Cover
Cover - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Sep. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-55088 | |
Entity Registrant Name | AMERICAN BATTERY TECHNOLOGY Co | |
Entity Central Index Key | 0001576873 | |
Entity Tax Identification Number | 33-1227980 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 100 Washington Street | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89503 | |
City Area Code | (775) | |
Local Phone Number | 473-4744 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | 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 | false | |
Entity Shell Company | false | |
Entity Public Float | $ 644,138,631 | |
Entity Common Stock, Shares Outstanding | 644,138,631 | |
Auditor Firm ID | 688 | |
Auditor Name | Marcum LLP | |
Auditor Location | Costa Mesa, CA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash | $ 28,989,166 | $ 12,843,502 |
Investments | 21,013 | |
Prepaid expenses | 878,813 | 1,292,216 |
Total current assets | 29,888,992 | 14,135,718 |
Property and equipment (Note 3) | 18,876,895 | 5,484,225 |
Intangible assets (Note 4) | 3,851,899 | 1,643,160 |
Right-of-use asset (Note 6) | 244,203 | |
Total assets | 52,861,989 | 21,263,103 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,052,141 | 1,616,852 |
Due to related parties (Note 5) | 205,646 | |
Derivative liability (Note 7) | ||
Total current liabilities | 3,052,141 | 1,822,498 |
Long-term liabilities (Note 6) | 175,789 | |
Total liabilities | 3,227,930 | 1,822,498 |
Commitments and contingencies (Note 13) | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock Authorized: 1,200,000,000 common shares, par value of $0.001 per share Issued and outstanding: 644,138,631 and 573,267,632 common shares, respectively | 644,139 | 573,268 |
Additional paid-in capital | 187,550,288 | 121,615,738 |
Common stock issuable | 75,000 | 247,750 |
Accumulated deficit | (138,635,368) | (105,073,651) |
Total stockholders’ equity | 49,634,059 | 19,440,605 |
Total liabilities and stockholders’ equity | 52,861,989 | 21,263,103 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | 500 | |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | ||
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | $ 2,077,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 644,138,631 | 573,267,632 |
Common stock, shares outstanding | 644,138,631 | 573,267,632 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 500,000 | |
Preferred stock, shares outstanding | 500,000 | |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | 207,700 | |
Preferred stock, shares outstanding | 207,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||
General and administrative | $ 31,698,072 | $ 36,290,653 |
Research and development costs | 963,390 | 857,585 |
Exploration costs | 887,919 | 540,842 |
Impairment of assets (Note 6) | 186,779 | 35,250 |
Total operating expenses | 33,736,160 | 37,724,330 |
Net loss before other income (expense) | (33,736,160) | (37,724,330) |
Other income (expense) | ||
Accretion and interest expense | (20) | (2,915,025) |
Finance costs | (422,768) | |
Change in fair value of derivative liability (Note 7) | (19,655,296) | |
Gain on forgiveness of debt | 255,992 | |
Gain on settlement of debt (Note 7) | 18,683,279 | |
Unrealized loss on investment | (28,987) | |
Gain on sale of mining claims | 153,393 | |
Other income | 71,812 | 18,084 |
Total other income (expense) | 196,198 | (4,035,734) |
Net loss | (33,539,962) | (41,760,064) |
Net Loss attributable to common stockholders | $ (33,539,962) | $ (41,760,064) |
Net loss per share, basic and diluted | $ (0.05) | $ (0.08) |
Weighted average shares outstanding | 626,078,052 | 498,296,667 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Issuable [Member] | Retained Earnings [Member] | Total |
Beginning balance at Jun. 30, 2020 | $ 300 | $ 365,191 | $ 55,452,951 | $ 2,450,000 | $ (63,208,946) | $ (4,940,504) | |
Beginning balance, shares at Jun. 30, 2020 | 300,000 | 365,191,213 | |||||
Shares issued for exercise of warrants | $ 57,671 | 804,829 | $ 862,500 | ||||
Shares issued for exercise of warrants, shares | 57,670,677 | 10,100,000 | |||||
Shares issued from private placement, net of issuance costs | $ 2,414,500 | $ 69,716 | 14,873,784 | (2,450,000) | $ 14,908,000 | ||
Shares issued from private placement, net of issuance costs, shares | 241,450 | 69,715,910 | |||||
Shares issued pursuant to Series C preferred shares conversion | $ (737,500) | $ 5,900 | 731,600 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (73,750) | 5,900,000 | |||||
Shares issued pursuant to share purchase agreement | $ 16,750 | 11,006,701 | 11,023,451 | ||||
Shares issued pursuant to share purchase agreement, shares | 16,750,000 | ||||||
Net loss for the period | (41,760,064) | (41,760,064) | |||||
Dividends declared | (104,641) | (104,641) | |||||
Shares issued for services | $ 200 | $ 34,535 | 29,090,231 | 229,000 | 29,353,966 | ||
Shares issued for services, shares | 200,000 | 34,534,830 | |||||
Shares issued pursuant to note conversion | $ 400,000 | $ 22,686 | 7,890,707 | 8,313,393 | |||
Shares issued pursuant to note conversion, shares | 40,000 | 22,685,750 | |||||
Shares issued as a commitment fee | $ 750 | 1,138,500 | 1,139,250 | ||||
Shares issued as a commitment fee, shares | 750,000 | ||||||
Shares issued pursuant to property purchase agreement | $ 69 | 271,711 | 271,780 | ||||
Shares issued pursuant to property purchase agreement, shares | 69,252 | ||||||
Share subscriptions received | 18,750 | 18,750 | |||||
Beneficial conversion feature on convertible debts | 271,000 | 271,000 | |||||
Share purchase warrants issued | 83,724 | 83,724 | |||||
Ending balance at Jun. 30, 2021 | $ 500 | $ 2,077,000 | $ 573,268 | 121,615,738 | 247,750 | (105,073,651) | 19,440,605 |
Ending balance, shares at Jun. 30, 2021 | 500,000 | 207,700 | 573,267,632 | ||||
Shares issued to non-employees for services | $ 14,378 | 20,569,566 | (154,000) | 20,429,944 | |||
Shares issued to non-employees for services, shares | 14,378,728 | ||||||
Shares issued to employees for services | $ 1,892 | 1,231,263 | 1,233,155 | ||||
Shares issued to employees for services, shares | 1,891,930 | ||||||
Shares withheld from employees for tax remittance | $ (434) | (312,900) | (313,334) | ||||
Shares withheld from employees for tax remittance, shares | (433,981) | ||||||
Shares reclaimed from former executive | $ (1,000) | 1,000 | |||||
Shares reclaimed from former executive, shares | (1,000,000) | ||||||
Net shares reclaimed as part of legal settlements | $ (4,200) | 564,200 | 560,000 | ||||
Net shares reclaimed as part of legal settlements, shares | (4,200,000) | ||||||
Shares issued for exercise of warrants | $ 15,228 | 922,272 | (18,750) | 918,750 | |||
Shares issued for exercise of warrants, shares | 15,228,711 | ||||||
Shares issued from private placement, net of issuance costs | $ 25,390 | 36,913,261 | 36,938,651 | ||||
Shares issued from private placement, net of issuance costs, shares | 25,389,611 | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (2,077,000) | $ 16,616 | 2,060,384 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (207,700) | 16,616,000 | |||||
Redemption of Series A preferred shares | $ (500) | 500 | |||||
Redemption of Series A preferred shares, shares | (500,000) | ||||||
Shares issued pursuant to share purchase agreement | $ 3,000 | 3,985,005 | 3,988,005 | ||||
Shares issued pursuant to share purchase agreement, shares | 3,000,000 | ||||||
Net loss for the period | (33,539,962) | (33,539,962) | |||||
Dividends declared | (21,755) | (21,755) | |||||
Shares issued pursuant to note conversion, shares | 16,616,000 | ||||||
Ending balance at Jun. 30, 2022 | $ 644,139 | $ 187,550,288 | $ 75,000 | $ (138,635,368) | $ 49,634,059 | ||
Ending balance, shares at Jun. 30, 2022 | 644,138,631 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net Loss attributable to common stockholders | $ (33,539,962) | $ (41,760,064) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 47,262 | 14,668 |
Unrealized loss on investment | 28,987 | |
Net change in operating lease liability | 30,591 | |
Impairment of assets | 186,779 | 35,250 |
Stock-based compensation | 1,233,155 | |
Shares issued for services - professional services | 20,429,944 | 29,353,966 |
Legal settlements | 560,000 | |
Sale of claims - share consideration received | (50,000) | |
Accretion expense | 2,814,775 | |
Change in fair value of derivative liability | 19,655,296 | |
Discount on convertible notes payable | 51,000 | |
Fair value of share purchase warrants issued | 83,724 | |
Gain on forgiveness of debt | (255,992) | |
Gain on settlement of debt | (18,683,279) | |
Shares issued for commitment fee | 1,139,250 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 413,403 | (783,102) |
Accounts payable and accrued liabilities | 687,493 | 997,373 |
Due to related parties | (205,646) | (419,303) |
Net Cash Used in Operating Activities | (10,177,994) | (7,756,438) |
Investing Activities | ||
Acquisition of property and equipment | (12,873,975) | (5,440,087) |
Purchase of water rights/intangible assets | (2,208,739) | (1,643,160) |
Net Cash Used in Investing Activities | (15,082,714) | (7,083,247) |
Financing Activities | ||
Dividends paid | (125,700) | |
Purchase of shares from employees | (313,334) | |
Proceeds from exercise of share purchase warrants | 918,750 | 862,500 |
Proceeds from issuance of common shares | 39,100,001 | 15,499,813 |
Share issuance costs | (2,161,350) | |
Proceeds from share purchase agreement | 3,988,005 | 10,431,638 |
Repayment of note payable | (59,236) | |
Share subscriptions received | 18,750 | |
Proceeds from issuance of convertible notes payable | 1,395,000 | |
Repayment of convertible note payable | (1,295,202) | |
Net Cash Provided by Financing Activities | 41,406,372 | 26,853,263 |
Change in Cash | 16,145,664 | 12,013,578 |
Cash – Beginning of Period | 12,843,502 | 829,924 |
Cash – End of Period | $ 28,989,166 | $ 12,843,502 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations American Battery Technology Company (“ABTC”) is a startup company in the lithium-ion battery industry that is working to increase the domestic US production of battery materials, such as lithium, nickel, cobalt and manganese through its engagement in the exploration of new primary resources of battery metals, in the development and commercialization of new technologies for the extraction of these battery metals from primary resources, and in the commercialization of an internally developed integrated process for the recycling of lithium-ion batteries. Through this three-pronged approach ABTC is working to both increase the domestic production of these battery materials, and to ensure that as these materials reach their end of lives that the constituent elemental battery metals are returned to the domestic manufacturing supply chain in a closed-loop fashion. The Company was incorporated under the laws of the State of Nevada on October 6, 2011, for the purpose of acquiring rights to mineral properties with the eventual objective of being a producing mineral company. We have limited operating history and have not yet generated or realized any revenues from our activities. Our principal executive offices are located at 100 Washington Ave., Suite 100, Reno, NV 89503. Liquidity and Capital Resources During the fiscal year ended June 30, 2022, the Company incurred a net loss of $ 33.5 10.2 138.6 On September 27, 2021, the Company secured net proceeds of $ 36.9 These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is June 30. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive) and LithiumOre Corporation (formerly Lithortech Resources Inc) and ABTC AG, LLC. All inter-company accounts and transactions have been eliminated upon consolidation. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations and cash flows for the year ended June 30, 2021. b) Use of Estimates The preparation of these 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, recoverability of long-lived assets and deferred income tax asset valuation allowances. 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 carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from 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 the estimates and the actual results, future results of operations may be affected. c) Long-Lived Assets Long-lived assets, such as property and equipment, mineral properties, and purchased intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable in accordance with Accounting Standards Codification (“ASC”) topic 360, Property, Plant, and Equipment. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. The Company’s long-lived assets consist of vehicles, equipment, and land. Vehicles and equipment are depreciated on a straight-line basis over their estimated value lives ranging between 3 7 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 Recoverability of assets is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by an asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow analysis. Any impairment in value is recognized as an expense in the period when the impairment occurs. Expenses for major repairs and maintenance which extend the useful lives of property and equipment are capitalized. All other maintenance expenses, including planned major maintenance activities, are expensed as incurred. Gains or losses from property disposals are included in income or loss from operations. d) Intangible Intangible assets that have indefinite useful lives are tested annually for impairment, or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount of the asset group exceeds its fair value. e) Loss per Share The Company computes net income (loss) per share in accordance with ASC 260 - Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options, warrants and convertible shares. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At June 30, 2022, the Company had 40,310,611 potentially dilutive shares outstanding, consisting of 40,210,611 100,000 f) Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Stock Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. At June 30, 2022 and 2021, the Company did not grant any stock options. The Company will utilize the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company granted 100,00 0.1 g) Exploration Costs Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360 - Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. As of June 30, 2022 and 2021, the Company has not capitalized any such mineral property costs. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 h) Advertising and Marketing Costs The Company expenses advertising and marketing development costs as incurred. No i) Research and Development Costs Research is planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service (referred to as product) or a new process or technique (referred to as process) or in bringing about a significant improvement to an existing product or process. The Company expenses research costs as incurred. Development is the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or use. It includes the conceptual formulation, design, and testing of product alternatives, construction of prototypes, and operation of pilot plan. The Company records any government assistance received as a cost-offset under IAS 20 - Accounting for Government Grants and Disclosures of Government Assistance. The Company received $ 0.1 million and nil in government assistance for the fiscal years ended June 30, 2022 and 2021, respectively. j) Leases The Company follows the guidance of ASC 842 - Leases, which requires an entity to recognize a right-of-use asset (“RoU”) and a lease liability for virtually all leases. Operating lease RoU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. RoU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company uses an implicit rate of interest to determine the present value of lease payments utilizing its incremental borrowing rate, as the implicit rate of interest in the respective leases is not readily determinable. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. k) Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740 - Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forward. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Any uncertain tax position liabilities have been applied against the deferred tax balance given that there is a sufficient net operating loss to cover any penalties and fees associated with the uncertain tax position. We are confident that all uncertain tax positions will be reversed as the correct information returns are filed with the United States Internal Revenue Service. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statement of operations. Due to the Company’s net loss position from inception to June 30, 2022, no AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 l) Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022, though the Company has no applicable contracts at June 30, 2022. In November 2021, FASB issued ASU No. 2021-10 - Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance. This ASU will improve the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. ASU No. 2021-10 is effective for financial statements issued for annual periods beginning after December 15, 2021, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022. The Company intends to recognize government assistance as a cost-offset under IAS 20 - Accounting for Government Grants and Disclosures of Government Assistance. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Schedule of Property and Equipment Building Equipment Vehicles Land Total Cost: Balance, June 30, 2021 $ - $ 99,466 $ 61,916 $ 5,340,621 $ 5,502,003 Additions 118,558 - 1,574,996 1,693,554 Construction in process 10,798,780 1,134,377 - - 11,933,157 Impairment loss - - - (186,779 ) (186,779 ) Balance, June 30, 2022 $ 10,798,780 $ 1,352,401 $ 61,916 $ 6,728,838 $ 18,941,935 Accumulated Depreciation: Balance, June 30, 2021 $ - $ 4,356 $ 13,422 $ - $ 17,778 Additions - 30,660 16,602 - 47,262 Balance, June 30, 2022 $ - $ 35,016 $ 30,024 $ - $ 65,040 Carrying Amounts: Balance, June 30, 2021 $ - $ 95,110 48,494 $ 5,340,621 $ 5,484,225 Balance, June 30, 2022 $ 10,798,780 $ 1,317,385 31,892 $ 6,728,838 $ 18,876,895 Construction in process consists of both construction in process and equipment deposits for equipment currently in process. In February 2021, the Company entered into an agreement to purchase land with a fair value of $85,000 located in Tonopah, NV in exchange for an agreed-upon number of common shares though the transaction had not cleared escrow. In September 2021, the Company later issued the shares whereby the stock price had increased. To correct the carrying value, the Company recognized impairment expense of $ 186,779 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets Schedule of Intangible Assets Water Rights Balance, June 30, 2021 $ 1,643,160 Additions 2,208,739 Balance, June 30, 2022 $ 3,851,899 To date, the Company has purchased water rights in the City of Fernley, Nevada for approximately $ 3.9 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions During the fiscal year ended June 30, 2022, the Company has extinguished $ 205,646 nil 205,646 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 6. Leases A lease provides the lessee the right to control the use of an identified asset for a period in exchange for consideration. Operating lease right-of-use assets (“RoU assets”) are presented within the asset section of the Company’s Consolidated Balance Sheets, while lease liabilities are included within the liability section of the Company’s Consolidated Balance Sheets at June 30, 2022. RoU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. RoU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most operating leases contain renewal options that provide for rent increases based on prevailing market conditions. The terms used to calculate the RoU assets for certain properties include the renewal options that the Company is reasonably certain to exercise. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company estimates a rate of 8.0 The Company occupies office facilities under lease agreements that expire at various dates, many of which don’t exceed a year in length. Total operating lease costs for the fiscal year ended June 30, 2022, were approximately $ 213,000 As of June 30, 2022, short term lease liabilities of $ 99,005 Schedule of Operating Lease ROU Assets and Lease Liabilities 2022 $ 2021 $ Operating lease right-of-use asset $ 244,203 $ - Operating lease liabilities $ 274,794 $ - The table below presents the maturities of operating lease liabilities as of June 30, 2022: Schedule of Maturity of Operating Lease Liabilities June 30, 2023 $ 117,670 June 30, 2024 131,198 June 30, 2025 55,395 Total lease payments 304,263 Less: discount (29,469 ) Total operating lease liabilities $ 274,794 Short-term operating lease liability $ 99,005 Long-term operating lease liability $ 175,789 The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use asset as of June 30, 2022. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 2.2 Weighted average discount rate 8.0 % |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | 7. Derivative Liabilities The Company records the fair value of the conversion option of convertible debentures in accordance with ASC 815 - Derivatives and Hedging. The fair value of the derivatives is generally calculated using a multi-nominal lattice model. The fair value of the derivative liabilities is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statements of operations. For the fiscal year ended June 30, 2021, the Company recognized an expense related to the change in fair value of derivative liabilities of $ 19,655,296 18,683,279 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity Preferred Stock The Company has authorized three separate classes of Preferred Stock with an aggregate of 25,000,000 Series A Preferred Stock The Company has 500,000 0.001 The shares allow the holder to vote 1,000 shares for each share of Series A stock in any vote of the shareholders of the Company and the Board is authorized to issue such preferred stock as is necessary nil 500,000 Series B Preferred Stock At June 30, 2022 and 2021, 2,000,000 10.00 no Series C Preferred Stock The Company has 1,000,000 10.00 nil 207,700 On December 18, 2020, the Company issued 48.29 241,450 50,000 2,414,500 5,000 80 400,000 0.25 June 30, 2023 8 On February 2, 2022, the Company issued a Mandatory Conversion Notice to the remaining Series C Preferred stockholders. The notice converts all outstanding shares of Series C Preferred Stock to common stock at a conversion ratio of 80 On February 8, 2022, the Company issued $ 125,700 During the fiscal year ended June 30, 2022, the Series C Preferred stockholders converted 207,700 2,077,000 16,616,000 Common Stock At June 30, 2022 and 2021, 1,200,000,000 0.001 Fiscal year ended June 30, 2022 During the period, the Company issued 16,616,000 207,700 80 During the period, the Company issued 25,389,611 39,100,001 1.54 1.75 five years 2,161,350 1,955,000 1.54 three years 2,699,039 166 0.56 three years AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 During the period, the Company issued 15,228,711 15,000,000 937,500 250,000 18,750 During the period, the Company issued 14,378,728 20,429,944 5,805,101 9,333,019 3,011,218 4,822,308 75,000 On April 2, 2021, the Company entered into a second Purchase Agreement (“Tysadco Agreement 2”) with Tysadco Partners, LLC. Pursuant to the Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $75,000,000 worth of the Company’s common stock over a 24-month period from the effectiveness of the registration statement. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $10 million or 200% of the average shares traded for the five days prior to the closing request date, at a purchase price of 95% of the average of the 5-day median share price, with a minimum request of $25,000 3,000,000 3,988,005 On January 27, 2022, the Company and a former executive agreed to cancel, for no consideration, 1,000,000 On May 23, 2022, the Company redeemed 4,000,000 On May 23, 2022, the Company issued 800,000 560,000 On June 13, 2022, the Company cancelled 1,000,000 On June 13, 2022, the Company issued 1,891,930 1,324,351 Fiscal year ended June 30, 2021 During the period, the Company issued 22,685,750 7,913,391 2,002,876 77,723 21,429,714 15,596,922 During the period, the Company issued 34,534,830 29,353,966 7,041,790 4,875,002 During the period, the Company issued 60,625,000 2,450,000 0.8 0.075 During the period, the Company issued 47,570,677 10,100,000 862,500 73,470 18,750 On October 8, 2020, the Company entered into a Private Purchase Agreement with Tysadco Partners, LLC, a Delaware limited company (“Tysadco”). Pursuant to this agreement, Tysadco purchased 12,000,000 1,200,000 On October 23, 2020, the Company entered into a Purchase Agreement (the “Tysadco Agreement”) with Tysadco. Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock over a period of 24 -month period from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $ 250,000 4,750,000 9,823,451 On April 2, 2021, the Company entered into the Tysadco Agreement 2. During the period, the Company did not issue a put against the facility. On April 28, 2021, the Company issued 9,090,910 1.65 15,000,000 1,300,000 |
Share Purchase Warrants
Share Purchase Warrants | 12 Months Ended |
Jun. 30, 2022 | |
Share Purchase Warrants | |
Share Purchase Warrants | 9. Share Purchase Warrants Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2021 27,866,000 $ 0.09 Issued 27,344,611 $ 1.73 Exercised (15,000,000 ) $ (0.08 ) Expired - $ - Balance, June 30, 2022 40,210,611 $ 1.21 Additional information regarding share purchase warrants as of June 30, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Exercise Price Number of Warrants Weighted-Average $ 0.08 11,250,000 2.3 $ 0.25 1,616,000 1.5 $ 1.54 1,955,000 2.2 $ 1.75 25,389,611 4.2 40,210,611 3.5 |
Share Awards
Share Awards | 12 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share Awards | 10. Share Awards The Company has established the 2021 Retention Plan (“the Plan”) to issue shares in the effort to retain key executives, directors, and certain employees. The Plan allows for several different types of awards to be granted, including but not limited to, restricted share units and share awards. Share awards generally vest over a four 25 For the fiscal year ended June 30, 2022, the Company issued 100,000 1,891,930 1,233,155 nil |
Supplemental Statement of Cash
Supplemental Statement of Cash Flow Disclosures | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flow Disclosures | 11. Supplemental Statement of Cash Flow Disclosures Schedule of Statement of Cash Flow Disclosures June 30, 2022 $ June 30, 2021 $ Supplemental disclosures: Interest paid (20 ) 63,216 Income taxes paid – – Non-cash investing and financing activities: Construction costs in accounts payable 752,736 – Fair value of commission warrants issued 2,699,039 – Initial value of lease liabilities 311,570 – Common shares issued pursuant the conversion of preferred shares 16,616,000 5,900,000 Discount on convertible debenture – 403,378 Beneficial Conversion Feature – 271,000 Original issuance discount on convertible debentures – 51,000 Common shares issued for deposit for acquisition of property – 271,780 Common shares issued for settlement of convertible debt – 8,313,393 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company has no 21 Schedule of Federal Income Tax provision June 30, 2022 $ June 30, 2021 $ Net loss before taxes 33,539,962 41,760,064 Statutory rate 21 % 21 % Computed expected tax recovery 7,043,392 8,769,613 Change in fair value of derivative liabilities – (4,127,612 ) Gain/loss on settlement of debt – 3,923,489 Stock-based compensation (18,643 ) (6,164,291 ) Net operating loss adjustment (3,312,711 ) (172,322 ) Change in valuation allowance (1,382,301 ) (1,625,555 ) 162(m) adjustment (2,264,757 ) – Other permanent tax adjustments (64,980 ) (603,322 ) Income tax provision – – As of June 30, 2022, the Company had accumulated $ 80.4 7.0 expire in 2036 to 2038 73.4 The significant components of deferred income tax assets and liabilities at June 30 after applying enacted corporate income tax rates are as follows. Schedule of Deferred Income Tax Assets and Liabilities 2022 $ 2021 $ Net operating losses carried forward 8,174,021 6,791,720 Valuation allowance (8,174,021 ) (6,791,720 ) Net deferred tax asset – – The Company has a sole uncertain tax position (“UTP”) for stock-based compensation for services included in open tax returns beginning with the fiscal year ended September 30, 2016. The Company intends to remedy the UTP with the required information forms issued in a timely matter prior to filing of the tax return for the fiscal year ended June 30, 2022. The unrecognized tax benefits for the Company are as follows as of June 30: Schedule of Unrecognized Tax Benefits 2022 $ 2021 $ Unrecognized tax benefits, beginning of period 2,550,962 2,550,962 Increases – tax position in current period 6,164,291 – Unrecognized tax benefits, end of period 8,715,253 2,550,962 Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, the Company’s ability to utilize carryforwards and other tax attributes such as foreign tax credits, in any taxable fiscal year may be limited if the Company experiences, or has experienced, an “ownership change.” A Section 382 “ownership change” generally occurs if one or more stockholders or groups of stockholders, who own at least 5% of the Company’s stock, increase their ownership percentage by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company may, in the future experience one or more additional Section 382 “ownership changes. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 The CARES Act was enacted March 27, 2020. Among the business provisions, the CARES Act provided for various payroll tax incentives, changes to net operating loss carryback and carryforward rules, business interest expense limitation increases, and bonus depreciation on qualified improvement property. Additionally, the Consolidated Appropriations Act of 2021 was signed on December 27, 2020, which provided additional COVID-19 relief provisions for businesses. The Company has evaluated the impact of both the Acts and has determined that any impact is not material to its financial statements. The Company files U.S. income tax returns with varying statutes of limitations. The tax returns for fiscal years ended September 30, 2016, to June 30, 2022, remain open to examination due to the carryover of unused NOL carryforwards and tax credits. The Company is not under examination by any tax authority as of June 30, 2022. The Company has incurred federal income tax and payroll tax penalties of approximately $ 121,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. Management is currently not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse effect on our business, financial condition, or operating results. The Company notified 1317038 Nevada Ltd of its intent to exercise its option to purchase the right to renew 305 unpatented lode claims in Tonopah, Nevada. Under the terms of the agreement, the total payment due to 1317038 Nevada Ltd is $ 8.0 Operating Leases The Company leases its principal office location in Reno, Nevada. It also leases two adjacent Lab spaces in the University of Nevada, Reno on short term leases. The principal office location lease expires on November 30, 2024 and the Lab leases expire on March 15, 2023. Consistent with the guidance in ASC 842, The Company has recorded the principal office lease in its consolidated balance sheet as an operating lease. For further information on operating lease commitments, refer to Note 6 - Leases. Financial Assurance: Nevada and other states, as well as federal regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. The Company has satisfied financial assurance requirements using a combination of cash bonds and surety bonds. The amount of financial assurance The Company is required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At June 30, 2022, The Company’s financial assurance obligations associated with U.S. mine closure and reclamation/restoration cost estimate totaled $ 47,730 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On July 21, 2022, the Company exercised the option to purchase the rights to 305 unpatented lode claims in the Tonopah Flats Lithium Project. Payment for the claims is due in two equal installments. Under the terms of the agreement, the Company has the option to pay each installment in cash or stock. The Company elected to pay $ 4 On August 1, 2022, the Company entered into an employment agreement (“Agreement”) with the CEO, Ryan Melsert. The Agreement is a two 425,000 325,000 60,000 75 1,000,000 3,000,000 five On August 5, 2022, the Company entered into a purchase and sale agreement to sell 92 mining claims in Railroad Valley for $ 100,000 The Company has evaluated subsequent events through the date the financial statements were available to be issued and has not identified any additional subsequent events requiring adjustments to, or disclosures in, the accompanying financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | a) Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is June 30. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive) and LithiumOre Corporation (formerly Lithortech Resources Inc) and ABTC AG, LLC. All inter-company accounts and transactions have been eliminated upon consolidation. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations and cash flows for the year ended June 30, 2021. |
Use of Estimates | b) Use of Estimates The preparation of these 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, recoverability of long-lived assets and deferred income tax asset valuation allowances. 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 carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from 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 the estimates and the actual results, future results of operations may be affected. |
Long-Lived Assets | c) Long-Lived Assets Long-lived assets, such as property and equipment, mineral properties, and purchased intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable in accordance with Accounting Standards Codification (“ASC”) topic 360, Property, Plant, and Equipment. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. The Company’s long-lived assets consist of vehicles, equipment, and land. Vehicles and equipment are depreciated on a straight-line basis over their estimated value lives ranging between 3 7 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 Recoverability of assets is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by an asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized as the amount by which the carrying amount exceeds the estimated fair value of the asset. The estimated fair value is determined using a discounted cash flow analysis. Any impairment in value is recognized as an expense in the period when the impairment occurs. Expenses for major repairs and maintenance which extend the useful lives of property and equipment are capitalized. All other maintenance expenses, including planned major maintenance activities, are expensed as incurred. Gains or losses from property disposals are included in income or loss from operations. |
Intangible | d) Intangible Intangible assets that have indefinite useful lives are tested annually for impairment, or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount of the asset group exceeds its fair value. |
Loss per Share | e) Loss per Share The Company computes net income (loss) per share in accordance with ASC 260 - Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options, warrants and convertible shares. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At June 30, 2022, the Company had 40,310,611 potentially dilutive shares outstanding, consisting of 40,210,611 100,000 |
Stock-based Compensation | f) Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, Stock Compensation, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. At June 30, 2022 and 2021, the Company did not grant any stock options. The Company will utilize the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company granted 100,00 0.1 |
Exploration Costs | g) Exploration Costs Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360 - Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. As of June 30, 2022 and 2021, the Company has not capitalized any such mineral property costs. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 |
Advertising and Marketing Costs | h) Advertising and Marketing Costs The Company expenses advertising and marketing development costs as incurred. No |
Research and Development Costs | i) Research and Development Costs Research is planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service (referred to as product) or a new process or technique (referred to as process) or in bringing about a significant improvement to an existing product or process. The Company expenses research costs as incurred. Development is the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or use. It includes the conceptual formulation, design, and testing of product alternatives, construction of prototypes, and operation of pilot plan. The Company records any government assistance received as a cost-offset under IAS 20 - Accounting for Government Grants and Disclosures of Government Assistance. The Company received $ 0.1 million and nil in government assistance for the fiscal years ended June 30, 2022 and 2021, respectively. |
Leases | j) Leases The Company follows the guidance of ASC 842 - Leases, which requires an entity to recognize a right-of-use asset (“RoU”) and a lease liability for virtually all leases. Operating lease RoU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. RoU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company uses an implicit rate of interest to determine the present value of lease payments utilizing its incremental borrowing rate, as the implicit rate of interest in the respective leases is not readily determinable. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. |
Income Taxes | k) Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740 - Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forward. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Any uncertain tax position liabilities have been applied against the deferred tax balance given that there is a sufficient net operating loss to cover any penalties and fees associated with the uncertain tax position. We are confident that all uncertain tax positions will be reversed as the correct information returns are filed with the United States Internal Revenue Service. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statement of operations. Due to the Company’s net loss position from inception to June 30, 2022, no AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the fiscal years ended June 30, 2022 and June 30, 2021 |
Accounting Pronouncements | l) Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022, though the Company has no applicable contracts at June 30, 2022. In November 2021, FASB issued ASU No. 2021-10 - Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance. This ASU will improve the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. ASU No. 2021-10 is effective for financial statements issued for annual periods beginning after December 15, 2021, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022. The Company intends to recognize government assistance as a cost-offset under IAS 20 - Accounting for Government Grants and Disclosures of Government Assistance. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment Building Equipment Vehicles Land Total Cost: Balance, June 30, 2021 $ - $ 99,466 $ 61,916 $ 5,340,621 $ 5,502,003 Additions 118,558 - 1,574,996 1,693,554 Construction in process 10,798,780 1,134,377 - - 11,933,157 Impairment loss - - - (186,779 ) (186,779 ) Balance, June 30, 2022 $ 10,798,780 $ 1,352,401 $ 61,916 $ 6,728,838 $ 18,941,935 Accumulated Depreciation: Balance, June 30, 2021 $ - $ 4,356 $ 13,422 $ - $ 17,778 Additions - 30,660 16,602 - 47,262 Balance, June 30, 2022 $ - $ 35,016 $ 30,024 $ - $ 65,040 Carrying Amounts: Balance, June 30, 2021 $ - $ 95,110 48,494 $ 5,340,621 $ 5,484,225 Balance, June 30, 2022 $ 10,798,780 $ 1,317,385 31,892 $ 6,728,838 $ 18,876,895 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets Water Rights Balance, June 30, 2021 $ 1,643,160 Additions 2,208,739 Balance, June 30, 2022 $ 3,851,899 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | Schedule of Operating Lease ROU Assets and Lease Liabilities 2022 $ 2021 $ Operating lease right-of-use asset $ 244,203 $ - Operating lease liabilities $ 274,794 $ - |
Schedule of Maturity of Operating Lease Liabilities | The table below presents the maturities of operating lease liabilities as of June 30, 2022: Schedule of Maturity of Operating Lease Liabilities June 30, 2023 $ 117,670 June 30, 2024 131,198 June 30, 2025 55,395 Total lease payments 304,263 Less: discount (29,469 ) Total operating lease liabilities $ 274,794 Short-term operating lease liability $ 99,005 Long-term operating lease liability $ 175,789 |
Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate | The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use asset as of June 30, 2022. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 2.2 Weighted average discount rate 8.0 % |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2021 27,866,000 $ 0.09 Issued 27,344,611 $ 1.73 Exercised (15,000,000 ) $ (0.08 ) Expired - $ - Balance, June 30, 2022 40,210,611 $ 1.21 |
Schedule of Additional Information Regarding Share Purchase Warrants | Additional information regarding share purchase warrants as of June 30, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Exercise Price Number of Warrants Weighted-Average $ 0.08 11,250,000 2.3 $ 0.25 1,616,000 1.5 $ 1.54 1,955,000 2.2 $ 1.75 25,389,611 4.2 40,210,611 3.5 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flow Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Statement of Cash Flow Disclosures | Schedule of Statement of Cash Flow Disclosures June 30, 2022 $ June 30, 2021 $ Supplemental disclosures: Interest paid (20 ) 63,216 Income taxes paid – – Non-cash investing and financing activities: Construction costs in accounts payable 752,736 – Fair value of commission warrants issued 2,699,039 – Initial value of lease liabilities 311,570 – Common shares issued pursuant the conversion of preferred shares 16,616,000 5,900,000 Discount on convertible debenture – 403,378 Beneficial Conversion Feature – 271,000 Original issuance discount on convertible debentures – 51,000 Common shares issued for deposit for acquisition of property – 271,780 Common shares issued for settlement of convertible debt – 8,313,393 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Federal Income Tax provision | Schedule of Federal Income Tax provision June 30, 2022 $ June 30, 2021 $ Net loss before taxes 33,539,962 41,760,064 Statutory rate 21 % 21 % Computed expected tax recovery 7,043,392 8,769,613 Change in fair value of derivative liabilities – (4,127,612 ) Gain/loss on settlement of debt – 3,923,489 Stock-based compensation (18,643 ) (6,164,291 ) Net operating loss adjustment (3,312,711 ) (172,322 ) Change in valuation allowance (1,382,301 ) (1,625,555 ) 162(m) adjustment (2,264,757 ) – Other permanent tax adjustments (64,980 ) (603,322 ) Income tax provision – – |
Schedule of Deferred Income Tax Assets and Liabilities | The significant components of deferred income tax assets and liabilities at June 30 after applying enacted corporate income tax rates are as follows. Schedule of Deferred Income Tax Assets and Liabilities 2022 $ 2021 $ Net operating losses carried forward 8,174,021 6,791,720 Valuation allowance (8,174,021 ) (6,791,720 ) Net deferred tax asset – – |
Schedule of Unrecognized Tax Benefits | The unrecognized tax benefits for the Company are as follows as of June 30: Schedule of Unrecognized Tax Benefits 2022 $ 2021 $ Unrecognized tax benefits, beginning of period 2,550,962 2,550,962 Increases – tax position in current period 6,164,291 – Unrecognized tax benefits, end of period 8,715,253 2,550,962 |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Sep. 27, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 33,539,962 | $ 41,760,064 | |
Net cash used in operating activities | 10,177,994 | 7,756,438 | |
Accumulated deficit | $ 138,635,368 | $ 105,073,651 | |
Secured amount for land improvements | $ 36,900,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of warrant purchase | 40,310,611 | 0.8 | |
Advertising and marketing cost | $ 0 | $ 0 | |
Government assistance amount | 100,000 | ||
Provision for income taxes | |||
Officer [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of restricted shares issued, shares | 100 | ||
Value of restricted stock issued | $ 100,000 | ||
Warrant [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of potentially dilutive shares | 40,210,611 | ||
Restricted Stock [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of potentially dilutive shares | 100,000 | ||
Vehicles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 3 years | ||
Equipment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 7 years |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | $ 5,502,003 |
Cost, Additions | 1,693,554 |
Cost, Construction in process | 11,933,157 |
Cost, Impairment loss | (186,779) |
Cost, ending | 18,941,935 |
Accumulated Depreciation, beginning | 17,778 |
Accumulated Depreciation, Additions | 47,262 |
Accumulated Depreciation, ending | 65,040 |
Carrying Amounts, beginning | 5,484,225 |
Carrying Amounts, ending | 18,876,895 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | |
Cost, Construction in process | 10,798,780 |
Cost, Impairment loss | |
Cost, ending | 10,798,780 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | |
Carrying Amounts, ending | 10,798,780 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 99,466 |
Cost, Additions | 118,558 |
Cost, Construction in process | 1,134,377 |
Cost, Impairment loss | |
Cost, ending | 1,352,401 |
Accumulated Depreciation, beginning | 4,356 |
Accumulated Depreciation, Additions | 30,660 |
Accumulated Depreciation, ending | 35,016 |
Carrying Amounts, beginning | 95,110 |
Carrying Amounts, ending | 1,317,385 |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 61,916 |
Cost, Additions | |
Cost, Construction in process | |
Cost, Impairment loss | |
Cost, ending | 61,916 |
Accumulated Depreciation, beginning | 13,422 |
Accumulated Depreciation, Additions | 16,602 |
Accumulated Depreciation, ending | 30,024 |
Carrying Amounts, beginning | 48,494 |
Carrying Amounts, ending | 31,892 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 5,340,621 |
Cost, Additions | 1,574,996 |
Cost, Construction in process | |
Cost, Impairment loss | (186,779) |
Cost, ending | 6,728,838 |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 5,340,621 |
Carrying Amounts, ending | $ 6,728,838 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Impairment of assets | $ 186,779 | $ 35,250 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | $ 1,643,160 |
Additions | 3,900,000 |
Balance ending | 3,851,899 |
Water Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | 1,643,160 |
Additions | 2,208,739 |
Balance ending | $ 3,851,899 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Payments to acquire intangible assets | $ 3,900 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | ||
Due to related parties current | $ 205,646 | |
Former Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties current | $ 205,646 |
Schedule of Operating Lease ROU
Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Leases | ||
Operating lease right-of-use asset | $ 244,203 | |
Operating lease liabilities | $ 274,794 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Leases | ||
June 30, 2023 | $ 117,670 | |
June 30, 2024 | 131,198 | |
June 30, 2025 | 55,395 | |
Total lease payments | 304,263 | |
Less: discount | (29,469) | |
Total operating lease liabilities | 274,794 | |
Short-term operating lease liability | 99,005 | |
Long-term operating lease liability | $ 175,789 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate (Details) | Jun. 30, 2022 |
Leases | |
Weighted average lease term (years) | 2 years 2 months 12 days |
Weighted average discount rate | 8% |
Leases (Details Narrative)
Leases (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases | |
Percentage of discount rate | 8% |
Operating lease costs | $ 213,000 |
Short term lease liabilities | $ 99,005 |
Derivative Liabilities (Details
Derivative Liabilities (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative liabilities | $ 19,655,296 | |
Gain on settlement of debt | $ 18,683,279 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 12 Months Ended | ||||||||||||||
Aug. 08, 2022 | Jun. 13, 2022 | May 23, 2022 | May 23, 2022 | Feb. 08, 2022 | Jan. 27, 2022 | Apr. 28, 2021 | Apr. 02, 2021 | Dec. 18, 2020 | Oct. 23, 2020 | Oct. 08, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 02, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 60,625,000 | ||||||||||||||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | |||||||||||||
Common stock par value | $ 0.001 | $ 0.001 | |||||||||||||
Warrants term | 3 years 6 months | ||||||||||||||
Share issuance costs | $ 2,161,350 | ||||||||||||||
Fair value of warrants | $ 83,724 | ||||||||||||||
Stock issued during period shares exercise of warrants | 10,100,000 | ||||||||||||||
Proceeds from warrant exercises | $ 862,500 | ||||||||||||||
Shares issued for services | 29,353,966 | ||||||||||||||
Gain on settlement | $ 18,683,279 | ||||||||||||||
Proceeds from common units | $ 2,450,000 | ||||||||||||||
Warrants purchase share | 40,310,611 | 0.8 | |||||||||||||
Stock issued during period shares cashless exercise of warrants | 47,570,677 | ||||||||||||||
Stock issued during period value exercise of warrants | $ 73,470 | ||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 18,750 | ||||||||||||||
Proceeds from issuance of common stock | $ 39,100,001 | $ 15,499,813 | |||||||||||||
Share issuance costs included in additional-paid in capital | $ 1,300,000 | ||||||||||||||
Tysadco Agreement 2 [Member] | Tysadco Partners LLC [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 3,000,000 | ||||||||||||||
Shares issued during the period, value | $ 3,988,005 | ||||||||||||||
Share purchase description | Tysadco committed to purchase, subject to certain restrictions and conditions, up to $75,000,000 worth of the Company’s common stock over a 24-month period from the effectiveness of the registration statement. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $10 million or 200% of the average shares traded for the five days prior to the closing request date, at a purchase price of 95% of the average of the 5-day median share price, with a minimum request of $25,000 | ||||||||||||||
Private Purchase Agreement [Member] | Tysadco Partners LLC [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 12,000,000 | ||||||||||||||
Proceeds from issuance of common stock | $ 1,200,000 | ||||||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Share purchase description | Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock over a period of 24 -month period from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $250,000 in common stock per sale or 200% of the average shares traded for the 10 days prior to the closing request date, at a purchase price of 85% of the of the two lowest individual daily VWAPs during the five (5) trading days commencing on the first trading day following delivery and clearing of the delivered shares, with a minimum request of $25,000 | ||||||||||||||
Proceeds from issuance of common stock | $ 9,823,451 | ||||||||||||||
Options issued to purchase common stock | 4,750,000 | ||||||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | Minimum [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of shares committed to purchase | 250,000 | ||||||||||||||
IPO [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 9,090,910 | ||||||||||||||
Share price | $ 1.65 | ||||||||||||||
Proceeds from offering | $ 15,000,000 | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 500,000 | 500,000 | |||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||||
Preferred stock, voting rights | The shares allow the holder to vote 1,000 shares for each share of Series A stock in any vote of the shareholders of the Company and the Board is authorized to issue such preferred stock as is necessary | ||||||||||||||
Preferred stock, shares issued | 500,000 | ||||||||||||||
Preferred stock, shares outstanding | 500,000 | ||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Preferred stock, shares issued | 207,700 | ||||||||||||||
Preferred stock, shares outstanding | 207,700 | ||||||||||||||
Preferred units issued | 48.29 | ||||||||||||||
Number of stock issued during the period | 241,450 | ||||||||||||||
Shares issued during the period, value | $ 50,000 | ||||||||||||||
Proceeds from issuance of preferred stock | $ 2,414,500 | ||||||||||||||
Number of shares in a unit | 5,000 | ||||||||||||||
Preferred stock conversion ratio shares | 80 | 80 | |||||||||||||
Purchase of warrants | 400,000 | ||||||||||||||
Warrant exercise price | $ 0.25 | ||||||||||||||
Warrant date | Jun. 30, 2023 | ||||||||||||||
Preferred stock dividend rate percentage | 8% | ||||||||||||||
Dividends, preferred stock, cash | $ 125,700 | ||||||||||||||
Preferred stock conversion ratio shares | 207,700 | ||||||||||||||
Conversion of share value | $ 2,077,000 | ||||||||||||||
Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 25,000,000 | ||||||||||||||
Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 200,000 | ||||||||||||||
Shares issued for services | $ 200 | ||||||||||||||
Preferred Stock [Member] | Series C Preferred Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued on conversion of stock | 40,000 | ||||||||||||||
Shares issued for services | |||||||||||||||
Common Stock [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 22,685,750 | ||||||||||||||
Shares issued during the period, value | $ 7,913,391 | ||||||||||||||
Warrant exercise price | $ 0.075 | ||||||||||||||
Preferred stock conversion ratio shares | 80 | ||||||||||||||
Conversion of stock, common shares issued | 16,616,000 | ||||||||||||||
Shares issued on conversion of stock | 16,616,000 | 22,685,750 | |||||||||||||
Stock issued during period shares exercise of warrants | 15,228,711 | 57,670,677 | |||||||||||||
Shares issued for services, shares | 34,534,830 | ||||||||||||||
Shares issued for services | $ 34,535 | ||||||||||||||
Stock redeemed, shares | 1,000,000 | ||||||||||||||
Notes payable | 2,002,876 | ||||||||||||||
Accrued interest | 77,723 | ||||||||||||||
Derivative liability | 21,429,714 | ||||||||||||||
Gain on settlement | $ 15,596,922 | ||||||||||||||
Common Stock [Member] | 2021 Equity Retention Plan [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Stock issued during period shares employee benefit plan | 1,891,930 | ||||||||||||||
Stock issued during period value employee benefit plan | $ 1,324,351 | ||||||||||||||
Common Stock [Member] | Former Officers and Directors [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 5,805,101 | ||||||||||||||
Shares issued for services | $ 9,333,019 | ||||||||||||||
Common Stock [Member] | Current Officers and Directors [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 3,011,218 | ||||||||||||||
Shares issued for services | $ 4,822,308 | ||||||||||||||
Common Stock [Member] | Former Executive [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 800,000 | ||||||||||||||
Shares issued during the period, value | $ 560,000 | ||||||||||||||
Stock redeemed, shares | 4,000,000 | 1,000,000 | |||||||||||||
Common Stock [Member] | Director [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 7,041,790 | ||||||||||||||
Shares issued for services | $ 4,875,002 | ||||||||||||||
Common Stock [Member] | Consulting Service [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 14,378,728 | ||||||||||||||
Shares issued for services | $ 20,429,944 | ||||||||||||||
Common Stock [Member] | Professional Service [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Shares issued for services, shares | 75,000 | 34,534,830 | |||||||||||||
Shares issued for services | $ 29,353,966 | ||||||||||||||
Common Stock [Member] | Private Placement [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 25,389,611 | ||||||||||||||
Warrant exercise price | $ 1.75 | ||||||||||||||
Proceeds from issuance of private placement | $ 39,100,001 | ||||||||||||||
Shares issued price per share | $ 1.54 | ||||||||||||||
Warrants term | 5 years | ||||||||||||||
Warrant [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||
Number of stock issued during the period | 15,228,711 | ||||||||||||||
Purchase of warrants | 1,955,000 | 250,000 | |||||||||||||
Warrant exercise price | $ 1.54 | ||||||||||||||
Warrants term | 3 years | ||||||||||||||
Fair value of warrants | $ 2,699,039 | ||||||||||||||
Volatility | 166% | ||||||||||||||
Risk free interest rate | 0.56% | ||||||||||||||
Expected life | 3 years | ||||||||||||||
Stock issued during period shares exercise of warrants | 15,000,000 | ||||||||||||||
Proceeds from warrant exercises | $ 937,500 | $ 18,750 |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share Purchase Warrants | |
Number of warrants, Beginning Balance | shares | 27,866,000 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 0.09 |
Number of warrants, Issued | shares | 27,344,611 |
Weighted average exercise price, Issued | $ / shares | $ 1.73 |
Number of warrants, Exercised | shares | (15,000,000) |
Weighted average exercise price, Exercised | $ / shares | $ (0.08) |
Number of warrants, Expired | shares | |
Weighted average exercise price, Expired | $ / shares | |
Number of warrants, Ending Balance | shares | 40,210,611 |
Weighted average exercise price, Ending Balance | $ / shares | $ 1.21 |
Schedule of Additional Informat
Schedule of Additional Information Regarding Share Purchase Warrants (Details) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 40,210,611 | 27,866,000 |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 3 years 6 months | |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 0.08 | |
Outstanding and Exercisable, Number of Warrants | 11,250,000 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 2 years 3 months 18 days | |
Exercise Price Range Two [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 0.25 | |
Outstanding and Exercisable, Number of Warrants | 1,616,000 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 1 year 6 months | |
Exercise Price Range Three [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 1.54 | |
Outstanding and Exercisable, Number of Warrants | 1,955,000 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 2 years 2 months 12 days | |
Exercise Price Range Four [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 1.75 | |
Outstanding and Exercisable, Number of Warrants | 25,389,611 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 4 years 2 months 12 days |
Share Awards (Details Narrative
Share Awards (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vest period | 4 years | |
Award vest rate | 25% | |
Share based compensation | $ 1,233,155 | |
2021 Equity Retention Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock issued during period shares restricted stock award gross | 1,891,930 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock issued during period shares restricted stock award gross | 100,000 |
Schedule of Statement of Cash F
Schedule of Statement of Cash Flow Disclosures (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ (20) | $ 63,216 |
Income taxes paid | ||
Non-cash investing and financing activities: | ||
Construction costs in accounts payable | 752,736 | |
Fair value of commission warrants issued | 2,699,039 | |
Initial value of lease liabilities | 311,570 | |
Common shares issued pursuant the conversion of preferred shares | 16,616,000 | 5,900,000 |
Discount on convertible debenture | 403,378 | |
Beneficial Conversion Feature | 271,000 | |
Original issuance discount on convertible debentures | 51,000 | |
Common shares issued for deposit for acquisition of property | 271,780 | |
Common shares issued for settlement of convertible debt | $ 8,313,393 |
Schedule of Federal Income Tax
Schedule of Federal Income Tax provision (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Net loss before taxes | $ 33,539,962 | $ 41,760,064 |
Statutory rate | 21% | 21% |
Computed expected tax recovery | $ 7,043,392 | $ 8,769,613 |
Change in fair value of derivative liabilities | (4,127,612) | |
Gain/loss on settlement of debt | 3,923,489 | |
Stock-based compensation | (18,643) | (6,164,291) |
Net operating loss adjustment | (3,312,711) | (172,322) |
Change in valuation allowance | (1,382,301) | (1,625,555) |
162(m) adjustment | (2,264,757) | |
Other permanent tax adjustments | (64,980) | (603,322) |
Income tax provision |
Schedule of Deferred Income Tax
Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating losses carried forward | $ 8,174,021 | $ 6,791,720 |
Valuation allowance | (8,174,021) | (6,791,720) |
Net deferred tax asset |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning of period | $ 2,550,962 | $ 2,550,962 |
Increases – tax position in current period | 6,164,291 | |
Unrecognized tax benefits, end of period | $ 8,715,253 | $ 2,550,962 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Tax Credit Carryforward [Line Items] | ||
Income tax provision | ||
Statutory tax rate | 21% | 21% |
Net operating loss carryforwards | $ 80,400,000 | |
Operating loss carryforwards, limitations | expire in 2036 to 2038 | |
Tax penalties | $ 121,000 | |
Unused [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 7,000,000 | |
No Expiration Date [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 73,400,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Financial assurance reclamation or restoration cost | $ 47,730 |
Nevada Ltd [Member] | |
Amount payable description | the total payment due to 1317038 Nevada Ltd is $8.0 million, payable in two equal installments and payable in either cash or stock, plus closing costs. The Company paid the initial installment in cash in July 2022. The Company is scheduled to make the remaining payment in October 2022. |
Amounts payable | $ 8,000,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 5 Months Ended | ||||
Aug. 05, 2022 | Aug. 01, 2022 | Dec. 31, 2022 | Jul. 21, 2022 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | |||||
Warrants, expiration period (in years) | 3 years 6 months | ||||
Employment Agreement [Member] | Ryan Melsert [Member] | Forecast [Member] | |||||
Subsequent Event [Line Items] | |||||
Annual base salary | $ 325,000 | ||||
Number of exchange of RSU | 60,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash payment | $ 4,000,000 | ||||
Subsequent Event [Member] | Employment Agreement [Member] | Ryan Melsert [Member] | |||||
Subsequent Event [Line Items] | |||||
Terms of agreement (in years) | 2 years | ||||
Annual base salary | $ 425,000 | ||||
Percentage of cash bonus of annual base salary | 75% | ||||
Award of RSU's amount | $ 1,000,000 | ||||
Warrants | $ 3,000,000 | ||||
Warrants, expiration period (in years) | 5 years | ||||
Subsequent Event [Member] | Purchase and Sale Agreement [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from sale of mining claims | $ 100,000 |