Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 16, 2020 | Dec. 31, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | NIOCORP DEVELOPMENTS LTD | ||
Entity Central Index Key | 0001512228 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Incorporation State Country Code | A1 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Period End Date | Jun. 30, 2020 | ||
Entity File Number | 000-55710 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 238,035,090 | ||
Entity Public Float | $ 135,409,352 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Current | ||
Cash | $ 307 | $ 357 |
Prepaid expenses and other | 31 | 71 |
Total current assets | 338 | 428 |
Non-current | ||
Deposits | 35 | 35 |
Investment in equity securities | 7 | 5 |
Mineral interests | 10,617 | 10,617 |
Total assets | 10,997 | 11,085 |
Current | ||
Accounts payable and accrued liabilities | 3,065 | 2,941 |
Related party loan | 3,818 | 1,480 |
Convertible debt, current portion | 838 | 800 |
Notes payable, current portion | 258 | |
Derivative liability, convertible debt | 33 | |
Total current liabilities | 8,012 | 5,221 |
Non-current | ||
Notes payable, net of current portion | 344 | |
Convertible debt, net of current portion | 1,012 | |
Total liabilities | 8,356 | 6,233 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Common stock, unlimited shares authorized; shares outstanding: 235,925,684 at June 30, 2020 and 232,496,215 at June 30, 2019 | 84,476 | 82,939 |
Additional paid-in capital | 13,206 | 13,124 |
Accumulated deficit | (94,686) | (90,685) |
Accumulated other comprehensive loss | (355) | (526) |
Total shareholder equity | 2,641 | 4,852 |
Total liabilities and equity | $ 10,997 | $ 11,085 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Financial Position [Abstract] | ||
Common stock, authorized | Unlimited | Unlimited |
Common stock, outstanding | 235,925,684 | 232,496,215 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating expenses | |||
Employee related costs | $ 1,376 | $ 1,557 | $ 2,133 |
Professional fees | 327 | 315 | 661 |
Exploration expenditures | 1,201 | 3,144 | 2,136 |
Other operating expenses | 528 | 1,420 | 1,105 |
Total operating expenses | 3,432 | 6,436 | 6,035 |
Change in financial instrument fair value | 38 | 630 | 1,902 |
Foreign exchange loss (gain) | 179 | (3) | 174 |
Interest expense | 354 | 266 | 375 |
(Gain) loss on equity securities | (2) | 7 | 11 |
Loss before income taxes | 4,001 | 7,336 | 8,497 |
Income tax benefit | |||
Net loss | 4,001 | 7,336 | 8,497 |
Other comprehensive loss: | |||
Net loss | 4,001 | 7,336 | 8,497 |
Other comprehensive (gain) loss: | |||
Reporting currency translation | (171) | 6 | (86) |
Total comprehensive loss | $ 3,830 | $ 7,342 | $ 8,411 |
Loss per common share, basic and diluted (in dollars per share) | $ 0.02 | $ 0.03 | $ 0.04 |
Weighted average common shares outstanding (in shares) | 234,610,126 | 223,160,189 | 207,255,111 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Total loss for the period | $ (4,001) | $ (7,336) | $ (8,497) |
Adjustments for: | |||
Depreciation | 6 | ||
Change in financial instrument fair value | 38 | 630 | 1,902 |
Unrealized (gain) loss on equity securities | (2) | 7 | 11 |
Accretion of convertible debt | 44 | 165 | |
Foreign exchange (gain) loss | 144 | 23 | 170 |
Write-off of deferred costs | 474 | ||
Share-based compensation | 153 | 604 | 1,296 |
Subtotal | (3,668) | (5,554) | (4,947) |
Change in non-cash working capital items: | |||
Receivables | 7 | ||
Prepaid expenses | 40 | (53) | 129 |
Accounts payable and accrued liabilities | 579 | 1,252 | (1,284) |
Net cash used in operating activities | (3,049) | (4,355) | (6,095) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Deposits | 15 | ||
Net cash provided by investing activities | 15 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of capital stock | 470 | 3,794 | 1,545 |
Share issue costs | (134) | (189) | |
Issuance of convertible debt | 1,000 | 4,500 | |
Related party debt draws | 2,338 | 305 | |
Long term debt funding | 196 | ||
Deferred financing costs | (474) | ||
Net cash provided by financing activities | 3,004 | 4,660 | 5,687 |
Exchange rate effect on cash, cash equivalents and restricted cash | (5) | (21) | (37) |
Change in cash, cash equivalents and restricted cash during period | (50) | 284 | (430) |
Cash, cash equivalents and restricted cash, beginning of period | 357 | 73 | 503 |
Cash, cash equivalents and restricted cash, end of period | 307 | 357 | 73 |
Supplemental cash flow information: | |||
Amounts paid for interest | 64 | 129 | 240 |
Amounts paid for income taxes | |||
Non-cash financing transaction: | |||
Lind conversions | 980 | 4,582 | 5,130 |
Debt to equity conversion | 207 | ||
Accounts payable to note conversion | $ 406 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional paid-in capital [Member] | Deficit [Member] | Accumulated other comprehensive income [Member] | Total |
Balance, beginning at Jun. 30, 2017 | $ 68,029 | $ 10,320 | $ (74,852) | $ (606) | $ 2,891 |
Balance, beginning (in shares) at Jun. 30, 2017 | 198,776,337 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of options | $ 7 | (2) | 5 | ||
Exercise of options (in shares) | 10,091 | ||||
Fair value of broker warrants granted | 41 | 41 | |||
Fair value of Lind Warrants granted | 724 | 724 | |||
Private placement - July 2017 | $ 1,540 | 1,540 | |||
Private placement - July 2017 (in shares) | 2,962,500 | ||||
Private placement - September 2017 | $ 207 | 207 | |||
Private placement - September 2017 (in shares) | 415,747 | ||||
Debt conversions | $ 5,130 | 5,130 | |||
Debt conversions (in shares) | 11,240,697 | ||||
Share issuance costs | $ (230) | (230) | |||
Share-based payments | 1,296 | 1,296 | |||
Reporting currency presentation | 86 | 86 | |||
Loss for the year | (8,497) | (8,497) | |||
Balance, ending at Jun. 30, 2018 | $ 74,683 | 12,379 | (83,349) | (520) | 3,193 |
Balance, ending (in shares) at Jun. 30, 2018 | 213,405,372 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 64 | 64 | |||
Exercise of warrants (in shares) | 115,000 | ||||
Exercise of options | $ 15 | (15) | |||
Exercise of options (in shares) | 16,203 | ||||
Fair value of broker warrants granted | 156 | 156 | |||
Private placement - September 2018 | $ 2,412 | 2,412 | |||
Private placement - September 2018 (in shares) | 4,975,158 | ||||
Private placement - April 2019 | $ 1,317 | 1,317 | |||
Private placement - April 2019 (in shares) | 2,957,164 | ||||
Debt conversions | $ 4,582 | 4,582 | |||
Debt conversions (in shares) | 11,027,318 | ||||
Share issuance costs | $ (134) | (134) | |||
Share-based payments | 604 | 604 | |||
Reporting currency presentation | (6) | (6) | |||
Loss for the year | (7,336) | (7,336) | |||
Balance, ending at Jun. 30, 2019 | $ 82,939 | 13,124 | (90,685) | (526) | $ 4,852 |
Balance, ending (in shares) at Jun. 30, 2019 | 232,496,215 | 232,496,215 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 338 | $ 338 | |||
Exercise of warrants (in shares) | 664,549 | ||||
Exercise of options | $ 219 | (71) | 148 | ||
Exercise of options (in shares) | 320,500 | ||||
Debt conversions | $ 980 | 980 | |||
Debt conversions (in shares) | 2,444,420 | ||||
Share-based payments | 153 | 153 | |||
Reporting currency presentation | 171 | 171 | |||
Loss for the year | (4,001) | (4,001) | |||
Balance, ending at Jun. 30, 2020 | $ 84,476 | $ 13,206 | $ (94,686) | $ (355) | $ 2,641 |
Balance, ending (in shares) at Jun. 30, 2020 | 235,925,684 | 235,925,684 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (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 consolidated 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. These matters raised substantial doubt about the Company's ability to continue as a going concern, and the Company 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 | 12 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the U.S. (“U.S. GAAP”). Certain transactions include reference to Canadian dollars (“C$”) where applicable. These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Country of Ownership at June 30, 2020 2019 0896800 BC Ltd. Canada 100% 100% Elk Creek Resources Corp. (“ECRC”) USA 100% 100% b) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 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 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES a) Exploration Stage Enterprise The Company is in the exploration stage of operation and devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions. b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds. c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian dollar and the functional currency for Elk Creek Resources Corp., a wholly-owned subsidiary, is the U.S. dollar. The reporting currency for these consolidated financial statements is U.S. dollars. Transactions in foreign currency Transactions made in a currency other than the functional currency are remeasured to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are remeasured to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are remeasured at historical rates. Foreign currency translation gains and losses are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. ● Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. ● All resulting exchange differences are recognized in other comprehensive income. d) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under the United States Securities and Exchange Commission (“SEC”) Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. The recoverability of the carrying values of mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. e) Long Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. f) Financial Instruments The Company’s financial instruments consist of cash, receivables, equity securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted. g) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds investments or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. h) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense and has accrued $48 related to estimated obligations as of June 30, 2020 (2019 - $83). Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the Elk Creek Project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. i) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition.” j) Basic and Diluted Per Share Disclosure Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. Potentially dilutive shares, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as when the exercise price of the instrument exceeds the fair market value of the Company’s common stock and when a net loss is reported. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive. k) Stock Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company recognizes forfeitures as they occur. l) 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 the practical expedient option 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 (the “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 believes that adoption of this guidance will not have a material impact on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
GOING CONCERN ISSUES
GOING CONCERN ISSUES | 12 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN ISSUES | 4. GOING CONCERN ISSUES The Company incurred a loss of $4,001 for the year ended June 30, 2020 (2019 - $7,336 and 2018 - $8,497) and had a working capital deficit and accumulated deficit of $7,674 and $94,686, respectively, as of June 30, 2020. 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 the Company’s 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. Since March 2020, several measures have been implemented in the United States, Canada, and the rest of the world in response to the increased impact from the novel coronavirus (“COVID-19”). While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impact on our business operations cannot be reasonably estimated at this time. The continued spread of COVID-19 has resulted in business travel restrictions and other capital market disruptions. More specifically, during fiscal 2020, travel restrictions have negatively affected the ability of potential investors to conduct their due diligence and has delayed our ability to obtain future financing. We believe this could have an adverse impact on our ability to obtain financing, development plans, results of operations, financial position, and cash flows during the current fiscal year. |
MINERAL INTERESTS
MINERAL INTERESTS | 12 Months Ended |
Jun. 30, 2020 | |
Mineral Industries Disclosures [Abstract] | |
MINERAL INTERESTS | 5. MINERAL INTERESTS During the year ended June 30, 2011, the Company completed the acquisition of the Elk Creek property through a share exchange agreement with 0859404 BC Ltd, a Canadian company, which owned all the issued and outstanding shares of Elk Creek Resources Corp. ("Elk Creek"). The Company issued 18,990,539 Common Shares to acquire all of the issued and outstanding shares of 0859404 BC Ltd. and issued 1,034,348 Common Shares as a finder’s fee with respect to the acquisition. The transaction did not meet the definition of a business acquisition, as set forth in ASC 805, and therefore was accounted for as a purchase of assets. The acquisition price was based on the market value of the Company’s Common Shares on the closing date and total consideration given was C$13,246, including associated deferred tax impacts of C$4,736. The property interests of Elk Creek consist of a number of prepaid mineral exploration option to purchase agreements and include a pre-determined buyout for permanent ownership of the mineral and/or surface rights. Terms of the agreements require no further significant payments, and the Company may negotiate lease extensions or elect to purchase the mineral and/or surface rights any time. Agreements that allow for the purchase of mineral rights contain provisions whereby the landowners would retain a 2% net smelter return. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Jun. 30, 2020 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of June 30, Note 2020 2019 Accounts payable, trade $ 2,460 $ 2,578 Interest payable to related party 10 450 165 Other accruals 155 198 Total accounts payable and accrued liabilities $ 3,065 $ 2,941 |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | 7. CONVERTIBLE DEBT As of June 30, 2020 2019 Current Portion: Convertible notes $ 800 $ 800 Convertible security 38 - Total current portion $ 838 $ 800 Noncurrent Portion: Convertible security $ - $ 1,102 Convertible Notes The Company completed a non-brokered private placement of unsecured convertible promissory notes (the “Notes”), for gross proceeds of $800 (the “Private Placement”) in October 2015. The Notes bear interest at a rate of 8%, payable quarterly in arrears, are non-transferable and have a term of three years from the date of issue. Principal under the Notes is convertible by lenders at any time into, and payable by the Company in, Common Shares of the Company at a conversion price of C$0.97 per Common Share, calculated on conversion or repayment using the then-current Bank of Canada noon exchange rate. Accrued but unpaid interest on the Notes will be convertible by the lender into, and payable by the Company in, Common Shares at a price per Common Share equal to the most recent closing price of the Company’s Common Shares prior to the delivery to the Company of a request to convert interest, or the due date of interest, as applicable, calculated using the then-current Bank of Canada noon exchange rate. Interest, when due, is payable either in cash or Common Shares, at the election of the Company. Effective October 10, 2018, the due date for the Convertible Notes was extended for one year to October 14, 2019, and effective October 10, 2019, the due date was extended for one year to October 14, 2020. All other terms and conditions remained unchanged. The conversion feature of the debentures meets the definition of a derivative liability instrument because the conversion feature is denominated in a currency other than the Company’s Canadian dollar functional currency and the conversion rate is variable and therefore does not meet the “fixed-for-fixed” criteria outlined in ASC 815-40-15. As a result, the conversion feature of the debentures is required to be recorded as a derivative liability recorded at fair value and marked-to-market each period with the changes in fair value each period being charged or credited to income. Changes in the Notes balance are comprised of the following: Convertible Notes Balance, July 1, 2018 $ 756 Accreted interest, net of interest paid 44 Balance, June 30, 2019 800 Accreted interest, net of interest paid - Balance, June 30, 2020 $ 800 The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, July 1, 2018 $ 8 Change in fair value of derivative liability (8 ) Balance, June 30, 2019 - Change in fair value of derivative liability 33 Balance, June 30, 2020 $ 33 Lind Partners Convertible Security Funding Convertible Balance, July 1, 2018 $ 4,106 Additional debt drawdowns 1,000 Conversions, at fair value (4,582 ) Change in fair market value 488 Balance, June 30, 2019 1,012 Conversions, at fair value (980 ) Change in fair market value 6 Balance, June 30, 2020 $ 38 On December 22, 2015, the Company closed a definitive convertible security funding agreement (the "Lind Agreement") with Lind Asset Management IV, LLC (“Lind”). The Lind Agreement includes a $4,500 principal amount, 10% secured convertible security (the “Convertible Security”) and 3,125,000 transferable Common Share purchase warrants (the “Lind Warrants”). The Convertible Security had a term of two years from its date of issuance, and interest was prepaid and added to its principal amount; accordingly, the initial face value of the Convertible Security was $5,400, and the yield of the Convertible Security (if held, unconverted, to maturity) was 10% per annum, or $900. Each Lind Warrant had a term of three years from its date of issuance and entitled the holder to purchase one additional Common Share (a “Lind Warrant Share”) at a price of C$0.72 on or before December 22, 2018. Lind could increase the funding under the Convertible Security by an additional $1,000 during its two-year term. Further, provided certain conditions are met, the Company had the right to call an additional $1,000 under the funding agreement (a “First Tranche Increase”). The Agreement also provides for the issuance of a second Convertible Security on mutual agreement of the Company and Lind, in which Lind would fund up to another US$6.0 million (the “Second Tranche”), which can also be increased by US$1.0 million. The Convertible Security is convertible into common shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the common shares (in Canadian dollars) for the five consecutive trading days immediately prior to the date on which the Investor provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. The issuance of the Convertible Security and the Lind Warrants was completed on a non-brokered private placement basis. The Company has elected to account for the Convertible Security at fair value. Transaction costs of $214, including a 3% closing fee paid to Lind of $135, were expensed at closing. In addition, the Company recognized $620 in change in financial instrument fair value in the consolidated statement of operations related to fair value of the Lind Warrants at closing. The fair value of the Lind Warrants was estimated based on the Black Scholes pricing model using a risk-free interest rate of 1.30%, an expected dividend yield of 0%, a volatility of 86.58%, and an expected life of 3.0 years. On February 14, 2017, upon satisfaction of the conditions for the First Tranche Increase, the Company provided notice to Lind to demand the advancement of an additional $1,000 in funding under the Convertible Security pursuant to its right to call. This amount was funded by Lind on March 31, 2017, resulting in an increase in the face amount of the Convertible Security of $1,200 ($1,000 in funding and $200 in implied interest). On August 10, 2017, Lind provided notice to the Company of its election to advance an additional $1,000 in funding under the Convertible Security pursuant to its right under the Lind Agreement. This amount was funded by Lind in four equal installments, and in total the face value of the Convertible Security was increased by $1,200 ($1,000 in additional funding plus implied interest). All amounts funded by Lind through August 10, 2017, including implied interest, have been converted to Common Shares as of May 22, 2018. On January 23, 2018, Lind provided notice to the Company of its election to advance an additional $2,500 in funding under the Convertible Security pursuant to its right under the Lind Agreement. This amount was funded by Lind in three installments, and in total the face value of the Convertible Security was increased by $3,000 ($2,500 in additional funding plus implied interest). On March 27, 2018, the Company provided notice to Lind of its election to call an additional $1,000 in funding under the Convertible Security pursuant to its right under the Lind Agreement. This amount was funded by Lind on April 5, 2018, and the face amount of the Convertible Security was increased by $1,200 ($1,000 in additional funding and $200 in implied interest). On June 27, 2018, the Company signed a definitive convertible security funding agreement (the "Subsequent Lind Agreement") with Lind. Pursuant to the issuance of a convertible security (the “Subsequent Convertible Security” and, together with the Convertible Security, the “Convertible Securities”), a total of $1,000 was funded on July 9, 2018. The Subsequent Lind Agreement replaces the Lind Agreement in respect of the remaining $1,000 funding amount available under the Lind Agreement and accordingly, no further funding will be provided by Lind to the Company under the Lind Agreement. The terms of the Subsequent Convertible Security are substantially similar to the terms governing like securities under the Lind Agreement. As a result, upon payment of the $1,000 in funding by Lind to the Company, the Subsequent Convertible Security was issued in the amount of $1,200 ($1,000 in funding plus implied interest), and the Company issued warrants (“Warrants”) to Lind, as follows: Black Scholes Pricing Model Inputs Funding Date Face 1 Warrants 2 Issue 3 Warrant Expiry Date Risk-free Yield Volatility Expected July 9, 2018 $ 1,200 1,035,319 C$0.77 July 9, 2021 2.0% 0% 58.3% 3 years 1 Includes implied interest. 2 The value of Warrants issued totaled $156, which was expensed to Change in Financial Instrument Fair Value. 3 The price to convert one Warrant into one common share of the Company (“Common Share”). The Lind Agreement contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice or have become prematurely payable as a result of its default or breach. The Company was in compliance with these covenants as of June 30, 2020. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2020 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | 8. NOTES PAYABLE As of June 30, 2020 2019 Current Portion: Vendor note $ 166 $ - SBA loan 92 - Total current portion $ 258 $ - Noncurrent Portion: Vendor note $ 240 $ - SBA Loan 104 - Total noncurrent portion $ 344 $ - Vendor Note On April 13, 2020, the Company entered into an agreement with a vendor to convert amounts due for services performed to a 28-month note payable at a stated interest rate of 3%. The Company is obligated to make commercially reasonable efforts to make all payments under the payment plan in a timely manner, and any payment not made on or prior to the due date shall bear interest at an increased annual rate of 5% simple interest until paid. SBA Loan On April 17, 2020, ECRC received a U.S. Small Business Administration Loan (the “SBA Loan”) from American National Bank, pursuant to the Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), in the amount of $196. The application for these funds required the Company in good faith to certify that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Company. This certification further required the Company to take into account current business activity and the ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. Under the terms of the SBA Loan, the Company may be eligible for full or partial loan forgiveness. The unforgiven portion of the SBA Loan is payable over two years at an annual interest rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will be eligible for forgiveness of the loan, in whole or in part. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
COMMON STOCK | 9. COMMON STOCK a) Issuances Fiscal Year 2019 Issuances On September 14, 2018, the Company completed the first tranche closing (the “2018 First Tranche Closing”) of a non-brokered private placement (the “September 2018 Offering”) of units (each a “Unit”). The 2018 First Tranche Closing consisted of the issuance of 2,917,587 Units, at a price of C$0.63 per Unit, for gross proceeds of C$1,838. Each Unit issued in connection with the 2018 First Tranche Closing consists of one Common Share and one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.75 until September 14, 2020. On September 28, 2018, the Company completed the second and final tranche closing (the “2018 Second Tranche Closing”) of the September 2018 Offering. The 2018 Second Tranche Closing consisted of the issuance of 2,057,571 Units, at a price of C$0.63 per Unit, for gross proceeds of C$1,296. Each Unit issued in connection with the 2018 Second Tranche Closing consists of one Common Share and one-half of one Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.75 until September 28, 2020. Net proceeds from the September 2018 Offering were used by the Company for continued development of NioCorp’s Elk Creek Project and for general corporate purposes. The Company paid cash commissions of C$18 in connection with the September 2018 Offering to brokers outside of the United States. On April 29, 2019, the Company closed the first tranche (the “2019 First Tranche Closing”) of a non-brokered private placement (the “April 2019 Private Placement”) of Units of the Company. In connection with the 2019 First Tranche Closing, a total of 1,666,664 Units were issued at a price per Unit of C$0.60, for total gross proceeds to the Company of approximately C$1 million. On May 9, 2019, the Company closed the second and final tranche of the April 2019 Private Placement (the “2019 Second Tranche Closing”) and a total of 1,290,500 Units were issued at a price per Unit of C$0.60, for total gross proceeds to the Company of approximately C$0.8 million. Each Unit issued pursuant to the April 2019 Private Placement consisted of one Common Share and one-half of one Common Share purchase Warrant. Each full Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.72 for a period of two years from their date of issuance. Proceeds from the April 2019 Private Placement will be used for working capital and general corporate purposes. Fiscal Year 2018 Issuances On July 26, 2017, the Company closed a brokered private placement (the “July 2017 Private Placement”) of units (“Units”) of the Company. Under the July 2017 Private Placement, a total of 2,962,500 Units were issued at C$0.65 per Unit, for total gross proceeds to the Company of approximately C$1,926. Each Unit issued under the July 2017 Private Placement consists of one Common Share and one Warrant of the Company. Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$0.79 until July 26, 2021. The July 2017 Private Placement was brokered by Mackie Research Capital Corporation (the “Agent”). The Company paid the Agent an aggregate cash commission of approximately C$125, equal to 6.5% of the gross proceeds raised under the July 2017 Private Placement. The Company also issued to the Agent 192,562 broker warrants (the “Broker Warrants”), equal to 6.5% of the Units sold pursuant to the July 2017 Private Placement. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.79 until July 26, 2021. The fair value of the Broker Warrants of $41 was estimated based on the Black Scholes pricing model using a risk-free interest rate of 1.32%, an expected dividend yield of 0%, a volatility of 60.3%, and an expected life of four years. Total cash issue costs including agents’ commission, legal and other fees was $189. Proceeds of the July 2017 Private Placement were used for general working capital purposes and to continue advancement of the Company’s Elk Creek Project. On September 5, 2017, the Company entered into a shares-for-debt agreement with Northcott Capital Limited (“Northcott”) whereby NioCorp issued 415,747 Common Shares to settle a debt of C$254 owed to Northcott for past and prospective services through December 2017. Northcott manages NioCorp’s current effort to assemble a debt financing package as part of the Company’s overall Elk Creek Project financing effort. The shares issued to Northcott were priced at C$0.61 per share, which represents a 10% premium over the five-day Volume Weighted Average Price of the Common Shares of C$0.5571 as of the date of the agreement. b) Stock Options On November 9, 2017, the Company’s shareholders voted to approve a new Long-Term Incentive Plan (the “Long-Term Incentive Plan”) and the granting of incentive securities thereunder until November 9, 2020. Under the Long-Term Incentive Plan, the Company’s Board of Directors (the “Board”) may, in its discretion from time to time, grant stock options (“Options”) and share units (in the form of RSUs and PSUs) to directors, employees and certain other service providers (as defined in the Long-Term Incentive Plan) of the Company and affiliated entities selected by the Board. Subject to adjustment as described in the Long-Term Incentive Plan, the aggregate number of Common Shares that may be reserved for issuance to participants under the Long-Term Incentive Plan, together with all other security-based compensation arrangements of the Company, including with respect to Options outstanding under the Company’s 2016 Incentive Stock Option Plan, may not exceed 10% of the issued and outstanding Common Shares from time to time, and the Common Shares reserved for issuance upon settlement of share units shall not exceed 5% of the issued and outstanding Common Shares from time to time. The Long-Term Incentive Plan limits the maximum number of Common Shares issued to insiders (as defined under TSX rules for this purpose) within any one-year period, or issuable to insiders at any time, in the aggregate, under all security-based compensation arrangements (including the Long-Term Incentive Plan) to 10% of the then issued and outstanding Common Shares. The Long-Term Incentive Plan also limits the aggregate number of Common Shares that may be reserved for issuance to any one participant under the Long-Term Incentive Plan, together with all other security-based compensation arrangements of the Company, to 5% of the then issued and outstanding Common Shares (on a non-diluted basis). Under the Long-Term Incentive Plan, Options and share units granted to non-employee directors, together with all other equity awards, are limited to an annual equity award value of C$150 per non-employee director. The total value of Options issuable to a non-employee director in a one-year period is limited to C$100. Further, and subject to the adjustment provisions of the Long-Term Incentive Plan, the aggregate number of Common Shares actually issued or transferred by the Company upon the exercise of incentive stock options will not exceed 20,451,895 Common Shares. The Board has the exclusive power over the granting, amendment, administration or settlement of any award. Stock option transactions are summarized as follows: Number of Weighted Average Balance July 1, 2017 16,605,000 C$0.73 Granted 3,925,000 C$0.47 Exercised (10,091 ) C$0.62 Cancelled/expired (4,932,500 ) C$0.77 Balance June 30, 2018 15,587,409 C$0.65 Granted 4,445,000 C$0.54 Exercised (16,203 ) C$0.47 Cancelled/expired (566,297 ) C$0.79 Balance June 30, 2019 19,449,909 C$0.62 Exercised (320,500 ) C$0.62 Balance June 30, 2020 19,129,409 C$0.62 The following table summarizes the information and assumptions used to determine option costs: Year ended June 30, 2020 2019 2018 Fair value per option granted during the period (C$) - $ 0.21 $ 0.16 Risk-free interest rate - 2.02 % 1.59 % Expected dividend yield - 0 % 0 % Expected stock price volatility (historical basis) - 57.0 % 47.9 % Expected option life in years - 3.0 3.0 The following table summarizes information about stock options outstanding at June 30, 2020: Exercise Expiry Date Number Aggregate Number Aggregate C$0.62 January 19, 2021 4,944,409 C$939 4,944,409 C$939 C$0.94 July 21, 2021 540,000 - 540,000 - C$0.76 March 6, 2022 5,400,000 270 5,400,000 270 C$0.47 November 9, 2022 3,800,000 1,292 3,800,000 1,292 C$0.54 November 15, 2023 4,445,000 1,200 4,445,000 1,200 Balance June 30, 2020 19,129,409 C$3,701 19,129,409 C$3,701 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.81 as of June 30, 2020, which 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 June 30, 2020, was 18,589,409. The total intrinsic value of options exercised during the year ended June 30, 2020 was C$54. As of June 30, 2020, there was no unrecognized compensation cost related to unvested share-based compensation arrangements granted. c) Warrants Warrant transactions are summarized as follows: Warrants Weighted Average Balance July 1, 2017 20,609,086 C$0.79 Granted: Lind Warrants 4,884,462 C$0.69 July 2017 Private Placements 2,962,500 C$0.79 Broker Warrants: July 2017 Private Placement 192,562 C$0.79 Balance June 30, 2018 28,648,610 C$0.77 Granted: Lind Warrants 1,035,319 C$0.77 September 2018 Private Placement 2,487,577 C$0.75 April 2019 Private Placement 1,478,580 C$0.72 Exercised (115,000 ) C$0.75 Expired (12,160,285 ) C$0.74 Balance June 30, 2019 21,374,801 C$0.78 Exercised (664,549 ) C$0.69 Expired (8,333,801 ) C$0.86 Balance June 30, 2020 12,376,451 C$0.74 At June 30, 2020, the Company has outstanding exercisable warrants, as follows: Exercise 260,483 C$0.73 August 15, 2020 1,379,428 C$0.75 September 14, 2020 283,413 C$0.66 September 28, 2020 628,785 C$0.75 September 28, 2020 308,901 C$0.62 October 31, 2020 169,947 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, 2020 645,250 C$0.72 May 9, 2020 1,035,319 C$0.77 July 9, 2021 3,155,062 C$0.79 July 26, 2021 12,376,451 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 10. 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. The principal amount outstanding under the Original Smith Loan is $1,000. On June 10, 2020, Mr. Smith agreed to extend the maturity date of the Original Smith Loan to December 15, 2020. The Company also has a non-revolving credit facility agreement (the “Smith Credit Agreement”) with an original amount of $2,000 with Mr. Smith. The Smith Credit Agreement bears an interest rate of 10% and drawdowns from the Smith Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Smith Credit Agreement are secured by all of the Company’s assets pursuant to the General Security Agreement. The Smith Credit Agreement contains financial and non-financial covenants customary for a facility of its size and nature. On January 17, 2020, the Company entered into an amending agreement to the Smith Credit Agreement, increasing the limit of the non-revolving credit facility to $2,500 from the previous limit of $2,000. On April 3, 2020, the Smith Credit Agreement was amended to increase the limit of the non-revolving credit facility to $3,000 and on June 10, 2020, the Smith Credit Agreement was amended to increase the limit of the non-revolving credit facility to $3,500 and the maturity date for loans made under the Smith Credit Agreement was extended to December 15, 2020. As of June 30, 2020, the principal amount outstanding under the Smith Credit Agreement was $2,818. Accounts payable and accrued liabilities as of June 30, 2020, include accrued interest of $450 and origination fees of $58 payable to Mr. Smith under the Original Smith Loan and the Smith Credit Agreement. On June 20, 2016, the Company announced a joint development agreement (the “Development Agreement”) with IBC Advanced Alloys Corp. (“IBC”) to investigate and develop applications for scandium-containing alloys for multiple downstream markets. In addition to his management duties at NioCorp, Mark Smith is also the Chairman of the IBC Board of Directors. Under the terms of the Development Agreement, each party bears its own costs incurred in development efforts. During the year ended June 30, 2018, the Company supplied IBC with a small quantity of Scandium Trioxide which was used to manufacture several aluminum-scandium alloy ingots. Development of processes to produce master alloy materials using third party labs and potential commercial products is ongoing. |
EXPLORATION EXPENDITURES
EXPLORATION EXPENDITURES | 12 Months Ended |
Jun. 30, 2020 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
EXPLORATION EXPENDITURES | 11. EXPLORATION EXPENDITURES For the year ended June 30, 2020 2019 2018 Feasibility study and engineering $ 40 $ 2,403 $ 1,105 Field management and other 985 577 671 Metallurgical 176 164 264 Geologists and field staff - - 96 Total $ 1,201 $ 3,144 $ 2,136 |
LEASES
LEASES | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | 12. LEASES The Company has three operating leases with an average remaining life of 17 months as of June 30, 2020. The Company incurred lease costs of $114 and $134 for the years ended June 30, 2020 and 2019, respectively. The calculated right of use assets and lease liabilities were de minimis. |
DEFERRED FINANCING COSTS
DEFERRED FINANCING COSTS | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEFERRED FINANCING COSTS | 13. DEFERRED FINANCING COSTS During the year ended June 30, 2019, the Company issued an updated feasibility study report on the Elk Creek Project. Due to the nature of changes in the underground mining portion of the technical study, the Company elected to expense deferred legal and other professional fees associated with obtaining project debt financing for the Elk Creek Project and a total of $714 was included in other operating expenses for the year ended June 30, 2019. Future financing-related fees will continue to be expensed until a definitive agreement has been approved by the Board. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES Domestic and foreign components of loss before income taxes for the years ended June 30, 2020, 2019 and 2018 are as follows: For the year ended June 30, 2020 2019 2018 Canada $ 2,473 $ 3,622 $ 5,667 United States 1,528 3,714 2,830 Total $ 4,001 $ 7,336 $ 8,497 On December 22, 2017, the Tax Cuts and Jobs Act (the “U.S. Tax Act”) was signed into law making significant changes to the U.S. tax code, including a reduction of the U.S. federal corporate tax rate from 35 percent to 21 percent. During the year ended June 30, 2018, the Canadian statutory tax rate also increased from 26 percent to 27 percent related to provincial law changes in British Columbia. The primary impact of these changes to the Company was a reduction in the deferred tax asset related to mineral interests and net operating loss carryforwards, offset by a corresponding change to the valuation allowance. The following table is a reconciliation of income taxes at statutory rates: For the year ended June 30, 2020 2019 2018 Loss before income taxes $ 4,001 $ 7,336 $ 8,497 Combined federal and provincial statutory income tax rate 27 % 27 % 27 % Income tax benefit at statutory tax rates 1,080 1,981 2,294 Foreign rate differential (30 ) (71 ) (49 ) Warrant expense - (42 ) (195 ) Share based compensation (41 ) (163 ) (350 ) Change in estimates related to prior years (4 ) 211 218 Effect of legislative changes - - (3,591 ) Change in valuation allowance (946 ) (1,821 ) 2,051 Other (59 ) (95 ) (378 ) Income tax benefit $ - $ - $ - Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of deferred taxes are as follows: As of June 30, 2020 2019 Deferred tax assets Mineral interest $ 8,393 $ 8,093 Net operating losses available for future periods 6,899 6,209 Other 102 146 Total deferred tax assets 15,394 14,448 Valuation allowance (15,394 ) (14,448 ) Net deferred tax assets $ - $ - Changes in the valuation allowance are as follows: For the year ended June 30, 2020 2019 Valuation allowance, beginning of year $ (14,448 ) $ (12,627 ) Current year additions (946 ) (1,821 ) Valuation allowance, end of year $ (15,394 ) $ (14,448 ) The Company establishes a valuation allowance against future income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowance of $15,394 at June 30, 2020 relates mainly to net operating loss carryforwards in Canada and mineral interest due to deferred exploration expenditures in the United States, where the utilization of such attributes is not more likely than not. The Company had the following cumulative net operating losses for Canadian and U.S. income tax purposes and these carryforwards will generally expire between 2026 and 2040. As a result of the U.S. Tax Act, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. As of June 30, Jurisdiction 2020 2019 Canada $ 23,258 $ 21,794 United States 1,695 1,405 Total $ 24,953 $ 23,199 The Company had no unrecognized tax benefits as of June 30, 2020 or 2019. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. The Company has not recognized any interest or penalties in the fiscal years presented in these financial statements. The Company is subject to income tax in the U.S. federal jurisdiction and Canada. Certain years remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. In addition to the PPP loan previously discussed, the CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. Management believes these provisions of the CARES Act will have no material impacts or benefits on our business. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 15. Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on U.S. 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 table presents information about the assets and liabilities that are measured at fair value on a recurring basis as at June 30, 2020 and 2019, and indicates 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 included situations where there is little, if any, market activity for the instrument: As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ - $ - Investment in equity securities 7 7 - - Total $ 314 $ 314 $ - $ - Liabilities: Convertible debt $ 38 $ - $ - $ 38 Derivative liability, convertible debt 33 - - 33 Total $ 71 $ - $ - $ 71 As of June 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 357 $ 357 $ - $ - Investment in equity 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 were initially prepared by a third party and 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 derivative liability was valued using a Black-Scholes pricing model with the following inputs: 2020 2019 Risk-free interest rate 1.25 % 1.25 % Expected dividend yield 0 % 0 % Expected stock price volatility 53.55 % 50.27 % Expected option life in years 0.25 0.25 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: As of June 30, 2020 2019 2018 Beginning balance $ 1,012 $ 4,114 $ 3,547 Convertible securities closings - 1,000 4,500 Conversions to equity (980 ) (4,582 ) (5,130 ) Realized and unrealized losses 39 480 1,197 Ending balance $ 71 $ 1,012 $ 4,114 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES NioCorp has the following land, office, facility and equipment lease commitments in place as of June 30, 2020: Payments due by period Total Less than 1-3 years 4-5 years After 5 years Debt $ 5,937 $ 5,588 $ 349 $ - $ - Operating leases 155 73 38 13 31 Total contractual obligations $ 6,092 $ 5,661 $ 387 $ 13 $ 31 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Exploration Stage Enterprise | a) Exploration Stage Enterprise The Company is in the exploration stage of operation and devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions. |
Cash and Cash Equivalents | b) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds. |
Foreign Currency Translation | c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian dollar and the functional currency for Elk Creek Resources Corp., a wholly-owned subsidiary, is the U.S. dollar. The reporting currency for these consolidated financial statements is U.S. dollars. Transactions in foreign currency Transactions made in a currency other than the functional currency are remeasured to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are remeasured to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are remeasured at historical rates. Foreign currency translation gains and losses are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. ● Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. ● All resulting exchange differences are recognized in other comprehensive income. |
Mineral Properties | d) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under the United States Securities and Exchange Commission (“SEC”) Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. The recoverability of the carrying values of mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes. We assess the carrying cost of our mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. |
Long Lived Assets | e) Long Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Financial Instruments | f) Financial Instruments The Company’s financial instruments consist of cash, receivables, equity securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted. |
Concentration of Credit Risk | g) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds investments or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. |
Asset Retirement Obligation | h) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense and has accrued $48 related to estimated obligations as of June 30, 2020 (2019 - $83). Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the Elk Creek Project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. |
Income Taxes | i) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition.” |
Basic and Diluted Per Share Disclosure | j) Basic and Diluted Per Share Disclosure Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. Potentially dilutive shares, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as when the exercise price of the instrument exceeds the fair market value of the Company’s common stock and when a net loss is reported. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive. |
Stock Based Compensation | k) Stock Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company recognizes forfeitures as they occur. |
Recent Accounting Standards | l) 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 the practical expedient option 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 (the “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 believes that adoption of this guidance will not have a material impact on its consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of intercompany transactions and balances | These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Country of Ownership at June 30, 2020 2019 0896800 BC Ltd. Canada 100% 100% Elk Creek Resources Corp. (“ECRC”) USA 100% 100% |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of account payable and accured liability | As of June 30, Note 2020 2019 Accounts payable, trade $ 2,460 $ 2,578 Interest payable to related party 10 450 165 Other accruals 155 198 Total accounts payable and accrued liabilities $ 3,065 $ 2,941 |
CONVERTIBLE DEBT (Tables)
CONVERTIBLE DEBT (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | As of June 30, 2020 2019 Current Portion: Convertible notes $ 800 $ 800 Convertible security 38 - Total current portion $ 838 $ 800 Noncurrent Portion: Convertible security $ - $ 1,102 |
Schedule of changes in the notes balance | Changes in the Notes balance are comprised of the following: Convertible Notes Balance, July 1, 2018 $ 756 Accreted interest, net of interest paid 44 Balance, June 30, 2019 800 Accreted interest, net of interest paid - Balance, June 30, 2020 $ 800 |
Schedule of derivative liability related to the conversion feature | The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, July 1, 2018 $ 8 Change in fair value of derivative liability (8 ) Balance, June 30, 2019 - Change in fair value of derivative liability 33 Balance, June 30, 2020 $ 33 |
Schedule of change in convertible security balance | Lind Partners Convertible Security Funding Convertible Balance, July 1, 2018 $ 4,106 Additional debt drawdowns 1,000 Conversions, at fair value (4,582 ) Change in fair market value 488 Balance, June 30, 2019 1,012 Conversions, at fair value (980 ) Change in fair market value 6 Balance, June 30, 2020 $ 38 |
Schedule of additions to convertible notes | Black Scholes Pricing Model Inputs Funding Date Face 1 Warrants 2 Issue 3 Warrant Expiry Date Risk-free Yield Volatility Expected July 9, 2018 $ 1,200 1,035,319 C$0.77 July 9, 2021 2.0% 0% 58.3% 3 years 1 Includes implied interest. 2 The value of Warrants issued totaled $156, which was expensed to Change in Financial Instrument Fair Value. 3 The price to convert one Warrant into one common share of the Company (“Common Share”). |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Notes Payable Tables Abstract | |
Schedule of notes payable | As of June 30, 2020 2019 Current Portion: Vendor note $ 166 $ - SBA loan 92 - Total current portion $ 258 $ - Noncurrent Portion: Vendor note $ 240 $ - SBA Loan 104 - Total noncurrent portion $ 344 $ - |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of stock option | Stock option transactions are summarized as follows: Number of Weighted Average Balance July 1, 2017 16,605,000 C$0.73 Granted 3,925,000 C$0.47 Exercised (10,091 ) C$0.62 Cancelled/expired (4,932,500 ) C$0.77 Balance June 30, 2018 15,587,409 C$0.65 Granted 4,445,000 C$0.54 Exercised (16,203 ) C$0.47 Cancelled/expired (566,297 ) C$0.79 Balance June 30, 2019 19,449,909 C$0.62 Exercised (320,500 ) C$0.62 Balance June 30, 2020 19,129,409 C$0.62 |
Schedule of information and assumptions used to determine option costs | The following table summarizes the information and assumptions used to determine option costs: Year ended June 30, 2020 2019 2018 Fair value per option granted during the period (C$) - $ 0.21 $ 0.16 Risk-free interest rate - 2.02 % 1.59 % Expected dividend yield - 0 % 0 % Expected stock price volatility (historical basis) - 57.0 % 47.9 % Expected option life in years - 3.0 3.0 |
Schedule of information about stock options outstanding | The following table summarizes information about stock options outstanding at June 30, 2020: Exercise Expiry Date Number Aggregate Number Aggregate C$0.62 January 19, 2021 4,944,409 C$939 4,944,409 C$939 C$0.94 July 21, 2021 540,000 - 540,000 - C$0.76 March 6, 2022 5,400,000 270 5,400,000 270 C$0.47 November 9, 2022 3,800,000 1,292 3,800,000 1,292 C$0.54 November 15, 2023 4,445,000 1,200 4,445,000 1,200 Balance June 30, 2020 19,129,409 C$3,701 19,129,409 C$3,701 |
Schedule of warrant transactions | Warrant transactions are summarized as follows: Warrants Weighted Average Balance July 1, 2017 20,609,086 C$0.79 Granted: Lind Warrants 4,884,462 C$0.69 July 2017 Private Placements 2,962,500 C$0.79 Broker Warrants: July 2017 Private Placement 192,562 C$0.79 Balance June 30, 2018 28,648,610 C$0.77 Granted: Lind Warrants 1,035,319 C$0.77 September 2018 Private Placement 2,487,577 C$0.75 April 2019 Private Placement 1,478,580 C$0.72 Exercised (115,000 ) C$0.75 Expired (12,160,285 ) C$0.74 Balance June 30, 2019 21,374,801 C$0.78 Exercised (664,549 ) C$0.69 Expired (8,333,801 ) C$0.86 Balance June 30, 2020 12,376,451 C$0.74 |
Schedule of outstanding exercisable warrants | At June 30, 2020, the Company has outstanding exercisable warrants, as follows: Number 260,483 C$0.73 August 15, 2020 1,379,428 C$0.75 September 14, 2020 283,413 C$0.66 September 28, 2020 628,785 C$0.75 September 28, 2020 308,901 C$0.62 October 31, 2020 169,947 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, 2020 645,250 C$0.72 May 9, 2020 1,035,319 C$0.77 July 9, 2021 3,155,062 C$0.79 July 26, 2021 12,376,451 |
EXPLORATION EXPENDITURES (Table
EXPLORATION EXPENDITURES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Schedule of exploration expenditures | For the year ended June 30, 2020 2019 2018 Feasibility study and engineering $ 40 $ 2,403 $ 1,105 Field management and other 985 577 671 Metallurgical 176 164 264 Geologists and field staff - - 96 Total $ 1,201 $ 3,144 $ 2,136 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of domestic and foreign components of loss before income taxes | Domestic and foreign components of loss before income taxes for the years ended June 30, 2020, 2019 and 2018 are as follows: For the year ended June 30, 2020 2019 2018 Canada $ 2,473 $ 3,622 $ 5,667 United States 1,528 3,714 2,830 Total $ 4,001 $ 7,336 $ 8,497 |
Schedule of reconciliation of income taxes at statutory rate | The following table is a reconciliation of income taxes at statutory rates: For the year ended June 30, 2020 2019 2018 Loss before income taxes $ 4,001 $ 7,336 $ 8,497 Combined federal and provincial statutory income tax rate 27 % 27 % 27 % Income tax benefit at statutory tax rates 1,080 1,981 2,294 Foreign rate differential (30 ) (71 ) (49 ) Warrant expense - (42 ) (195 ) Share based compensation (41 ) (163 ) (350 ) Change in estimates related to prior years (4 ) 211 218 Effect of legislative changes - - (3,591 ) Change in valuation allowance (946 ) (1,821 ) 2,051 Other (59 ) (95 ) (378 ) Income tax benefit $ - $ - $ - |
Schedule of components of the deferred taxes | The significant components of deferred taxes are as follows: As of June 30, 2020 2019 Deferred tax assets Mineral interest $ 8,393 $ 8,093 Net operating losses available for future periods 6,899 6,209 Other 102 146 Total deferred tax assets 15,394 14,448 Valuation allowance (15,394 ) (14,448 ) Net deferred tax assets $ - $ - |
Schedule of changes in the valuation allowance | Changes in the valuation allowance are as follows: For the year ended June 30, 2020 2019 Valuation allowance, beginning of year $ (14,448 ) $ (12,627 ) Current year additions (946 ) (1,821 ) Valuation allowance, end of year $ (15,394 ) $ (14,448 ) |
Schedule of operating loss carryforwards | As a result of the U.S. Tax Act, U.S. tax losses incurred for tax years commencing in 2018 have no expiration. As of June 30, Jurisdiction 2020 2019 Canada $ 23,258 $ 21,794 United States 1,695 1,405 Total $ 24,953 $ 23,199 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values determined by Level 3 inputs are unobservable data | Fair values determined by Level 3 inputs are unobservable data points for the financial instrument, and included situations where there is little, if any, market activity for the instrument: As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ - $ - Investment in equity securities 7 7 - - Total $ 314 $ 314 $ - $ - Liabilities: Convertible debt $ 38 $ - $ - $ 38 Derivative liability, convertible debt 33 - - 33 Total $ 71 $ - $ - $ 71 As of June 30, 2019 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 357 $ 357 $ - $ - Investment in equity 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 | The derivative liability was valued using a Black-Scholes pricing model with the following inputs: 2020 2019 Risk-free interest rate 1.25 % 1.25 % Expected dividend yield 0 % 0 % Expected stock price volatility 53.55 % 50.27 % Expected option life in years 0.25 0.25 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: As of June 30, 2020 2019 2018 Beginning balance $ 1,012 $ 4,114 $ 3,547 Convertible securities closings - 1,000 4,500 Conversions to equity (980 ) (4,582 ) (5,130 ) Realized and unrealized losses 39 480 1,197 Ending balance $ 71 $ 1,012 $ 4,114 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lease commitments | NioCorp has the following land, office, facility and equipment lease commitments in place as of June 30, 2020: Payments due by period Total Less than 1-3 years 4-5 years After 5 years Debt $ 5,937 $ 5,588 $ 349 $ - $ - Operating leases 155 73 38 13 31 Total contractual obligations $ 6,092 $ 5,661 $ 387 $ 13 $ 31 |
DESCRIPTION OF BUSINESS (Detai
DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended |
Jun. 30, 2020Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
BASIS OF PREPARATION (Details)
BASIS OF PREPARATION (Details) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
0896800 BC Ltd. [Member] | ||
Percentage of ownership | 100.00% | 100.00% |
Elk Creek Resources Corp. ("ECRC") [Member] | ||
Percentage of ownership | 100.00% | 100.00% |
0896800 BC Ltd. [Member] | ||
Country of incorporation | Canada | Canada |
Elk Creek Resources Corp. ("ECRC") [Member] | ||
Country of incorporation | USA | USA |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounting Policies [Abstract] | ||
Accrued exploration stage expense | $ 48 | $ 83 |
GOING CONCERN ISSUES (Details N
GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 4,001 | $ 7,336 | $ 8,497 |
Working capital deficit | 7,674 | ||
Accumulated deficit | $ (94,686) | $ (90,685) |
MINERAL INTERESTS (Details Narr
MINERAL INTERESTS (Details Narrative) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2012CAD ($)shares | Jun. 30, 2012USD ($) | |
Elk Creek Resources Corp. ("ECRC") [Member] | Landholder Agreement [Member] | |||
Percentage of net smelter return | 2.00% | ||
Canada, Dollars | Share Exchange Agreement [Member] | |||
Total consideration | $ | $ 13,246 | ||
Deferred tax impacts | $ | $ 4,736 | ||
0896800 BC Ltd. [Member] | Share Exchange Agreement [Member] | |||
Number of shares issued upon finder's fees | shares | 1,034,348 | ||
0896800 BC Ltd. [Member] | Elk Creek Resources Corp. ("ECRC") [Member] | Share Exchange Agreement [Member] | |||
Number of shares issued upon acquisition | shares | 18,990,539 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable, trade | $ 2,460 | $ 2,578 |
Interest payable to related party | 450 | 165 |
Other accruals | 155 | 198 |
Total accounts payable and accrued liabilities | $ 3,065 | $ 2,941 |
CONVERTIBLE DEBT (Details)
CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Debt Disclosure [Abstract] | |||
Current Portion:Convertible notes | $ 800 | $ 800 | |
Current Portion:Convertible security | 38 | ||
Total current portion | 838 | 800 | $ 756 |
Noncurrent Portion: Convertible security | $ 1,012 |
CONVERTIBLE DEBT (Details 1)
CONVERTIBLE DEBT (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Disclosure [Abstract] | ||
Balance at beginning | $ 800 | $ 756 |
Accreted interest, net of interest paid | 44 | |
Balance at ending | $ 838 | $ 800 |
CONVERTIBLE DEBT (Details 2)
CONVERTIBLE DEBT (Details 2) - Derivative Liability [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Short-term Debt [Line Items] | ||
Balance at beginning | $ 8 | |
Change in fair value of derivative liability | 33 | (8) |
Balance at ending | $ 33 |
CONVERTIBLE DEBT (Details 3)
CONVERTIBLE DEBT (Details 3) - Lind Partners Asset Management IV, LLC [Member] - Secured Convertible Security [Member] - USD ($) $ in Thousands | Jul. 09, 2018 | Jun. 27, 2018 | Aug. 10, 2017 | Mar. 27, 2018 | Jan. 23, 2018 | Jun. 30, 2020 | Jun. 30, 2019 |
Short-term Debt [Line Items] | |||||||
Balance at beginning | $ 1,012 | $ 4,106 | |||||
Additional debt drawdowns | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 2,500 | 1,000 | |
Conversions, at fair value | (980) | (4,582) | |||||
Change in fair market value | 6 | 488 | |||||
Balance at ending | $ 38 | $ 1,012 |
CONVERTIBLE DEBT (Details 4)
CONVERTIBLE DEBT (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Expected option life in years [Member] | |||
Fair value assumption of expected option life | 1 year | ||
Lind Partners Asset Management IV, LLC [Member] | Warrant 3 [Member] | Tranche One [Member] | |||
Funding Date | Jul. 9, 2018 | ||
Warrant expiry date | Jul. 9, 2021 | ||
Lind Partners Asset Management IV, LLC [Member] | Warrant 1 [Member] | Tranche Four [Member] | |||
Face Value | [1] | $ 1,200 | |
Warrants issued | [2] | 1,035,319 | |
Warrant exercise price (in dollars per share) | [2] | $ 0.77 | |
Lind Partners Asset Management IV, LLC [Member] | Warrant 1 [Member] | Tranche Five [Member] | |||
Warrants issued | [3] | 1,035,319 | |
Warrant expiry date | Jul. 9, 2021 | ||
Lind Partners Asset Management IV, LLC [Member] | Risk-free interest rate [Member] | Warrant 1 [Member] | Tranche Five [Member] | |||
Fair value measurements | 2.00% | ||
Lind Partners Asset Management IV, LLC [Member] | Expected stock price volatility [Member] | Warrant 1 [Member] | Tranche Four [Member] | |||
Fair value measurements | 58.30% | ||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant 3 [Member] | Tranche One [Member] | |||
Fair value measurements | 0.00% | ||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant 1 [Member] | Tranche Four [Member] | |||
Fair value assumption of expected option life | 3 years | ||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant 1 [Member] | Tranche Five [Member] | |||
Fair value assumption of expected option life | 3 years | ||
[1] | Includes implied interest. Each funding has a term of two years from the funding date. | ||
[2] | Warrants expire Three years from issuance date. | ||
[3] | The value of Warrants issued totaled $156, which was expensed to Change in Financial Instrument Fair Value. |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) $ / shares in Units, $ in Thousands | Jul. 09, 2018USD ($) | Jun. 27, 2018USD ($) | Mar. 27, 2018USD ($) | Aug. 10, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 22, 2015USD ($)shares | Mar. 27, 2018USD ($) | Jan. 23, 2018USD ($) | Feb. 14, 2017USD ($) | Oct. 31, 2015USD ($)$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($) | Jun. 30, 2020$ / shares | Jun. 30, 2019$ / sharesshares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | Dec. 22, 2015$ / shares | |
Number of common shares purchased | shares | 12,376,451 | 21,374,801 | 28,648,610 | 20,609,086 | ||||||||||||||
Expected dividend yield [Member] | ||||||||||||||||||
Fair value measurements | 0.00% | 0.00% | ||||||||||||||||
Expected option life in years [Member] | ||||||||||||||||||
Fair value assumption of expected option life | 1 year | |||||||||||||||||
Expected stock price volatility [Member] | ||||||||||||||||||
Fair value measurements | 53.55% | 50.27% | ||||||||||||||||
Risk-free interest rate [Member] | ||||||||||||||||||
Fair value measurements | 1.25% | 1.25% | ||||||||||||||||
Secured Convertible Security [Member] | ||||||||||||||||||
Description of convertible security | The Lind Agreement contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice or have become prematurely payable as a result of its default or breach. | |||||||||||||||||
Transaction cost | $ 214 | |||||||||||||||||
Percentage of closing fees | 0.03 | |||||||||||||||||
Convertible Debt [Member] | Non-Brokered Private Placement [Member] | ||||||||||||||||||
Interest rate | 8.00% | |||||||||||||||||
Debt term | 3 years | |||||||||||||||||
Description of payment | Payable quarterly in arrears. | |||||||||||||||||
Transaction cost | $ 47 | |||||||||||||||||
Principal amount | $ 800 | |||||||||||||||||
Canada, Dollars | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.74 | $ 0.78 | $ 0.77 | $ 0.79 | ||||||||||||||
Canada, Dollars | Convertible Debt [Member] | Non-Brokered Private Placement [Member] | ||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 0.97 | |||||||||||||||||
Lind Asset Management IV, LLC [Member] | Secured Convertible Security [Member] | ||||||||||||||||||
Transaction cost | $ 135 | |||||||||||||||||
Lind Asset Management IV, LLC [Member] | Secured Convertible Security [Member] | Definitive Convertible Security Funding Agreement [Member] | ||||||||||||||||||
Description of conversion price | The Convertible Security is convertible into common shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the common shares (in Canadian dollars) for the five consecutive trading days immediately prior to the date on which the Investor provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. | |||||||||||||||||
Interest rate | 10.00% | |||||||||||||||||
Debt term | 2 years | |||||||||||||||||
Principal amount | $ 4,500 | |||||||||||||||||
Initial face value | $ 5,400 | |||||||||||||||||
Description of interest rate | Yield of the Convertible Security (if held, unconverted, to maturity) was 10% per annum, or $900. | |||||||||||||||||
Additional funding | $ 1,000 | |||||||||||||||||
Lind Asset Management IV, LLC [Member] | Warrants [Member] | Secured Convertible Security [Member] | Definitive Convertible Security Funding Agreement [Member] | ||||||||||||||||||
Debt term | 3 years | |||||||||||||||||
Number of common shares purchased | shares | 3,125,000 | |||||||||||||||||
Lind Asset Management IV, LLC [Member] | Canada, Dollars | Warrants [Member] | Secured Convertible Security [Member] | Definitive Convertible Security Funding Agreement [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.72 | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Warrant 1 [Member] | Tranche Five [Member] | ||||||||||||||||||
Maturity date of the first tranche | Jul. 9, 2021 | |||||||||||||||||
Number of common stock purchased | shares | [1] | 1,035,319 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Warrant 1 [Member] | Tranche Four [Member] | ||||||||||||||||||
Number of common stock purchased | shares | [2] | 1,035,319 | ||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [2] | $ 0.77 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Warrant [Member] | Tranche One [Member] | ||||||||||||||||||
Change in financial instrument fair value | $ 620 | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Warrant 3 [Member] | Tranche One [Member] | ||||||||||||||||||
Maturity date of the first tranche | Jul. 9, 2021 | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant 1 [Member] | Tranche Five [Member] | ||||||||||||||||||
Fair value assumption of expected option life | 3 years | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant 1 [Member] | Tranche Four [Member] | ||||||||||||||||||
Fair value assumption of expected option life | 3 years | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Expected dividend yield [Member] | Warrant [Member] | Tranche One [Member] | ||||||||||||||||||
Fair value measurements | 0.00% | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Expected option life in years [Member] | Warrant 2 [Member] | Tranche One [Member] | ||||||||||||||||||
Fair value assumption of expected option life | 3 years | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Expected stock price volatility [Member] | Warrant [Member] | Tranche One [Member] | ||||||||||||||||||
Fair value measurements | 86.58% | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Risk-free interest rate [Member] | Warrant [Member] | Tranche One [Member] | ||||||||||||||||||
Fair value measurements | 1.30% | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Secured Convertible Security [Member] | ||||||||||||||||||
Additional debt drawdown | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 2,500 | $ 1,000 | ||||||||||||
Transaction cost | 1,200 | |||||||||||||||||
Debt instrument interest amount | $ 1,000 | |||||||||||||||||
Value of Warrants issued | $ 156 | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Secured Convertible Security [Member] | Tranche One [Member] | ||||||||||||||||||
Additional debt drawdown | $ 1,200 | 1,000 | $ 1,200 | $ 1,000 | 2,500 | $ 1,000 | ||||||||||||
Debt instrument interest amount | $ 200 | |||||||||||||||||
Increase in convertible debt | $ 3,000 | 1,200 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Secured Convertible Security [Member] | Tranche Second [Member] | ||||||||||||||||||
Additional debt drawdown | $ 1,000 | 1,000 | $ 6,000 | |||||||||||||||
Debt instrument interest amount | $ 200 | |||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 1 [Member] | Tranche Second [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.72 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 1 [Member] | Tranche Five [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [4] | $ 0.77 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 1 [Member] | Tranche Four [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | $ 0.77 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 1 [Member] | Tranche Three [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.72 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 2 [Member] | Tranche One [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.73 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 2 [Member] | Tranche Second [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.70 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 3 [Member] | Tranche One [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.66 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 3 [Member] | Tranche Second [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.69 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 4 [Member] | Tranche One [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | 0.62 | ||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Canada, Dollars | Warrant 5 [Member] | Tranche One [Member] | ||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | [3] | $ 0.54 | ||||||||||||||||
[1] | The value of Warrants issued totaled $156, which was expensed to Change in Financial Instrument Fair Value. | |||||||||||||||||
[2] | Warrants expire Three years from issuance date. | |||||||||||||||||
[3] | The price to convert one warrant into one Common Share. | |||||||||||||||||
[4] | The price to convert one Warrant into one common share of the Company ("Common Share"). |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Total current portion | $ 258 | |
Total noncurrent portion | 344 | |
Vendor Note [Member] | ||
Total current portion | 166 | |
Total noncurrent portion | 240 | |
SBA Loan [Member] | ||
Total current portion | 92 | |
Total noncurrent portion | $ 104 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) $ in Thousands | Apr. 17, 2020 | Apr. 13, 2020 |
SBA Loan [Member] | Paycheck Protection Program [Member] | ||
Donation relief fund | $ 196 | |
Description of debt forgiveness | The unforgiven portion of the SBA Loan is payable over two years at an annual interest rate of 1%, with a deferral of payments for the first six months. | |
Agreement [Member] | Vendor [Member] | Vendor Note [Member] | ||
Interest rate | 3.00% | |
Payable term | Amounts due for services performed to a 28-month note payable. | |
Description of interest | Prior to the due date shall bear interest at an increased annual rate of 5% simple interest until paid. |
COMMON STOCK (Details)
COMMON STOCK (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Options | |||
Balance at beginning | 19,449,909 | 15,587,409 | 16,605,000 |
Granted | 4,445,000 | 3,925,000 | |
Exercised | (320,500) | (16,203) | (10,091) |
Cancelled/expired | (566,297) | (4,932,500) | |
Balance at end | 19,129,409 | 19,449,909 | 15,587,409 |
Canada, Dollars | |||
Weighted Average Exercise Price | |||
Balance at beginning | $ 0.62 | $ 0.65 | $ 0.73 |
Granted | 0.54 | 0.47 | |
Exercised | 0.62 | 0.47 | 0.62 |
Cancelled/expired | 0.79 | 0.77 | |
Balance at end | $ 0.62 | $ 0.62 | $ 0.65 |
COMMON STOCK (Details 1)
COMMON STOCK (Details 1) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Risk-free interest rate | 2.02% | 1.59% | |
Expected dividend yield | 0.00% | 0.00% | |
Expected stock price volatility (historical basis) | 57.00% | 47.90% | |
Expected option life in years | 3 years | 3 years | |
Canada, Dollars | |||
Fair value per option granted during the period (C$) | $ 0.21 | $ 0.16 |
COMMON STOCK (Details 2)
COMMON STOCK (Details 2) $ in Thousands | 12 Months Ended |
Jun. 30, 2020CAD ($)shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding | shares | 19,449,909 |
Number exercisable | shares | 19,129,409 |
Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 3,701 |
Aggregate Intrinsic Value | $ | $ 3,701 |
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 | 4,944,409 |
Number exercisable | shares | 4,944,409 |
Exercise Price C$0.62 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 939 |
Aggregate Intrinsic Value | $ | $ 939 |
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] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 270 |
Aggregate Intrinsic Value | $ | $ 270 |
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] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | |
Aggregate Intrinsic Value | $ | |
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 | 4,445,000 |
Exercise Price C$0.54 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,200 |
Aggregate Intrinsic Value | $ | $ 1,200 |
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] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 1,292 |
Aggregate Intrinsic Value | $ | $ 1,292 |
COMMON STOCK (Details 3)
COMMON STOCK (Details 3) - $ / shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Balance, at beginning | 21,374,801 | 28,648,610 | 20,609,086 |
Granted: | |||
Lind Warrants | 1,035,319 | 4,884,462 | |
July 2017 Private Placements | 2,962,500 | ||
Broker Warrants: July 2017 Private Placement | 192,562 | ||
September 2018 Private Placement | 2,487,577 | ||
April 2019 Private Placement | 1,478,580 | ||
Exercised | (664,549) | (115,000) | |
Expired | (8,333,801) | (12,160,285) | |
Balance, at ending | 12,376,451 | 21,374,801 | 28,648,610 |
Canada, Dollars | |||
Granted: | |||
Balance at beginning | $ 0.78 | $ 0.77 | $ 0.79 |
Granted: | |||
Lind Warrants | 0.77 | 0.69 | |
July 2017 Private Placements | 0.79 | ||
Broker Warrants: July 2017 Private Placement | 0.79 | ||
September 2018 Private Placement | 0.75 | ||
April 2019 Private Placement | 0.72 | ||
Exercised | 0.69 | 0.75 | |
Expired | 0.86 | 0.74 | |
Balance at ending | $ 0.74 | $ 0.78 | $ 0.77 |
COMMON STOCK (Details 4)
COMMON STOCK (Details 4) - $ / shares | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Warrant or Right [Line Items] | ||||
Number | 12,376,451 | 21,374,801 | 28,648,610 | 20,609,086 |
Exercise Price C$0.62 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 308,901 | |||
Warrant exercise price (in dollars per share) | $ 0.62 | |||
Expiry Date | Oct. 31, 2020 | |||
Exercise Price C$0.54 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 169,947 | |||
Warrant exercise price (in dollars per share) | $ 0.54 | |||
Expiry Date | Dec. 6, 2020 | |||
Exercise Price C$0.66 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 283,413 | |||
Warrant exercise price (in dollars per share) | $ 0.66 | |||
Expiry Date | Sep. 28, 2020 | |||
Exercise Price C$0.69 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 541,435 | |||
Warrant exercise price (in dollars per share) | $ 0.69 | |||
Expiry Date | Feb. 7, 2021 | |||
Exercise Price C$0.70 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 529,344 | |||
Warrant exercise price (in dollars per share) | $ 0.70 | |||
Expiry Date | Feb. 5, 2021 | |||
Exercise Price C$0.72 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 645,250 | |||
Warrant exercise price (in dollars per share) | $ 0.72 | |||
Expiry Date | May 9, 2020 | |||
ExercisePrice0.721Member | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 1,546,882 | |||
Warrant exercise price (in dollars per share) | $ 0.72 | |||
Expiry Date | Jan. 30, 2021 | |||
Exercise Price C$0.73 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 260,483 | |||
Warrant exercise price (in dollars per share) | $ 0.73 | |||
Expiry Date | Aug. 15, 2020 | |||
Exercise Price C$0.75 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 1,379,428 | |||
Warrant exercise price (in dollars per share) | $ 0.75 | |||
Expiry Date | Sep. 14, 2020 | |||
Exercise Price C$0.79 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 3,155,062 | |||
Warrant exercise price (in dollars per share) | $ 0.79 | |||
Expiry Date | Jul. 26, 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) | $ 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) | $ 0.72 | |||
Expiry Date | Apr. 29, 2020 | |||
Exercise Price C$0.77 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Number | 1,035,319 | |||
Warrant exercise price (in dollars per share) | $ 0.77 | |||
Expiry Date | Jul. 9, 2021 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | May 09, 2019USD ($)$ / shares | Apr. 29, 2019USD ($)shares | Nov. 09, 2018shares | Sep. 28, 2018USD ($)shares | Sep. 14, 2018CAD ($)shares | Sep. 05, 2018CAD ($)$ / sharesshares | Jul. 26, 2018CAD ($)shares | Jul. 31, 2018USD ($)shares | Jul. 31, 2018CAD ($)shares | Sep. 28, 2019shares | Jun. 30, 2020USD ($) | Jun. 30, 2019 | Jun. 30, 2020$ / sharesshares | Sep. 14, 2019$ / shares | Apr. 29, 2019$ / shares | Sep. 28, 2018$ / shares | Nov. 09, 2017CAD ($) | Jul. 31, 2017$ / shares | Jul. 26, 2017$ / shares |
Number of outstanding | shares | 19,449,909 | ||||||||||||||||||
Expected option life in years [Member] | |||||||||||||||||||
Expected life | 1 year | ||||||||||||||||||
Non-Brokered Private Placement [Member] | Tranche One [Member] | |||||||||||||||||||
Number of units issued | shares | 1,666,664 | 2,917,587 | 2,962,500 | ||||||||||||||||
Non-Brokered Private Placement [Member] | Tranche Second [Member] | |||||||||||||||||||
Number of units issued | shares | 2,057,571 | 1,290,500 | |||||||||||||||||
Canada, Dollars | Non-Brokered Private Placement [Member] | Tranche One [Member] | |||||||||||||||||||
Unit price (in dollars per unit) | $ / shares | $ 0.63 | $ 0.60 | $ 0.65 | ||||||||||||||||
Additional unit price (in dollars per unit) | $ / shares | $ 0.75 | $ 0.79 | |||||||||||||||||
Gross proceeds from units issued | $ 1,000 | $ 1,838 | $ 1,926 | ||||||||||||||||
Broker warrant exercise date | Sep. 14, 2020 | Jul. 26, 2021 | |||||||||||||||||
Canada, Dollars | Non-Brokered Private Placement [Member] | Tranche Second [Member] | |||||||||||||||||||
Unit price (in dollars per unit) | (per share) | $ 0.60 | $ 0.63 | |||||||||||||||||
Additional unit price (in dollars per unit) | (per share) | $ 0.72 | $ 0.75 | |||||||||||||||||
Gross proceeds from units issued | $ 800 | $ 1,296 | |||||||||||||||||
Cash commissions paid | $ 18 | ||||||||||||||||||
Broker warrant exercise date | Sep. 28, 2020 | ||||||||||||||||||
Northcott Capital Limited [Member] | Warrant [Member] | |||||||||||||||||||
Number of units issued | shares | 415,747 | ||||||||||||||||||
Northcott Capital Limited [Member] | Warrant [Member] | Canada, Dollars | |||||||||||||||||||
Unit price (in dollars per unit) | $ / shares | $ 0.61 | ||||||||||||||||||
Debt settlement | $ 254 | ||||||||||||||||||
Description of share price | The shares issued to Northcott were priced at C$0.61 per share, which represents a 10% premium over the five-day Volume Weighted Average Price of the Common Shares of C$0.5571 as of the date of the agreement. | ||||||||||||||||||
Mackie Research Capital Corporation [Member] | Warrant [Member] | Private Placement [Member] | |||||||||||||||||||
Number of units issued | shares | 192,562 | 192,562 | |||||||||||||||||
Fair value of Broker Warrants | $ 41 | ||||||||||||||||||
Cash commissions paid | $ 189 | ||||||||||||||||||
Risk free interest rate | 1.32% | 1.32% | |||||||||||||||||
Volatility | 60.30% | 60.30% | |||||||||||||||||
Broker warrant exercise date | Jul. 26, 2021 | Jul. 26, 2021 | |||||||||||||||||
Percentage paid on warrant issued | 6.50% | 6.50% | |||||||||||||||||
Percentage paid on cash commission | 6.50% | 6.50% | |||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||
Mackie Research Capital Corporation [Member] | Warrant [Member] | Canada, Dollars | Private Placement [Member] | |||||||||||||||||||
Unit price (in dollars per unit) | $ / shares | $ 0.79 | ||||||||||||||||||
Gross proceeds from units issued | $ 125 | ||||||||||||||||||
Lind Partners Asset Management IV, LLC [Member] | Warrant 2 [Member] | Tranche One [Member] | Expected option life in years [Member] | |||||||||||||||||||
Expected life | 3 years | ||||||||||||||||||
Long-Term Incentive Plan [Member] | Non-Employee Director [Member] | |||||||||||||||||||
Maximum number of shares issued upon the exercise of options | shares | 20,451,895 | ||||||||||||||||||
Long-Term Incentive Plan [Member] | Non-Employee Director [Member] | Canada, Dollars | |||||||||||||||||||
Shares issued value | $ 150 | ||||||||||||||||||
Shares issued within one year value | $ 100 | ||||||||||||||||||
Stock option Plan [Member] | |||||||||||||||||||
Number of vested and exercisable options | shares | 18,589,409 | ||||||||||||||||||
Total intrinsic value options exercised | $ 54 | ||||||||||||||||||
Stock option Plan [Member] | Canada, Dollars | |||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 0.55 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - Mark A. Smith [Member] - USD ($) $ in Thousands | Jun. 10, 2020 | Jan. 17, 2020 | Jun. 30, 2020 | Apr. 03, 2020 | Jun. 30, 2018 |
Maturity date | Dec. 15, 2020 | ||||
Minimum [Member] | |||||
Non-revolving credit facility | $ 2,000 | ||||
Maximum [Member] | |||||
Non-revolving credit facility | $ 3,500 | $ 2,500 | $ 3,000 | ||
Non Revolving Line Of Credit [Member] | |||||
Principal amount outstanding | $ 2,818 | ||||
Credit facility interest rate (in dollars per share) | 10.00% | ||||
Non-Revolving Credit Facility Agreement [Member] | |||||
Interest payable | $ 450 | ||||
Origination fees payable | $ 58 | ||||
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. | ||||
Non-Revolving Credit Facility Agreement [Member] | Smith Loans [Member] | |||||
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 | ||||
Maturity date | Dec. 15, 2020 |
EXPLORATION EXPENDITURES (Detai
EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total | $ 1,201 | $ 3,144 | $ 2,136 |
Metallurgical [Member] | |||
Total | 176 | 2,403 | 96 |
Field Management and Other [Member] | |||
Total | 985 | 577 | 671 |
Feasibility Study and Engineering [Member] | |||
Total | 40 | 164 | 264 |
Geologists and Field Staff [Member] | |||
Total | $ 1,105 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease costs | $ 114 | $ 134 |
Operating lease term | 17 months |
DEFERRED FINANCING COSTS (Detai
DEFERRED FINANCING COSTS (Details Narrative) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Elk Creek Project [Member] | |
Other operating expenses | $ 714 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total | $ 4,001 | $ 7,336 | $ 8,497 |
Canada [Member] | |||
Total | 2,473 | 3,622 | 5,667 |
United States [Member] | |||
Total | $ 1,528 | $ 3,714 | $ 2,830 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes | $ 4,001 | $ 7,336 | $ 8,497 |
Combined federal and provincial statutory income tax rate | 27.00% | 27.00% | 26.00% |
Income tax benefit at statutory tax rates | $ 1,080 | $ 1,981 | $ 2,294 |
Foreign rate differential | (30) | (71) | (49) |
Warrant expense | (42) | (195) | |
Share based compensation | (41) | (163) | (350) |
Change in estimates related to prior years | (4) | 211 | 218 |
Effect of legislative changes | (3,591) | ||
Change in valuation allowance | (946) | (1,821) | 2,051 |
Other | (59) | (95) | (378) |
Income tax benefit |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred tax assets | ||
Mineral interest | $ 8,393 | $ 8,093 |
Net operating losses available for future periods | 6,899 | 6,209 |
Other | 102 | 146 |
Total deferred tax assets | 15,394 | 14,448 |
Valuation allowance | (15,394) | (14,448) |
Net deferred tax assets |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance, beginning of year | $ (14,448) | $ (12,627) |
Current year additions | (946) | (1,821) |
Valuation allowance, end of year | $ (15,394) | $ (14,448) |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Total | $ 24,953 | $ 23,199 |
Canada [Member] | ||
Total | 23,258 | 21,794 |
United States [Member] | ||
Total | $ 1,695 | $ 1,405 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 22, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes (Textual) | ||||
Income tax provision at the federal statutory rate | 27.00% | 27.00% | 26.00% | |
Income tax provision at the federal statutory rate reduced | 21.00% | |||
Valuation allowance | $ (15,394) | $ (14,448) | ||
Maximum [Member] | ||||
Income Taxes (Textual) | ||||
Income tax provision at the federal statutory rate | 35.00% | |||
Income tax provision at the canadian statutory rate | 27.00% | |||
Minimum [Member] | ||||
Income Taxes (Textual) | ||||
Income tax provision at the federal statutory rate | 21.00% | |||
Income tax provision at the canadian statutory rate | 26.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Assets: | ||
Cash and cash equivalents | $ 307 | $ 357 |
Investment in equity securities | 7 | 5 |
Total | 314 | 362 |
Liabilities: | ||
Convertible debt | 38 | 1,012 |
Derivative liability, convertible debt | 33 | |
Total | 71 | 1,012 |
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Investment in equity securities | ||
Total | ||
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Investment in equity securities | ||
Total | ||
Liabilities: | ||
Convertible debt | 38 | 1,012 |
Derivative liability, convertible debt | 33 | |
Total | 71 | 1,012 |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 307 | 357 |
Investment in equity securities | 7 | 5 |
Total | 314 | 362 |
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total |
FAIR VALUE MEASUREMENTS (Deta_2
FAIR VALUE MEASUREMENTS (Details 1) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | |
Expected option life in years [Member] | ||
Fair value assumption of expected option life | 1 year | |
Expected stock price volatility [Member] | ||
Fair value debt components | 50.27% | 53.55% |
Expected dividend yield [Member] | ||
Fair value debt components | 0.00% | 0.00% |
Risk-free interest rate [Member] | ||
Fair value debt components | 1.25% | 1.25% |
FAIR VALUE MEASUREMENTS (Deta_3
FAIR VALUE MEASUREMENTS (Details 2) - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 1,012 | $ 4,114 | $ 3,547 |
Convertible securities closings | 1,000 | 4,500 | |
Conversions to equity | (980) | (4,582) | (5,130) |
Realized and unrealized losses | 39 | 480 | 1,197 |
Ending balance | $ 71 | $ 1,012 | $ 4,114 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Debt | ||
Payments due by period, Less than 1 year | $ 5,588 | |
Payments due by period, 1-3 years | 349 | |
Payments due by period, 4-5 years | ||
Payments due by period, After 5 years | ||
Total | 344 | |
Operating leases | ||
Payments due by period, Less than 1 year | 73 | |
Payments due by period, 1-3 years | 38 | |
Payments due by period, 4-5 years | 13 | |
Payments due by period, After 5 years | 31 | |
Total | 155 | |
Total contractual obligations | ||
Payments due by period, Less than 1 year | 5,661 | |
Payments due by period, 1-3 years | 387 | |
Payments due by period, 4-5 years | 13 | |
Payments due by period, After 5 years | 31 | |
Total | $ 6,092 |