Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 26, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
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 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 | $ 264.4 | ||
Entity Common Stock, Shares Outstanding | 46,254,354 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Marcum LLP | ||
Auditor Firm ID | 688 | ||
Auditor Location | Costa Mesa, CA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets | ||
Cash | $ 2,320,149 | $ 28,989,166 |
Investments | 11,250 | 21,013 |
Inventory (Note 3) | 125,204 | |
Grants receivable (Note 4) | 320,457 | |
Prepaid expenses and deposits | 1,625,980 | 878,813 |
Subscription receivable | 350,550 | |
Total current assets | 4,753,590 | 29,888,992 |
Other deposits (Note 5) | 27,740,587 | |
Property and equipment, net (Note 6) | 29,946,099 | 18,876,895 |
Mining properties (Note 7) | 8,223,323 | |
Intangible assets (Note 8) | 3,851,899 | 3,851,899 |
Right-of-use asset (Note 11) | 143,154 | 244,203 |
Total assets | 74,658,652 | 52,861,989 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 9) | 7,389,864 | 3,052,141 |
Notes payable (Note 10) | 6,000,000 | |
Total current liabilities | 13,389,864 | 3,052,141 |
Long-term liabilities (Note 11) | 54,304 | 175,789 |
Total liabilities | 13,444,168 | 3,227,930 |
Commitments and contingencies (Note 17) | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock Authorized: 80,000,000 common shares, par value of $0.001 per share; Issued and outstanding: 45,888,131 and 42,942,576 common shares as of June 30, 2023 and June 30, 2022, respectively | 45,887 | 42,943 |
Additional paid-in capital | 222,626,865 | 188,151,484 |
Common stock issuable | (1,484,693) | 75,000 |
Accumulated deficit | (159,973,575) | (138,635,368) |
Total stockholders’ equity | 61,214,484 | 49,634,059 |
Total liabilities and stockholders’ equity | 74,658,652 | 52,861,989 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | ||
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | ||
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 45,888,131 | 42,942,576 |
Common stock, shares outstanding | 45,888,131 | 42,942,576 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 33,334 | 33,334 |
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 | 133,334 | 133,334 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 66,667 | 66,667 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses | ||
General and administrative | $ 11,960,831 | $ 31,698,072 |
Research and development | 7,703,895 | 963,390 |
Exploration | 1,910,548 | 887,919 |
Impairment of assets (Note 6) | 186,779 | |
Total operating expenses | 21,575,274 | 33,736,160 |
Net loss before other income (expense) | (21,575,274) | (33,736,160) |
Other income (expense) | ||
Accretion and interest expense | (128,560) | (20) |
Unrealized loss on investment | (9,764) | (28,987) |
Gain on sale of mining claims | 298,391 | 153,393 |
Other income | 77,000 | 71,812 |
Total other income | 237,067 | 196,198 |
Net loss attributable to common stockholders | $ (21,338,207) | $ (33,539,962) |
Net loss per share, basic | $ (0.49) | $ (0.80) |
Net loss per share, diluted | $ (0.49) | $ (0.80) |
Weighted average shares outstanding, basic | 43,754,913 | 41,738,537 |
Weighted average shares outstanding, diluted | 43,754,913 | 41,738,537 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - 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] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2021 | $ 33 | $ 138,470 | $ 38,218 | $ 124,089,785 | $ 247,750 | $ (105,073,651) | $ 19,440,605 |
Beginning balance, shares at Jun. 30, 2021 | 33,334 | 13,847 | 38,217,844 | ||||
Shares issued for services | $ 959 | 20,582,985 | (154,000) | 20,429,944 | |||
Shares issued for services, shares | 958,581 | ||||||
Shares issued upon vesting of share-based awards | $ 126 | (126) | |||||
Shares issued upon vesting, shares | 126,129 | ||||||
Stock-based compensation expense | 1,233,155 | 1,233,155 | |||||
Shares issued from private placement, net of issuance costs | $ 1,693 | 36,936,958 | 36,938,651 | ||||
Shares issued from private placement, net of issuance costs, shares | 1,692,641 | ||||||
Shares reclaimed from former professional service proider, shares | $ (58,712) | ||||||
Net loss for the period | (33,539,962) | (33,539,962) | |||||
Shares withheld from employees for tax remittance | $ (29) | (313,305) | (313,334) | ||||
Shares withheld from employees for tax remittance, shares | (28,932) | ||||||
Shares reclaimed from former executive | $ (67) | 67 | |||||
Shares reclaimed from former executive, shares | (66,667) | ||||||
Net shares reclaimed as part of legal settlements | $ (280) | 560,280 | 560,000 | ||||
Net shares reclaimed as part of legal settlements, shares | (280,000) | ||||||
Shares issued for exercise of warrants | $ 1,015 | 936,485 | (18,750) | 918,750 | |||
Shares issued for exercise of warrants, shares | 1,015,247 | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (138,470) | $ 1,108 | 137,362 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (13,847) | 1,107,733 | |||||
Redemption of Series A preferred shares | $ 33 | 33 | |||||
Redemption of Series A preferred shares, shares | (33,334) | ||||||
Shares issued pursuant to share purchase agreement | $ 200 | 3,987,805 | 3,988,005 | ||||
Shares issued pursuant to share purchase agreement, shares | 200,000 | ||||||
Dividends declared | (21,755) | (21,755) | |||||
Balance at Jun. 30, 2022 | $ 42,943 | 188,151,484 | 75,000 | (138,635,368) | 49,634,059 | ||
Ending balance, shares at Jun. 30, 2022 | 42,942,576 | ||||||
Shares issued for services | $ 10 | 103,579 | (59,693) | 43,895 | |||
Shares issued for services, shares | 10,009 | ||||||
Shares issued upon vesting of share-based awards | $ 399 | (399) | |||||
Shares issued upon vesting, shares | 399,024 | ||||||
Stock-based compensation expense | 9,249,462 | 9,249,462 | |||||
Shares issued pursuant to share purchase agreement | $ 433 | 3,908,490 | 39,089,234 | ||||
Shares issued pursuant to share purchase agreement, shares | 433,333 | ||||||
Shares issued towards plant acquisition | $ 733 | 7,358,267 | (1,500,000) | 5,859,000 | |||
Shares issued towards plant acquistion, shares | 733,333 | ||||||
Shares issued pursuant to registration statement | $ 952 | 8,856,399 | 8,857,351 | ||||
Shares issued pursuant to registration statement, shares | 952,381 | ||||||
Shares issued from private placement, net of issuance costs | $ 476 | 4,999,524 | $ 5,000,000 | ||||
Shares issued from private placement, net of issuance costs, shares | 476,187 | 33,333 | |||||
Shares reclaimed from former professional service proider, shares | $ (59) | 59 | |||||
Net loss for the period | (21,338,207) | $ (21,338,207) | |||||
Shares reclaimed from former executive, shares | 66,667 | ||||||
Balance at Jun. 30, 2023 | $ 45,888 | $ 222,626,865 | $ (1,484,693) | $ (159,973,575) | $ 61,214,484 | ||
Ending balance, shares at Jun. 30, 2023 | 45,888,131 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net loss attributable to stockholders | $ (21,338,207) | $ (33,539,962) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 96,681 | 47,262 |
Amortization of right-of-use asset | 101,049 | 67,367 |
Unrealized loss on investment | 9,764 | 28,987 |
Loss on impairment | 186,779 | |
Stock-based compensation | 9,249,462 | 1,233,155 |
Shares issued for professional services | 43,895 | 20,429,944 |
Expense recognized pursuant to legal action | 560,000 | |
Shares issued to settle mining claims | (50,000) | |
Changes in operating assets and liabilities: | ||
Inventory | (125,204) | |
Other receivables | (320,457) | |
Prepaid expenses and deposits | (897,167) | 413,403 |
Accounts payable and accrued liabilities | (187,796) | 650,717 |
Due to related parties | (205,646) | |
Net Cash Used in Operating Activities | (13,367,980) | (10,177,994) |
Investing Activities | ||
Other acquisition deposits | (21,881,587) | |
Acquisition of property and equipment | (6,761,851) | (12,873,975) |
Purchase of mining properties | (8,073,323) | |
Purchase of water rights/intangible assets | (2,208,739) | |
Net Cash Used in Investing Activities | (36,716,761) | (15,082,714) |
Financing Activities | ||
Dividends paid | (125,700) | |
Purchase of shares from employees | (313,334) | |
Proceeds from exercise of share purchase warrants | 918,750 | |
Principal paid on notes payable | 6,000,000 | |
Proceeds from issuance of common shares, net of issuance costs | 13,857,351 | 36,938,651 |
Proceeds from share purchase agreements | 3,558,373 | 3,988,005 |
Net Cash Provided by Financing Activities | 23,415,724 | 41,406,372 |
Change in Cash | (26,669,017) | 16,145,664 |
Cash – Beginning of Period | 28,989,166 | 12,843,502 |
Cash – End of Period | $ 2,320,149 | $ 28,989,166 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2023 | |
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 new entrant 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 the Company 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 a 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, 2023, the Company incurred a net loss of $ 21.3 13.4 160.0 The Company believes its cash holdings and subsequent funds raised, as further described in Note 18, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
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 ABMC AG, LLC (inactive). 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, 2022. On September 11, 2023, the Company effected a one-for-fifteen 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 three seven years The 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) 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. e) Intangible Assets 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. f) 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 awards. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At June 30, 2023, the Company had 7,465,736 5,729,360 1,736,376 g) 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, 2023 and 2022, the Company did not grant any stock options. The Company utilizes the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company records the expense attributed to share awards in accordance with US GAAP using the graded-vesting method whereby the Company amortizes the grant date fair value over the respective vesting period, beginning with the grant date. h) 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, 2023 and 2022, the Company has not capitalized any such mineral property costs. i) 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. j) Leases The Company follows the guidance of ASC 842 – Leases, which requires an entity to recognize a right-of-use (ROU”) asset 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. The Company assesses each of its identified uncertain positions and determines whether any potential penalties and interest liability should be accrued at the balance sheet dates. Due to the Company’s net loss position from inception to June 30, 2023, no provision for income taxes has been recorded. As a result of the Company’s cumulative losses to date, there exists little assurance as to the realization of the deferred tax asset. Accordingly, a valuation allowance equal to the total deferred tax asset has been recorded at June 30, 2023 and 2022. l) 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. The Company recognizes government assistance as a cost-offset to its research and development costs under IAS 20 – Accounting for Government Grants and Disclosures of Government Assistance. m) Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The fair value of any assets or liabilities that are short-term in nature and qualify as financial instruments under ASC 820, “Fair Value Measurement”, approximate the carrying amounts represented in the Company’s balance sheet. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The Company’s inventory as of June 30, 2023 was comprised of raw materials in the form of end-of-life battery feedstock. Inventories are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight. The table below presents total inventory at June 30: Schedule of Inventories 2023 2022 Raw materials $ 125,204 $ - |
Grants Receivable
Grants Receivable | 12 Months Ended |
Jun. 30, 2023 | |
Grants Receivable | |
Grants Receivable | 4. Grants Receivable Grants receivable represent qualifying costs incurred where there is reasonable assurance that the conditions of the grant have been met but the corresponding funds have not been received as of the reporting date. Accordingly, no allowance for doubtful accounts has been established. If amounts become uncollectible, they are charged to operations. Grants receivable balances were $ 320,457 21,013 |
Other Deposits
Other Deposits | 12 Months Ended |
Jun. 30, 2023 | |
Other Deposits | |
Other Deposits | 5. Other Deposits On March 1, 2023, the Company and Linico Corporation (“Linico”) entered into, and consummated, an Asset Purchase Agreement (“APA”) whereby the Company acquired specific tangible equipment and personal property for an aggregate purchase price of $ 6.0 100 21.6 27.6 21.0 733,333 On June 30, 2023, the Company and Seller entered into an amendment to the MIPA. Pursuant to the terms of the amended agreement, the parties agreed to (i) remove the requirement that $ 1.5 128,205 6 The Company evaluated the purchase price adjustment under ASC 815, Derivatives and Hedging, and determined it to be a make-whole provision, which is an embedded derivative within the host instrument. As the economic characteristics are dissimilar to the host instrument, the value of the guarantee was bifurcated from the host instrument. As of June 30, 2023, the Company has recorded $ 27.7 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment The table below presents the property, plant and equipment as of June 30, 2023 and 2022: Schedule of Property and Equipment Building Equipment Land Total Cost: Balance, June 30, 2022 $ 10,798,780 $ 1,414,317 $ 6,728,838 $ 18,941,935 Additions 6,709,706 4,456,179 - 11,165,885 Balance, June 30, 2023 $ 17,508,486 $ 5,870,496 6,728,838 $ 30,107,820 Accumulated Depreciation: Balance, June 30, 2022 $ - $ 65,040 $ - $ 65,040 Additions - 96,681 - 96,681 Balance, June 30, 2023 $ - $ 161,721 - $ 161,721 Carrying Amounts: Balance, June 30, 2022 $ 10,798,780 $ 1,349,277 $ 6,728,838 $ 18,876,895 Balance, June 30, 2023 $ 17,508,486 $ 5,708,775 6,728,838 $ 29,946,099 The building and equipment expenditures are primarily associated with assets under construction and are not commissioned for use as of June 30, 2023. In February 2021, the Company entered into an agreement to purchase land with a fair value of $ 85,000 186,779 |
Mining Properties
Mining Properties | 12 Months Ended |
Jun. 30, 2023 | |
Mining Properties | |
Mining Properties | 7. Mining Properties During the fiscal year ended June 30, 2023, the Company exercised its option to purchase unpatented mining claims in Tonopah, Nevada, USA for total costs of $ 8.2 0.2 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets As of June 30, 2023, the Company has purchased water rights for approximately $ 3.9 Schedule of Intangible Assets 2023 2022 Water rights $ 3,851,899 $ 3,851,899 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued liabilities | 9. Accounts payable and accrued liabilities The table below presents total accounts payable and accrued liabilities at June 30: Schedule of Accounts Payable and Accrued Liabilities 2023 2022 Trade payables $ 1,831,686 $ 344,071 Accrued fixed assets 4,404,034 752,736 Accrued expenses 1,032,660 1,855,559 Right-of-use liability, current 121,484 99,775 Total accounts payable and accrued liabilities $ 7,389,864 $ 3,052,141 As of June 30, 2023, the Company had a significant construction supplier that accounted for 28 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable | 10. Notes Payable On May 17, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with Mercuria Investments US, Inc. for pre-payment on the purchase of the Company’s recycled battery metal products. As such, inventory serves as collateral for outstanding balances. The Credit Agreement provides for an aggregate loan amount of up to $ 20 6 14 Borrowings under the Credit Agreement carry interest calculated as the secured overnight financing rate published on the Federal Reserve Bank of New York’s website, plus the applicable credit spread adjustment, based on the elected interest period, plus an applicable margin rate of 6%. The entirety of the note and related interest was paid in full pursuant to its new financing agreement entered into subsequent to June 30, 2023, as further described in Note 18. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 11. 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, 2023. 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 The Company occupies office facilities under lease agreements that expire at various dates, many of which do not exceed a year in length. Total operating lease costs for the fiscal year ended June 30, 2023, were approximately $ 101,050 213,000 As of June 30, 2023, short term lease liabilities of $ 121,484 Schedule of Operating Lease ROU Assets and Lease Liabilities 2023 2022 Operating lease right-of-use asset $ 143,154 $ 244,203 Operating lease liabilities $ 175,788 $ 274,794 The table below presents the maturities of operating lease liabilities as of June 30, 2023: Schedule of Maturity of Operating Lease Liabilities June 30, 2024 $ 131,197 June 30, 2025 55,395 Total lease payments 186,592 Less: discount (10,804 ) Total operating lease liabilities $ 175,788 Short-term operating lease liability $ 121,484 Long-term operating lease liability $ 54,304 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, 2023. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 1.33 Weighted average discount rate 8.00 % |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 12. Stockholders’ Equity Preferred Stock Our amended and restated articles of incorporation authorize shares of preferred stock and provide that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. To date, the Company has authorized a total of 1,666,667 233,334 Series A Preferred Stock The Company has 33,334 0.001 The shares allow the holder to vote the equivalent of 67 common shares for each share of Series A share in any vote of the shareholders of the Company and the Board is authorized to issue such shares as is necessary nil Series B Preferred Stock At June 30, 2023 and 2022, the Company has 133,334 10.00 nil Series C Preferred Stock At June 30, 2023 and 2022, the Company has 66,667 10.00 nil On December 18, 2020, the Company issued 48.29 units of Series C Preferred Stock ( 16,097 shares of Series C Preferred Stock) at $ 50,000 per unit for proceeds of approximately $ 2.4 million. Each unit is comprised of approximately 333 shares of Series C Preferred Stock, each convertible into approximately five shares of common stock, and a warrant to purchase approximately 26,667 common shares of the Company at $ 3.75 per share until June 30, 2023 . 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 approximately five shares of common stock for each share of Series C Preferred Stock. Each holder of Series C Preferred Stock was entitled to receive a non-cumulative dividend at an 8 % rate per share, per annum. On February 8, 2022, the Company issued $ 0.1 million in dividend payments to Series C stockholders that held shares from date of issuance to conversion. Common Stock At June 30, 2023 and 2022, 80.0 0.001 Fiscal year ended June 30, 2023 During the period, the Company issued 399,024 4.2 During the period, the Company issued 733,333 7.4 15 100 1.5 1.5 128,205 1.5 In March 2023, the Company entered into a share purchase agreement for the purchase and sale of 952,381 10.50 952,381 12.00 952,381 10.50 As part of the financing, the Company engaged a placement agent in connection with the offering and agreed to pay the placement agent a cash fee of 7.5% of the gross proceeds of the offering, a 1% expense allowance, and other reimbursable expenses. 57,143 13.13 8.9 In May 2023, the Company entered into multiple share purchase agreements for the purchase and sale of 476,187 million common shares at an issuance price of $ 10.50 per share. In addition to the issuance of common shares, the Company issued 476,187 Series A warrants that are exercisable into one common share of the Company at $ 12.00 per share for a period of five years from the date of issuance and 476,187 Series B warrants that are exercisable into one common share of the Company at $ 10.50 per share for a period of eighteen months from the date of issuance. The Company received net proceeds under this share purchase agreement of $ 5.0 million. On May 12, 2023, the Company entered into the First Amendment to Second Amended and Restated Membership Interest Purchase Agreement (the “Amendment”), which amended the Purchase Agreement, for the purchase of the Recycling Facility. Under the Amendment, the Selling Stockholder required the Company to deliver an additional 66,667 733,333 On April 2, 2021, the Company entered into a common share purchase agreement with Tysadco Partners, LLC (“Tysadco Agreement”). Pursuant to the Tysadco Agreement, Tysadco had committed to purchase, subject to certain restrictions and conditions, up to $75.0 million worth of the Company’s common stock over a 24-month period, expiring March 31, 2023. The Company shall then have the right to direct Tysadco to buy shares at a purchase price of 95% of the average of the 5-day median share price, with a minimum request of $25,000 400,000 3.6 Fiscal year ended June 30, 2023 On June 26, 2023, the Company filed a prospectus supplement related to the offer and sale from time to time of up to 1,666,667 Pursuant to the June Prospectus, the Company may offer and sell up to 1,666,667 common shares of the Company at a purchase price of 95% of the weighted-average of the 5-day median share price, with a minimum request of 33,333 shares. 33,333 2.7 During the period, the Company issued 10,009 104,000 60,000 On May 17, 2023, the Company reclaimed 58,712 Fiscal year ended June 30, 2022 During the period, the Company issued 1,107,733 13,847 80 During the period, the Company issued 1,692,641 39.1 23.10 26.25 2.2 130,334 23.10 2.7 166 0.56 three years During the period, the Company issued 200,000 4.0 During the period, the Company issued 1.0 1.0 0.9 During the period, the Company issued 958,581 20.4 387,008 8.7 200,749 4.8 0.1 During the period, the Company issued 126,129 1.3 During the period, the Company and a former executive agreed to reclaim 66,667 During the period, the Company reclaimed 266,667 53,334 0.6 During the period, the Company reclaimed 66,667 |
Share Purchase Warrants
Share Purchase Warrants | 12 Months Ended |
Jun. 30, 2023 | |
Share Purchase Warrants | |
Share Purchase Warrants | 13. Share Purchase Warrants During the fiscal year ended June 30, 2023, the Company received cashless warrant exercises of 50,000 45,545 Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2022 2,680,708 $ 18.15 Granted 3,098,652 $ 11.25 Exercised (50,000 ) $ (1.20 ) Expired - $ - Balance, June 30, 2023 5,729,360 $ 14.53 Additional information regarding share purchase warrants as of June 30, 2023, 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) $ 1.20 3.75 807,744 0.14 $ 6.60 13.20 3,098,641 1.60 $ 23.10 26.25 1,822,975 0.92 5,729,360 2.66 |
Share Awards
Share Awards | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Awards | 14. Share Awards The Company has established the 2021 Retention Plan (“the Retention Plan”) to issue shares in the effort to retain key executives, directors, and employees. The Retention Plan allows for several different types of awards to be granted, including but not limited to, restricted share units and restricted share awards, collectively referred to as “share awards”. Share awards generally have the same expense characteristics under US GAAP and generally all vest over a four 25 Under the Retention Plan, the Company is authorized to issue shares of common stock to employees and non-employees up to ten percent ( 10% The Company granted 2,152,232 126,129 17.8 1.7 815,433 6,667 6.6 0.1 The table below depict the share award activity for the period ended June 30, 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Average Grant Date Fair Value per Unit Unvested share awards at June 30, 2022 23,334 $ 12.30 Granted 2,152,232 $ 8.25 Vested (435,857 ) $ (8.25 ) Forfeitures (3,333 ) $ (7.50 ) Unvested awards at June 30, 2023 1,736,376 $ 8.25 As awards are granted, stock-based compensation equivalent to the fair market value on the date of grant is expensed over the requisite service period, using the graded vesting attribution method as acceptable under ASC 718, “Stock-Based Compensation.” The Company recognized stock-based compensation expense of $ 9.2 million and $ 1.2 million for the fiscal years ended June 30, 2023 and 2022, respectively. Of these amounts, $ 3.7 million and $ 0.1 As of June 30, 2023 and 2022, there were approximately $ 8.7 0.2 3.2 2.0 The table below presents the stock-based compensation expense per respective line item of the consolidated statements of operations for the fiscal years ended: Schedule of Stock-Based Compensation Expense June 30, 2023 June 30, 2022 General and administrative $ 4,817,645 $ 1,233,155 Research and development 3,735,528 - Exploration 696,289 - Stock-based compensation expense $ 9,249,462 $ 1,233,155 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 share awards, vary based on the degree to which corporate operating objectives are met. These performance-based awards typically include a service-based requirement, which a generally four-years. No granting of these awards occurs until performance thresholds are achieved. The Company has granted 1.2 nil |
Supplemental Statement of Cash
Supplemental Statement of Cash Flow Disclosures | 12 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flow Disclosures | 15. Supplemental Statement of Cash Flow Disclosures Schedule of Statement of Cash Flow Disclosures June 30, 2023 June 30, 2022 Supplemental disclosures: Interest paid (income) 128,560 (20 ) Non-cash investing and financing activities: Current liabilities associated with investing activities 4,404,034 752,736 Deposits capitalized to investing activities 150,000 – Fair value of common shares issued for investing activities 5,859,000 – Other receivables recognized as financing activities 350,550 – Fair value of lease liabilities capitalized during period – 311,570 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The Company has not recognized any income tax provisions for the fiscal years ended June 30, 2023 and 2022. The U.S. federal corporate statutory rate of 21.0 Schedule of Federal Income Tax provision 2023 2022 Net loss before taxes $ (21,338,207 ) $ (33,539,962 ) Statutory rate 21 % 21 % Computed expected tax recovery (4,481,024 ) (7,043,392 ) Section 162(m) adjustments – 2,264,757 Other permanent tax differences (5,107 ) 83,623 Adjustments to net operating loss 113,966 (2,832,937 ) Change in unrecognized tax benefits (8,495,803 ) 6,164,291 Change in valuation allowance 12,867,968 1,382,301 Income tax provision $ – $ – As of June 30, 2023, the Company had accumulated $ 93.3 7.1 expire in 2036 to 2038 86.2 We believe that it is more likely than not that the benefit from certain NOL carryforwards will not be realized. At June 30, 2023 and 2022, respectively, we have provided a valuation allowance of $ 21.0 8.2 The significant components of deferred income tax assets and liabilities at June 30, after applying the statutory corporate income tax rate, are as follows for the fiscal years ended June 30: Schedule of Deferred Income Tax Assets and Liabilities 2023 2022 Net operating losses $ 19,365,174 $ 8,174,021 Stock-based compensation 982,521 – Section 174 capitalization 679,037 – Other temporary differences 15,258 – Valuation allowance (21,041,989 ) (8,174,021 ) Net deferred tax asset $ – $ – Under the Tax Cuts and Jobs Act of 2017, research and development costs are no longer fully deductible and are required to be capitalized and amortized for U.S. tax purposes effective for fiscal years beginning after January 1, 2022. The mandatory capitalization requirement increases our deferred tax assets and is fully offset with the valuation allowance. The Company has recorded uncertain tax positions (“UTP”) that result in unrecognized tax benefits recorded on the books of the Company. The unrecognized tax benefits for the Company are as follows as of June 30: Schedule of Unrecognized Tax Benefits 2023 2022 Unrecognized tax benefits, beginning of period $ 8,715,253 $ 2,550,962 Decrease during the period (8,715,253 ) – Increase during the period 219,450 6,164,291 Unrecognized tax benefits, end of period $ 219,450 $ 8,715,253 At June 30, 2022, the Company recorded an UTP related to shares issued to service providers during open tax years. The Company has since filed all necessary tax returns and has paid approximately $ 75,000 The Company recognizes that it may be subject to provisions of Section 162(m) of the Internal Revenue Code, which limits the deductibility of compensation paid to certain executive officers in excess of $ 1.0 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. The Company files U.S. and state income tax returns with varying statutes of limitations. The tax returns for fiscal years ended September 30, 2016, to June 30, 2023, 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, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. 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. Except as otherwise identified herein, management is currently not aware of any such legal proceedings or claims that could have, individually or in aggregate, a material adverse effect on our business, financial condition, or operating results. 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 November 30, 2024. 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, 2023, The Company’s financial assurance obligations associated with U.S. mine closure and reclamation/restoration cost estimate totaled $ 20,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On August 21, 2023, the Company finalized the purchase of its commercial-scale battery recycling facility located in the Tahoe-Reno Industrial Center (TRIC) at 2500 Peru Drive, McCarran, Nevada. In March 2023, the Company entered into agreements to acquire the existing facility and the installed industrial utility equipment in order to accelerate the first commercial scale implementation of its internally-developed first-of-kind lithium-ion battery recycling technologies. On August 25, 2023, the Company and Bow River Capital RE III LLC (“Bow River”) terminated the previously-announced contingent sales-leaseback arrangement, pursuant to which the Company would have sold certain real property to Bow River, while leasing the same property from Bow River and retaining an option to repurchase the property. On August 29, 2023, American Battery Technology Company (the “Company”) and an institutional investor (collectively, the “Buyers”) entered into a Securities Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company sold to the Buyers up to $ 51 million of a new series of senior secured convertible notes (the “Notes”). To date, $ 25 Buyers may request partial redemptions of up to an aggregate of $1,800,000 on the 15 th The Notes bear zero coupon, mature on September 1, 2025, and are secured by certain real property and cash and investment accounts of the Company. On August 30, 2023, the Company caused the repayment in full of all indebtedness, liabilities and other obligations under, and terminated, the Credit Agreement, dated as of May 17, 2023 (the “Credit Agreement”), by and among the Company, as Borrower, the Several Lenders from time-to-time parties thereto and Mercuria Investments US, Inc., as Agent. The Company did not incur any material early termination penalties as a result of such termination of the Credit Agreement. On September 6, 2023, the Company and the Thomas C. Woodward Living Trust entered into a vacant land offer and acceptance agreement for the Company’s acquisition of certain real property and water rights, including but not limited to the real property at 700 San Antone Road, Tonopah, NV and approximately 40.52 acre feet of water rights. On September 1, 2023, the Company finalized its grant award agreement with the U.S. Department of Energy (DOE) marking the official launch of the multi-year grant aimed at providing a domestic source of battery-grade lithium hydroxide. The Project kick off marks a major milestone in the commercialization of the Company’s Tonopah Flats Lithium Project, which will help provide a domestic supply of critical battery materials needed for the U.S. energy transition. On September 11, 2023, in preparation for listing on the Nasdaq Capital Market, the Company implemented a one-for-fifteen (1-for-15) reverse split of our common stock. 692,068,218 46,137,882 On September 21, 2023, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “ABAT.” The Company was previously traded on the OTCQX Markets under the symbol “ABML.” |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
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 ABMC AG, LLC (inactive). 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, 2022. On September 11, 2023, the Company effected a one-for-fifteen |
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 three seven years The 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. |
Mining Properties | d) 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. |
Intangible Assets | e) Intangible Assets 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 | f) 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 awards. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At June 30, 2023, the Company had 7,465,736 5,729,360 1,736,376 |
Stock-based Compensation | g) 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, 2023 and 2022, the Company did not grant any stock options. The Company utilizes the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company records the expense attributed to share awards in accordance with US GAAP using the graded-vesting method whereby the Company amortizes the grant date fair value over the respective vesting period, beginning with the grant date. |
Exploration Costs | h) 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, 2023 and 2022, the Company has not capitalized any such mineral property costs. |
Research and Development Costs | i) 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. |
Leases | j) Leases The Company follows the guidance of ASC 842 – Leases, which requires an entity to recognize a right-of-use (ROU”) asset 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. The Company assesses each of its identified uncertain positions and determines whether any potential penalties and interest liability should be accrued at the balance sheet dates. Due to the Company’s net loss position from inception to June 30, 2023, no provision for income taxes has been recorded. As a result of the Company’s cumulative losses to date, there exists little assurance as to the realization of the deferred tax asset. Accordingly, a valuation allowance equal to the total deferred tax asset has been recorded at June 30, 2023 and 2022. |
Accounting Pronouncements | l) 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. The Company recognizes government assistance as a cost-offset to its research and development costs under IAS 20 – Accounting for Government Grants and Disclosures of Government Assistance. |
Derivative Financial Instruments | m) Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC 815. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The fair value of any assets or liabilities that are short-term in nature and qualify as financial instruments under ASC 820, “Fair Value Measurement”, approximate the carrying amounts represented in the Company’s balance sheet. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Schedule of Inventories 2023 2022 Raw materials $ 125,204 $ - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The table below presents the property, plant and equipment as of June 30, 2023 and 2022: Schedule of Property and Equipment Building Equipment Land Total Cost: Balance, June 30, 2022 $ 10,798,780 $ 1,414,317 $ 6,728,838 $ 18,941,935 Additions 6,709,706 4,456,179 - 11,165,885 Balance, June 30, 2023 $ 17,508,486 $ 5,870,496 6,728,838 $ 30,107,820 Accumulated Depreciation: Balance, June 30, 2022 $ - $ 65,040 $ - $ 65,040 Additions - 96,681 - 96,681 Balance, June 30, 2023 $ - $ 161,721 - $ 161,721 Carrying Amounts: Balance, June 30, 2022 $ 10,798,780 $ 1,349,277 $ 6,728,838 $ 18,876,895 Balance, June 30, 2023 $ 17,508,486 $ 5,708,775 6,728,838 $ 29,946,099 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Schedule of Intangible Assets 2023 2022 Water rights $ 3,851,899 $ 3,851,899 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The table below presents total accounts payable and accrued liabilities at June 30: Schedule of Accounts Payable and Accrued Liabilities 2023 2022 Trade payables $ 1,831,686 $ 344,071 Accrued fixed assets 4,404,034 752,736 Accrued expenses 1,032,660 1,855,559 Right-of-use liability, current 121,484 99,775 Total accounts payable and accrued liabilities $ 7,389,864 $ 3,052,141 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | Schedule of Operating Lease ROU Assets and Lease Liabilities 2023 2022 Operating lease right-of-use asset $ 143,154 $ 244,203 Operating lease liabilities $ 175,788 $ 274,794 |
Schedule of Maturity of Operating Lease Liabilities | The table below presents the maturities of operating lease liabilities as of June 30, 2023: Schedule of Maturity of Operating Lease Liabilities June 30, 2024 $ 131,197 June 30, 2025 55,395 Total lease payments 186,592 Less: discount (10,804 ) Total operating lease liabilities $ 175,788 Short-term operating lease liability $ 121,484 Long-term operating lease liability $ 54,304 |
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, 2023. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 1.33 Weighted average discount rate 8.00 % |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2022 2,680,708 $ 18.15 Granted 3,098,652 $ 11.25 Exercised (50,000 ) $ (1.20 ) Expired - $ - Balance, June 30, 2023 5,729,360 $ 14.53 |
Schedule of Additional Information Regarding Share Purchase Warrants | Additional information regarding share purchase warrants as of June 30, 2023, 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) $ 1.20 3.75 807,744 0.14 $ 6.60 13.20 3,098,641 1.60 $ 23.10 26.25 1,822,975 0.92 5,729,360 2.66 |
Share Awards (Tables)
Share Awards (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Shares and Restricted Share Units Non-vested | The table below depict the share award activity for the period ended June 30, 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Average Grant Date Fair Value per Unit Unvested share awards at June 30, 2022 23,334 $ 12.30 Granted 2,152,232 $ 8.25 Vested (435,857 ) $ (8.25 ) Forfeitures (3,333 ) $ (7.50 ) Unvested awards at June 30, 2023 1,736,376 $ 8.25 |
Schedule of Stock-Based Compensation Expense | The table below presents the stock-based compensation expense per respective line item of the consolidated statements of operations for the fiscal years ended: Schedule of Stock-Based Compensation Expense June 30, 2023 June 30, 2022 General and administrative $ 4,817,645 $ 1,233,155 Research and development 3,735,528 - Exploration 696,289 - Stock-based compensation expense $ 9,249,462 $ 1,233,155 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flow Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Statement of Cash Flow Disclosures | Schedule of Statement of Cash Flow Disclosures June 30, 2023 June 30, 2022 Supplemental disclosures: Interest paid (income) 128,560 (20 ) Non-cash investing and financing activities: Current liabilities associated with investing activities 4,404,034 752,736 Deposits capitalized to investing activities 150,000 – Fair value of common shares issued for investing activities 5,859,000 – Other receivables recognized as financing activities 350,550 – Fair value of lease liabilities capitalized during period – 311,570 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Federal Income Tax provision | Schedule of Federal Income Tax provision 2023 2022 Net loss before taxes $ (21,338,207 ) $ (33,539,962 ) Statutory rate 21 % 21 % Computed expected tax recovery (4,481,024 ) (7,043,392 ) Section 162(m) adjustments – 2,264,757 Other permanent tax differences (5,107 ) 83,623 Adjustments to net operating loss 113,966 (2,832,937 ) Change in unrecognized tax benefits (8,495,803 ) 6,164,291 Change in valuation allowance 12,867,968 1,382,301 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 the statutory corporate income tax rate, are as follows for the fiscal years ended June 30: Schedule of Deferred Income Tax Assets and Liabilities 2023 2022 Net operating losses $ 19,365,174 $ 8,174,021 Stock-based compensation 982,521 – Section 174 capitalization 679,037 – Other temporary differences 15,258 – Valuation allowance (21,041,989 ) (8,174,021 ) Net deferred tax asset $ – $ – |
Schedule of Unrecognized Tax Benefits | The Company has recorded uncertain tax positions (“UTP”) that result in unrecognized tax benefits recorded on the books of the Company. The unrecognized tax benefits for the Company are as follows as of June 30: Schedule of Unrecognized Tax Benefits 2023 2022 Unrecognized tax benefits, beginning of period $ 8,715,253 $ 2,550,962 Decrease during the period (8,715,253 ) – Increase during the period 219,450 6,164,291 Unrecognized tax benefits, end of period $ 219,450 $ 8,715,253 |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 21,338,207 | $ 33,539,962 |
Net cash used in operating activities | 13,367,980 | 10,177,994 |
Accumulated deficit | $ 159,973,575 | $ 138,635,368 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 12 Months Ended | |
Sep. 11, 2023 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Reverse stock split | one-for-fifteen | |
Number of warrant purchase | 7,465,736 | |
Warrant [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of potentially dilutive shares | 5,729,360 | |
Restricted Stock [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of potentially dilutive shares | 1,736,376 | |
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 Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 125,204 |
Grants Receivable (Details Narr
Grants Receivable (Details Narrative) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Grants Receivable | ||
Grants receivable | $ 320,457 | $ 21,013 |
Other Deposits (Details Narrati
Other Deposits (Details Narrative) $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) shares | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate purchase price | $ 1.5 |
Deposits | $ 27.7 |
Shares issued | shares | 128,205 |
Common Stock [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Shares issued | shares | 733,333 |
Asset Purchase Agreement [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate purchase price | $ 6 |
Linico Corporation [Member] | Asset Purchase Agreement [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate purchase price | 6 |
Aqua Metals Transfer LLC [Member] | Asset Purchase Agreement [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Aggregate purchase price | 21.6 |
Deposits | $ 27.6 |
Aqua Metals Transfer LLC [Member] | Membership Interest Purchase Agreement [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Membership interests | 100% |
Aggregate purchase price | $ 21 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | $ 18,941,935 |
Cost, Additions | 11,165,885 |
Cost, ending | 30,107,820 |
Accumulated Depreciation, beginning | 65,040 |
Accumulated Depreciation, Additions | 96,681 |
Accumulated Depreciation, ending | 161,721 |
Carrying Amounts, beginning | 18,876,895 |
Carrying Amounts, ending | 29,946,099 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 10,798,780 |
Cost, Additions | 6,709,706 |
Cost, ending | 17,508,486 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 10,798,780 |
Carrying Amounts, ending | 17,508,486 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 1,414,317 |
Cost, Additions | 4,456,179 |
Cost, ending | 5,870,496 |
Accumulated Depreciation, beginning | 65,040 |
Accumulated Depreciation, Additions | 96,681 |
Accumulated Depreciation, ending | 161,721 |
Carrying Amounts, beginning | 1,349,277 |
Carrying Amounts, ending | 5,708,775 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 6,728,838 |
Cost, Additions | |
Cost, ending | 6,728,838 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 6,728,838 |
Carrying Amounts, ending | $ 6,728,838 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
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 ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Mineral claim prepaid expenses and deposit | $ 0.2 | |
Mining Properties and Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase unpatented mining claims paid | $ 8.2 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Water Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Water rights | $ 3,851,899 | $ 3,851,899 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Payments to acquire intangible assets | $ 3.9 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 1,831,686 | $ 344,071 |
Accrued fixed assets | 4,404,034 | 752,736 |
Accrued expenses | 1,032,660 | 1,855,559 |
Right-of-use liability, current | 121,484 | 99,775 |
Total accounts payable and accrued liabilities | $ 7,389,864 | $ 3,052,141 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities (Details Narrative) | Jun. 30, 2023 |
Construction Supplier [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of accounts payable and accrued liabilities | 28% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - Credit Agreement [Member] $ in Millions | May 17, 2023 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Aggregrate loan amount | $ 20 |
Principal amount | 6 |
Loan commitment | $ 14 |
Description of notes payable interest rate | Borrowings under the Credit Agreement carry interest calculated as the secured overnight financing rate published on the Federal Reserve Bank of New York’s website, plus the applicable credit spread adjustment, based on the elected interest period, plus an applicable margin rate of 6%. |
Schedule of Operating Lease ROU
Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
Operating lease right-of-use asset | $ 143,154 | $ 244,203 |
Operating lease liabilities | $ 175,788 | $ 274,794 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
June 30, 2024 | $ 131,197 | |
June 30, 2025 | 55,395 | |
Total lease payments | 186,592 | |
Less: discount | (10,804) | |
Total operating lease liabilities | 175,788 | $ 274,794 |
Short-term operating lease liability | 121,484 | |
Long-term operating lease liability | $ 54,304 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate (Details) | Jun. 30, 2023 |
Leases | |
Weighted average lease term (years) | 1 year 3 months 29 days |
Weighted average discount rate | 8% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||
Percentage of discount rate | 8% | |
Operating lease costs | $ 101,050 | $ 213,000 |
Short term lease liabilities | $ 121,484 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||||||||
Jun. 26, 2023 | May 17, 2023 shares | May 12, 2023 shares | May 12, 2023 shares | Feb. 08, 2022 USD ($) | Apr. 02, 2021 USD ($) | Dec. 18, 2020 $ / shares shares | Dec. 18, 2020 USD ($) $ / shares shares | May 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 33,333 | |||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 5,000,000 | $ 36,938,651 | ||||||||||
Purchase of warrants | 130,334 | |||||||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||||||||||
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Shares issued for services | $ | $ 43,895 | $ 20,429,944 | ||||||||||
Percentage of discount on shares issued based on marketability | 15% | |||||||||||
Deposits | $ | $ 27,700,000 | |||||||||||
Warrant or Right, Reason for Issuance, Description | As part of the financing, the Company engaged a placement agent in connection with the offering and agreed to pay the placement agent a cash fee of 7.5% of the gross proceeds of the offering, a 1% expense allowance, and other reimbursable expenses. | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 13,857,351 | 36,938,651 | ||||||||||
Proceeds from share purchase agreement | $ | $ 3,600,000 | |||||||||||
Share issuance costs | $ | 2,200,000 | |||||||||||
Shares reclaimed from former executive | 66,667 | |||||||||||
Shares reclaimed from former executive | 266,667,000,000 | |||||||||||
Professional Service Providers [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 10,009 | |||||||||||
Shares issued for services | $ | $ 104,000 | $ 60,000 | ||||||||||
Former Professional Service Provider [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 58,712 | |||||||||||
Placement Agent [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrants issued as commission fee | 57,143 | |||||||||||
Purchase Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Nullification of indemnification requirement amount | $ | $ 1,500,000 | |||||||||||
Stock reclaimed from shareholders | 128,205 | |||||||||||
Deposits | $ | $ 1,500,000 | |||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Share purchase description | Pursuant to the June Prospectus, the Company may offer and sell up to 1,666,667 common shares of the Company at a purchase price of 95% of the weighted-average of the 5-day median share price, with a minimum request of 33,333 shares. | Tysadco Agreement, Tysadco had committed to purchase, subject to certain restrictions and conditions, up to $75.0 million worth of the Company’s common stock over a 24-month period, expiring March 31, 2023. The Company shall then have the right to direct Tysadco to buy shares at a purchase price of 95% of the average of the 5-day median share price, with a minimum request of $25,000 | ||||||||||
Purchase Agreement [Member] | Sale Of Shares [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Amount in escrow account | $ | $ 1,500,000 | |||||||||||
Share Purchase Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 476,187 | 952,381 | ||||||||||
Shares issued price per share | $ / shares | $ 10.50 | $ 10,500,000 | ||||||||||
Commission fee | $ / shares | $ 13.13 | |||||||||||
Share Purchase Agreement, Effective April 2, 2021 [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 1,666,667 | 400,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 5,000,000 | $ 8,900,000 | ||||||||||
Proceeds from share purchase agreement | $ | $ 2,700,000 | |||||||||||
Tysadco Agreement April Two Two Thousand And Twenty One [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 200,000 | |||||||||||
Proceeds from share purchase agreement | $ | $ 4,000,000 | |||||||||||
New Recycling Facility [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 66,667 | |||||||||||
Stock issued during period, shares | 733,333 | 733,333 | ||||||||||
Stock issued for acquisition, value | $ | $ 7,400,000 | |||||||||||
Ownership percentage agreed to acquire | 100% | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred stock, shares authorized | 33,334 | 33,334 | ||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Preferred stock, voting rights | The shares allow the holder to vote the equivalent of 67 common shares for each share of Series A share in any vote of the shareholders of the Company and the Board is authorized to issue such shares as is necessary | |||||||||||
Preferred stock, shares issued | ||||||||||||
Preferred stock, shares outstanding | ||||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred stock, shares authorized | 133,334 | 133,334 | ||||||||||
Preferred stock, par value | $ / shares | $ 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 | 66,667 | 66,667 | ||||||||||
Preferred stock, par value | $ / shares | $ 10 | $ 10 | ||||||||||
Preferred stock, shares issued | ||||||||||||
Preferred stock, shares outstanding | ||||||||||||
Preferred Units, Issued | 48.29 | 48.29 | ||||||||||
Number of common shares issued, shares | 16,097 | |||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 50,000 | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 2,400,000 | |||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 333 | 333 | ||||||||||
Conversion of stock, converted shares | 5 | 13,847 | ||||||||||
Purchase of warrants | 26,667 | 26,667 | ||||||||||
Warrant exercise price | $ / shares | $ 3.75 | $ 3.75 | ||||||||||
Warrants and Rights Outstanding, Maturity Date | Jun. 30, 2023 | Jun. 30, 2023 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8% | |||||||||||
Dividends, Preferred Stock, Cash | $ | $ 100,000 | |||||||||||
Preferred stock conversion ratio shares | 80 | |||||||||||
Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred stock, shares authorized | 1,666,667 | |||||||||||
Preferred stock, shares authorizied | 233,334 | |||||||||||
Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | ||||||||||||
Shares issued for services, shares | ||||||||||||
Shares issued for services | $ | ||||||||||||
Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred stock, shares authorized | 133,334 | |||||||||||
Preferred stock, par value | $ / shares | $ 10 | $ 10 | ||||||||||
Preferred stock, shares issued | ||||||||||||
Preferred stock, shares outstanding | ||||||||||||
Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Preferred stock, shares authorized | 66,667 | 66,667 | ||||||||||
Preferred stock, par value | $ / shares | $ 10 | $ 10 | ||||||||||
Preferred stock, shares issued | ||||||||||||
Preferred stock, shares outstanding | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | ||||||||||||
Shares issued for services, shares | ||||||||||||
Shares issued for services | $ | ||||||||||||
Common Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 476,187 | 1,692,641 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 476 | $ 1,693 | ||||||||||
Shares issued for services, shares | 10,009 | 958,581 | ||||||||||
Shares issued for services | $ | $ 10 | $ 959 | ||||||||||
Shares issued on conversion of stock | 1,107,733 | |||||||||||
Stock issued during period shares exercise of warrants | 1,015,247 | |||||||||||
Stock issued during period shares employee benefit plan | 53,334 | |||||||||||
Stock issued during period value employee benefit plan | $ | $ 600,000 | |||||||||||
Shares reclaimed from former executive | (66,667) | |||||||||||
Common Stock [Member] | Former Officers and Directors [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 387,008 | |||||||||||
Shares issued for services | $ | $ 8,700,000 | |||||||||||
Common Stock [Member] | Current Officers and Directors [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 200,749,000,000 | |||||||||||
Shares issued for services | $ | $ 4,800,000 | |||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 1,692,641 | |||||||||||
Warrant exercise price | $ / shares | $ 26.25 | |||||||||||
Shares issued price per share | $ / shares | $ 23.10 | |||||||||||
Proceeds from issuance of private placement | $ | $ 39,100,000 | |||||||||||
Common Stock [Member] | Consulting Service [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 958,581 | |||||||||||
Shares issued for services | $ | $ 20,400,000 | |||||||||||
Common Stock [Member] | Professional Service [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 0.1 | |||||||||||
Common Stock [Member] | 2021 Equity Retention Plan [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued for services, shares | 399,024 | |||||||||||
Shares issued for services | $ | $ 4,200,000 | |||||||||||
Common Stock [Member] | 2021 Equity Retention Plan [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares employee benefit plan | 126,129 | |||||||||||
Stock issued during period value employee benefit plan | $ | $ 1,300,000 | |||||||||||
Series A Warrents [Member] | Share Purchase Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price | $ / shares | $ 12 | $ 12 | ||||||||||
Series B warrants that are exercisable | 476,187 | 952,381 | ||||||||||
Series B Warrents [Member] | Share Purchase Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Series B warrants that are exercisable | 952,381 | 476,187 | ||||||||||
Series A Warrants [Member] | Share Purchase Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price | $ / shares | $ 10.50 | |||||||||||
Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common shares issued, shares | 45,545 | 1,000,000 | ||||||||||
Warrant exercise price | $ / shares | $ 23.10 | |||||||||||
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 | 1,000,000 | |||||||||||
Proceeds from issuance of warrants | $ | $ 900,000 |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) | 12 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Purchase Warrants | |
Number of warrants, Beginning Balance | shares | 2,680,708 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 18.15 |
Number of warrants, granted | shares | 3,098,652 |
Weighted average exercise price, granted | $ / shares | $ 11.25 |
Number of warrants, Exercised | shares | (50,000) |
Weighted average exercise price, Exercised | $ / shares | $ (1.20) |
Number of warrants, Expired | shares | |
Weighted average exercise price, Expired | $ / shares | |
Number of warrants, Ending Balance | shares | 5,729,360 |
Weighted average exercise price, Ending Balance | $ / shares | $ 14.53 |
Schedule of Additional Informat
Schedule of Additional Information Regarding Share Purchase Warrants (Details) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 5,729,360 | 2,680,708 |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 2 years 7 months 28 days | |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 807,744 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 1 month 20 days | |
Exercise Price Range One [Member] | Minimum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 1.20 | |
Exercise Price Range One [Member] | Maximum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 3.75 | |
Exercise Price Range Two [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 3,098,641 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 1 year 7 months 6 days | |
Exercise Price Range Two [Member] | Minimum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 6.60 | |
Exercise Price Range Two [Member] | Maximum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 13.20 | |
Exercise Price Range Three [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Outstanding and Exercisable, Number of Warrants | 1,822,975 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 11 months 1 day | |
Exercise Price Range Three [Member] | Minimum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 23.10 | |
Exercise Price Range Three [Member] | Maximum [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise Price | $ 26.25 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details Narrative) - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Warrant exercise, shares | 50,000 | |
Stock issuance, shares | 33,333 | |
Warrant [Member] | ||
Warrant exercise, shares | 50,000 | |
Stock issuance, shares | 45,545 | 1,000,000 |
Schedule of Restricted Shares a
Schedule of Restricted Shares and Restricted Share Units Non-vested (Details) | 12 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Non-vested, Beginning | shares | 23,334 |
Weighted average grant date fair value, Beginning | $ / shares | $ 12.30 |
Non-vested, Granted | shares | 2,152,232 |
Weighted average grant date fair value, Granted | $ / shares | $ 8.25 |
Non-vested, Vested | shares | (435,857) |
Weighted average grant date fair value, Vested | $ / shares | $ (8.25) |
Non-vested, Forfeitures | shares | (3,333) |
Weighted average grant date fair value, Forfeitures | $ / shares | $ (7.50) |
Non-vested, Ending | shares | 1,736,376 |
Weighted average grant date fair value, Ending | $ / shares | $ 8.25 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 9,249,462 | $ 1,233,155 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 4,817,645 | 1,233,155 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 3,735,528 | |
Exploration [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 696,289 |
Share Awards (Details Narrative
Share Awards (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Award vest period | 4 years | ||
Award vest rate | 25% | ||
Outstanding percentage | 10% | ||
Granted shares | 2,152,232 | ||
Grant date fair value shares | 435,857 | ||
Stock-based compensation expense | $ 9,249,462 | $ 1,233,155 | |
Unamortized expenses | $ 8,700,000 | $ 200,000 | |
Remaining weighted average period | 3 years 2 months 12 days | 2 years | |
Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 3,700,000 | $ 3,700,000 | |
Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 100,000 | $ 100,000 | |
2021 Equity Retention Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted shares | 2,152,232 | 126,129 | |
Grant date fair value | $ 17,800,000 | $ 1,700,000 | |
Restricted Stock Units (RSUs) [Member] | Beneficial Owners [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Grant date fair value | $ 6,600,000 | $ 100,000 | |
Grant date fair value shares | 815,433 | 6,667 | |
Performance Shares [Member] | Officer And Employees [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted shares | 1,200,000 |
Schedule of Statement of Cash F
Schedule of Statement of Cash Flow Disclosures (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental disclosures: | ||
Interest paid (income) | $ 128,560 | $ (20) |
Non-cash investing and financing activities: | ||
Current liabilities associated with investing activities | 4,404,034 | 752,736 |
Deposits capitalized to investing activities | 150,000 | |
Fair value of common shares issued for investing activities | 5,859,000 | |
Other receivables recognized as financing activities | 350,550 | |
Fair value of lease liabilities capitalized during period | $ 311,570 |
Schedule of Federal Income Tax
Schedule of Federal Income Tax provision (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net loss before taxes | $ (21,338,207) | $ (33,539,962) |
Statutory rate | 21% | 21% |
Computed expected tax recovery | $ (4,481,024) | $ (7,043,392) |
Section 162(m) adjustments | 2,264,757 | |
Other permanent tax differences | (5,107) | 83,623 |
Adjustments to net operating loss | 113,966 | (2,832,937) |
Change in unrecognized tax benefits | (8,495,803) | 6,164,291 |
Change in valuation allowance | 12,867,968 | 1,382,301 |
Income tax provision |
Schedule of Deferred Income Tax
Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 19,365,174 | $ 8,174,021 |
Stock-based compensation | 982,521 | |
Section 174 capitalization | 679,037 | |
Other temporary differences | 15,258 | |
Valuation allowance | (21,041,989) | (8,174,021) |
Net deferred tax asset |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning of period | $ 8,715,253 | $ 2,550,962 |
Decrease during the period | (8,715,253) | |
Increase during the period | 219,450 | 6,164,291 |
Unrecognized tax benefits, end of period | $ 219,450 | $ 8,715,253 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Tax Credit Carryforward [Line Items] | ||
U.S. federal corporate statutory rate | 21% | 21% |
Net operating loss carryforwards | $ 93,300,000 | |
Operating loss carryforwards, limitations | expire in 2036 to 2038 | |
Deferred tax assets, valuation allowance | $ 21,041,989 | $ 8,174,021 |
Income tax, penalties and interest | $ 75,000 | |
Executive Officer [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Maximum deductibility of compensation paid | 1,000,000 | |
Unused [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 7,100,000 | |
No Expiration Date [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | $ 86,200,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Financial assurance reclamation or restoration cost | $ 20,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Millions | Sep. 11, 2023 | Aug. 29, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Subsequent Event [Line Items] | ||||
Description of reverse stock split | one-for-fifteen | |||
Common stock, shares issued | 45,888,131 | 42,942,576 | ||
Common stock, shares outstanding | 45,888,131 | 42,942,576 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Description of reverse stock split | Company implemented a one-for-fifteen (1-for-15) reverse split of our common stock. | |||
Subsequent Event [Member] | Prior Reverse Stock Split [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 692,068,218 | |||
Common stock, shares outstanding | 692,068,218 | |||
Subsequent Event [Member] | After Reverse Stock Split [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 46,137,882 | |||
Common stock, shares outstanding | 46,137,882 | |||
Senior Secured Convertible Notes [Member] | Purchase Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 51 | |||
Proceeds from convertible notes | $ 25 | |||
Debt Instrument, Redemption, Description | Buyers may request partial redemptions of up to an aggregate of $1,800,000 on the 15th of each month or may convert the Notes into shares of common stock of the Company (“Conversion Shares”) at a conversion rate of 110% of the last reported sales price on the date of the agreement to acquire such Notes. |