | $ / shares | $ 0.40 | |
[1] | On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $8,274 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | |
[2] | On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $17,384 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Restricted Share Units - Sche_4
Restricted Share Units - Schedule of Restricted Share Units (Details) (10-K/A) (Parenthetical) - USD ($) | Apr. 20, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Granted shares | [1],[2] | 600,000 | |||||
Stock-based compensation | $ 204,127 | ||||||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | |||||||
Granted shares | 400,000 | ||||||
Grant date and expire | 5 years | ||||||
Stock-based compensation | 20,770 | $ 17,384 | |||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Granted shares | 200,000 | ||||||
Grant date and expire | 5 years | ||||||
Stock-based compensation | $ 10,287 | $ 8,274 | |||||
[1] | On April 20, 2020, the Company granted 200,000 RSUs to a certain director of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $8,274 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||
[2] | On April 20, 2020, the Company granted 400,000 RSUs to a certain officer of the Company. The RSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these RSUs results in stock-based compensation of $17,384 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Deferred Share Units - Schedule
Deferred Share Units - Schedule of Deferred Share Units (Details) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 |
Number of shares, Unvested, Beginning balance | 7,500,000 | 7,500,000 | ||
Number of shares, Unvested, Ending balance | 7,500,000 | |||
CAD [Member] | ||||
Weighted average grant date fair value per share, Unvested, Beginning balance | $ 0.65 | $ 0.65 | ||
Weighted average grant date fair value per share, Unvested, Ending balance | $ 0.65 |
Deferred Share Units - Schedu_2
Deferred Share Units - Schedule of Deferred Share Units (Details) (Parenthetical) - USD ($) | Apr. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Granted shares | [1] | 7,500,000 | ||||
Stock-based compensation | $ 204,127 | |||||
Deferred Share Unit [Member] | ||||||
Granted shares | 7,500,000 | |||||
Grant date and expire | 5 years | |||||
Stock-based compensation | $ 549,664 | |||||
[1] | On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these DSUs results in stock-based compensation of $549,664 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Deferred Share Units - Schedu_3
Deferred Share Units - Schedule of Deferred Share Units (Details) (10-K/A) | 12 Months Ended | |
Jun. 30, 2020$ / sharesshares | ||
Number of shares, Unvested, Beginning balance | shares | ||
Number of shares, Granted | shares | 7,500,000 | [1] |
Number of shares, Unvested, Ending balance | shares | 7,500,000 | |
CAD [Member] | ||
Weighted average grant date fair value per share, Unvested, Beginning balance | $ / shares | ||
Weighted average grant date fair value per share, Granted | $ / shares | 0.65 | [1] |
Weighted average grant date fair value per share, Unvested, Ending balance | $ / shares | $ 0.65 | |
[1] | On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these DSUs results in stock-based compensation of $549,664 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Deferred Share Units - Schedu_4
Deferred Share Units - Schedule of Deferred Share Units (Details) (10-K/A) (Parenthetical) - USD ($) | Apr. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Granted shares | [1] | 7,500,000 | ||||
Stock-based compensation | $ 204,127 | |||||
Deferred Share Unit [Member] | ||||||
Granted shares | 7,500,000 | |||||
Grant date and expire | 5 years | |||||
Stock-based compensation | $ 549,664 | |||||
[1] | On April 21, 2020, the Company granted 7,500,000 DSUs. The DSUs vest in one fourth increments upon each anniversary of the grant date and expire in 5 years. The vesting of these DSUs results in stock-based compensation of $549,664 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019USD ($) | |
Lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||
Rent expenses | $ 546,189 | $ 598,207 | ||||
CAD [Member] | ||||||
Lease payments | $ 13,504 | $ 13,504 | ||||
Lease Agreement [Member] | ||||||
Lease expires, description | Expires in May 2022. | Expires in May 2022. | Expires in May 2022. | Expires in May 2022. | ||
Lease Agreement [Member] | CAD [Member] | ||||||
Rent expenses | $ 26,000 | $ 26,000 | ||||
Placer Mining Corp [Member] | ||||||
Monthly payments | $ 60,000 | $ 60,000 | ||||
Lease extension fee | 60,000 | 60,000 | ||||
Lease payments | 1,787,300 | 1,847,300 | ||||
Environmental Protection Agency [Member] | ||||||
Lease payments | $ 11,096,542 | $ 7,905,235 |
Commitments and Contingencies_2
Commitments and Contingencies (Restated) (Details Narrative) (10-K/A) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2020CAD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019USD ($) | |
Lease payments | $ 10,138 | $ 30,893 | $ 120,690 | |||
Rent expenses | $ 546,189 | $ 598,207 | ||||
CAD [Member] | ||||||
Lease payments | $ 13,504 | $ 13,504 | ||||
Lease Agreement [Member] | ||||||
Lease expires, description | Expires in May 2022. | Expires in May 2022. | Expires in May 2022. | Expires in May 2022. | ||
Lease Agreement [Member] | CAD [Member] | ||||||
Rent expenses | $ 26,000 | $ 26,000 | ||||
Placer Mining Corp [Member] | ||||||
Monthly payments | $ 60,000 | $ 60,000 | ||||
Lease extension fee | 60,000 | 60,000 | ||||
Lease payments | 1,787,300 | 1,847,300 | ||||
Environmental Protection Agency [Member] | ||||||
Lease payments | $ 11,096,542 | $ 7,905,235 |
Income Taxes (Restated) (Detail
Income Taxes (Restated) (Details Narrative) (10-K/A) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax rate reconciliation, federal statutory income tax rate, percent | 26.90% | 26.90% |
Operating loss carryforwards | $ 25,680,750 | $ 22,094,056 |
Operating loss carryforwards, expiration date, description | The US non-capital loss carryforwards generated before 2018 expire between 2031 and 2037. The losses generated after 2018 do not expire. |
Income Taxes (Restated) - Sched
Income Taxes (Restated) - Schedule of Income Tax Provision (Details) (10-K/A) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Loss before income taxes (as restated) | $ (9,301,597) | $ 13,504,113 | $ 4,236,700 | $ 1,977,423 | $ 3,475,240 | $ 853,112 | $ 17,740,813 | $ 4,328,352 | $ 8,439,216 | $ 6,305,775 | $ 31,321,791 | $ 8,442,320 |
Expected income tax recovery | (8,425,600) | (2,271,000) | ||||||||||
Other permanent difference | 673,000 | 563,070 | ||||||||||
Change in valuation allowance | 7,752,600 | 1,707,930 | ||||||||||
Total |
Income Taxes (Restated) - Sch_2
Income Taxes (Restated) - Schedule of Deferred Tax Assets (Details) (10-K/A) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 6,374,700 | $ 4,285,020 |
Other deferred tax assets | 8,916,350 | 3,392,290 |
Valuation allowance | (15,304,180) | (7,687,200) |
Unrealized foreign exchange loss | 13,130 | 8,870 |
Equipment | 1,020 | |
Total |
Income Taxes (Restated) - Sch_3
Income Taxes (Restated) - Schedule of Components of Deferred Tax Assets and Liabilities (Details) (10-K/A) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Non-capital losses carried forward | $ 10,050 | $ 1,530,460 |
Lease liabilities | 57,120 | |
Convertible debt | (1,530,460) | |
Equipment | (10,050) | |
Right of use assets and lease obligations | (57,120) | |
Net deferred tax asset |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |||
Number of shares issued | |||||
Value of shares issued | $ 1,208,389 | [1] | $ 1,208,389 | [2] | |
June 2019 Units [Member] | |||||
Number of shares issued | 1,403,200 | ||||
June 2019 Units [Member] | CAD [Member] | |||||
Deemed price | $ 0.05 | ||||
August 2020 Units [Member] | |||||
Number of shares issued | 300,000 | ||||
Deemed price | $ 0.67 | ||||
Value of shares issued | $ 77,696 | ||||
August 2020 Units [Member] | CAD [Member] | |||||
Value of shares issued | 105,000 | ||||
John Ryan [Member] | |||||
Related party transactions | 9,000 | 15,500 | $ 51,500 | ||
Wayne Parsons [Member] | |||||
Related party transactions | 40,000 | 42,618 | 136,045 | ||
Hugh Aird [Member] | |||||
Related party transactions | 18,223 | 9,774 | 9,774 | ||
Richard Williams [Member] | |||||
Related party transactions | 45,000 | 134,927 | |||
Due to related party | $ 109,236 | 121,161 | |||
Richard Williams [Member] | June 2019 Units [Member] | |||||
Number of shares issued | 214,286 | ||||
Value of shares issued | $ 56,925 | ||||
Richard Williams [Member] | June 2019 Units [Member] | CAD [Member] | |||||
Deemed price | $ 0.67 | ||||
Richard Williams [Member] | August 2020 Units [Member] | |||||
Number of shares issued | 77,143 | ||||
Deemed price | $ 0.67 | ||||
Value of shares issued | $ 20,000 | ||||
Sam Ash [Member] | |||||
Related party transactions | 54,583 | 60,000 | |||
Due to related party | $ 60,000 | ||||
[1] | Shares and units issued at C$0.05, converted to US at $0.04 (note 11) | ||||
[2] | Shares and units issued at C$0.05, converted to US at $0.04 ( note 12 ) |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) (10-K/A) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Number of shares issued | |||
June 2019 Units [Member] | |||
Number of shares issued | 1,403,200 | ||
Finders fees | $ 125,180 | ||
June 2019 Units [Member] | CAD [Member] | |||
Deemed price | $ 0.05 | ||
Finders fees | $ 165,760 | ||
August 2019 Units [Member] | |||
Number of shares issued | 1,912,000 | ||
Finders fees | $ 125,180 | ||
August 2019 Units [Member] | CAD [Member] | |||
Deemed price | $ 0.05 | ||
Finders fees | $ 165,760 | ||
John Ryan [Member] | |||
Related party transactions | $ 9,000 | $ 15,500 | 51,500 |
Wayne Parsons [Member] | |||
Related party transactions | 40,000 | 42,618 | 136,045 |
Hugh Aird [Member] | |||
Related party transactions | 18,223 | 9,774 | 9,774 |
Richard Williams [Member] | |||
Related party transactions | 45,000 | 134,927 | |
Due to related party | $ 109,236 | 121,161 | |
Richard Williams [Member] | June 2019 Units [Member] | |||
Number of shares issued | 214,286 | ||
Richard Williams [Member] | June 2019 Units [Member] | CAD [Member] | |||
Deemed price | $ 0.67 | ||
Sam Ash [Member] | |||
Related party transactions | $ 54,583 | 60,000 | |
Due to related party | $ 60,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Convertible Loan Payable [Member] - shares | Oct. 09, 2020 | Oct. 09, 2020 |
Number of share issued for debt | 5,572,980 | |
Hummingbird [Member] | ||
Number of share issued for debt | 5,572,980 |
Subsequent Events (Restated) (D
Subsequent Events (Restated) (Details Narrative) (10-K/A) | Oct. 09, 2020shares | Sep. 30, 2020$ / sharesshares | Sep. 30, 2020$ / shares | Aug. 25, 2020USD ($)$ / sharesshares | Aug. 25, 2020CAD ($)shares | Aug. 14, 2020USD ($)$ / sharesshares | Aug. 14, 2020CAD ($)shares | Aug. 12, 2020USD ($) | Jul. 15, 2020USD ($) | Aug. 23, 2019CAD ($) | Sep. 27, 2018$ / shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Aug. 25, 2020CAD ($) | Aug. 14, 2020CAD ($) | Aug. 23, 2019$ / shares | |||
Number of shares issued | shares | |||||||||||||||||||||
Proceeds from common stock | $ 14,262,697 | $ 1,143,074 | $ 2,428,530 | $ 1,195,830 | |||||||||||||||||
Warrants exercise price | $ / shares | $ 0.18 | ||||||||||||||||||||
Settlement of debt | $ 9,407 | $ 1,204,073 | |||||||||||||||||||
Number of options issued | shares | 200,000 | [1] | 7,532,659 | [2] | 43,750 | [3] | |||||||||||||||
Consultant [Member] | |||||||||||||||||||||
Share-based payment award, description | The stock options vest 50% at 6 months and 50% at 12 months from the grant date and expire in 3 years. | ||||||||||||||||||||
Vesting rights percentage | 50.00% | ||||||||||||||||||||
CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.05 | ||||||||||||||||||||
Options exercise price per share | $ / shares | $ 0.60 | $ 0.56 | $ 8 | ||||||||||||||||||
CAD [Member] | Consultant [Member] | |||||||||||||||||||||
Options exercise price per share | $ / shares | $ 0.60 | $ 8 | |||||||||||||||||||
First Tranche [Member] | CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.18 | ||||||||||||||||||||
Settlement of debt | $ 197,800 | ||||||||||||||||||||
First Tranche [Member] | August 2020 Offering [Member] | |||||||||||||||||||||
Number of shares issued | shares | 35,212,142 | 35,212,142 | |||||||||||||||||||
Proceeds from common stock | $ 9,301,321 | ||||||||||||||||||||
First Tranche [Member] | August 2020 Offering [Member] | CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.35 | ||||||||||||||||||||
Proceeds from common stock | $ 12,324,250 | ||||||||||||||||||||
Second Tranche [Member] | August 2020 Offering [Member] | |||||||||||||||||||||
Number of shares issued | shares | 20,866,292 | 20,866,292 | |||||||||||||||||||
Proceeds from common stock | $ 5,497,453 | ||||||||||||||||||||
Second Tranche [Member] | August 2020 Offering [Member] | CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.35 | ||||||||||||||||||||
Proceeds from common stock | $ 7,303,202 | ||||||||||||||||||||
Placer Mining Corp [Member] | |||||||||||||||||||||
Lease extension fee | $ 60,000 | $ 60,000 | |||||||||||||||||||
Convertible Loan Payable [Member] | |||||||||||||||||||||
Settlement of debt | $ 9,407 | $ 1,204,073 | |||||||||||||||||||
Subsequent Event [Member] | CAD [Member] | Consultant [Member] | |||||||||||||||||||||
Options exercise price per share | $ / shares | $ 0.60 | ||||||||||||||||||||
Subsequent Event [Member] | Equity Option [Member] | Consultant [Member] | |||||||||||||||||||||
Number of options issued | shares | 200,000 | ||||||||||||||||||||
Share-based payment award, description | The stock options vest 50% at 6 months and 50% at 12 months from the grant date and expire in 3 years. | ||||||||||||||||||||
Vesting rights percentage | 50.00% | ||||||||||||||||||||
Expiration period | 3 years | ||||||||||||||||||||
Subsequent Event [Member] | First Tranche [Member] | August 2020 Offering [Member] | |||||||||||||||||||||
Number of shares issued | shares | 35,212,142 | 35,212,142 | |||||||||||||||||||
Proceeds from common stock | $ 9,301,321 | ||||||||||||||||||||
Warrants expiration date | Aug. 31, 2023 | Aug. 31, 2023 | |||||||||||||||||||
Cash compensation | $ 641,493 | ||||||||||||||||||||
Compensation options | shares | 2,112,729 | 2,112,729 | |||||||||||||||||||
Subsequent Event [Member] | First Tranche [Member] | August 2020 Offering [Member] | CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.35 | ||||||||||||||||||||
Proceeds from common stock | $ 12,324,250 | ||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.50 | ||||||||||||||||||||
Cash compensation | $ 739,455 | ||||||||||||||||||||
Subsequent Event [Member] | Second Tranche [Member] | August 2020 Offering [Member] | |||||||||||||||||||||
Number of shares issued | shares | 20,866,292 | 20,866,292 | |||||||||||||||||||
Proceeds from common stock | $ 5,497,453 | ||||||||||||||||||||
Cash compensation | $ 292,377 | ||||||||||||||||||||
Compensation options | shares | 1,127,178 | 1,127,178 | |||||||||||||||||||
Number of share issued for debt | shares | 2,205,714 | 2,205,714 | |||||||||||||||||||
Settlement of debt | $ 585,115 | ||||||||||||||||||||
Subsequent Event [Member] | Second Tranche [Member] | August 2020 Offering [Member] | CAD [Member] | |||||||||||||||||||||
Share price per share | $ / shares | $ 0.35 | ||||||||||||||||||||
Proceeds from common stock | $ 7,303,202 | ||||||||||||||||||||
Cash compensation | $ 386,376 | ||||||||||||||||||||
Settlement of debt | $ 772,000 | ||||||||||||||||||||
Subsequent Event [Member] | Placer Mining Corp [Member] | 18 Months Extension [Member] | |||||||||||||||||||||
Lease extension fee | $ 150,000 | ||||||||||||||||||||
Subsequent Event [Member] | Placer Mining Corp [Member] | 6 Months Extension [Member] | |||||||||||||||||||||
Lease extension fee | $ 60,000 | ||||||||||||||||||||
Lease expiration date | Aug. 1, 2022 | ||||||||||||||||||||
Subsequent Event [Member] | July 2020 Loan [Member] | |||||||||||||||||||||
Unsecured loan | $ 1,200,000 | ||||||||||||||||||||
Origination fee | $ 360,000 | ||||||||||||||||||||
Subsequent Event [Member] | Convertible Loan Payable [Member] | |||||||||||||||||||||
Number of share issued for debt | shares | 5,572,980 | ||||||||||||||||||||
[1] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options were estimated at $435,069. The vesting of these options resulted in stock-based compensation of $45,173 for the three months ended September 30, 2020 (three months ended September 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||||||||||||||||
[2] | On October 24, 2019, 1,575,000 stock options were issued to directors and officers of the Company. These options have a 5-year life and are exercisable at C$0.60 per share. The grant date fair value of the stock options was estimated at $435,069. The vesting of these options resulted in stock-based compensation of $309,211 for the year ended June 30, 2020 (year ended June 30, 2019 - $nil), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. | ||||||||||||||||||||
[3] | On September 27, 2018, 43,750 fully-vested stock options were issued to a consultant to whom C$350,000 was due and payable and reflected in accrued liabilities at September 30, 2018. These options had a 5-year life and were exercisable at C$8.00 per share. On October 3, 2018, these options were exercised in full, with consideration received being the liability already on the Company's books, extinguishing the liability in full. The grant date fair value of the options was estimated at $43,893. The vesting of these options resulted in stock-based compensation of $nil for the year ended June 30, 2020 (year ended June 30, 2019 - $43,893), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Schedule of Impact of the Restatement on Condensed Interim Consolidated Financial Statements (Details) (10-K/A) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Exploration | $ 5,210,621 | $ 915,741 | $ 4,159,092 | $ 1,109,215 | $ 1,150,620 | $ 3,188,858 | $ 1,026,887 | $ 5,268,307 | $ 4,215,745 | $ 6,184,048 | $ 5,366,365 | $ 8,645,431 | $ 6,416,733 | ||||||
Total operating expense and loss from operations | $ (7,053,072) | (1,362,960) | (4,555,441) | (1,286,061) | (1,390,857) | (3,578,018) | (1,827,955) | (5,841,502) | (5,405,973) | (7,204,462) | (6,796,830) | (10,793,823) | (8,113,926) | ||||||
Loss before income tax and net loss and comprehensive loss for the period | $ 9,301,597 | $ (13,504,113) | $ (4,236,700) | $ (1,977,423) | $ (3,475,240) | $ (853,112) | $ (17,740,813) | $ (4,328,352) | $ (8,439,216) | $ (6,305,775) | $ (31,321,791) | $ (8,442,320) | |||||||
Net loss per common share - basic and fully diluted (*) | $ 0 | $ 0.13 | $ (0.19) | $ (0.10) | $ (0.48) | [1] | $ (0.93) | [1] | $ (0.25) | [1] | $ (0.31) | $ (1.21) | [1] | $ (0.13) | $ (1.68) | [1] | $ (0.47) | $ (2.14) | |
Accounts payable | $ 3,275,968 | $ 3,519,522 | $ 3,691,098 | $ 3,428,808 | $ 2,884,808 | $ 1,923,702 | $ 1,001,135 | $ 3,691,098 | $ 1,923,702 | $ 3,519,522 | $ 2,884,808 | $ 4,389,964 | $ 3,421,625 | ||||||
Accrued liabilities | 10,292,031 | 6,586,617 | 6,109,475 | 6,109,475 | 6,586,617 | 7,216,114 | 2,896,025 | ||||||||||||
Total current liabilities | 16,511,715 | 12,456,457 | 12,331,146 | 8,435,357 | 6,718,240 | 4,923,990 | 1,934,106 | 12,331,146 | 4,923,990 | 12,456,457 | 6,718,240 | 15,098,294 | 8,320,971 | ||||||
Total liabilities | 41,798,019 | 13,027,429 | 23,825,049 | 11,031,266 | 6,843,746 | 5,049,496 | 2,193,728 | 23,825,049 | 5,049,496 | 13,027,429 | 6,843,746 | 33,974,803 | 8,437,600 | ||||||
Additional paid-in-capital | 31,901,497 | 28,555,610 | 28,555,610 | 30,133,058 | 24,284,765 | ||||||||||||||
Deficit accumulated during exploration stage | (64,192,278) | (41,041,844) | (50,343,441) | (36,839,328) | (30,466,083) | (28,488,660) | (25,013,420) | (50,343,441) | (28,488,660) | (41,041,844) | (30,466,083) | (63,924,419) | (32,602,628) | ||||||
Total shareholders' equity (deficiency) | (32,290,644) | (12,399,312) | (23,334,737) | (9,998,394) | (6,498,482) | (4,521,059) | (1,404,816) | (23,334,737) | (4,521,059) | (12,399,312) | (6,498,482) | (33,241,919) | (8,210,510) | $ (763,046) | |||||
Net loss for the period | (267,859) | (4,236,700) | (853,112) | (17,740,813) | (4,328,352) | (8,439,216) | (6,305,775) | (31,321,791) | (8,442,320) | ||||||||||
Accounts payable | (943,902) | 479,549 | 229,219 | 727,258 | 1,172,132 | 475,986 | 2,133,822 | 1,479,992 | 2,670,639 | ||||||||||
Accrued liabilities | $ 3,167,269 | 229,827 | 3,458,948 | 3,936,090 | 4,320,089 | 2,421,011 | |||||||||||||
As Previously Reported [Member] | |||||||||||||||||||
Exploration | 730,334 | 3,985,959 | 958,804 | 999,602 | 3,003,911 | 810,265 | 4,944,763 | 3,814,176 | 5,675,097 | 4,813,778 | 7,951,423 | 5,712,238 | |||||||
Total operating expense and loss from operations | (1,177,553) | (4,382,308) | (1,135,650) | (1,239,839) | (3,393,071) | (1,611,333) | (5,517,958) | (5,004,404) | (6,695,511) | (6,244,243) | (10,099,815) | (7,409,431) | |||||||
Loss before income tax and net loss and comprehensive loss for the period | $ 9,487,004 | $ (13,330,980) | $ (4,086,289) | $ (1,826,405) | $ (3,290,293) | $ (636,490) | $ (17,417,269) | $ (3,926,783) | $ (7,930,265) | $ (5,753,188) | $ (30,627,783) | $ (7,737,825) | |||||||
Net loss per common share - basic and fully diluted (*) | $ 0.13 | $ (0.19) | $ (0.09) | $ (0.44) | [1] | $ (0.88) | [1] | $ (0.19) | [1] | $ (0.31) | $ (1.10) | [1] | $ (0.12) | $ (1.53) | [1] | $ (0.46) | $ (1.96) | ||
Accounts payable | $ 2,346,314 | $ 2,382,993 | $ 2,027,170 | $ 1,785,489 | $ 975,401 | $ 237,781 | $ 2,382,993 | $ 975,401 | $ 2,346,314 | $ 1,785,489 | $ 3,431,699 | $ 2,170,398 | |||||||
Accrued liabilities | 5,919,951 | 5,842,809 | 5,842,809 | 5,919,951 | 6,149,448 | ||||||||||||||
Total current liabilities | 10,616,583 | 10,756,375 | 7,033,719 | 5,618,921 | 3,975,689 | 1,170,752 | 10,756,375 | 3,975,689 | 10,616,583 | 5,618,921 | 13,073,363 | 7,069,564 | |||||||
Total liabilities | 11,187,555 | 22,250,278 | 9,629,628 | 5,744,427 | 4,101,195 | 1,430,374 | 22,250,278 | 4,101,195 | 11,187,555 | 5,744,427 | 31,949,872 | 7,186,373 | |||||||
Additional paid-in-capital | 28,635,306 | 28,635,306 | 30,212,754 | ||||||||||||||||
Deficit accumulated during exploration stage | (39,281,666) | (48,768,670) | (35,437,690) | (29,366,764) | (27,540,359) | (24,250,066) | (48,768,670) | (27,540,359) | (39,281,666) | (29,366,764) | (61,979,184) | (31,351,401) | |||||||
Total shareholders' equity (deficiency) | (10,559,438) | (21,759,966) | (8,596,756) | (5,399,163) | (3,572,758) | (641,462) | (21,759,966) | (3,572,758) | (10,559,438) | (5,399,163) | (31,216,988) | (6,959,283) | (216,314) | ||||||
Net loss for the period | (4,086,289) | (636,490) | (17,417,269) | (3,926,783) | (7,930,265) | (5,753,188) | (30,627,783) | (7,737,825) | |||||||||||
Accounts payable | 329,138 | 12,597 | 670,380 | 770,563 | 633,701 | 1,581,235 | 1,852,650 | 1,966,144 | |||||||||||
Accrued liabilities | 3,192,282 | 3,269,424 | 3,253,423 | ||||||||||||||||
Adjustment [Member] | |||||||||||||||||||
Exploration | 185,407 | 173,133 | 150,411 | 151,018 | 184,947 | 216,622 | 323,544 | 401,569 | 508,951 | 552,587 | 694,008 | 704,495 | |||||||
Total operating expense and loss from operations | (185,407) | (173,133) | (150,411) | (151,018) | (184,947) | (216,622) | (323,544) | (401,569) | (508,951) | (552,587) | (694,008) | (704,495) | |||||||
Loss before income tax and net loss and comprehensive loss for the period | $ (185,407) | $ (173,133) | $ (150,411) | $ (151,018) | $ (184,947) | $ (216,622) | $ (323,544) | $ (401,569) | $ (508,951) | $ (552,587) | $ (694,008) | $ (704,495) | |||||||
Net loss per common share - basic and fully diluted (*) | $ (0.01) | $ (0.04) | [1] | $ (0.05) | [1] | $ (0.06) | [1] | $ (0.11) | [1] | $ (0.01) | $ (0.15) | [1] | $ (0.01) | $ (0.18) | |||||
Accounts payable | $ 1,173,208 | $ 1,308,105 | $ 1,401,638 | $ 1,099,319 | $ 948,301 | $ 763,354 | $ 1,308,105 | $ 948,301 | $ 1,173,208 | $ 1,099,319 | $ 958,265 | $ 1,251,227 | |||||||
Accrued liabilities | 666,666 | 266,666 | 266,666 | 666,666 | 1,066,666 | ||||||||||||||
Total current liabilities | 1,839,874 | 1,574,771 | 1,401,638 | 1,099,319 | 948,301 | 763,354 | 1,574,771 | 948,301 | 1,839,874 | 1,099,319 | 2,024,931 | 1,251,227 | |||||||
Total liabilities | 1,839,874 | 1,574,771 | 1,401,638 | 1,099,319 | 948,301 | 763,354 | 1,574,771 | 948,301 | 1,839,874 | 1,099,319 | 2,024,931 | 1,251,227 | |||||||
Additional paid-in-capital | (79,696) | (79,696) | (79,696) | ||||||||||||||||
Deficit accumulated during exploration stage | (1,760,178) | (1,574,771) | (1,401,638) | (1,099,319) | (948,301) | (763,354) | (1,574,771) | (948,301) | (1,760,178) | (1,099,319) | (1,945,235) | (1,251,227) | |||||||
Total shareholders' equity (deficiency) | $ (1,839,874) | $ (1,574,771) | (1,401,638) | $ (1,099,319) | $ (948,301) | (763,354) | (1,574,771) | (948,301) | (1,839,874) | (1,099,319) | (2,024,931) | (1,251,227) | $ (546,732) | ||||||
Net loss for the period | (150,411) | (216,622) | (323,544) | (401,569) | (508,951) | (552,587) | (694,008) | (704,495) | |||||||||||
Accounts payable | $ 150,411 | $ 216,622 | 56,878 | $ 401,569 | (157,715) | $ 552,587 | (372,658) | $ 704,495 | |||||||||||
Accrued liabilities | $ 266,666 | $ 666,666 | $ 1,066,666 | ||||||||||||||||
[1] | Adjusted for 10-to-1 share consolidation on May 23, 2019. |