Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-55088 | |
Entity Registrant Name | AMERICAN BATTERY TECHNOLOGY COMPANY | |
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 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 Common Stock, Shares Outstanding | 651,593,135 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets | ||
Cash | $ 11,443,658 | $ 28,989,166 |
Investments | 6,355 | 21,013 |
Prepaid expenses and deposits | 878,206 | 878,813 |
Subscription receivable | 1,353,707 | |
Other receivables | 15,343 | |
Total current assets | 13,697,269 | 29,888,992 |
Property and equipment, net (Note 3) | 21,728,232 | 18,876,895 |
Mining properties (Note 4) | 8,157,362 | |
Intangible assets (Note 5) | 3,851,899 | 3,851,899 |
Right–of–use asset (Note 7) | 193,678 | 244,203 |
Total assets | 47,628,440 | 52,861,989 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,594,983 | 3,052,141 |
Total current liabilities | 1,594,983 | 3,052,141 |
Long–term liabilities | 117,131 | 175,789 |
Total liabilities | 1,712,114 | 3,227,930 |
Commitments and contingencies (Note 11) | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock Authorized: 1,200,000,000 common shares, par value of $0.001 per share; issued and outstanding: 650,115,948 and 644,138,631 common shares as of December 31, 2022 and June 30, 2022, respectively | 650,116 | 644,139 |
Additional paid–in capital | 193,179,179 | 187,550,288 |
Common stock issuable | 8,090 | 75,000 |
Common stock proceeds receivable | (654,267) | |
Accumulated deficit | (147,266,792) | (138,635,368) |
Total stockholders’ equity | 45,916,326 | 49,634,059 |
Total liabilities and stockholders’ equity | 47,628,440 | 52,861,989 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Series C Preferred Stock Authorized: 2,000,000 preferred shares, par value of $10.00 per share; Issued and outstanding: nil preferred shares | ||
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Series C Preferred Stock Authorized: 2,000,000 preferred shares, par value of $10.00 per share; Issued and outstanding: nil preferred shares | ||
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Series C Preferred Stock Authorized: 2,000,000 preferred shares, par value of $10.00 per share; Issued and outstanding: nil preferred shares |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Jun. 30, 2022 |
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 650,115,948 | 644,138,631 |
Common stock, shares outstanding | 650,115,948 | 644,138,631 |
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 | ||
Preferred stock, shares outstanding | ||
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 | 2,000,000 | 2,000,000 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | ||||
General and administrative | $ 3,899,068 | $ 3,648,536 | $ 5,907,235 | $ 23,339,175 |
Research and development | 1,735,471 | 268,289 | 1,955,287 | 484,241 |
Exploration costs | 546,010 | 190,289 | 895,163 | 270,984 |
Total operating expenses | 6,180,549 | 4,107,114 | 8,757,685 | 24,094,400 |
Net loss before other income (expense) | (6,180,549) | (4,107,114) | (8,757,685) | (24,094,400) |
Other income (expense) | ||||
Accretion and interest expense | (4,140) | (4,140) | ||
Gain on sale of mining claims | 98,919 | |||
Unrealized loss on investment | (20,078) | (14,658) | ||
Other income | 3,657 | 25,775 | 42,000 | 39,775 |
Total other income (expense) | (16,421) | 21,635 | 126,261 | 35,635 |
Net loss attributable to stockholders | $ (6,196,970) | $ (4,085,479) | $ (8,631,424) | $ (24,058,765) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.04) |
Weighted average shares outstanding | 648,036,198 | 631,458,183 | 647,287,138 | 652,587,349 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Series A Preferred Stock [Member] Preferred Stock [Member] | Series C Preferred Stock [Member] Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Issuable [Member] | Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 500 | $ 2,077,000 | $ 573,268 | $ 121,615,738 | $ 247,750 | $ (105,073,651) | $ 19,440,605 | |
Beginning balance, shares at Jun. 30, 2021 | 500,000 | 207,700 | 573,267,632 | |||||
Shares issued for services | $ 10,105 | 15,647,995 | 3,075,500 | 18,733,600 | ||||
Shares issued for services, shares | 10,105,258 | |||||||
Net loss for the period | (24,058,765) | (24,058,765) | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (1,800,000) | $ 14,400 | 1,785,600 | |||||
Shares issued pursuant to Series C preferred shares conversion, shares | (180,000) | 14,400,000 | ||||||
Dividends declared | (21,755) | (21,755) | ||||||
Shares issued for exercise of warrants | $ 5,625 | 331,875 | (18,750) | 318,750 | ||||
Shares issued for exercise of warrants, shares | 5,625,216 | |||||||
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 share purchase agreement | $ 3,000 | 3,985,005 | 3,988,005 | |||||
Shares issued pursuant to share purchase agreement, shares | 3,000,000 | |||||||
Ending balance, value at Dec. 31, 2021 | $ 500 | $ 277,000 | $ 631,788 | 180,279,474 | 3,304,500 | (129,154,171) | 55,339,091 | |
Ending balance, shares at Dec. 31, 2021 | 500,000 | 27,700 | 631,787,717 | |||||
Beginning balance, value at Sep. 30, 2021 | $ 500 | $ 402,000 | $ 629,768 | 178,716,600 | 3,080,000 | (125,062,684) | 57,766,184 | |
Beginning balance, shares at Sep. 30, 2021 | 500,000 | 40,200 | 629,768,190 | |||||
Shares issued for services | $ 1,020 | 1,438,874 | 224,500 | 1,664,394 | ||||
Shares issued for services, shares | 1,019,527 | |||||||
Net loss for the period | (4,085,479) | (4,085,479) | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (125,000) | $ 1,000 | 124,000 | |||||
Shares issued pursuant to Series C preferred shares conversion, shares | (12,500) | 1,000,000 | ||||||
Dividends declared | (6,008) | (6,008) | ||||||
Ending balance, value at Dec. 31, 2021 | $ 500 | $ 277,000 | $ 631,788 | 180,279,474 | 3,304,500 | (129,154,171) | 55,339,091 | |
Ending balance, shares at Dec. 31, 2021 | 500,000 | 27,700 | 631,787,717 | |||||
Beginning balance, value at Jun. 30, 2022 | $ 644,139 | 187,550,288 | 75,000 | (138,635,368) | 49,634,059 | |||
Beginning balance, shares at Jun. 30, 2022 | 644,138,631 | |||||||
Shares issued for services | $ 150 | 103,439 | (66,910) | 36,679 | ||||
Shares issued for services, shares | 150,129 | |||||||
Shares issued upon vesting | $ 1,827 | (1,827) | ||||||
Beginning balance, shares | 1,827,188 | |||||||
Stock-based compensation - employees | 3,523,305 | 3,523,305 | ||||||
Shares issued from private placement, net of issuance costs | $ 4,000 | 2,003,974 | (654,267) | 1,353,707 | ||||
Beginning balance, shares | 4,000,000 | |||||||
Net loss for the period | (8,631,424) | (8,631,424) | ||||||
Ending balance, value at Dec. 31, 2022 | $ 650,116 | 193,179,179 | 8,090 | (654,267) | (147,266,792) | 45,916,326 | ||
Ending balance, shares at Dec. 31, 2022 | 650,115,948 | |||||||
Beginning balance, value at Sep. 30, 2022 | $ 644,139 | 187,646,349 | 98,605 | (141,069,822) | 47,319,271 | |||
Beginning balance, shares at Sep. 30, 2022 | 644,138,631 | |||||||
Shares issued for services | $ 150 | 103,439 | (90,515) | 13,074 | ||||
Shares issued for services, shares | 150,129 | |||||||
Shares issued upon vesting | $ 1,827 | (1,827) | ||||||
Beginning balance, shares | 1,827,188 | |||||||
Stock-based compensation - employees | 3,427,244 | 3,427,244 | ||||||
Shares issued from private placement, net of issuance costs | $ 4,000 | 2,003,974 | (654,267) | 1,353,707 | ||||
Beginning balance, shares | 4,000,000 | |||||||
Net loss for the period | (6,196,970) | (6,196,970) | ||||||
Ending balance, value at Dec. 31, 2022 | $ 650,116 | $ 193,179,179 | $ 8,090 | $ (654,267) | $ (147,266,792) | $ 45,916,326 | ||
Ending balance, shares at Dec. 31, 2022 | 650,115,948 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | ||
Net loss, attributable to stockholders | $ (8,631,424) | $ (24,058,765) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 35,981 | 24,412 |
Net change in operating lease liability | (8,133) | (8,468) |
Share–based compensation – employees | 3,523,305 | |
Shares issued for services | 36,679 | 18,733,600 |
Loss on impairment | 186,779 | |
Unrealized loss on investment | 14,658 | |
Changes in operating assets and liabilities: | ||
Grants receivable | (15,343) | |
Prepaid expenses and deposits | (149,393) | (540,456) |
Accounts payable and accrued liabilities | (2,172,877) | 1,326,659 |
Net Cash Used in Operating Activities | (7,366,547) | (4,336,239) |
Investing Activities | ||
Acquisition of property and equipment | (2,171,599) | (5,054,439) |
Mineral claim deposit | (8,007,362) | |
Purchase of water rights | (2,172,750) | |
Net Cash Used in Investing Activities | (10,178,961) | (7,227,189) |
Financing Activities | ||
Proceeds from exercise of share purchase warrants | 318,750 | |
Proceeds from issuance of common shares | 43,088,006 | |
Share issuance costs | (2,161,350) | |
Net Cash Provided by Financing Activities | 41,245,406 | |
Change in Cash | (17,545,508) | 29,681,978 |
Cash – Beginning | 28,989,166 | 12,843,502 |
Cash – End | 11,443,658 | 42,525,480 |
Supplemental disclosures | ||
Interest paid | ||
Non–cash investing and financing activities | ||
Building construction costs in accounts payable | 715,719 | 1,419,849 |
Short-term deposits to mineral claims | 150,000 | |
Equity line-of-credit proceeds receivable | 2,007,974 | |
Par value of shares issued upon vesting | 1,827 | |
Dividends declared | 21,755 | |
Common shares issued for conversion of preferred shares | 1,800,000 | |
Fair value of commission warrants issued | $ 2,699,039 |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations American Battery Technology Company (“the Company”) is a startup company in the lithium–ion battery industry that is working to increase the domestic 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 the Company is working to both increase the domestic production of these battery materials and ensure that as battery components reach the end of their useful lives, their 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 Street, Suite 100, Reno, NV 89503. Liquidity and Capital Resources During the six months ended December 31, 2022, the Company incurred a net loss of $ 8.6 7.4 147.3 The Company believes its current cash holdings will be sufficient to meet its future working capital needs. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its planned operations. The Company may need to raise additional capital in the future. However, the Company cannot assure that it will be able to raise additional capital on acceptable terms, or at all. Management believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance of the accompanying financial statements. These condensed 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 | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation The condensed 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 condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive), 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 disclosed in “General and administrative” expenses on the Statements of Operations have been reclassified to “Research and development” expense for consistency with the current year presentation. These reclassifications have no effect on the previously reported results of operations and cash flows for the three and six months ended December 31, 2021. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) b) Interim Financial Statements These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The interim financial statements and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10–K for the fiscal year ended June 30, 2022. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. c) Use of Estimates The preparation of these condensed 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 period. 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 will be affected. d) 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 awards and warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. On December 31, 2022, the Company had 65,651,414 40,210,611 25,440,803 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) e) Mining Properties Costs of lease, exploration, carrying and retaining unproven mineral properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it will enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights which are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. f) Research and development costs Research and development (“R&D”) costs are accounted for in accordance with ASC 730, “Research and Development.” ASC 730-10-25 requires that all R&D costs be recognized as an expense as incurred. However, some costs associated with R&D activities that have an alternative future use (e.g., materials, equipment, facilities) may be capitalizable. The Company has been awarded federal grant awards for specific R&D programs. Under ASU No. 2021-10 “Government Assistance,” the Company recognizes invoiced government funds as an offset to R&D costs in the period the qualifying costs are incurred. The Company believes this best reflects the expected net expenditures associated with these programs. g) Recent Accounting Pronouncements 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Schedule of Property and Equipment Land Building Equipment Total Cost: Balance, June 30, 2022 $ 6,728,838 $ 10,798,780 $ 1,388,392 $ 18,916,010 Additions – – 799,719 799,719 Construction in process – 2,087,599 – 2,087,599 Balance, December 31, 2022 $ 6,728,838 $ 12,886,379 $ 2,188,111 $ 21,803,328 Accumulated Depreciation: Balance, June 30, 2022 $ – $ – $ 39,115 $ 39,115 Additions – – 35,981 35,981 Balance, December 31, 2022 $ – $ – $ 75,096 $ 75,096 Carrying Amounts: Balance, June 30, 2022 $ 6,728,838 $ 10,798,780 $ 1,349,277 $ 18,876,895 Balance, December 31, 2022 $ 6,728,838 $ 12,886,379 $ 2,113,015 $ 21,728,232 The building and equipment expenditures are primarily under construction and are not commissioned for use as of December 31, 2022. In February 2021, the Company entered into an agreement to purchase land with a fair value of $ 85,000 September 2021 186,779 |
Mining Properties
Mining Properties | 6 Months Ended |
Dec. 31, 2022 | |
Mining Properties | |
Mining Properties | 4. Mining Properties During the six months ended December 31, 2022, the Company exercised its option to purchase unpatented mining claims in Tonopah, NV for total costs of $ 8.2 million, of which $ 150,000 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Intangible Assets
Intangible Assets | 6 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Schedule of Intangible Assets Water Rights Balance, June 30, 2022 $ 3,851,899 Additions – Disposals – Balance, December 31, 2022 $ 3,851,899 To date, the Company has purchased water rights in the City of Fernley, Nevada for approximately $ 3.9 The Company evaluates noteworthy events for necessary adjustment to the carrying value of intangible assets, on a quarterly basis. The Company did not recognize any impairment on its intangible assets for the six months ended December 31, 2022 and 2021. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions The Company recorded no related party transactions during the six months ended December 31, 2022 and 2021. On June 30, 2022 and December 31, 2022, the Company did not have any related party assets or liabilities. |
Leases
Leases | 6 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 7. 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 condensed consolidated balance sheets, while lease liabilities are included within the liability section of the Company’s condensed consolidated balance sheets as of June 30, 2022, and December 31, 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 7. Leases (continued) 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 8.00 The Company occupies office facilities under lease agreements that expire at various dates. The Company does not have any significant finance leases. Total operating lease costs for the six months ended December 31, 2022, and 2021 were $ 97,000 and $ 15,000 As of December 31, 2022, short term lease liabilities of $ 114,685 Schedule of Operating Lease ROU Assets and Lease Liabilities December 31, 2022 June 30, 2022 Operating lease right–of–use asset $ 193,678 $ 244,203 Operating lease liabilities $ 231,816 $ 274,794 The table below presents the maturities of operating lease liabilities as of December 31, 2022: Schedule of Maturity of Operating Lease Liabilities December 31, 2023 $ 129,098 December 31, 2024 121,868 Total lease payments 250,966 Less: discount (19,150 ) Total operating lease liabilities $ 231,816 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 December 31, 2022. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 1.83 Weighted average discount rate 8.00 % AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity The Company’s authorized common stock consists of 1,200,000,000 0.001 Series A Preferred Stock The Company has 500,000 0.001 nil On January 27, 2022, the Company redeemed all outstanding shares of Series A Preferred Stock. Series B Preferred Stock The Company has 2,000,000 10.00 nil Series C Preferred Stock The Company has 2,000,000 10.00 nil On December 18, 2020, the Company issued 48.29 241,450 50,000 2.4 million 5,000 80 400,000 0.25 March 31, 2023 8% In addition, on December 18, 2020, the Company issued 8 40,000 400,000 381,622 18,378 During the six months ended December 31, 2021, the Series C Preferred Stockholders converted 180,000 14,400,000 On February 2, 2022, the Company issued a Mandatory Conversion Notice to the remaining Series C Preferred stockholders. The notice converted all outstanding shares of Series C Preferred Stock to common stock at a conversion ratio of 80 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 8. Stockholders’ Equity (continued) Common Stock Six months ended December 31, 2022 During the period, the Company issued 1,827,188 1,827 850,000 490,000 During the period, the Company issued 4,000,000 4,000 2.0 1.4 0.6 During the period the Company issued 150,129 104,000 60,000 During the period, the Company recognized stock-based compensation of approximately $ 3.5 million 1.6 Six months ended December 31, 2021 During the period, the Company issued 14,400,000 180,000 80 During the period, the Company issued 25,389,611 39.1 million 1.54 1.75 five years 2.2 million 1,955,000 1.54 three years 2.7 million 166% 0.56% three years During the period, the Company issued 4,500,000 5,625,216 337,500 250,000 18,750 During the period, the Company issued 3,000,000 4.0 million During the period, the Company issued 10,105,258 15.7 million 7,024,040 11.0 2,066,045 3.3 million 2,035,000 2.6 million On April 2, 2021, the Company entered into a purchase agreement with Tysadco Partners LLC, a Delaware limited company (“Tysadco”). Pursuant to the agreement, Tysadco committed to purchase up to $ 75.0 10.0 . During the period, the Company issued 3,000,000 common shares for proceeds of $ 4.0 . AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Share Purchase Warrants
Share Purchase Warrants | 6 Months Ended |
Dec. 31, 2022 | |
Share Purchase Warrants | |
Share Purchase Warrants | 9. Share Purchase Warrants Schedule of Share Purchase Warrants Activity Number of Warrants Weighted Average Exercise Price Balance, June 30, 2022 40,210,611 $ 1.21 Issued - $ - Exercised - $ - Expired - $ - Balance, December 31, 2022 40,210,611 $ 1.21 Additional information regarding share purchase warrants as of December 31, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Range of Exercise Prices Number of Warrants Weighted Average Remaining Contractual Life (years) $ 0.08 11,250,000 1.8 $ 0.25 1,616,000 1.0 $ 1.54 1,955,000 1.7 $ 1.75 25,389,611 3.7 40,210,611 3.0 |
Restricted Shares & Restricted
Restricted Shares & Restricted Share Units | 6 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Shares & Restricted Share Units | 10. Restricted Shares & Restricted Share Units Under the 2021 Equity Incentive Plan (“the Plan”), the Company is authorized to issue up to 60,000,000 shares to employees and non-employees of the Company. Several employees, officers, and directors have been granted service-based Restricted Shares unites (“RSUs”). The service based RSUs generally vest over a four-year period AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 10. Restricted Shares & Restricted Share Units (Continued) During the six months ended, the Company granted 27.2 million 13.8 11.1 million RSUs 5.7 The table below is inclusive of both restricted share awards (“RSAs”) and RSUs for the period ended December 31, 2022: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Average Grant Date Fair Value per Unit Unvested awards at June 30, 2022 350,000 $ 0.82 Granted 27,183,616 0.51 Vested (1,920,938 ) 0.54 Forfeitures - - Unvested awards at December 31, 2022 25,612,678 0.51 As units are granted, stock-based compensation equivalent to the fair market value on the date of grant is expensed over the requisite service period, as acceptable under ASC 718, “Stock-Based Compensation.” During the six-months ended December 31, 2022, the Company recognized stock-based compensation of approximately $ 3.5 million, including $ 1.6 million to officers and directors of the company. The Company recognized stock-based compensation expense in the respective line items of the condensed consolidated statements of operations for the six months ended: Schedule of Stock-Based Compensation Expense December 31, 2022 December 31, 2021 General and administrative $ 2,460,584 - Research and development 759,681 - Exploration 303,040 - Stock-based compensation expense $ 3,523,305 - As of December 31, 2022, there was approximately $ 10.4 3.3 Executive officers and selected other key employees are eligible to receive common share performance-based awards, as determined by the board of directors. The payouts, in the form of unrestricted common shares, vary based on the degree to which corporate operating objectives are met. These performance-based awards typically include a service-based requirement which is generally four-years. No granting of these awards occur until performance thresholds are achieved. For the three and six months ended December 31, 2022 and 2021, there have been no performance-based awards granted to officers or employees of the Company. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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. Operating Leases We lease our principal office location in Reno, Nevada. We also lease 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 “Leases,” we have recorded the principal office lease in our 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 mining operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. ABTC has satisfied financial assurance requirements using a combination of cash bonds and surety bonds. The amount of financial assurance ABTC is required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At December 31, 2022, ABTC’s financial assurance obligations associated with U.S. mine closure and reclamation/restoration cost estimates totaled approximately $ 20,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On January 6, 2023, the Company executed new Employment Agreement with Scott Jolcover, Chief Resource Officer. The Agreement is a two 240,000 75% 300,000 500,000 three On January 10, 2023, the Company executed new Employment Agreement with Andres Meza, Chief Operating Officer, The Agreement is a two 275,000 75% 500,000 1.0 million four During January 2023, the Company issued 1,477,187 685,000 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 condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | a) Basis of Presentation and Principles of Consolidation The condensed 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 condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive), 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 disclosed in “General and administrative” expenses on the Statements of Operations have been reclassified to “Research and development” expense for consistency with the current year presentation. These reclassifications have no effect on the previously reported results of operations and cash flows for the three and six months ended December 31, 2021. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) |
Interim Financial Statements | b) Interim Financial Statements These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The interim financial statements and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10–K for the fiscal year ended June 30, 2022. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Use of Estimates | c) Use of Estimates The preparation of these condensed 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 period. 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 will be affected. |
Loss per Share | d) 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 awards and warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. On December 31, 2022, the Company had 65,651,414 40,210,611 25,440,803 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) |
Mining Properties | e) Mining Properties Costs of lease, exploration, carrying and retaining unproven mineral properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it will enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights which are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. |
Research and development costs | f) Research and development costs Research and development (“R&D”) costs are accounted for in accordance with ASC 730, “Research and Development.” ASC 730-10-25 requires that all R&D costs be recognized as an expense as incurred. However, some costs associated with R&D activities that have an alternative future use (e.g., materials, equipment, facilities) may be capitalizable. The Company has been awarded federal grant awards for specific R&D programs. Under ASU No. 2021-10 “Government Assistance,” the Company recognizes invoiced government funds as an offset to R&D costs in the period the qualifying costs are incurred. The Company believes this best reflects the expected net expenditures associated with these programs. |
Recent Accounting Pronouncements | g) Recent Accounting Pronouncements 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended December 31, 2022 (unaudited) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment Land Building Equipment Total Cost: Balance, June 30, 2022 $ 6,728,838 $ 10,798,780 $ 1,388,392 $ 18,916,010 Additions – – 799,719 799,719 Construction in process – 2,087,599 – 2,087,599 Balance, December 31, 2022 $ 6,728,838 $ 12,886,379 $ 2,188,111 $ 21,803,328 Accumulated Depreciation: Balance, June 30, 2022 $ – $ – $ 39,115 $ 39,115 Additions – – 35,981 35,981 Balance, December 31, 2022 $ – $ – $ 75,096 $ 75,096 Carrying Amounts: Balance, June 30, 2022 $ 6,728,838 $ 10,798,780 $ 1,349,277 $ 18,876,895 Balance, December 31, 2022 $ 6,728,838 $ 12,886,379 $ 2,113,015 $ 21,728,232 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets Water Rights Balance, June 30, 2022 $ 3,851,899 Additions – Disposals – Balance, December 31, 2022 $ 3,851,899 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | Schedule of Operating Lease ROU Assets and Lease Liabilities December 31, 2022 June 30, 2022 Operating lease right–of–use asset $ 193,678 $ 244,203 Operating lease liabilities $ 231,816 $ 274,794 |
Schedule of Maturity of Operating Lease Liabilities | Schedule of Maturity of Operating Lease Liabilities December 31, 2023 $ 129,098 December 31, 2024 121,868 Total lease payments 250,966 Less: discount (19,150 ) Total operating lease liabilities $ 231,816 |
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 December 31, 2022. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 1.83 Weighted average discount rate 8.00 % |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Warrants Weighted Average Exercise Price Balance, June 30, 2022 40,210,611 $ 1.21 Issued - $ - Exercised - $ - Expired - $ - Balance, December 31, 2022 40,210,611 $ 1.21 |
Schedule of Additional Information Regarding Share Purchase Warrants | Additional information regarding share purchase warrants as of December 31, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Range of Exercise Prices Number of Warrants Weighted Average Remaining Contractual Life (years) $ 0.08 11,250,000 1.8 $ 0.25 1,616,000 1.0 $ 1.54 1,955,000 1.7 $ 1.75 25,389,611 3.7 40,210,611 3.0 |
Restricted Shares & Restricte_2
Restricted Shares & Restricted Share Units (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Shares and Restricted Share Units Non-vested | The table below is inclusive of both restricted share awards (“RSAs”) and RSUs for the period ended December 31, 2022: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Average Grant Date Fair Value per Unit Unvested awards at June 30, 2022 350,000 $ 0.82 Granted 27,183,616 0.51 Vested (1,920,938 ) 0.54 Forfeitures - - Unvested awards at December 31, 2022 25,612,678 0.51 |
Schedule of Stock-Based Compensation Expense | The Company recognized stock-based compensation expense in the respective line items of the condensed consolidated statements of operations for the six months ended: Schedule of Stock-Based Compensation Expense December 31, 2022 December 31, 2021 General and administrative $ 2,460,584 - Research and development 759,681 - Exploration 303,040 - Stock-based compensation expense $ 3,523,305 - |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 6,196,970 | $ 4,085,479 | $ 8,631,424 | $ 24,058,765 | |
Net cash used in operating activities | 7,366,547 | $ 4,336,239 | |||
Accumulated deficit | $ 147,266,792 | $ 147,266,792 | $ 138,635,368 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | 6 Months Ended |
Dec. 31, 2022 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of potentially dilutive shares | 65,651,414 |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of potentially dilutive shares | 40,210,611 |
Restricted Stock Units (RSUs) [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of potentially dilutive shares | 25,440,803 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) | 6 Months Ended |
Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | $ 18,916,010 |
Cost, Additions | 799,719 |
Cost, Construction in process | 2,087,599 |
Cost, ending | 21,803,328 |
Accumulated Depreciation, Additions | 35,981 |
Accumulated Depreciation, beginning | 39,115 |
Accumulated Depreciation, ending | 75,096 |
Carrying Amounts, beginning | 18,876,895 |
Carrying Amounts, ending | 21,728,232 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 6,728,838 |
Cost, Additions | |
Cost, Construction in process | |
Cost, ending | 6,728,838 |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 6,728,838 |
Carrying Amounts, ending | 6,728,838 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 10,798,780 |
Cost, Additions | |
Cost, Construction in process | 2,087,599 |
Cost, ending | 12,886,379 |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 10,798,780 |
Carrying Amounts, ending | 12,886,379 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 1,388,392 |
Cost, Additions | 799,719 |
Cost, Construction in process | |
Cost, ending | 2,188,111 |
Accumulated Depreciation, Additions | 35,981 |
Accumulated Depreciation, beginning | 39,115 |
Accumulated Depreciation, ending | 75,096 |
Carrying Amounts, beginning | 1,349,277 |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Carrying Amounts, ending | $ 2,113,015 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Impairment of assets | $ 186,779 | |||
Purchase Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Purchase of of land | $ 85,000 | |||
Impairment of assets | $ 186,779 |
Mining Properties (Details Narr
Mining Properties (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Mineral claim prepaid expenses and deposit | $ 150,000 | |
Mining Properties and Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Payments to Acquire Mining Assets | $ 8,200,000 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) | 6 Months Ended |
Dec. 31, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | $ 3,851,899 |
Additions | 3,900,000 |
Balance ending | 3,851,899 |
Water Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | 3,851,899 |
Additions | |
Disposals | |
Balance ending | $ 3,851,899 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) $ in Millions | 6 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Payments to acquire intangible assets | $ 3.9 |
Schedule of Operating Lease ROU
Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Leases | ||
Operating lease right–of–use asset | $ 193,678 | $ 244,203 |
Operating lease liabilities | $ 231,816 | $ 274,794 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Leases | ||
December 31, 2023 | $ 129,098 | |
December 31, 2024 | 121,868 | |
Total lease payments | 250,966 | |
Less: discount | (19,150) | |
Total operating lease liabilities | $ 231,816 | $ 274,794 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate (Details) | Dec. 31, 2022 |
Leases | |
Weighted average lease term (years) | 1 year 9 months 29 days |
Weighted average discount rate | 8% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Percentage of discount rate | 8% | |
Operating lease costs | $ 97,000 | $ 15,000 |
Short term lease liabilities | $ 114,685 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Feb. 02, 2022 | Apr. 02, 2021 | Dec. 18, 2020 | Dec. 18, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | |||||||||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Stock issued during period value | $ 1,353,707 | $ 1,353,707 | ||||||||||
Vesting stock based awards to employee, value | ||||||||||||
Fair value of shares issued for services | 13,074 | $ 1,664,394 | 36,679 | $ 18,733,600 | ||||||||
Stock issued during period value | 36,938,651 | |||||||||||
Proceeds from issuance of common stock | 43,088,006 | |||||||||||
Assets | 13,697,269 | 13,697,269 | $ 29,888,992 | |||||||||
Stockholders equity | $ 45,916,326 | $ 55,339,091 | $ 19,440,605 | 45,916,326 | 55,339,091 | $ 47,319,271 | 49,634,059 | $ 57,766,184 | ||||
Stock based compensation | $ 3,523,305 | |||||||||||
Warrants term | 3 years | 3 years | ||||||||||
Share issuance costs | 2,161,350 | |||||||||||
Proceeds from issuance of warrants | $ 318,750 | |||||||||||
Share Purchase Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period, shares | 3,000,000 | |||||||||||
Proceeds from issuance of common stock | $ 4,000,000 | |||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock | $ 4,000,000 | |||||||||||
Share purchase description | Tysadco committed to purchase up to $75.0 million worth of the Company’s common stock over a period of 24 months. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $10.0 million in common stock 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 of the median share price during the five trading days, commencing on the first trading day following delivery and clearing of the delivered shares, with a minimum request of $25,000 | |||||||||||
Options issued to purchase common stock | 3,000,000 | 3,000,000 | ||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares purchased | $ 75,000,000 | |||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Shares committed to purchase | $ 10,000,000 | |||||||||||
Officers and Directors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock based compensation | $ 1,600,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period, shares | 4,000,000 | 4,000,000 | ||||||||||
Stock issued during period value | $ 4,000 | $ 4,000 | ||||||||||
Conversion of stock, common shares issued | 14,400,000 | |||||||||||
Vesting stock based awards to employee, shares | 1,827,188 | 1,827,188 | ||||||||||
Vesting stock based awards to employee, value | $ 1,827 | $ 1,827 | ||||||||||
Fair value of shares issued for services | 150 | $ 1,020 | 150 | $ 10,105 | ||||||||
Stock issued during period shares | 25,389,611 | |||||||||||
Stock issued during period value | $ 25,390 | |||||||||||
Stockholders equity | $ 650,116 | $ 631,788 | 573,268 | $ 650,116 | $ 631,788 | 644,139 | 644,139 | 629,768 | ||||
Stock issued during period shares for services | 150,129 | 1,019,527 | 150,129 | 10,105,258 | ||||||||
Equity fair value disclosure | $ 15,700,000 | $ 15,700,000 | ||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period, shares | 25,389,611 | |||||||||||
Warrant exercise price | $ 1.75 | $ 1.75 | ||||||||||
Proceeds from issuance of common stock | $ 39,100,000 | |||||||||||
Shares issued price per share | $ 1.54 | $ 1.54 | ||||||||||
Warrants term | 5 years | 5 years | ||||||||||
Common Stock [Member] | Professional Services [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of shares issued for services | $ 104,000 | $ 3,300,000 | ||||||||||
Stock issued during period shares for services | 150,129 | 2,066,045 | ||||||||||
Common Stock [Member] | Share Purchase Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period shares | 4,000,000 | |||||||||||
Common Stock [Member] | Employees And Director [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vesting stock based awards to employee, shares | 1,827,188 | |||||||||||
Vesting stock based awards to employee, value | $ 1,827 | |||||||||||
Common Stock [Member] | Officer [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vested shares of common stock, shares | 850,000 | |||||||||||
Fair value of shares issued for services | $ 490,000 | |||||||||||
Common Stock [Member] | Board of Directors Chairman [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock based compensation | 1,600,000 | |||||||||||
Common Stock [Member] | Officers and Directors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of shares issued for services | $ 11,000,000 | |||||||||||
Stock issued during period shares for services | 7,024,040 | |||||||||||
Common Stock [Member] | Board Members [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of shares issued for services | $ 2,600,000 | |||||||||||
Stock issued during period shares for services | 2,035,000 | |||||||||||
Share Purchase Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period value | 4,000 | |||||||||||
Common Stock Issuable [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Vesting stock based awards to employee, value | ||||||||||||
Fair value of shares issued for services | (90,515) | $ 224,500 | (66,910) | $ 3,075,500 | ||||||||
Stock issued during period value | ||||||||||||
Stockholders equity | 8,090 | 3,304,500 | 247,750 | 8,090 | 3,304,500 | 98,605 | 75,000 | 3,080,000 | ||||
Common Stock Issuable [Member] | Professional Services [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of shares issued for services | 60,000 | |||||||||||
Common Stock Issuable [Member] | Share Purchase Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock | 2,000,000 | |||||||||||
Assets | 1,400,000 | 1,400,000 | ||||||||||
Stockholders equity | 600,000 | 600,000 | ||||||||||
Additional Paid-in Capital [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period value | 2,003,974 | 2,003,974 | ||||||||||
Vesting stock based awards to employee, value | (1,827) | (1,827) | ||||||||||
Fair value of shares issued for services | 103,439 | 1,438,874 | 103,439 | 15,647,995 | ||||||||
Stock issued during period value | 36,913,261 | |||||||||||
Stockholders equity | $ 193,179,179 | $ 180,279,474 | $ 121,615,738 | 193,179,179 | $ 180,279,474 | $ 187,646,349 | $ 187,550,288 | $ 178,716,600 | ||||
Stock based compensation | $ 3,500,000 | |||||||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period, shares | 4,500,000 | |||||||||||
Purchase of warrants, shares | 1,955,000 | 250,000 | 1,955,000 | |||||||||
Warrant exercise price | $ 1.54 | $ 1.54 | ||||||||||
Warrants term | 3 years | 3 years | ||||||||||
Fair value of warrants | $ 2,700,000 | |||||||||||
Volatility | 166% | |||||||||||
Risk free interest rate | 0.56% | |||||||||||
Expected life | 3 years | |||||||||||
Stock issued during period shares exercise of warrants | 5,625,216 | |||||||||||
Proceeds from issuance of warrants | $ 337,500 | |||||||||||
Proceeds from warrant exercises | $ 18,750 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | |||||||||
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock shares issued | ||||||||||||
Preferred stock shares outstanding | ||||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||
Preferred stock, par or stated value per share | $ 10 | $ 10 | $ 10 | |||||||||
Preferred stock shares issued | ||||||||||||
Preferred stock shares outstanding | ||||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||
Preferred stock, par or stated value per share | $ 10 | $ 10 | $ 10 | |||||||||
Preferred stock shares issued | ||||||||||||
Preferred stock shares outstanding | ||||||||||||
Preferred units issued | 48.29 | 48.29 | ||||||||||
Stock issued during period, shares | 241,450 | |||||||||||
Stock issued during period value | $ 50,000 | |||||||||||
Proceeds from issuance of preferred stock | $ 2,400,000 | |||||||||||
Preferred stock conversion ratio shares | 5,000 | 5,000 | 0.80 | 0.80 | ||||||||
Conversion of stock, converted shares | 80 | 80 | 180,000 | 180,000 | ||||||||
Purchase of warrants, shares | 400,000 | 400,000 | ||||||||||
Warrant exercise price | $ 0.25 | $ 0.25 | ||||||||||
Warrant date | Mar. 31, 2023 | Mar. 31, 2023 | ||||||||||
Preferred stock dividend rate percentage | 8% | |||||||||||
Conversion of stock, common shares issued | 14,400,000 | |||||||||||
Series C Preferred Stock [Member] | Eight Units [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred units issued | 8 | 8 | ||||||||||
Stock issued during period, shares | 40,000 | |||||||||||
Fair value of conversion | $ 400,000 | |||||||||||
Notes payable | $ 381,622 | 381,622 | ||||||||||
Accrued interest | $ 18,378 | $ 18,378 |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) | 6 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Purchase Warrants | |
Number of warrants, Beginning Balance | shares | 40,210,611 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 1.21 |
Number of warrants, Issued | shares | |
Weighted average exercise price, Issued | $ / shares | |
Number of warrants, Exercised | shares | |
Weighted average exercise price, Exercised | $ / shares | |
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 | Dec. 31, 2022 | Jun. 30, 2022 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 40,210,611 | 40,210,611 |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 3 years | |
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) | 1 year 9 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 | |
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) | 1 year 8 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) | 3 years 8 months 12 days |
Schedule of Restricted Shares a
Schedule of Restricted Shares and Restricted Share Units Non-vested (Details) | 6 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Non-vested, Beginning | shares | 350,000 |
Weighted average grant date fair value, Beginning | $ / shares | $ 0.82 |
Non-vested, Granted | shares | 27,183,616 |
Weighted average grant date fair value, Granted | $ / shares | $ 0.51 |
Non-vested, Vested | shares | (1,920,938) |
Weighted average grant date fair value, Vested | $ / shares | $ 0.54 |
Non-vested, Forfeitures | shares | |
Weighted average grant date fair value, Forfeitures | $ / shares | |
Non-vested, Ending | shares | 25,612,678 |
Weighted average grant date fair value, Ending | $ / shares | $ 0.51 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation Expense (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 3,523,305 | |
General And Administrative [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 2,460,584 | |
Research And Development [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 759,681 | |
Exploration [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 303,040 |
Restricted Shares & Restricte_3
Restricted Shares & Restricted Share Units (Details Narrative) - USD ($) | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 1,200,000,000 | 1,200,000,000 | |
Number of restricted shares issued, shares | 27,183,616 | ||
Grant date fair value | $ 0.51 | ||
Share–based compensation – employees | $ 3,523,305 | ||
Restricted stock expense | $ 10,400,000 | ||
Remaining weighted average period | 3 years 3 months 18 days | ||
Officers and Directors [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share–based compensation – employees | $ 1,600,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Award vest period | 4 years | ||
Number of restricted shares issued, shares | 27.2 | ||
Number of restricted shares issued, shares | $ 13,800,000 | ||
Number of grant issued, shares | 11.1 | ||
Grant date fair value | $ 5,700,000 | ||
Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 60,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Reclamation cost | $ 20,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | |||
Jan. 10, 2023 | Jan. 06, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||||
Warrants, expiration period (in years) | 3 years | |||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period, shares, issued for services | 1,477,187 | |||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Officer [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period, shares, issued for services | 685,000 | |||
Subsequent Event [Member] | New Employment Agreement [Member] | Scott Jolcover [Member] | ||||
Subsequent Event [Line Items] | ||||
Terms of agreement (in years) | 2 years | |||
Annual base salary | $ 240,000 | |||
Percentage of cash bonus of annual base salary | 75% | |||
Warrants | $ 500,000 | |||
Warrants, expiration period (in years) | 3 years | |||
Subsequent Event [Member] | New Employment Agreement [Member] | Scott Jolcover [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Subsequent Event [Line Items] | ||||
Award of RSU's amount | $ 300,000 | |||
Subsequent Event [Member] | New Employment Agreement [Member] | Andres Meza [Member] | ||||
Subsequent Event [Line Items] | ||||
Terms of agreement (in years) | 2 years | |||
Annual base salary | $ 275,000 | |||
Percentage of cash bonus of annual base salary | 75% | |||
Warrants | $ 1,000,000 | |||
Warrants, expiration period (in years) | 4 years | |||
Subsequent Event [Member] | New Employment Agreement [Member] | Andres Meza [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Subsequent Event [Line Items] | ||||
Award of RSU's amount | $ 500,000 |