Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Feb. 07, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | NIOCORP DEVELOPMENTS LTD | |
Entity Central Index Key | 0001512228 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 234,839,598 | |
Entity File Number | 000-55710 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | A1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Current | ||
Cash | $ 56 | $ 357 |
Prepaid expenses and other | 8 | 71 |
Total current assets | 64 | 428 |
Non-current | ||
Deposits | 35 | 35 |
Available for sale securities at fair value | 2 | 5 |
Mineral interests | 10,617 | 10,617 |
Total assets | 10,718 | 11,085 |
Current | ||
Accounts payable and accrued liabilities | 3,412 | 2,941 |
Related party loans | 2,560 | 1,480 |
Convertible debt, current portion | 886 | 800 |
Derivative liability, convertible debt | 82 | |
Total current liabilities | 6,940 | 5,221 |
Convertible debt, net of current portion | 1,012 | |
Total liabilities | 6,940 | 6,233 |
SHAREHOLDERS' EQUITY | ||
Common stock, unlimited shares authorized; shares outstanding: 234,839,598 and 232,496,215, respectively | 83,872 | 82,939 |
Additional paid-in capital | 13,241 | 13,124 |
Accumulated deficit | (92,766) | (90,685) |
Accumulated other comprehensive loss | (569) | (526) |
Total equity | 3,778 | 4,852 |
Total liabilities and equity | $ 10,718 | $ 11,085 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Statement of Financial Position [Abstract] | ||
Common stock, authorized | Unlimited | Unlimited |
Common stock, outstanding | 234,839,598 | 232,496,215 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2019USD ($)shares | Dec. 31, 2019$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018$ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018$ / shares | |
Operating expenses | ||||||||
Employee related costs | $ 345 | $ 403 | $ 699 | $ 715 | ||||
Professional fees | 67 | 94 | 185 | 145 | ||||
Exploration expenditures | 454 | 1,228 | 677 | 2,005 | ||||
Other operating expenses | 135 | 233 | 332 | 351 | ||||
Total operating expenses | 1,001 | 1,958 | 1,893 | 3,216 | ||||
Change in financial instrument fair value | 81 | 140 | 88 | 633 | ||||
Foreign exchange (gain) loss | (79) | 316 | (36) | 198 | ||||
Interest expense | 73 | 56 | 133 | 155 | ||||
Loss on available for sale securities | 3 | 3 | 2 | |||||
Loss before income taxes | 1,076 | 2,473 | 2,081 | 4,204 | ||||
Income tax benefit | ||||||||
Net loss | 1,076 | 2,473 | 2,081 | 4,204 | ||||
Other comprehensive loss: | ||||||||
Net loss | 1,076 | 2,473 | 2,081 | 4,204 | ||||
Other comprehensive loss (gain): | ||||||||
Reporting currency translation | 231 | (275) | 43 | (172) | ||||
Total comprehensive loss | $ 1,307 | $ 2,198 | $ 2,124 | $ 4,032 | ||||
Loss per common share, basic and diluted | $ / shares | $ 0 | $ 0.01 | $ 0.01 | $ 0.02 | ||||
Weighted average common shares outstanding | shares | 234,738,616 | 222,247,889 | 234,247,239 | 218,817,905 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Total loss for the period | $ (2,081) | $ (4,204) |
Non-cash elements included in net loss: | ||
Change in financial instrument fair value | 88 | 633 |
Unrealized loss on available-for-sale investments | 3 | 2 |
Accretion of convertible debt | 44 | |
Foreign exchange (gain) loss | (30) | 218 |
Share-based compensation | 117 | 226 |
Subtotal | (1,903) | (3,081) |
Change in working capital items: | ||
Prepaid expenses | 63 | (111) |
Accounts payable and accrued liabilities | 460 | 697 |
Net cash used in operating activities | (1,380) | (2,495) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of capital stock | 2,476 | |
Share issue costs | (76) | |
Issuance of convertible debt | 1,000 | |
Related party debt drawdown | 1,080 | |
Other current assets | (106) | |
Net cash provided by financing activities | 1,080 | 3,294 |
Exchange rate effect on cash and cash equivalents | (1) | (59) |
Change in cash and cash equivalents during period | (301) | 740 |
Cash and cash equivalents, beginning of period | 357 | 73 |
Cash and cash equivalent, end of period | 56 | 813 |
Supplemental cash flow information: | ||
Amounts paid for interest | 32 | 32 |
Amounts paid for income taxes | ||
Lind conversions | $ 933 | $ 2,222 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance, beginning at Jun. 30, 2018 | $ 74,683 | $ 12,379 | $ (83,349) | $ (520) | $ 3,193 |
Balance, beginning (in shares) at Jun. 30, 2018 | 213,405,372 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of options | $ 15 | (15) | |||
Exercise of options (in shares) | 16,203 | ||||
Exercise of warrants | $ 64 | 64 | |||
Exercise of warrants (in shares) | 115,000 | ||||
Fair value of Lind Warrants granted | 156 | 156 | |||
Private placements - September 2018 | $ 2,412 | 2,412 | |||
Private placements- September 2018 (in shares) | 4,975,158 | ||||
Debt conversions | $ 2,222 | (76) | |||
Debt conversions (in shares) | 5,424,975 | ||||
Share issuance costs | $ (76) | (44) | |||
Share-based payments | 226 | 226 | |||
Reporting currency presentation | 172 | 172 | |||
Loss for the period | (4,204) | (4,204) | |||
Balance, ending at Dec. 31, 2018 | $ 79,320 | 12,746 | (87,553) | (348) | 4,165 |
Balance, ending (in shares) at Dec. 31, 2018 | 223,936,708 | ||||
Balance, beginning at Sep. 30, 2018 | $ 78,143 | 12,561 | (85,080) | (623) | 5,001 |
Balance, beginning (in shares) at Sep. 30, 2018 | 220,944,160 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 64 | 64 | |||
Exercise of warrants (in shares) | 115,000 | ||||
Debt conversions | $ 1,145 | 1,145 | |||
Debt conversions (in shares) | 2,877,548 | ||||
Share issuance costs | 185 | 185 | |||
Reporting currency presentation | 275 | 275 | |||
Loss for the period | (2,473) | (2,473) | |||
Balance, ending at Dec. 31, 2018 | $ 79,320 | 12,746 | (87,553) | (348) | 4,165 |
Balance, ending (in shares) at Dec. 31, 2018 | 223,936,708 | ||||
Balance, beginning at Jun. 30, 2019 | $ 82,939 | 13,124 | (90,685) | (526) | $ 4,852 |
Balance, beginning (in shares) at Jun. 30, 2019 | 232,496,215 | 232,496,215 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Debt conversions | $ 933 | $ 933 | |||
Debt conversions (in shares) | 2,343,383 | ||||
Share-based payments | 117 | 117 | |||
Reporting currency presentation | (43) | (43) | |||
Loss for the period | (2,081) | (2,081) | |||
Balance, ending at Dec. 31, 2019 | $ 83,872 | 13,241 | (92,766) | (569) | $ 3,778 |
Balance, ending (in shares) at Dec. 31, 2019 | 234,839,598 | 234,839,598 | |||
Balance, beginning at Sep. 30, 2019 | $ 83,641 | 13,050 | (91,690) | (338) | $ 4,663 |
Balance, beginning (in shares) at Sep. 30, 2019 | 234,293,107 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Debt conversions | $ 231 | 231 | |||
Debt conversions (in shares) | 546,491 | ||||
Share-based payments | 191 | 191 | |||
Reporting currency presentation | (231) | (231) | |||
Loss for the period | (1,076) | (1,076) | |||
Balance, ending at Dec. 31, 2019 | $ 83,872 | $ 13,241 | $ (92,766) | $ (569) | $ 3,778 |
Balance, ending (in shares) at Dec. 31, 2019 | 234,839,598 | 234,839,598 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (“NioCorp” or the “Company”) was incorporated on February 27, 1987 under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the “Elk Creek Project”) located in southeastern Nebraska. These financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing, and maintaining continued support from its shareholders and creditors. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2019. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at December 31, 2019, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2019. The interim results are not necessarily indicative of results for the full year ending June 30, 2020, or future operating periods. b) Recent Accounting Standards Issued and Adopted On July 1, 2019, NioCorp adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, which requires the recognition of right-of-use (“ROU”) assets and related liabilities associated with all leases that are not short-term in nature. NioCorp has elected to use July 1, 2019, the effective date of adoption, as the initial date of transition and not to restate comparative prior periods and to carry forward historical lease classifications. The new standard also provides practical expedients for a company’s ongoing accounting. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. Management reviewed the impact of existing leases at adoption date and determined the resulting changes did not require the recording of any assets or liabilities on NioCorp’s condensed consolidated balance sheets and had no other material impacts on the financial statements. Additionally, the Company concluded that its leases to explore for mineral deposits and rights to use land on which those natural resources are contained are outside the scope of this update. On July 1, 2019, NioCorp adopted ASU 2018-07, Compensation - Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting. This update aimed to simplify the accounting for share-based payments awarded to non-employees for goods or services acquired. The update specifies that the measurement date is the grant date and that awards are required to be measured at fair value. The adoption of this standard had no impacts on the financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impacts that adoption of this guidance will have on its consolidated financial statements. c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
GOING CONCERN ISSUES
GOING CONCERN ISSUES | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN ISSUES | 3. GOING CONCERN ISSUES The Company incurred a loss of $2,081 for the six months ended December 31, 2019 (2018 - $4,204) and had a working capital deficit and an accumulated deficit of $6,876 and $92,766, respectively, as of December 31, 2019. These factors indicate the existence of a material uncertainty that raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue operations and fund its expenditures is dependent on management’s ability to secure additional financing. Management is actively pursuing such additional sources of financing, and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. These consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements. |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | 4. CONVERTIBLE DEBT As of December 31, June 30, Convertible notes, current portion $ 800 $ 800 Convertible security, current portion 86 - $ 886 $ 800 Convertible security, noncurrent potion $ - $ 1,102 Convertible Notes The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2019 $ - Change in fair value of derivative liability 82 Balance, December 31, 2019 $ 82 Effective October 10, 2019, the due date for the Company's outstanding convertible promissory notes was extended for one year to October 14, 2020. All other terms and conditions remained unchanged. Convertible Security Funding The change in the Lind Asset Management IV, LLC ("Lind") convertible securities balance is comprised of the following: Convertible Security Balance, June 30, 2019 $ 1,012 Conversions, at fair value (933 ) Changes in fair market value 7 Balance, December 31, 2019 $ 86 The convertible security issued to Lind pursuant to the Convertible Security Funding Agreement, dated June 27, 2018, between the Company and Lind (the "Second Convertible Security"), is convertible into common shares of the Company ("Common Shares") at a conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the Toronto Stock Exchange for the five consecutive trading days immediately prior to the date on which Lind provides the Company with notice of its intention to convert an amount of the applicable Convertible Security from time to time. During the six months ended December 31, 2019, $825 principal amount of the Second Convertible Security was converted into 2,343,383 Common Shares. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
COMMON STOCK | 5. COMMON STOCK a) Stock Options Number of Options Weighted Average Exercise Price (C$) Balance, June 30, 2019 19,449,909 $ 0.62 Issued - - Exercised - - Cancelled/expired - - Balance, December 31, 2019 19,449,909 $ 0.62 The following table summarizes information about options to purchase Common Shares ("Options") outstanding at December 31, 2019: Exercise Price (C$) Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value $ 0.62 January 19, 2021 5,264,909 C$ 1,052 5,264,909 C$ 1,052 $ 0.94 July 21, 2021 540,000 - 540,000 - $ 0.76 March 6, 2022 5,400,000 324 5,400,000 324 $ 0.47 November 9, 2022 3,800,000 1,330 3,800,000 1,330 $ 0.54 November 15, 2023 4,445,000 1,245 3,333,750 933 19,449,909 C$ 3,951 18,338,659 C$ 3,639 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company's closing Common Share price of C$0.82 as of December 31, 2019, that would have been received by the Option holders had all Option holders exercised their Options as of that date. The total number of in-the-money Options vested and exercisable as of December 31, 2019, was 17,798,659. As of December 31, 2019, there was $40 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Option plans. The cost is expected to be recognized over a remaining weighted average period of approximately 0.4 years. b) Warrants Warrants Weighted Average Exercise Price Balance June 30, 2019 21,374,801 C$ 0.78 Granted - - Exercised - - Expired - - Balance, December 31, 2019 21,374,801 C$ 0.78 At December 31, 2019, the Company had outstanding exercisable Warrants, as follows: Number Exercise Price (C$) Expiry Date 3,860,800 C$ 0.85 February 14, 2020 3,043,024 C$ 0.85 February 21, 2020 539,307 C$ 0.85 February 28, 2020 890,670 C$ 0.90 March 31, 2020 260,483 C$ 0.73 August 15, 2020 1,458,792 C$ 0.75 September 14, 2020 1,028,785 C$ 0.75 September 28, 2020 283,413 C$ 0.66 September 28, 2020 308,901 C$ 0.62 October 31, 2020 355,132 C$ 0.54 December 6, 2020 1,546,882 C$ 0.72 January 30, 2021 529,344 C$ 0.70 February 5, 2021 541,435 C$ 0.69 February 7, 2021 1,058,872 C$ 0.72 April 5, 2021 833,330 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 3,155,062 C$ 0.79 July 26, 2021 21,374,801 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 6 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 6. RELATED PARTY TRANSACTIONS AND BALANCES The Company has a loan with Mark Smith, President, Chief Executive Officer ("CEO") and Executive Chairman of NioCorp (the "Original Smith Loan"), that bears an interest rate of 10%, is secured by the Company's assets pursuant to a concurrently executed general security agreement (the "General Security Agreement") and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. As of December 31, 2019, the principal amount outstanding under the Original Smith Loan was $1,000. The Company also has a non-revolving credit facility agreement (the "Credit Agreement") in the amount of $2,000 with Mr. Smith. The Credit Agreement bears an interest rate of 10% and drawdowns from the Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Agreement are secured by all of the Company's assets pursuant to the General Security Agreement. The Credit Agreement contains financial and non-financial covenants customary for a facility of its size and nature. During the six-month period ended December 31, 2019, Mr. Smith advanced an additional $1,080 to the Company under the Credit Agreement, and as of December 31, 2019, the principal amount outstanding under the Credit Agreement was $1,560. Accounts payable and accrued liabilities as of December 31, 2019, include origination fees and interest payable to Mr. Smith under the Original Smith Loan and the Credit Agreement of $293. |
EXPLORATION EXPENDITURES
EXPLORATION EXPENDITURES | 6 Months Ended |
Dec. 31, 2019 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
EXPLORATION EXPENDITURES | For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Technical studies and engineering $ 6 $ 1,041 $ 23 $ 1,650 Field management and other 405 144 570 273 Metallurgical development 43 43 84 82 Total $ 454 $ 1,228 $ 677 $ 2,005 |
LEASES
LEASES | 6 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | 8. Leases The Company has three operating leases with an average remaining life of 0.8 years as of December 31, 2019. The Company incurred lease costs of $53 and $54 for the six months ended December 31, 2019 and 2018, respectively. The calculated ROU assets and lease liabilities were de minimis. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 9. Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2019 and June 30, 2019, respectively, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and include situations where there is little, if any, market activity for the instrument. As of December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 56 $ 56 $ - $ - Available-for-sale securities 2 2 - - Total $ 58 $ 58 $ - $ - Liabilities: Convertible debt $ 86 $ - $ - $ 86 Derivative liability, convertible debt 82 - - 82 Total $ 168 $ - $ - $ 168 As of June 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 357 $ 357 $ - $ - Available-for-sale securities 5 5 - - Total $ 362 $ 362 $ - $ - Liabilities: Convertible debt $ 1,012 $ - $ - $ 1,012 Derivative liability, convertible debt - - - - Total $ 1,012 $ - $ - $ 1,012 The Company measures the fair market value of the Level 3 components using the Black Scholes model and discounted cash flows, as appropriate. These models take into account management's best estimate of the conversion price of the stock, an estimate of the expected time to conversion, an estimate of the stock's volatility, and the risk-free rate of return expected for an instrument with a term equal to the duration of the convertible debt. The following table sets forth a reconciliation of changes in the fair value of the Company's convertible debt components classified as Level 3 in the fair value hierarchy: Balance, June 30, 2019 $ 1,012 Conversions to equity (933 ) Realized and unrealized losses 89 Balance, December 31, 2019 $ 168 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 10. Subsequent events On January 17, 2020, the Company and Mr. Smith entered into an amending agreement to the Credit Agreement, increasing the limit of the non-revolving credit facility to $2.5 million. |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Consolidation | a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2019. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at December 31, 2019, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2019. The interim results are not necessarily indicative of results for the full year ending June 30, 2020, or future operating periods. |
Recent Accounting Standards | b) Recent Accounting Standards Issued and Adopted On July 1, 2019, NioCorp adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, which requires the recognition of right-of-use (“ROU”) assets and related liabilities associated with all leases that are not short-term in nature. NioCorp has elected to use July 1, 2019, the effective date of adoption, as the initial date of transition and not to restate comparative prior periods and to carry forward historical lease classifications. The new standard also provides practical expedients for a company’s ongoing accounting. For those leases with a lease term of 12 months or less, the Company will not recognize ROU assets or lease liabilities. Management reviewed the impact of existing leases at adoption date and determined the resulting changes did not require the recording of any assets or liabilities on NioCorp’s condensed consolidated balance sheets and had no other material impacts on the financial statements. Additionally, the Company concluded that its leases to explore for mineral deposits and rights to use land on which those natural resources are contained are outside the scope of this update. On July 1, 2019, NioCorp adopted ASU 2018-07, Compensation - Stock Compensation - Improvements to Nonemployee Share-Based Payment Accounting. This update aimed to simplify the accounting for share-based payments awarded to non-employees for goods or services acquired. The update specifies that the measurement date is the grant date and that awards are required to be measured at fair value. The adoption of this standard had no impacts on the financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impacts that adoption of this guidance will have on its consolidated financial statements. |
Use of Estimates | c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
CONVERTIBLE DEBT (Tables)
CONVERTIBLE DEBT (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | As of December 31, June 30, Convertible notes, current portion $ 800 $ 800 Convertible security, current portion 86 - $ 886 $ 800 Convertible security, noncurrent potion $ - $ 1,102 |
Schedule of changes in the derivative liability related to the conversion feature | Derivative Liability Balance, June 30, 2019 $ - Change in fair value of derivative liability 82 Balance, December 31, 2019 $ 82 |
Schedule of change in convertible security balance | Convertible Security Balance, June 30, 2019 $ 1,012 Conversions, at fair value (933 ) Changes in fair market value 7 Balance, December 31, 2019 $ 86 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of stock option | Number of Options Weighted Average Exercise Price (C$) Balance, June 30, 2019 19,449,909 $ 0.62 Issued - - Exercised - - Cancelled/expired - - Balance, December 31, 2019 19,449,909 $ 0.62 |
Schedule of information and assumptions used to determine option costs | Exercise Price (C$) Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value $ 0.62 January 19, 2021 5,264,909 C$ 1,052 5,264,909 C$ 1,052 $ 0.94 July 21, 2021 540,000 - 540,000 - $ 0.76 March 6, 2022 5,400,000 324 5,400,000 324 $ 0.47 November 9, 2022 3,800,000 1,330 3,800,000 1,330 $ 0.54 November 15, 2023 4,445,000 1,245 3,333,750 933 19,449,909 C$ 3,951 18,338,659 C$ 3,639 |
Schedule of warrant transactions | Warrants Weighted Average Exercise Price Balance June 30, 2019 21,374,801 C$ 0.78 Granted - - Exercised - - Expired - - Balance, December 31, 2019 21,374,801 C$ 0.78 |
Schedule of outstanding exercisable warrants | Number Exercise Price (C$) Expiry Date 3,860,800 C$ 0.85 February 14, 2020 3,043,024 C$ 0.85 February 21, 2020 539,307 C$ 0.85 February 28, 2020 890,670 C$ 0.90 March 31, 2020 260,483 C$ 0.73 August 15, 2020 1,458,792 C$ 0.75 September 14, 2020 1,028,785 C$ 0.75 September 28, 2020 283,413 C$ 0.66 September 28, 2020 308,901 C$ 0.62 October 31, 2020 355,132 C$ 0.54 December 6, 2020 1,546,882 C$ 0.72 January 30, 2021 529,344 C$ 0.70 February 5, 2021 541,435 C$ 0.69 February 7, 2021 1,058,872 C$ 0.72 April 5, 2021 833,330 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 3,155,062 C$ 0.79 July 26, 2021 21,374,801 |
EXPLORATION EXPENDITURES (Table
EXPLORATION EXPENDITURES (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Schedule of exploration expenditures | For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Technical studies and engineering $ 6 $ 1,041 $ 23 $ 1,650 Field management and other 405 144 570 273 Metallurgical development 43 43 84 82 Total $ 454 $ 1,228 $ 677 $ 2,005 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values determined by Level 3 inputs are unobservable data | As of December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 56 $ 56 $ - $ - Available-for-sale securities 2 2 - - Total $ 58 $ 58 $ - $ - Liabilities: Convertible debt $ 86 $ - $ - $ 86 Derivative liability, convertible debt 82 - - 82 Total $ 168 $ - $ - $ 168 As of June 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 357 $ 357 $ - $ - Available-for-sale securities 5 5 - - Total $ 362 $ 362 $ - $ - Liabilities: Convertible debt $ 1,012 $ - $ - $ 1,012 Derivative liability, convertible debt - - - - Total $ 1,012 $ - $ - $ 1,012 |
Schedule of reconciliation of changes in the fair value | Balance, June 30, 2019 $ 1,012 Conversions to equity (933 ) Realized and unrealized losses 89 Balance, December 31, 2019 $ 168 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 6 Months Ended |
Dec. 31, 2019Number | |
Description of Business (Textual) | |
Number of reportable segments | 1 |
GOING CONCERN ISSUES (Details N
GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Going Concern Issues (Textual) | |||||
Net loss | $ 1,076 | $ 2,473 | $ 2,081 | $ 4,204 | |
Working capital deficit | 6,876 | ||||
Accumulated deficit | $ (92,766) | $ (92,766) | $ (90,685) |
CONVERTIBLE DEBT (Details)
CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Short-term Debt [Line Items] | ||
Convertible notes, current portion | $ 886 | $ 800 |
Convertible security, noncurrent potion | 1,102 | |
Secured Convertible Security [Member] | ||
Short-term Debt [Line Items] | ||
Convertible notes, current portion | 800 | 800 |
Unsecured Convertible Promissory Notes [Member] | ||
Short-term Debt [Line Items] | ||
Convertible security, current portion | $ 86 |
CONVERTIBLE DEBT (Details 1)
CONVERTIBLE DEBT (Details 1) $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Disclosure [Abstract] | |
Balance, June 30, 2019 | |
Change in fair value of derivative liability | 82 |
Balance, December 31, 2019 | $ 82 |
CONVERTIBLE DEBT (Details 2)
CONVERTIBLE DEBT (Details 2) $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | $ 800 |
Balance at ending | 886 |
Secured Convertible Security [Member] | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | 800 |
Balance at ending | 800 |
Secured Convertible Security [Member] | Lind Asset Management IV, LLC [Member] | |
Change Convertible Security Balance [Roll Forward] | |
Balance at beginning | 1,012 |
Conversions, at fair value | (933) |
Changes in fair market value | 7 |
Balance at ending | $ 86 |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) - Secured Convertible Security [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($)shares | |
Description of conversion price | The convertible security issued to Lind pursuant to the Convertible Security Funding Agreement, dated June 27, 2018, between the Company and Lind (the “Second Convertible Security”), is convertible into common shares of the Company (“Common Shares”) at a conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the Toronto Stock Exchange for the five consecutive trading days immediately prior to the date on which Lind provides the Company with notice of its intention to convert an amount of the applicable Convertible Security from time to time. |
Debt conversion amount | $ | $ 825 |
Number of shares issued upon debt conversion | shares | 2,343,383 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Options | |
Balance at beginning | shares | 19,449,909 |
Issued | shares | |
Exercised | shares | |
Cancelled/expired | shares | |
Balance at end | shares | 19,449,909 |
Weighted Average Exercise Price | |
Balance at beginning | $ / shares | $ 0.62 |
Issued | $ / shares | |
Exercised | $ / shares | |
Cancelled/expired | $ / shares | |
Balance at end | $ / shares | $ 0.62 |
COMMON STOCK (Details 1)
COMMON STOCK (Details 1) $ in Thousands | 6 Months Ended |
Dec. 31, 2019CAD ($)shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding | shares | 19,449,909 |
Number exercisable | shares | 18,338,659 |
CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 3,951 |
Aggregate Intrinsic Value | $ | $ 3,639 |
Exercise Price C$0.62 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Jan. 19, 2021 |
Number of outstanding | shares | 5,264,909 |
Number exercisable | shares | 5,264,909 |
Exercise Price C$0.62 [Member] | CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,052 |
Aggregate Intrinsic Value | $ | $ 1,052 |
Exercise Price C$0.94 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Jul. 21, 2021 |
Number of outstanding | shares | 540,000 |
Number exercisable | shares | 540,000 |
Exercise Price C$0.94 [Member] | CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | |
Aggregate Intrinsic Value | $ | |
Exercise Price C$0.76 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Mar. 6, 2022 |
Number of outstanding | shares | 5,400,000 |
Number exercisable | shares | 5,400,000 |
Exercise Price C$0.76 [Member] | CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 324 |
Aggregate Intrinsic Value | $ | $ 324 |
Exercise Price C$0.47 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Nov. 9, 2022 |
Number of outstanding | shares | 3,800,000 |
Number exercisable | shares | 3,800,000 |
Exercise Price C$0.47 [Member] | CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,330 |
Aggregate Intrinsic Value | $ | $ 1,330 |
Exercise Price C$0.54 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Nov. 15, 2023 |
Number of outstanding | shares | 4,445,000 |
Number exercisable | shares | 3,333,750 |
Exercise Price C$0.54 [Member] | CAD [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,245 |
Aggregate Intrinsic Value | $ | $ 933 |
COMMON STOCK (Details 2)
COMMON STOCK (Details 2) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance, at end | 21,374,801 |
CAD [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Roll Forward] | |
Balance, at beginning | $ / shares | $ 0.78 |
Granted | $ / shares | |
Exercised | $ / shares | |
Expired | $ / shares | |
Balance, at end | $ / shares | $ 0.78 |
Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance, at beginning | 21,374,801 |
Granted | |
Exercised | |
Expired | |
Balance, at end | 21,374,801 |
COMMON STOCK (Details 3)
COMMON STOCK (Details 3) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number | 21,374,801 |
Exercise Price C$0.85 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 3,860,800 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.85 |
Expiry Date | Feb. 14, 2020 |
Exercise Price C$0.85 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 3,043,024 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.85 |
Expiry Date | Feb. 21, 2020 |
Exercise Price C$0.85 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 539,307 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.85 |
Expiry Date | Feb. 28, 2020 |
Exercise Price C$0.90 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 890,670 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.90 |
Expiry Date | Mar. 31, 2020 |
Exercise Price C$0.73 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 260,483 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.73 |
Expiry Date | Aug. 15, 2020 |
Exercise Price C$0.75 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 1,028,785 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.75 |
Expiry Date | Sep. 28, 2020 |
Exercise Price C$0.75 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 1,458,792 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.75 |
Expiry Date | Sep. 14, 2020 |
Exercise Price C$0.66 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 283,413 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.66 |
Expiry Date | Sep. 28, 2020 |
Exercise Price C$0.62 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 308,901 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.62 |
Expiry Date | Oct. 31, 2020 |
Exercise Price C$0.54 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 355,132 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.54 |
Expiry Date | Dec. 6, 2020 |
Exercise Price C$0.72 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 1,546,882 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.72 |
Expiry Date | Jan. 30, 2021 |
Exercise Price C$0.70 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 529,344 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.70 |
Expiry Date | Feb. 5, 2021 |
Exercise Price C$0.69 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 541,435 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.69 |
Expiry Date | Feb. 7, 2021 |
Exercise Price C$0.72 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 1,058,872 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.72 |
Expiry Date | Apr. 5, 2021 |
Exercise Price C$0.72 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 833,330 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.72 |
Expiry Date | Apr. 29, 2021 |
Exercise Price C$0.72 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 645,250 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.72 |
Expiry Date | May 9, 2021 |
Exercise Price C$0.77 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 1,035,319 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.77 |
Expiry Date | Jul. 9, 2021 |
Exercise Price C$0.79 [Member] | |
Class of Warrant or Right [Line Items] | |
Number | 3,155,062 |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.79 |
Expiry Date | Jul. 26, 2021 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 2019CAD ($)$ / sharesshares | |
Common Stock [Member] | |
Share price (in dollars per share) | $ / shares | $ 0.82 |
Stock Option Plan [Member] | |
Number of vested and exercisable options | shares | 17,798,659 |
Unrecognized compensation cost | $ | $ 40 |
Cost recognized weighted average period | 4 months 24 days |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - CEO [Member] $ in Thousands, $ in Thousands | 6 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | |
Non Revolving Line of Credit [Member] | ||
Related Party Transactions and Balances (Textual) | ||
Credit facility interest rate (in dollars per share) | 10.00% | 10.00% |
Credit Agreement [Member] | ||
Related Party Transactions and Balances (Textual) | ||
Principal amount outstanding | $ 1,560 | |
Non-revolving credit facility | $ 2,000 | |
Establishment fee | 2.50% | |
Description of collateral | The Credit Agreement bears an interest rate of 10% and drawdowns from the Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Agreement are secured by all of the Company's assets pursuant to the General Security Agreement. | |
Credit Agreement [Member] | Original Smith Loan [Member] | ||
Related Party Transactions and Balances (Textual) | ||
Description of fees associated with providing collateral for the credit facility | The Company has a loan with Mark Smith, President, Chief Executive Officer ("CEO") and Executive Chairman of NioCorp (the "Original Smith Loan"), that bears an interest rate of 10%, is secured by the Company's assets pursuant to a concurrently executed general security agreement (the "General Security Agreement") and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. | |
Principal amount outstanding | 1,000 | |
Advance paid | $ 1,080 | |
Accounts payable and accrued liabilities | $ 293 |
EXPLORATION EXPENDITURES (Detai
EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total | $ 454 | $ 1,228 | $ 677 | $ 2,005 |
Metallurgical Development [Member] | ||||
Total | 43 | 43 | 84 | 82 |
Field Management and Other [Member] | ||||
Total | 405 | 144 | 570 | 273 |
Technical Studies and Engineering [Member] | ||||
Total | $ 6 | $ 1,041 | $ 23 | $ 1,650 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating lease costs | $ 53 | $ 54 |
Operating lease term | 9 months 18 days |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Assets: | ||
Cash and cash equivalents | $ 56 | $ 357 |
Available for sale securities | 2 | 5 |
Total | 58 | 362 |
Liabilities: | ||
Convertible debt | 86 | 1,012 |
Derivative liability, convertible debt | 82 | |
Total | 168 | 1,012 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 56 | 357 |
Available for sale securities | 2 | 5 |
Total | 58 | 362 |
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Available for sale securities | ||
Total | ||
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Available for sale securities | ||
Total | ||
Liabilities: | ||
Convertible debt | 86 | 1,012 |
Derivative liability, convertible debt | 82 | |
Total | $ 168 | $ 1,012 |
FAIR VALUE MEASUREMENTS (Deta_2
FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 1,012 |
Conversions to equity | (933) |
Realized and unrealized losses | 89 |
Balance at end | $ 168 |
SUBSEQUENTEVENTS (Details Narra
SUBSEQUENTEVENTS (Details Narrative) $ in Thousands | Jan. 17, 2020USD ($) |
Subsequent Event [Member] | Smith Credit Agreement [Member] | |
Non-Revolving credit facility | $ 2,500 |