Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2021 | May 11, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | NIOCORP DEVELOPMENTS LTD | |
Entity Central Index Key | 0001512228 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Incorporation State Country Code | A1 | |
Current Fiscal Year End Date | --06-30 | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 000-55710 | |
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 | 251,667,966 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current | ||
Cash | $ 8,626 | $ 307 |
Prepaid expenses and other | 24 | 31 |
Total current assets | 8,650 | 338 |
Non-current | ||
Deposits | 35 | 35 |
Investment in equity securities | 19 | 7 |
Right of use assets | 203 | |
Mineral interests | 10,617 | 10,617 |
Total assets | 19,524 | 10,997 |
Current | ||
Accounts payable and accrued liabilities | 488 | 3,065 |
Related party loan | 3,818 | 3,818 |
Convertible debt | 1,349 | 838 |
Notes payable, current portion | 258 | |
Operating lease liability | 88 | |
Derivative liability, convertible debt | 33 | |
Total current liabilities | 5,743 | 8,012 |
Non-current | ||
Convertible debt, net of current | 7,967 | |
Notes payable, net of current portion | 344 | |
Operating lease liability | 125 | |
Total liabilities | 13,835 | 8,356 |
SHAREHOLDERS' EQUITY | ||
Common stock, unlimited shares authorized; shares outstanding: 245,545,587 at March 31, 2021 and 235,925,684 at June 30, 2020 | 90,215 | 84,476 |
Additional paid-in capital | 14,142 | 13,206 |
Accumulated deficit | (97,833) | (94,686) |
Accumulated other comprehensive loss | (835) | (355) |
Total shareholder equity | 5,689 | 2,641 |
Total liabilities and equity | $ 19,524 | $ 10,997 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Statement of Financial Position [Abstract] | ||
Common stock, authorized | Unlimited | Unlimited |
Common stock, outstanding | 245,545,587 | 235,925,684 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses | ||||
Employee related costs | $ 327 | $ 341 | $ 1,332 | $ 1,040 |
Professional fees | 83 | 41 | 276 | 226 |
Exploration expenditures | 297 | 294 | 711 | 971 |
Other operating expenses | 138 | 141 | 802 | 473 |
Total operating expenses | 845 | 817 | 3,121 | 2,710 |
Other income | (22) | (208) | ||
Loss on debt extinguishment | 163 | |||
Change in financial instrument fair value | (60) | (49) | (32) | 39 |
Foreign exchange (gain) loss | (94) | 395 | (497) | 359 |
Interest expense | 354 | 100 | 612 | 233 |
Other (Gain) loss on equity securities | (10) | (1) | (12) | 2 |
Loss before income taxes | 1,013 | 1,262 | 3,147 | 3,343 |
Income tax benefit | ||||
Net loss | 1,013 | 1,262 | 3,147 | 3,343 |
Other comprehensive loss: | ||||
Net loss | 1,013 | 1,262 | 3,147 | 3,343 |
Other comprehensive loss (gain): | ||||
Reporting currency translation | 93 | (449) | 480 | (406) |
Total comprehensive loss | $ 1,106 | $ 813 | $ 3,627 | $ 2,937 |
Loss per common share, basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0.01 | $ 0.01 |
Weighted average common shares outstanding (in shares) | 241,931,563 | 234,870,686 | 239,283,205 | 234,453,544 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Total loss for the period | $ (3,147) | $ (3,343) |
Non-cash elements included in net loss: | ||
Change in financial instrument fair value | (32) | 39 |
Unrealized (gain) loss on equity securities | (12) | 1 |
Accretion of convertible debt | 219 | |
Noncash lease expense | 10 | |
Loss on debt extinguishment | 163 | |
Gain on debt forgiveness | (196) | |
Foreign exchange (gain) loss | (453) | 331 |
Share-based compensation | 797 | 145 |
Subtotal | (2,651) | (2,827) |
Change in working capital items: | ||
Prepaid expenses | 9 | 69 |
Accounts payable and accrued liabilities | (1,006) | 586 |
Net cash used in operating activities | (3,648) | (2,172) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of capital stock | 2,847 | |
Loan repayments | (406) | |
Share issuance costs | (1) | |
Proceeds from debt issuance, net of expenses | 9,477 | |
Related party debt drawdown | 1,865 | |
Net cash provided by financing activities | 11,917 | 1,865 |
Exchange rate effect on cash and cash equivalents | 50 | (2) |
Change in cash and cash equivalents during period | 8,319 | (309) |
Cash and cash equivalents, beginning of period | 307 | 357 |
Cash and cash equivalent, end of period | 8,626 | 48 |
Supplemental cash flow information: | ||
Amounts paid for interest | 734 | 48 |
Amounts paid for income taxes | ||
Conversion of accounts payable to convertible debt | 1,640 | |
Conversions of debt for common shares | 1,256 | 980 |
Recognition of operating lease liabilities | 231 | |
Loan amounts forgiven | $ 196 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance, beginning at Jun. 30, 2019 | $ 82,939 | $ 13,124 | $ (90,685) | $ (526) | $ 4,852 |
Balance, beginning (in shares) at Jun. 30, 2019 | 232,496,215 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Debt conversions | $ 980 | 980 | |||
Debt conversions (in shares) | 2,444,420 | ||||
Share-based payments | 145 | 145 | |||
Reporting currency presentation | 406 | 406 | |||
Loss for the period | (3,343) | (3,343) | |||
Balance, ending at Mar. 31, 2020 | $ 83,919 | 13,269 | (94,028) | (120) | 3,040 |
Balance, ending (in shares) at Mar. 31, 2020 | 234,940,635 | ||||
Balance, beginning at Dec. 31, 2019 | $ 83,872 | 13,241 | (92,766) | (569) | 3,778 |
Balance, beginning (in shares) at Dec. 31, 2019 | 234,839,598 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Debt conversions | $ 47 | 47 | |||
Debt conversions (in shares) | 101,037 | ||||
Share-based payments | 28 | 28 | |||
Reporting currency presentation | 449 | 449 | |||
Loss for the period | (1,262) | (1,262) | |||
Balance, ending at Mar. 31, 2020 | $ 83,919 | 13,269 | (94,028) | (120) | 3,040 |
Balance, ending (in shares) at Mar. 31, 2020 | 234,940,635 | ||||
Balance, beginning at Jun. 30, 2020 | $ 84,476 | 13,206 | (94,686) | (355) | $ 2,641 |
Balance, beginning (in shares) at Jun. 30, 2020 | 235,925,684 | 235,925,684 | |||
Balance, ending at Dec. 31, 2020 | $ 86,839 | 13,844 | (96,820) | (742) | $ 3,121 |
Balance, ending (in shares) at Dec. 31, 2020 | 240,110,267 | ||||
Balance, beginning at Jun. 30, 2020 | $ 84,476 | 13,206 | (94,686) | (355) | $ 2,641 |
Balance, beginning (in shares) at Jun. 30, 2020 | 235,925,684 | 235,925,684 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 2,942 | (309) | $ 2,633 | ||
Exercise of warrants (in shares) | 4,732,261 | ||||
Exercise of options | $ 1,542 | (1,327) | 215 | ||
Exercise of options (in shares) | 2,942,177 | ||||
Fair value of warrants granted | 1,775 | 1,775 | |||
Debt conversions | $ 1,256 | 1,256 | |||
Debt conversions (in shares) | 1,945,465 | ||||
Share issuance costs | $ (1) | (1) | |||
Share-based payments | 797 | 797 | |||
Reporting currency presentation | (480) | (480) | |||
Loss for the period | (3,147) | (3,147) | |||
Balance, ending at Mar. 31, 2021 | $ 90,215 | 14,142 | (97,833) | (835) | $ 5,689 |
Balance, ending (in shares) at Mar. 31, 2021 | 245,545,587 | 245,545,587 | |||
Balance, beginning at Dec. 31, 2020 | $ 86,839 | 13,844 | (96,820) | (742) | $ 3,121 |
Balance, beginning (in shares) at Dec. 31, 2020 | 240,110,267 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of warrants | $ 1,328 | (190) | 1,138 | ||
Exercise of warrants (in shares) | 1,954,839 | ||||
Exercise of options | $ 1,298 | (1,224) | 74 | ||
Exercise of options (in shares) | 2,503,560 | ||||
Fair value of warrants granted | 1,712 | 1,712 | |||
Debt conversions | $ 750 | 750 | |||
Debt conversions (in shares) | 976,921 | ||||
Reporting currency presentation | (93) | (93) | |||
Loss for the period | (1,013) | (1,013) | |||
Balance, ending at Mar. 31, 2021 | $ 90,215 | $ 14,142 | $ (97,833) | $ (835) | $ 5,689 |
Balance, ending (in shares) at Mar. 31, 2021 | 245,545,587 | 245,545,587 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (“NioCorp” or the “Company”) was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the “Elk Creek Project”) located in southeastern Nebraska. These financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project to construction and commercial operation. As further discussed in Note 3, the Company’s ability to continue as a going concern is uncertain and is dependent upon obtaining sufficient financing, the generation of profits from mineral properties, and maintaining continued support from its shareholders and creditors. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2020. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at March 31, 2021, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. The interim results are not necessarily indicative of results for the full year ending June 30, 2021, or future operating periods. b) Recent Accounting Standards Issued and Adopted On July 1, 2020, NioCorp adopted Accounting Standards Update 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 adoption of this standard had no impact on the consolidated financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board 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. c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
GOING CONCERN ISSUES
GOING CONCERN ISSUES | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN ISSUES | 3. GOING CONCERN ISSUES The Company incurred a loss of $3,147 for the nine months ended March 31, 2021 (2020 - $3,343) and had an accumulated deficit of $97,833 as of March 31, 2021. As an exploration stage entity, the Company has not yet commenced its mining operations and accordingly does not generate any revenue. The Company's ability to continue operations and fund its expenditures, which have historically averaged $700 to $850 per quarter, is dependent on management's ability to secure additional financing. As of March 31, 2021, the Company had cash of $8,626 which, after consideration of the purchase of land and the private placement funding disclosed in Note 12, may not be sufficient to fund normal operations and meet debt obligations for the next twelve months without deferring payment on certain current liabilities and raising additional funds. Management is actively pursuing 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. The Company has approximately $700 available on its non-revolving credit facility agreement with a related party (refer to Note 8), however, the Company did not have any further funding commitments or arrangements for additional financing as of March 31, 2021. These factors raise substantial doubt about the Company's ability to continue as a going concern. These consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements. 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”) pandemic. COVID-19 vaccination programs started in the United States in December 2020 and currently over one-third of the populations of both Colorado and Nebraska are fully vaccinated. While the impact of the COVID-19 pandemic is expected to be temporary, the current circumstances are dynamic and the impact on 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, and this has had an impact on the following: the Company’s ability to obtain financing and advance development plans; and the Company’s results of operations, financial position, and cash flows during the current fiscal year. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 9 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of Note March 31, June 30, Accounts payable, trade $ 185 $ 2,460 Interest payable to related party 8 107 450 Other accruals 196 155 Total accounts payable and accrued liabilities $ 488 $ 3,065 On December 18, 2020, an accounts payable balance of $1,640 was exchanged for a convertible note as discussed in Note 5. |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | 5. CONVERTIBLE DEBT As of March 31, June 30, Current Portion Nordmin Convertible Note $ 1,349 $ — Convertible promissory notes — 800 Lind IV Convertible Security — 38 Total convertible debt, current portion $ 1,349 $ 838 Non-Current Portion Lind III Convertible Security $ 7,967 $ — Lind III Convertible Security On February 19, 2021, the Company issued to Lind Global Asset Management III, LLC (“Lind III”), an entity managed by The Lind Partners, a New York-based asset management firm (“The Lind Partners”), a convertible security (the “Lind III Convertible Security”) pursuant to a definitive convertible security funding agreement, dated as of February 16, 2021 (the “Lind Agreement”), between the Company and Lind III. The Lind III Convertible Security has a face value of $11,700 (representing $10,000 in funding plus an implied 8.5% interest rate per annum for the term of the Lind III Convertible Security). After deducting a $350 commitment fee as set forth in the Lind Agreement, NioCorp received net proceeds of $9,650 from the funding of the Lind III Convertible Security. As further discussed in Note 12, on April 23, 2021, the Company used a portion of the proceeds from the funding of the Lind III Convertible Security to purchase a key land parcel associated with the Company’s Elk Creek Project, with the remainder to be spent for general corporate purposes. The Lind III Convertible Security has a term of (i) 24 months or (ii) 30 calendar days after the date on which the face value of the Lind III Convertible Security is nil due to such amount having been fully converted and/or fully repaid (including with any applicable premium) in accordance with the terms of the Lind Agreement, whichever is earlier. The Lind III Convertible Security constitutes the direct, general and unconditional obligation of the Company and ranks pari-passu with the Company’s other indebtedness. The Lind III Convertible Security is guaranteed on a secured basis by 0896800 B.C. Ltd., a wholly-owned subsidiary of the Company (“0896800”), and Elk Creek Resources Corp., a private Nebraska corporation and wholly-owned subsidiary of 0896800 (“ECRC”). The Lind III Convertible Security is secured by all of the assets and property of the Company and 0896800, including all of the issued and outstanding shares of 0896800 pledged by the Company and all of the issued and outstanding shares of ECRC pledged by 0896800, and certain real property and fixtures of ECRC. The liens securing the Lind III Convertible Security rank pari-passu with the liens securing: i) the loan with Mark Smith, President, Chief Executive Officer (“CEO”) and Executive Chairman of NioCorp (the “Smith Loan”), pursuant to the Loan Agreement, dated June 17, 2015, by and between the Company and Mr. Smith, as amended from time to time; and ii) a non-revolving credit facility (the “Smith Credit Facility”) with a limit of $3,500 with Mr. Smith, pursuant to the Credit Facility Agreement, dated January 16, 2017, between the Company and Mr. Smith, as amended from time to time. The liens securing the Lind III Convertible Security rank senior to the liens securing the Smith Loan and the Smith Credit Facility on any amount that is owed by the Company to Mr. Smith in excess of $4,000. Pursuant to the Lind Agreement, Lind III is entitled to convert the Lind III Convertible Security into common shares of the Company (“Common Shares”) in monthly installments over its term at a price per Common Share equal to 85% of the volume-weighted average price Common Shares on the Toronto Stock Exchange (“TSX”) for the five trading days immediately preceding to the date on which Lind III provides notice to the Company of its election to convert. The Lind Agreement provides that Common Shares issuable upon conversion, together with the number of Common Shares issued upon exercise of Warrants, shall not exceed 43,588,000 Common Shares. Subject to certain exceptions, the Lind Agreement contains restrictions on how much of the Lind III Convertible Security may be converted in any particular month. The Lind Agreement also provides NioCorp with the option to buy back the remaining face amount of the Lind III Convertible Security in cash at any time; provided that, if the Company exercises such option, Lind III will have the option to convert up to 33.33% of the remaining face amount into Common Shares at the price described above. In addition, Lind III is entitled to accelerate its conversion right to the full amount of the face value of the Lind III Convertible Security or demand repayment thereof in cash upon the occurrence of an event of default and other designated events described in the Lind Agreement. On February 19, 2021, in connection with the funding and issuance of the Lind III Convertible Security, the Company issued 8,558,000 Common Share purchase warrants, exercisable at a price per Common Share of C$0.97, expiring February 19, 2025 (the “Lind III Warrants”), to Lind III pursuant to the Lind Agreement. The Company identified embedded derivatives in the Lind III Convertible Security that were evaluated to be immaterial at both the closing date and at March 31, 2021. The Company allocated the net proceeds of $9,650 from the Lind III Convertible Security as follows: ● $1,712 was booked to the additional paid in capital equity account, representing the fair value of the Lind III Warrants based on the Black Scholes pricing model using a risk-free interest rate of 0.40%, an expected dividend yield of 0%, a volatility of 51.60%, and an expected life of 4.0 years. ● $7,938 was booked to the convertible debt liability. Transaction costs of $173, in addition to a commitment fee of $350, were recognized as a direct deduction from the debt liability, resulting a net opening balance of $7,765. This balance will be accreted up to face value of the Lind III Convertible Security at maturity using the effective interest method and recorded as non-cash interest expense in the consolidated statement of operations. Based on the Company’s closing Common Share price of C$1.26 as of March 31, 2021, conversion of the remaining Lind III Convertible Security balance, including accrued interest, would require the issuance of approximately 13,738,000 Common Shares. For each C$0.01 change in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately 110,000 shares. Changes in the Lind III Convertible Security are as follows: Convertible Initial valuation $ 7,765 Accretion expense 202 Balance, March 31, 2021 $ 7,967 Nordmin Convertible Note On December 18, 2020, the Company issued a convertible note in the principal amount of approximately $1,872 (the “Nordmin Convertible Note”) and 500,000 Common Share purchase warrants, exercisable at a price per Common Share of $0.80, expiring December 18, 2022 (the “Nordmin Warrants”) to Nordmin Engineering Ltd. (“Nordmin”) pursuant to a convertible note and warrant subscription agreement, dated December 18, 2020 (the “Nordmin Agreement”), between the Company and Nordmin. Under the Nordmin Agreement, Nordmin agreed to subscribe for and purchase the Nordmin Convertible Note and Nordmin Warrants for a subscription price of approximately $1,804. This amount was set off against the amount owed to Nordmin by NioCorp for past services. The Nordmin Convertible Note will mature on December 18, 2021 and has no stated interest rate, an implied interest rate of 5% per annum and, subject to certain terms and conditions, is convertible into up to 4,500,000 Common Shares at a conversion price of 92% of the five-day volume-weighted average price of the Common Shares on the TSX at the time of conversion. The Nordmin Convertible Note contains restrictions on how much of the principal amount may be converted in any 30-day period. The Nordmin Convertible Note also provides the Company with the option to prepay, in whole or in part, any outstanding principal amount thereunder, upon three days’ notice to Nordmin. In addition, Nordmin is entitled to accelerate the maturity of the Nordmin Convertible Note and require the Company to prepay the outstanding principal amount upon the occurrence of an event of default and other designated events described in the Nordmin Convertible Note. The Nordmin Convertible Note constitutes the direct, general and unconditional obligation of the Company. The Nordmin Convertible Note is unsecured and ranks effectively junior to the Company’s secured indebtedness, including under the Lind III Convertible Security, the Smith Loan and the Smith Credit Facility, to the extent of the value of the assets securing such indebtedness. Pursuant to the terms of the Nordmin Agreement, on December 18, 2020, the Company issued 836,551 Common Shares to Nordmin upon an initial conversion of $450 in principal amount of the Nordmin Convertible Note at a conversion price of C$0.684 per share. The Company accounted for this transaction as a debt extinguishment under Accounting Standards Codification 470, Debt. Accordingly, the Company wrote off the value of the existing obligation, calculated the fair value of the Nordmin Convertible Note and recorded a loss of $163 on the difference in the consolidated statement of operations. This loss included $63 related to the fair value of the Nordmin Warrants at closing. The fair value of the Nordmin Warrants was estimated based on the Black Scholes pricing model using a risk-free interest rate of 0.32%, an expected dividend yield of 0%, a volatility of 43.16%, and an expected life of 2.0 years. The Company initially recorded the Nordmin Convertible Note at a fair value of $1,740. The remaining initial fair value balance will be accreted up to net face value of the Nordmin Convertible Note over the remaining time until maturity using the effective interest method. In addition, transaction costs of $25 were expensed at closing. Changes in the Nordmin Convertible Note are as follows: Convertible Extinguishment of accounts payable $ 1,740 Conversions (418 ) Accretion expense 27 Balance, March 31, 2021 $ 1,349 Based on the Company’s closing Common Share price of C$1.26 as of March 31, 2021, conversion of the remaining Nordmin Convertible Note balance would require the issuance of 1,346,450 Common Shares. For each C$0.01 change in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately 10,700 shares. Convertible Promissory Notes Effective October 12, 2020, the maturity date for $750 of the Company’s outstanding convertible promissory notes was extended for one year to October 14, 2021. All terms and conditions remained unchanged, except the amended agreement provides that the Company may repay all or any of the amount of outstanding principal and any accrued but unpaid interest, with 14 days’ advance written notice (the “Notice”), as follows: ● with respect to the outstanding principal and any accrued but unpaid interest, in cash, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice; or ● with respect to the outstanding principal only, provided that the volume weighted average trading price of the Common Shares is C$0.97 or greater for a period of ten consecutive trading days prior to the date of the Notice, and subject to Toronto Stock Exchange approval, by converting all or any portion of the outstanding principal into Common Shares at a conversion rate of C$0.97 per Common Share, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice. One of the Company’s convertible promissory notes valued at $50 was not extended under the agreement above and was converted into 67,695 Common Shares on October 14, 2020. On March 16, 2021, the remaining convertible notes, with a face value of $750, were converted into 976,921 Common Shares. In addition, the Company paid $11 to the noteholders for outstanding interest accrued through the March 16, 2021 conversion date. The changes in the derivative liability related to the conversion feature of the Company’s convertible promissory notes are as follows: Derivative Balance, June 30, 2020 $ 33 Change in fair value of derivative liability (33 ) Balance, March 31, 2021 $ - Lind IV Convertible Security On July 9, 2020, Lind Asset Management IV, LLC (“Lind IV”), an entity managed by The Lind Partners and the holder of the convertible security (the “Lind IV Convertible Security”) issued by the Company pursuant to a definitive convertible security funding agreement, dated June 27, 2018, between the Company and Lind IV, converted the remaining balance thereunder of $38 into 64,298 Common Shares. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | 6. NOTES PAYABLE As of March 31, June 30, Current Portion: Vendor note $ — $ 166 SBA loan — 92 Total current portion $ — $ 258 Noncurrent Portion: Vendor note $ — $ 240 SBA Loan — 104 Total noncurrent portion $ — $ 344 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, commonly referred to as the CARES Act, in the amount of $196. 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 used the proceeds for purposes consistent with the PPP. On October 27, 2020, the Company applied for loan forgiveness of $186, comprising the initial SBA Loan balance less $10 representing an Economic Injury Disaster Loan Advance grant (the “EIDL advance”) received by the Company in April 2020. On November 18, 2020, the Company was notified that the $186 loan forgiveness request had been approved and recorded a corresponding gain in other income in the consolidated statement of operations. On December 21, 2020, the U.S. Congress passed the Consolidated Appropriations Act, 2021 (the “Act”), which provided additional COVID-19 relief as well as government funding and other bills. The Act removes the previous requirement that PPP borrowers deduct the amount of any EIDL advance from their PPP forgiveness amount. The SBA released Procedural Notice 5000-20075, effective January 8, 2021, stating that the SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders. Accordingly, the Company recorded a gain in other income in the consolidated statement of operations for the remaining $10 of the SBA Loan. 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 paid off the remaining note balance of $290 on March 30, 2021. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
COMMON STOCK | 7. COMMON STOCK a) Stock Options Number of Weighted Balance, June 30, 2020 19,129,409 C$ 0.62 Granted 3,700,000 0.78 Exercised (2,942,177 ) 0.61 Cancelled/expired (3,897,232 ) 0.64 Balance, March 31, 2021 15,990,000 C$ 0.66 The Company granted 3,700,000 options at an average fair value price of $C0.25 per option, based on Black-Scholes models with an average risk-free rate of 0.26%, average stock price volatility of 54.07%, and a three-year expected option life. The following table summarizes information about options to purchase Common Shares (“Options”) outstanding at March 31, 2021: Exercise Price (C$) Expiry Date Number Aggregate Number Aggregate C$ 0.94 July 21, 2021 540,000 C$ 173 540,000 C$ 173 C$ 0.76 March 6, 2022 4,700,000 2,350 4,700,000 2,350 C$ 0.47 November 9, 2022 3,205,000 2,532 3,205,000 2,532 C$ 0.84 September 18, 2023 1,050,000 441 1,050,000 441 C$ 0.54 November 15, 2023 4,120,000 2,966 4,120,000 2,966 C$ 0.75 December 14, 2023 1,825,000 931 1,825,000 931 C$ 0.75 December 16, 2023 550,000 281 550,000 281 15,990,000 C$ 9,674 15,990,000 C$ 9,674 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing Common Share price of C$1.26 as of March 31, 2021, that would have been received by the Option holders had all Option holders exercised their Options as of that date. The total number of in-the-money Options vested and exercisable as of March 31, 2021, was 15,990,000. As of March 31, 2021, there was $0 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Option plans. b) Warrants Warrants Weighted Balance June 30, 2020 12,376,451 C$ 0.74 Granted 9,058,000 0.96 Exercised (4,732,261 ) 0.72 Expired (2,398,418 ) 0.71 Balance, March 31, 2021 14,303,772 C$ 0.89 At March 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Number Exercise Price Expiry Date 658,872 C$ 0.72 April 5, 2021 298,581 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 2,607,750 C$ 0.79 July 26, 2021 500,000 C$ 0.80 December 18, 2022 8,558,000 C$ 0.97 February 19, 2025 14,303,772 See Note 5 for more information regarding the issuance of the Lind III Warrants and the Nordmin Warrants. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 8. RELATED PARTY TRANSACTIONS AND BALANCES The Smith Loan bears an interest rate of 10%, is secured by the Company’s assets pursuant to a concurrently executed general security agreement (the “General Security Agreement”) and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. As of March 31, 2021, the principal amount outstanding under the Smith Loan was $1,000. Borrowings under the Smith Credit Facility bear interest at a rate of 10% and drawdowns from the Smith Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under the Smith Credit Facility are secured by all of the Company’s assets pursuant to the General Security Agreement. The Smith Credit Facility contains financial and non-financial covenants customary for a facility of its size and nature. As of March 31, 2021, the principal amount outstanding under the Smith Credit Facility was $2,818. On December 14, 2020, the maturity dates for the Smith Loan and the Smith Credit Facility were extended from December 15, 2020 to December 15, 2021. On February 23, 2021, the Company paid Mr. Smith $726 related to accrued interest and origination fees through December 31, 2020. Accounts payable and accrued liabilities as of March 31, 2021 include accrued interest of $107 payable to Mr. Smith under the Smith Loan and the Smith Credit Facility. |
EXPLORATION EXPENDITURES
EXPLORATION EXPENDITURES | 9 Months Ended |
Mar. 31, 2021 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
EXPLORATION EXPENDITURES | 9. Exploration Expenditures For the Three Months For the Nine Months 2021 2020 2021 2020 Technical studies and engineering $ 10 $ 9 $ 11 $ 32 Field management and other 198 236 527 806 Metallurgical development 44 49 128 133 Geologists and field staff 45 — 45 — Total $ 297 $ 294 $ 711 $ 971 |
LEASES
LEASES | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | 10. Leases Effective August 1, 2020, the Company entered into a three-year corporate office lease extension and recognized the corresponding right of use asset and lease liability associated with this lease extension, along with two existing nominal leases. The Company has applied a discount rate of 16%. These three operating leases have an average remaining life of 2.0 years as of March 31, 2021. The Company incurred lease costs of $81 and $77 for the nine months ended March 31, 2021 and 2020, respectively. The maturities of lease liabilities are as follows at March 31, 2021: Fiscal Year 2021 $ 28 2022 110 2023 and thereafter 115 Total lease payments 253 Less portion of payments representing interest (40 ) Present value of lease payments $ 213 Less current portion of lease liability 88 Noncurrent lease liability $ 125 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 11. Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and June 30, 2020, respectively, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and include situations where there is little, if any, market activity for the instrument. As of March 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,626 $ 8,626 $ — $ — Equity securities 19 19 — — Total $ 8,645 $ 8,645 $ — $ — As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ — $ — Equity securities 7 7 — — Total $ 314 $ 314 $ — $ — Liabilities: Convertible debt $ 38 $ — $ — $ 38 Derivative liability, convertible debt 33 — — 33 Total $ 71 $ — $ — $ 71 The Company measures the fair market value of the Level 3 components using the Black Scholes model and discounted cash flows, as appropriate. These models take into account management’s best estimate of the conversion price of the stock, an estimate of the expected time to conversion, an estimate of the stock’s volatility, and the risk-free rate of return expected for an instrument with a term equal to the duration of the convertible debt. The following table sets forth a reconciliation of changes in the fair value of the Company’s convertible debt components classified as Level 3 in the fair value hierarchy: Balance, June 30, 2020 $ 71 Additions to convertible debt — Conversions to equity (38 ) Realized and unrealized losses (33 ) Balance, March 31, 2021 $ — As discussed in Note 5, the Nordmin Convertible Note and Lind III Convertible Security were initially recorded at fair value, which represents a nonrecurring fair value measurement using a Level 3 input. The significant unobservable valuation inputs for the Nordmin Convertible Note and Lind III Convertible Security includes an expected return of 7% and 21%, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS On February 22, 2021, the Company announced that it formally exercised its option to purchase two parcels of land and associated rights in Johnson County, Nebraska associated with the Company’s Elk Creek Project, pursuant to the Amended and Restated Option to Purchase, dated as of April 29, 2020 (the “Option Agreement”), between Beverly J. Beethe and ECRC. On April 23, 2021, ECRC formally exercised and closed on the Option Agreement. Pursuant to the terms of the Option Agreement, the Owner sold, transferred, conveyed and assigned all of her rights, privileges, title and interest in and to the real property to ECRC, including any associated oil, gas and mineral rights. The Option Agreement provides for a purchase price calculated based on the appraised value per acre of the parcels of land, the mineral rights and the structures erected on the land. The purchase price was approximately $6.2 million. On April 30, 2021, the Company repaid $1,000 to Mark Smith, to retire all of the outstanding balance on the Smith Loan. On April 30, 2021 and May 4, 2021, The Company repaid $250 and $250, respectively, representing partial repayments on the Smith Credit Facility. Each of these loan repayments utilized proceeds from the exercise of warrants. Additionally, on May 4, 2021, the Company repaid $138 to Mark Smith, representing accrued interest on the Smith Loan through the repayment date noted above and accrued interest on the Smith Credit Facility through April 30, 2021. On May 10, 2021, the Company closed a non-brokered private placement (the “April 2021 Private Placement”) of units of the Company (“Units”). A total of 4,334,157 Units were issued at a price per Unit of C$1.43, for total gross proceeds to the Company of approximately C$6.2 million. Each Unit issued pursuant to the April 2021 Private Placement consisted of one Common Share and one Warrant. Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of C$1.63 for a period of two years from the date of issuance. Proceeds of the April 2021 Private Placement will be used for continued advancement of the Company’s Elk Creek Superalloy Materials Project, including ongoing detailed engineering efforts, conducting technical assessments of potentially adding rare earth products to the planned product offering, and for working capital and general corporate purposes. |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Preparation and Consolidation | a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2020. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at March 31, 2021, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. The interim results are not necessarily indicative of results for the full year ending June 30, 2021, or future operating periods. |
Recent Accounting Standards | b) Recent Accounting Standards Issued and Adopted On July 1, 2020, NioCorp adopted Accounting Standards Update 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 adoption of this standard had no impact on the consolidated financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board 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. |
Use of Estimates | c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of account payable and accrued liabilities | As of Note March 31, June 30, Accounts payable, trade $ 185 $ 2,460 Interest payable to related party 8 107 450 Other accruals 196 155 Total accounts payable and accrued liabilities $ 488 $ 3,065 |
CONVERTIBLE DEBT (Tables)
CONVERTIBLE DEBT (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | As of March 31, June 30, Current Portion Nordmin Convertible Note $ 1,349 $ — Convertible promissory notes — 800 Lind IV Convertible Security — 38 Total convertible debt, current portion $ 1,349 $ 838 Non-Current Portion Lind III Convertible Security $ 7,967 $ — |
Schedule of changes in the lind III convertible security | Changes in the Lind III Convertible Security are as follows: Convertible Initial valuation $ 7,765 Accretion expense 202 Balance, March 31, 2021 $ 7,967 |
Schedule of changes in the nordmin convertible note | Changes in the Nordmin Convertible Note are as follows: Convertible Extinguishment of accounts payable $ 1,740 Conversions (418 ) Accretion expense 27 Balance, March 31, 2021 $ 1,349 |
Schedule of derivative liability related to the conversion feature | The changes in the derivative liability related to the conversion feature of the Company’s convertible promissory notes are as follows: Derivative Balance, June 30, 2020 $ 33 Change in fair value of derivative liability (33 ) Balance, March 31, 2021 $ - |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Payable [Abstract] | |
Schedule of notes payable | As of March 31, June 30, 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) | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of stock option | Number of Weighted Balance, June 30, 2020 19,129,409 C$ 0.62 Granted 3,700,000 0.78 Exercised (2,942,177 ) 0.61 Cancelled/expired (3,897,232 ) 0.64 Balance, March 31, 2021 15,990,000 C$ 0.66 |
Schedule of information and assumptions used to determine option costs | The following table summarizes information about options to purchase Common Shares (“Options”) outstanding at March 31, 2021: Exercise Price (C$) Expiry Date Number Aggregate Number Aggregate C$ 0.94 July 21, 2021 540,000 C$ 173 540,000 C$ 173 C$ 0.76 March 6, 2022 4,700,000 2,350 4,700,000 2,350 C$ 0.47 November 9, 2022 3,205,000 2,532 3,205,000 2,532 C$ 0.84 September 18, 2023 1,050,000 441 1,050,000 441 C$ 0.54 November 15, 2023 4,120,000 2,966 4,120,000 2,966 C$ 0.75 December 14, 2023 1,825,000 931 1,825,000 931 C$ 0.75 December 16, 2023 550,000 281 550,000 281 15,990,000 C$ 9,674 15,990,000 C$ 9,674 |
Schedule of warrant transactions | Warrants Weighted Balance June 30, 2020 12,376,451 C$ 0.74 Granted 9,058,000 0.96 Exercised (4,732,261 ) 0.72 Expired (2,398,418 ) 0.71 Balance, March 31, 2021 14,303,772 C$ 0.89 |
Schedule of outstanding exercisable warrants | At March 31, 2021, the Company had outstanding exercisable Common Share purchase warrants (“Warrants”), as follows: Number Exercise Price Expiry Date 658,872 C$ 0.72 April 5, 2021 298,581 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 2,607,750 C$ 0.79 July 26, 2021 500,000 C$ 0.80 December 18, 2022 8,558,000 C$ 0.97 February 19, 2025 14,303,772 |
EXPLORATION EXPENDITURES (Table
EXPLORATION EXPENDITURES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Schedule of exploration expenditures | For the Three Months For the Nine Months 2021 2020 2021 2020 Technical studies and engineering $ 10 $ 9 $ 11 $ 32 Field management and other 198 236 527 806 Metallurgical development 44 49 128 133 Geologists and field staff 45 — 45 — Total $ 297 $ 294 $ 711 $ 971 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of maturities of our lease liabilities | The maturities of lease liabilities are as follows at March 31, 2021: Fiscal Year 2021 $ 28 2022 110 2023 and thereafter 115 Total lease payments 253 Less portion of payments representing interest (40 ) Present value of lease payments $ 213 Less current portion of lease liability 88 Noncurrent lease liability $ 125 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair values determined by level 3 inputs are unobservable data | As of March 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 8,626 $ 8,626 $ — $ — Equity securities 19 19 — — Total $ 8,645 $ 8,645 $ — $ — As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ — $ — Equity securities 7 7 — — Total $ 314 $ 314 $ — $ — Liabilities: Convertible debt $ 38 $ — $ — $ 38 Derivative liability, convertible debt 33 — — 33 Total $ 71 $ — $ — $ 71 |
Schedule of reconciliation of changes in the fair value | The following table sets forth a reconciliation of changes in the fair value of the Company’s convertible debt components classified as Level 3 in the fair value hierarchy: Balance, June 30, 2020 $ 71 Additions to convertible debt — Conversions to equity (38 ) Realized and unrealized losses (33 ) Balance, March 31, 2021 $ — |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) | 9 Months Ended |
Mar. 31, 2021Number | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
GOING CONCERN ISSUES (Details N
GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Net loss | $ 1,013 | $ 1,262 | $ 3,147 | $ 3,343 | |
Accumulated deficit | (97,833) | (97,833) | $ (94,686) | ||
Cash | $ 8,626 | 8,626 | $ 307 | ||
Non Revolving Credit Facility [Member] | |||||
Operations and fund expenditures | 700 | ||||
Minimum [Member] | |||||
Operations and fund expenditures | 700 | ||||
Maximum [Member] | |||||
Operations and fund expenditures | $ 850 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable, trade | $ 185 | $ 2,460 |
Interest payable to related party | 107 | 450 |
Other accruals | 196 | 155 |
Total accounts payable and accrued liabilities | $ 488 | $ 3,065 |
ACCOUNTS PAYABLE AND ACCRUED _4
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details Narrative) $ in Thousands | Dec. 18, 2020USD ($) |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts payable to convertible debt conversion | $ 1,640 |
CONVERTIBLE DEBT (Details)
CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Debt Disclosure [Abstract] | ||
Nordmin convertible note | $ 1,349 | |
Convertible promissory notes | 800 | |
Convertible security | 38 | |
Total convertible debt | 1,349 | $ 838 |
Non-Current Portion | ||
Lind III Convertible Security | $ 7,967 |
CONVERTIBLE DEBT (Details 1)
CONVERTIBLE DEBT (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accretion expense | $ 219 | |
Convertible Security [Member] | ||
Beginning balance | 7,765 | |
Accretion expense | 202 | |
Ending balance | $ 7,967 |
CONVERTIBLE DEBT (Details 2)
CONVERTIBLE DEBT (Details 2) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Accretion expense | $ 219 | ||
Balance, March 31, 2021 | 1,349 | $ 838 | |
Nordmin Convertible Note [Member] | |||
Extinguishment of accounts payable | 1,740 | ||
Conversions | (418) | ||
Accretion expense | 27 | ||
Balance, March 31, 2021 | $ 1,349 |
CONVERTIBLE DEBT (Details 3)
CONVERTIBLE DEBT (Details 3) - Derivative Liability [Member] $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Short-term Debt [Line Items] | |
Balance at beginning | $ 33 |
Change in fair value of derivative liability | (33) |
Balance at ending |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) $ / shares in Units, $ in Thousands | Mar. 16, 2021USD ($)shares | Feb. 19, 2021USD ($)$ / sharesshares | Dec. 18, 2020USD ($)$ / sharesshares | Oct. 14, 2020USD ($)shares | Oct. 12, 2020USD ($) | Jul. 09, 2020USD ($)shares | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($) |
Loss on extinguishment debt | $ (163) | ||||||||||
Loss related to fair value of warrants | $ 1,712 | $ 1,775 | |||||||||
Measurement Input, Risk Free Interest Rate [Member] | |||||||||||
Measurement of warrants | 0.0032 | ||||||||||
Measurement Input, Expected Dividend Rate [Member] | |||||||||||
Measurement of warrants | 0 | ||||||||||
Measurement Input, Price Volatility [Member] | |||||||||||
Measurement of warrants | 0.4316 | ||||||||||
Nordmin Convertible Note [Member] | |||||||||||
Debt conversion amount | $ 450 | ||||||||||
Nordmin Convertible Note [Member] | Nordmin Agreement [Member] | |||||||||||
Maturity date of convertible notes | Dec. 18, 2022 | Oct. 14, 2021 | Dec. 18, 2021 | ||||||||
Face amount | $ 1,872 | ||||||||||
Number of warrants issued | shares | 500,000 | ||||||||||
Subscription price | $ 1,804 | ||||||||||
Implied interest rate | 5.00% | ||||||||||
Outstanding interest accrued | $ 11 | ||||||||||
Number of shares issued upon debt conversion | shares | 976,921 | 836,551 | 67,695 | 4,500,000 | |||||||
Debt conversion amount | $ 750 | $ 450 | $ 50 | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 0.684 | ||||||||||
Conversion percentage | 92.00% | ||||||||||
Exercisable price (in dollars per share) | $ / shares | $ 0.80 | ||||||||||
Loss on extinguishment debt | $ 163 | ||||||||||
Loss related to fair value of warrants | $ 63 | ||||||||||
Warrant term | 2 years | ||||||||||
Convertible debt at fair value | $ 1,740 | ||||||||||
Transaction costs | $ 25 | ||||||||||
Common share (in dollars per share) | $ / shares | $ 1.26 | $ 1.26 | |||||||||
Number of issuance of common share | shares | 1,346,450 | ||||||||||
Description of change fair value obligated to issue | For each C$0.01 change in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately 10,700 shares. | ||||||||||
Convertble notes outstanding | $ 750 | ||||||||||
Description of advance written notice | ● with respect to the outstanding principal and any accrued but unpaid interest, in cash, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice; or ● with respect to the outstanding principal only, provided that the volume weighted average trading price of the Common Shares is C$0.97 or greater for a period of ten consecutive trading days prior to the date of the Notice, and subject to Toronto Stock Exchange approval, by converting all or any portion of the outstanding principal into Common Shares at a conversion rate of C$0.97 per Common Share, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice. | ||||||||||
Convertible Security [Member] | Lind Asset Management IV, LLC [Member] | |||||||||||
Number of shares issued upon debt conversion | shares | 64,298 | ||||||||||
Debt conversion amount | $ 38 | ||||||||||
Lind III Convertible Security [Member] | Lind Global Asset Management III, LLC [Member] | |||||||||||
Face amount | $ 11,700 | ||||||||||
Funding amount | 10,000 | ||||||||||
Commitment fee | 350 | ||||||||||
Net proceeds from convertible debt | $ 9,650 | ||||||||||
Debt term | (i) 24 months or (ii) 30 calendar days after the date on which the face value of the Lind III Convertible Security is nil due to such amount having been fully converted and/or fully repaid (including with any applicable premium) in accordance with the terms of the Lind Agreement, whichever is earlier. | ||||||||||
Description of liens securing | i) the loan with Mark Smith, President, Chief Executive Officer (“CEO”) and Executive Chairman of NioCorp (the “Smith Loan”), pursuant to the Loan Agreement, dated June 17, 2015, by and between the Company and Mr. Smith, as amended from time to time; and ii) a non-revolving credit facility (the “Smith Credit Facility”) with a limit of $3,500 with Mr. Smith, pursuant to the Credit Facility Agreement, dated January 16, 2017, between the Company and Mr. Smith, as amended from time to time. | ||||||||||
Number of common shares issued upon exercise of warrants | shares | 43,588,000 | ||||||||||
Percentage of volume-weighted average price common shares | 85.00% | ||||||||||
Percentage of convert up to of remaining face amount | 33.33% | ||||||||||
Number of issued common shares to purchase warrants | shares | 8,558,000 | ||||||||||
Description of allocation of net proceeds | ● $1,712 was booked to the additional paid in capital equity account, representing the fair value of the Lind III Warrants based on the Black Scholes pricing model using a risk-free interest rate of 0.40%, an expected dividend yield of 0%, a volatility of 51.60%, and an expected life of 4.0 years. ● $7,938 was booked to the convertible debt liability. Transaction costs of $173, in addition to a commitment fee of $350, were recognized as a direct deduction from the debt liability, resulting a net opening balance of $7,765. This balance will be accreted up to face value of the Lind III Convertible Security at maturity using the effective interest method and recorded as non-cash interest expense in the consolidated statement of operations. | ||||||||||
Implied interest rate | 8.50% | ||||||||||
Exercisable price (in dollars per share) | $ / shares | $ 0.97 | ||||||||||
Common share (in dollars per share) | $ / shares | $ 1.26 | $ 1.26 | |||||||||
Number of issuance of common share | shares | 13,738,000 | ||||||||||
Description of change fair value obligated to issue | For each C$0.01 change in the fair value of one Common Share, the total shares the Company would be obligated to issue would change by approximately 110,000 shares. |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
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 | Jan. 08, 2021 | Nov. 18, 2020 | Oct. 27, 2020 | Apr. 17, 2020 | Apr. 13, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 30, 2020 |
Gain on debt forgiveness | $ 186 | $ 196 | ||||||
Note payable | 7,967 | |||||||
Vendor [Member] | ||||||||
Description of maturity date | Services performed to a 28-month note payable | |||||||
Interest rate | 3.00% | |||||||
Note payable | $ 290 | |||||||
SBA Loan [Member] | ||||||||
Gain on debt forgiveness | $ 10 | $ 186 | ||||||
SBA Loan [Member] | Paycheck Protection Program (PPP) [Member] | ||||||||
Loan amount | $ 196 | |||||||
Description of maturity date | SBA Loan is payable over two years | |||||||
Interest rate | 1.00% | |||||||
SBA Loan [Member] | Economic Injury Disaster Loan Advance (EIDL advance) [Member] | ||||||||
Loan amount | $ 10 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Options | |
Balance at beginning | shares | 19,129,409 |
Granted | shares | 3,700,000 |
Exercised | shares | (2,942,177) |
Cancelled/expired | shares | (3,897,232) |
Balance at end | shares | 15,990,000 |
Canada, Dollars | |
Weighted Average Exercise Price | |
Balance at beginning | $ / shares | $ 0.62 |
Granted | $ / shares | 0.78 |
Exercised | $ / shares | 0.61 |
Cancelled/expired | $ / shares | 0.64 |
Balance at end | $ / shares | $ 0.66 |
COMMON STOCK (Details 1)
COMMON STOCK (Details 1) $ in Thousands | 9 Months Ended |
Mar. 31, 2021CAD ($)shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding | shares | 15,990,000 |
Number exercisable | shares | 15,990,000 |
Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 9,674 |
Aggregate Intrinsic Value | $ | $ 9,674 |
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 | $ | $ 173 |
Aggregate Intrinsic Value | $ | $ 173 |
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 | 4,700,000 |
Number exercisable | shares | 4,700,000 |
Exercise Price C$0.76 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 2,350 |
Aggregate Intrinsic Value | $ | $ 2,350 |
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 | 3,205,000 |
Number exercisable | shares | 3,205,000 |
Exercise Price C$0.47 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 2,532 |
Aggregate Intrinsic Value | $ | $ 2,532 |
Exercise Price C$0.84 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Sep. 18, 2023 |
Number of outstanding | shares | 1,050,000 |
Number exercisable | shares | 1,050,000 |
Exercise Price C$0.84 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 441 |
Aggregate Intrinsic Value | $ | $ 441 |
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 | 4,120,000 |
Number exercisable | shares | 4,120,000 |
Exercise Price C$0.54 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 2,966 |
Aggregate Intrinsic Value | $ | $ 2,966 |
Exercise Price C$0.75 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Dec. 14, 2023 |
Number of outstanding | shares | 1,825,000 |
Number exercisable | shares | 1,825,000 |
Exercise Price C$0.75 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 931 |
Aggregate Intrinsic Value | $ | $ 931 |
Exercise Price C$0.75 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Expiry date | Dec. 16, 2023 |
Number of outstanding | shares | 550,000 |
Number exercisable | shares | 550,000 |
Exercise Price C$0.75 [Member] | Canada, Dollars | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Aggregate Intrinsic Value | $ | $ 281 |
Aggregate Intrinsic Value | $ | $ 281 |
COMMON STOCK (Details 2)
COMMON STOCK (Details 2) | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Warrants | |
Balance, at beginning | shares | 12,376,451 |
Granted | shares | 9,058,000 |
Exercised | shares | (4,732,261) |
Expired | shares | (2,398,418) |
Balance, at ending | shares | 14,303,772 |
Weighted Average Exercise Price | |
Balance at beginning | $ / shares | $ 0.74 |
Granted | $ / shares | 0.96 |
Exercised | $ / shares | 0.72 |
Expired | $ / shares | 0.71 |
Balance at ending | $ / shares | $ 0.89 |
COMMON STOCK (Details 3)
COMMON STOCK (Details 3) - $ / shares | 9 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | |
Warrants | ||
Number | 14,303,772 | 12,376,451 |
Warrant exercise price (in dollars per share) | $ 0.89 | $ 0.74 |
Exercise Price C$0.72 [Member] | ||
Warrants | ||
Number | 658,872 | |
Warrant exercise price (in dollars per share) | $ 0.72 | |
Expiry Date | Apr. 5, 2021 | |
Exercise Price C$0.72 [Member] | ||
Warrants | ||
Number | 298,581 | |
Warrant exercise price (in dollars per share) | $ 0.72 | |
Expiry Date | Apr. 29, 2021 | |
Exercise Price C$0.72 [Member] | ||
Warrants | ||
Number | 645,250 | |
Warrant exercise price (in dollars per share) | $ 0.72 | |
Expiry Date | May 9, 2021 | |
Exercise Price C$0.77 [Member] | ||
Warrants | ||
Number | 1,035,319 | |
Warrant exercise price (in dollars per share) | $ 0.77 | |
Expiry Date | Jul. 9, 2021 | |
Exercise Price C$0.79 [Member] | ||
Warrants | ||
Number | 2,607,750 | |
Warrant exercise price (in dollars per share) | $ 0.79 | |
Expiry Date | Jul. 26, 2021 | |
Exercise Price C$0.80 [Member] | ||
Warrants | ||
Number | 500,000 | |
Warrant exercise price (in dollars per share) | $ 0.80 | |
Expiry Date | Dec. 18, 2022 | |
Exercise Price C$0.97 [Member] | ||
Warrants | ||
Number | 8,558,000 | |
Warrant exercise price (in dollars per share) | $ 0.97 | |
Expiry Date | Feb. 9, 2025 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) $ / shares in Units, $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of options granted | 3,700,000 |
Stock Option Plan [Member] | Canada, Dollars | |
Share price (in dollars per share) | $ / shares | $ 1.26 |
Number of vested and exercisable options | 15,990,000 |
Unrecognized compensation cost | $ | $ 0 |
Stock Option Plan [Member] | |
Number of options granted | 3,700,000 |
Risk-free rate | 0.26% |
Volatility | 54.07% |
Expected option life | 3 years |
Stock Option Plan [Member] | Canada, Dollars | |
Share price (in dollars per share) | $ / shares | $ 0.25 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands | Dec. 14, 2020 | Mar. 31, 2021 | Feb. 23, 2021 | Jun. 30, 2020 |
Accounts payable and accrued liabilities | $ 107 | $ 450 | ||
Non-Revolving Credit Facility Agreement [Member] | Mark A. Smith [Member] | ||||
Principal amount outstanding | $ 2,818 | |||
Origination fees payable | $ 726 | |||
Establishment fee | 2.50% | |||
Description of collateral | Borrowings under the Smith Credit Facility bear interest at a rate of 10% and drawdowns from the Smith Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under the Smith Credit Facility are secured by all of the Company’s assets pursuant to the General Security Agreement. | |||
Credit facility interest rate (in dollars per share) | 10.00% | |||
Accounts payable and accrued liabilities | $ 107 | |||
Non-Revolving Credit Facility Agreement [Member] | Mark A. Smith [Member] | Smith Loans [Member] | ||||
Description of fees associated with providing collateral for the credit facility | The Smith Loan 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 | |||
Extended maturity date | Dec. 15, 2021 |
EXPLORATION EXPENDITURES (Detai
EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total | $ 297 | $ 294 | $ 711 | $ 971 |
Technical Studies and Engineering [Member] | ||||
Total | 10 | 9 | 11 | 32 |
Field Management and Other [Member] | ||||
Total | 198 | 236 | 527 | 806 |
Metallurgical Development [Member] | ||||
Total | 44 | 49 | 128 | 133 |
Geologists and Field Staff [Member] | ||||
Total | $ 45 | $ 45 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Leases [Abstract] | ||
2021 | $ 28 | |
2022 | 110 | |
2023 and thereafter | 115 | |
Total lease payments | 253 | |
Less portion of payments representing interest | (40) | |
Present value of lease payments | 213 | |
Less current portion of lease liability | 88 | |
Noncurrent lease liability | $ 125 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Discount rate | 16.00% | |
Operating lease costs | $ 81 | $ 77 |
Operating lease term | 2 years | |
Corporate Office [Member ] | ||
Lease option to extend | A three-year corporate office lease extension and recognized the corresponding right of use asset and lease liability associated with this lease extension, along with two existing nominal leases |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Assets: | ||
Cash and cash equivalents | $ 8,626 | $ 307 |
Equity securities | 19 | 7 |
Total | 8,645 | 314 |
Liabilities: | ||
Convertible debt | 38 | |
Derivative liability, convertible debt | 33 | |
Total | 71 | |
Level 1 [Member] | ||
Assets: | ||
Cash and cash equivalents | 8,626 | 307 |
Equity securities | 19 | 7 |
Total | 8,645 | 314 |
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 2 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Equity securities | ||
Total | ||
Liabilities: | ||
Convertible debt | ||
Derivative liability, convertible debt | ||
Total | ||
Level 3 [Member] | ||
Assets: | ||
Cash and cash equivalents | ||
Equity securities | ||
Total | ||
Liabilities: | ||
Convertible debt | 38 | |
Derivative liability, convertible debt | 33 | |
Total | $ 71 |
FAIR VALUE MEASUREMENTS (Deta_2
FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 71 |
Additions to convertible debt | |
Conversions to equity | (38) |
Realized and unrealized losses | (33) |
Ending balance |
FAIR VALUE MEASUREMENTS (Deta_3
FAIR VALUE MEASUREMENTS (Details Narrative) | 9 Months Ended |
Mar. 31, 2021 | |
Nordmin Convertible Note [Member] | |
Expected return percentage | 7.00% |
Lind III Convertible Security [Member] | |
Expected return percentage | 21.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] $ / shares in Units, $ in Thousands, $ in Thousands | May 10, 2021CAD ($)$ / sharesshares | May 04, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 23, 2021USD ($) |
April 2021 Private Placement [Member] | Canada, Dollars | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued in transaction | shares | 4,334,157 | |||
Price per unit (in dollars per share) | $ / shares | $ 1.43 | |||
Proceeds from issuance of private placement | $ 6,200 | |||
Description of unit | One Common Share and one Warrant | |||
Additional common share price (in dollars per share) | $ / shares | $ 1.63 | |||
Mark A. Smith [Member] | ||||
Subsequent Event [Line Items] | ||||
Accrued interest | $ 138 | |||
Smith Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Partial repayments | $ 250 | $ 250 | ||
Option Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Purchase price of assets | $ 6,200 | |||
Outstanding balance on loan | $ 1,000 |