Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | ABAT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,270,335 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Current assets | ||
Cash | $ 5,379,113 | $ 2,320,149 |
Investments | 78,427 | 11,250 |
Inventory (Note 3) | 371,775 | 125,204 |
Grants receivable (Note 4) | 517,740 | 320,457 |
Prepaid expenses and deposits | 837,840 | 1,625,980 |
Subscription receivable | 980,500 | 350,550 |
Other current assets | 242,850 | |
Total current assets | 8,408,245 | 4,753,590 |
Other deposits (Note 5) | 1,575,254 | 27,740,587 |
Property and equipment, net (Note 6) | 61,017,350 | 29,946,099 |
Mining properties (Note 7) | 8,223,323 | 8,223,323 |
Intangible assets (Note 8) | 4,603,199 | 3,851,899 |
Right-of-use asset (Note 11) | 117,891 | 143,154 |
Total assets | 83,945,262 | 74,658,652 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 9) | 5,796,004 | 7,389,864 |
Notes payable, current (Note 10) | 17,248,456 | 6,000,000 |
Total current liabilities | 23,044,460 | 13,389,864 |
Notes payable, non-current (Note 10) | 1,705,271 | 54,304 |
Total liabilities | 24,749,731 | 13,444,168 |
Commitments and contingencies (Note 16) | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock Authorized: 80,000,000 common shares, par value of $0.001 per share; Issued and outstanding: 46,304,354 and 45,888,131 common shares as of September 30, 2023 and June 30, 2023, respectively | 46,306 | 45,887 |
Additional paid-in capital | 226,317,285 | 222,626,865 |
Common stock issuable | 37,500 | (1,484,693) |
Accumulated deficit | (167,205,560) | (159,973,575) |
Total stockholders’ equity | 59,195,531 | 61,214,484 |
Total liabilities and stockholders’ equity | 83,945,262 | 74,658,652 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value | ||
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value | ||
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 46,304,354 | 45,888,131 |
Common stock, shares outstanding | 46,304,354 | 45,888,131 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses | ||
General and administrative | $ 2,948,846 | $ 2,008,167 |
Research and development | 2,155,314 | 219,816 |
Exploration | 1,279,782 | 349,153 |
Total operating expenses | 6,383,942 | 2,577,136 |
Net loss before other income (expense) | (6,383,942) | (2,577,136) |
Other income (expense) | ||
Accretion and interest expense | (134,989) | |
Amortization of financing costs | (706,731) | |
Unrealized gain (loss) on investment | (6,323) | 5,420 |
Gain on sale of mining claims | 98,919 | |
Other income | 38,343 | |
Total other income (expense) | (848,043) | 142,682 |
Net loss attributable to common stockholders | $ (7,231,985) | $ (2,434,454) |
Net loss per share, basic | $ (0.16) | $ (0.06) |
Net loss per share, diluted | $ (0.16) | $ (0.06) |
Weighted average shares outstanding basic | 46,129,507 | 42,942,576 |
Weighted average shares outstanding diluted | 46,129,507 | 42,942,576 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Issuable [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2022 | $ 42,943 | $ 188,151,484 | $ 75,000 | $ (138,635,368) | $ 49,634,059 |
Balance, shares at Jun. 30, 2022 | 42,942,576 | ||||
Vesting of share-based awards | 23,605 | 23,605 | |||
Stock-based compensation expense | 96,061 | 96,061 | |||
Net loss for the period | (2,434,454) | (2,434,454) | |||
Balance at Sep. 30, 2022 | $ 42,943 | 188,247,545 | 98,605 | (141,069,822) | 47,319,271 |
Balance, shares at Sep. 30, 2022 | 42,942,576 | ||||
Balance at Jun. 30, 2022 | $ 42,943 | 188,151,484 | 75,000 | (138,635,368) | 49,634,059 |
Balance, shares at Jun. 30, 2022 | 42,942,576 | ||||
Balance at Jun. 30, 2023 | $ 45,887 | 222,626,865 | (1,484,693) | (159,973,575) | 61,214,484 |
Balance, shares at Jun. 30, 2023 | 45,888,131 | ||||
Shares issued for professional services | $ 1 | 15,174 | (15,307) | (132) | |
Shares issued for professional services, shares | 1,326 | ||||
Vesting of share-based awards | $ 135 | (135) | |||
Vesting of share-based awards, shares | 132,142 | ||||
Stock-based compensation expense | 1,921,442 | 1,921,442 | |||
Shares issued pursuant to rounding of share reverse split | $ 59 | (59) | |||
Shares issued pursuant to rounding of share split, shares | 59,164 | ||||
Shares reclaimed pursuant to asset acquisition | $ (128) | (1,255,650) | 1,500,000 | 244,222 | |
Shares reclaimed pursuant to asset acquisition, shares | (128,206) | ||||
Shares issued pursuant to share purchase agreement, net of issuance costs | $ 306 | 3,009,694 | 3,010,000 | ||
Shares issued pursuant to share purchase agreement,net of issuance costs, shares | 306,252 | ||||
Shares issued pursuant to warrant exercises | $ 46 | (46) | 37,500 | 37,500 | |
Shares issued pursuant to warrant exercises, shares | 45,545 | ||||
Net loss for the period | (7,231,985) | (7,231,985) | |||
Balance at Sep. 30, 2023 | $ 46,306 | $ 226,317,285 | $ 37,500 | $ (167,205,560) | $ 59,195,531 |
Balance, shares at Sep. 30, 2023 | 46,304,354 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net loss attributable to stockholders | $ (7,231,985) | $ (2,434,454) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 36,502 | 13,014 |
Accretion expense | 256,459 | |
Amortization of right-of-use asset | 25,263 | 25,263 |
Unrealized (gain) loss on investment | 6,323 | (5,420) |
Stock-based compensation | 1,921,442 | 96,061 |
Shares issued for professional services | (132) | 23,605 |
Changes in operating assets and liabilities: | ||
Inventory | (246,571) | |
Other receivables | (270,783) | (74,190) |
Prepaid expenses and deposits | 788,140 | 104,805 |
Other current assets | (242,850) | |
Accounts payable and accrued liabilities | 228,071 | (1,757,604) |
Net change in operating lease liability | (28,863) | (28,864) |
Net Cash Used in Operating Activities | (4,758,984) | (4,037,784) |
Investing Activities | ||
Other acquisition deposits | (693,667) | |
Acquisition of property and equipment | (6,477,131) | (77,530) |
Purchase of mining properties | (4,000,000) | |
Purchase of water rights/intangible assets | (101,300) | |
Net Cash Used in Investing Activities | (7,272,098) | (4,077,530) |
Financing Activities | ||
Proceeds from exercise of share purchase warrants | 37,500 | |
Principal paid on notes payable | (7,800,000) | |
Proceeds from notes payable, net of issuance costs | 20,472,496 | |
Proceeds from share purchase agreements, net of issuance costs | 2,380,050 | |
Net Cash Provided by Financing Activities | 15,090,046 | |
Increase (decrease) in Cash | 3,058,964 | (8,115,314) |
Cash – Beginning of Period | 2,320,149 | 28,989,166 |
Cash – End of Period | $ 5,379,113 | $ 20,873,852 |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Sep. 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 three months ended September 30, 2023, the Company incurred a net loss of $ 7.2 4.8 5.4 167.2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 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 (dissolved), LithiumOre Corporation (formerly Lithortech Resources Inc), ABMC AG, LLC (dissolved) and Aqua Metals Transfer LLC. All inter-company accounts and transactions have been eliminated upon consolidation. 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) 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 September 30, 2023, the Company had 9,807,028 2,528,873 5,696,026 1,582,129 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. The Company utilizes the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company records the stock-based compensation expense attributed to share awards in accordance with US GAAP using the graded-vesting method. The Company amortizes the grant date fair value over the respective vesting period, beginning with recognition on the date of grant. 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 period 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 September 30, 2023 and 2022, the Company has no 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) 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 cumulative loss position since inception, there exists little assurance as to the realization of its deferred tax assets. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded at September 30, 2023 and June 30, 2023. l) Accounting Pronouncements No new accounting pronouncements issued or effective in the period had or are expected to have a material impact on our accompanying unaudited condensed consolidated statements. 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, “Derivatives and Hedging”. 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. n) Convertible Notes The Company evaluates all conversion, repurchase and redemption features contained in a debt instrument to determine if there are any embedded features that require bifurcation as a derivative. The Company accounts for its convertible notes as a long-term liability equal to the proceeds received from issuance, including any embedded conversion features, net of the unamortized debt discount and offering costs in the accompanying unaudited consolidated balance sheets. The debt issuance and offering costs are amortized over the term of the convertible notes, using the effective interest method, as interest expense in the accompanying unaudited consolidated statements of operations. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The Company’s inventory as of September 30, 2023 and 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. Carrying value of inventory includes those costs to acquire battery feedstock and any related carrying costs incurred by the Company. Schedule of Inventories September 30, 2023 June 30, 2023 Raw materials $ 371,775 $ 125,204 |
Grant Awards
Grant Awards | 3 Months Ended |
Sep. 30, 2023 | |
Grant Awards | |
Grant Awards | 4. Grant Awards 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 were $ 517,740 320,457 On August 16, 2021, the Company received a contract award for a 30-month project with a total budget of $ 2.0 500,000 On January 20, 2021, the US Department of Energy (“DOE”) announced that the Company had been selected for award negotiation for a three-year project with a total budget of $ 4.5 50 2.3 On October 21, 2022, the US DOE announced that the Company had been selected for award negotiation for a five-year project with a total budget of $ 115.5 50 57.7 On November 17, 2022, the US DOE announced that the Company had been selected for award negotiation for a three-year project with a total budget of $ 20.0 50 10.0 |
Other Deposits
Other Deposits | 3 Months Ended |
Sep. 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 On June 30, 2023, the Company and Linico entered into an amendment to the MIPA. Pursuant to the terms of the amended agreement, the parties agreed to (i) remove the requirement that $ 1.5 128,206 6.0 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment The table below presents the property and equipment as of September 30, 2023 and June 30, 2023: Schedule of Property and Equipment Land Building Equipment Total Cost: Balance, June 30, 2023 $ 6,728,838 $ 17,508,486 $ 5,870,496 $ 30,107,820 Additions 2,735,219 18,379,368 9,993,165 31,107,752 Balance, September 30, 2023 $ 9,464,057 $ 35,887,854 $ 15,863,661 $ 61,215,572 Accumulated Depreciation: Balance, June 30, 2023 $ - $ - $ 161,721 $ 161,721 Additions - - 36,501 36,501 Balance, September 30, 2023 $ - $ - $ 198,222 $ 198,222 Carrying Amounts: Balance, June 30, 2023 $ 6,728,838 $ 17,508,486 $ 5,708,775 $ 29,946,099 Balance, September 30, 2023 $ 9,464,057 $ 35,887,854 $ 15,665,439 $ 61,017,350 On August 21, 2023, the Company finalized the purchase of its commercial-scale battery recycling facility located in the TRIC. It has installed industrial utility equipment on site to accelerate the first commercial scale implementation of its internally developed first-of-kind lithium-ion battery recycling technologies. |
Mining Properties
Mining Properties | 3 Months Ended |
Sep. 30, 2023 | |
Mining Properties | |
Mining Properties | 7. Mining Properties During the three months ended September 30, 2022, the Company exercised its option to purchase unpatented mining claims in Tonopah, Nevada, USA for total costs of $ 8.2 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets On September 12, 2023, the Company acquired approximately 40.52 101,300 The Company’s acquisition of the commercial-scale battery recycling facility at the TRIC included water rights valued at $ 0.7 18.45 The table below presents total intangible assets at: Schedule of Intangible Assets September 30, 2023 June 30, 2023 Water rights $ 4,603,199 $ 3,851,899 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Sep. 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: Schedule of Accounts Payable and Accrued Liabilities September 30, 2023 June 30, 2023 Trade payables $ 2,553,567 $ 1,831,686 Accrued fixed assets 2,496,186 4,404,034 Accrued expenses 621,264 1,032,660 Right-of-use liability, current 124,987 121,484 Total accounts payable and accrued liabilities $ 5,796,004 $ 7,389,864 As of September 30, 2023, the Company had a significant construction supplier that accounted for 14 |
Notes Payable
Notes Payable | 3 Months Ended |
Sep. 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% On August 30, 2023, the Company caused the repayment in full of all indebtedness, liabilities and other obligations under, and terminated, its former credit agreement, dated as of May 17, 2023 by and among the Company, as Borrower, and Mercuria Investments US, Inc., as Agent. The Company did not incur any material early termination penalties because of such termination of the credit agreement. The Company remains engaged with Mercuria Investments US, Inc. in a marketing and presale capacity. On August 29, 2023, the Company and High Trail (the “Buyers”) entered into a Securities Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company sold to the Buyers up to $ 51.0 million of a new series of senior secured convertible notes (the “Notes”). To date, $ 25.0 million has been received. Buyers may request partial redemptions of up to an aggregate of $ 1,800,000 on the 15 th 110 % of the last reported sales price on the date of the agreement to acquire such Notes. The Notes bear zero coupon, mature on September 1, 2025 , require a minimum of $ 5.0 million maintained in cash and cash equivalents, and are secured by certain real property and cash and investment accounts of the Company. None of the embedded terms required bifurcation and liability classification under ASC 815. Note discount and issuance costs totaled $ 4.7 0.3 The table below presents the net carrying amounts of the Notes as of: Schedule of Net Carrying Amounts of the Notes September 30, 2023 June 30, 2023 Principle outstanding $ 23,283,333 $ - Unamortized debt discount and issuance costs (4,351,544 ) - Net carrying value $ 18,931,789 $ - The table below presents the maturities of notes payable as of September 30, 2023: Schedule of Maturities of Notes Payable September 30, 2024 $ 21,600,000 September 30, 2025 1,683,333 Total note payments 23,283,333 Less: unamortized debt discount and issuance costs (4,351,544 ) Total notes payable $ 18,931,789 Notes payable, current $ 21,600,000 Notes payable, non-current $ 1,683,333 |
Leases
Leases | 3 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
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 September 30, 2023 and 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 8.0 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 three months ended September 30, 2023 and 2022, were approximately $ 127,311 54,625 As of September 30, 2023, current lease liabilities of $ 124,987 21,938 Schedule of Operating Lease ROU Assets and Lease Liabilities September 30, 2023 June 30, 2023 Operating lease right-of-use asset $ 117,891 $ 143,154 Operating lease liabilities $ 146,925 $ 175,788 The table below presents the maturities of operating lease liabilities as of September 30, 2023: Schedule of Maturity of Operating Lease Liabilities September 30, 2024 $ 132,248 September 30, 2025 22,158 Total lease payments 154,406 Less: discount (7,481 ) Total operating lease liabilities $ 146,925 Operating lease liabilities, current $ 124,987 Operating lease liabilities, non-current $ 21,938 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 September 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 | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 12. Stockholders’ Equity 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.” 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 nil Series B Preferred Stock The Company has 133,334 10.00 nil Series C Preferred Stock The Company has 66,667 10.00 nil Common Stock The Company has 80.0 0.001 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. Prior to the reverse stock split the Company had 692,068,218 46,137,882 59,164 12. Stockholders’ Equity (continued) Common Stock (continued) Three months ended September 30, 2023: During the period the Company issued 1,326 During the period, the Company issued 132,142 1.5 On July 28, 2023, the Company recorded an increase of $ 0.2 1.5 128,205 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 Tysadco Agreement, 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. 306,252 3.0 1.0 During the period, the Company issued 45,545 50,000 37,500 33,334 Three months ended September 30, 2022: During the period, the Company did not issue any shares of common stock, however the Company had shares issuable for professional services of approximately $ 0.1 |
Share Purchase Warrants
Share Purchase Warrants | 3 Months Ended |
Sep. 30, 2023 | |
Share Purchase Warrants | |
Share Purchase Warrants | 13. Share Purchase Warrants During the three months ended September 30, 2023, the Company received cash proceeds of $ 37,500 33,334 Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2023 5,729,360 $ 14.53 Granted – $ – Exercised (33,334 ) $ (1.25 ) Expired – $ – Balance, September 30, 2023 5,696,026 $ 14.61 Additional information regarding share purchase warrants as of September 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 3.75 774,410 0.13 $ 6.60 13.20 3,098,641 1.58 $ 23.10 26.25 1,822,975 0.91 5,696,026 2.62 |
Share Awards
Share Awards | 3 Months Ended |
Sep. 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 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 did no 14. Share Awards (continued) The table below depict the share award activity for the three months ended September 30, 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Unvested share awards at June 30, 2023 1,736,376 $ 8.35 Granted – $ – Vested (154,250 ) $ 9.73 Other – – Forfeitures – $ – Unvested awards at September 30, 2023 1,582,126 $ 8.39 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 $ 1.9 0.1 0.7 0.1 As of September 30, 2023 and June 30, 2023, there were approximately $ 7.1 8.7 2.9 3.2 The table below presents the stock-based compensation expense per respective line item of the consolidated statements of operations for the three months ended: For the three months ended September 30: Schedule of Stock-Based Compensation Expense 2023 2022 General and administrative $ 935,963 $ 96,061 Research and development 840,032 – Exploration 145,447 – Stock-based compensation expense $ 1,921,442 $ 96,061 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 are 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 | 3 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flow Disclosures | 15. Supplemental Statement of Cash Flow Disclosures For the three months ended September 30: Schedule of Statement of Cash Flow Disclosures 2023 2022 Supplemental disclosures: Interest paid $ - $ - Non-cash investing and financing activities: Current liabilities capitalized as investing activities $ 2,088,533 $ 1,034,486 Deposits capitalized as investing activities 27,737,370 - Other receivables recognized as financing activities 350,550 - |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. 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 September 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 | 3 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Pursuant to the Tysadco Agreement, subsequent to September, 30, 2023, the Company has issued 756,789 4.5 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 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 (dissolved), LithiumOre Corporation (formerly Lithortech Resources Inc), ABMC AG, LLC (dissolved) and Aqua Metals Transfer LLC. All inter-company accounts and transactions have been eliminated upon consolidation. 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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) |
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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) |
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 September 30, 2023, the Company had 9,807,028 2,528,873 5,696,026 1,582,129 |
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. The Company utilizes the Black Scholes method when calculating stock-based compensation expense relating to stock option awards and warrants. The Company records the stock-based compensation expense attributed to share awards in accordance with US GAAP using the graded-vesting method. The Company amortizes the grant date fair value over the respective vesting period, beginning with recognition on the date of grant. |
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 period 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 September 30, 2023 and 2022, the Company has no |
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. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Consolidated Financial Statements For the three months ended September 30, 2023 and 2022 2. Summary of Significant Accounting Policies (continued) |
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 cumulative loss position since inception, there exists little assurance as to the realization of its deferred tax assets. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded at September 30, 2023 and June 30, 2023. |
Accounting Pronouncements | l) Accounting Pronouncements No new accounting pronouncements issued or effective in the period had or are expected to have a material impact on our accompanying unaudited condensed consolidated statements. |
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, “Derivatives and Hedging”. 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. |
Convertible Notes | n) Convertible Notes The Company evaluates all conversion, repurchase and redemption features contained in a debt instrument to determine if there are any embedded features that require bifurcation as a derivative. The Company accounts for its convertible notes as a long-term liability equal to the proceeds received from issuance, including any embedded conversion features, net of the unamortized debt discount and offering costs in the accompanying unaudited consolidated balance sheets. The debt issuance and offering costs are amortized over the term of the convertible notes, using the effective interest method, as interest expense in the accompanying unaudited consolidated statements of operations. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Schedule of Inventories September 30, 2023 June 30, 2023 Raw materials $ 371,775 $ 125,204 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The table below presents the property and equipment as of September 30, 2023 and June 30, 2023: Schedule of Property and Equipment Land Building Equipment Total Cost: Balance, June 30, 2023 $ 6,728,838 $ 17,508,486 $ 5,870,496 $ 30,107,820 Additions 2,735,219 18,379,368 9,993,165 31,107,752 Balance, September 30, 2023 $ 9,464,057 $ 35,887,854 $ 15,863,661 $ 61,215,572 Accumulated Depreciation: Balance, June 30, 2023 $ - $ - $ 161,721 $ 161,721 Additions - - 36,501 36,501 Balance, September 30, 2023 $ - $ - $ 198,222 $ 198,222 Carrying Amounts: Balance, June 30, 2023 $ 6,728,838 $ 17,508,486 $ 5,708,775 $ 29,946,099 Balance, September 30, 2023 $ 9,464,057 $ 35,887,854 $ 15,665,439 $ 61,017,350 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The table below presents total intangible assets at: Schedule of Intangible Assets September 30, 2023 June 30, 2023 Water rights $ 4,603,199 $ 3,851,899 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The table below presents total accounts payable and accrued liabilities at: Schedule of Accounts Payable and Accrued Liabilities September 30, 2023 June 30, 2023 Trade payables $ 2,553,567 $ 1,831,686 Accrued fixed assets 2,496,186 4,404,034 Accrued expenses 621,264 1,032,660 Right-of-use liability, current 124,987 121,484 Total accounts payable and accrued liabilities $ 5,796,004 $ 7,389,864 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amounts of the Notes | The table below presents the net carrying amounts of the Notes as of: Schedule of Net Carrying Amounts of the Notes September 30, 2023 June 30, 2023 Principle outstanding $ 23,283,333 $ - Unamortized debt discount and issuance costs (4,351,544 ) - Net carrying value $ 18,931,789 $ - |
Schedule of Maturities of Notes Payable | The table below presents the maturities of notes payable as of September 30, 2023: Schedule of Maturities of Notes Payable September 30, 2024 $ 21,600,000 September 30, 2025 1,683,333 Total note payments 23,283,333 Less: unamortized debt discount and issuance costs (4,351,544 ) Total notes payable $ 18,931,789 Notes payable, current $ 21,600,000 Notes payable, non-current $ 1,683,333 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | Schedule of Operating Lease ROU Assets and Lease Liabilities September 30, 2023 June 30, 2023 Operating lease right-of-use asset $ 117,891 $ 143,154 Operating lease liabilities $ 146,925 $ 175,788 |
Schedule of Maturity of Operating Lease Liabilities | The table below presents the maturities of operating lease liabilities as of September 30, 2023: Schedule of Maturity of Operating Lease Liabilities September 30, 2024 $ 132,248 September 30, 2025 22,158 Total lease payments 154,406 Less: discount (7,481 ) Total operating lease liabilities $ 146,925 Operating lease liabilities, current $ 124,987 Operating lease liabilities, non-current $ 21,938 |
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 September 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) | 3 Months Ended |
Sep. 30, 2023 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Weighted Average Balance, June 30, 2023 5,729,360 $ 14.53 Granted – $ – Exercised (33,334 ) $ (1.25 ) Expired – $ – Balance, September 30, 2023 5,696,026 $ 14.61 |
Schedule of Additional Information Regarding Share Purchase Warrants | Additional information regarding share purchase warrants as of September 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 3.75 774,410 0.13 $ 6.60 13.20 3,098,641 1.58 $ 23.10 26.25 1,822,975 0.91 5,696,026 2.62 |
Share Awards (Tables)
Share Awards (Tables) | 3 Months Ended |
Sep. 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 three months ended September 30, 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Unvested share awards at June 30, 2023 1,736,376 $ 8.35 Granted – $ – Vested (154,250 ) $ 9.73 Other – – Forfeitures – $ – Unvested awards at September 30, 2023 1,582,126 $ 8.39 |
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 three months ended: For the three months ended September 30: Schedule of Stock-Based Compensation Expense 2023 2022 General and administrative $ 935,963 $ 96,061 Research and development 840,032 – Exploration 145,447 – Stock-based compensation expense $ 1,921,442 $ 96,061 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flow Disclosures (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Statement of Cash Flow Disclosures | Schedule of Statement of Cash Flow Disclosures 2023 2022 Supplemental disclosures: Interest paid $ - $ - Non-cash investing and financing activities: Current liabilities capitalized as investing activities $ 2,088,533 $ 1,034,486 Deposits capitalized as investing activities 27,737,370 - Other receivables recognized as financing activities 350,550 - |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 7,231,985 | $ 2,434,454 | |
Net cash used in operating activities | 4,758,984 | $ 4,037,784 | |
Cash balance | 5,400,000 | ||
Accumulated deficit | $ 167,205,560 | $ 159,973,575 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 11, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Reverse stock split | one-for-fifteen | ||
Number of warrant purchase | 9,807,028 | ||
Capitalized mineral property costs | $ 0 | $ 0 | |
Convertiable Notes [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Antidilutive securities | 2,528,873 | ||
Warrants [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Antidilutive securities | 5,696,026 | ||
Restricted Stock [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Antidilutive securities | 1,582,129 | ||
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 ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 371,775 | $ 125,204 |
Grant Awards (Details Narrative
Grant Awards (Details Narrative) - USD ($) | Nov. 17, 2022 | Oct. 21, 2022 | Aug. 16, 2021 | Jan. 20, 2021 | Sep. 30, 2023 | Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Grants receivable | $ 517,740 | $ 320,457 | ||||
Project budget | $ 20,000,000 | $ 115,500,000 | ||||
Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Reimbursement of eligible expenditure | $ 10,000,000 | $ 57,700,000 | ||||
Reimbursement percentage | 50% | 50% | ||||
USABC Grant [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Project budget | $ 2,000,000 | |||||
USABC Grant [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Reimbursement of eligible expenditure | $ 500,000 | |||||
AMO Grant [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Project budget | $ 4,500,000 | |||||
AMO Grant [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Reimbursement of eligible expenditure | $ 2,300,000 | |||||
Reimbursement percentage | 50% |
Other Deposits (Details Narrati
Other Deposits (Details Narrative) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 01, 2023 | Aug. 21, 2023 |
Restructuring Cost and Reserve [Line Items] | |||
Shares issued | 128,206 | ||
Asset Purchase Agreement [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Aggregate purchase price | $ 6 | ||
Linico Corporation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Aggregate purchase price | $ 1.5 | ||
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% |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | $ 30,107,820 |
Cost, Additions | 31,107,752 |
Cost, ending | 61,215,572 |
Accumulated Depreciation, beginning | 161,721 |
Accumulated Depreciation, Additions | 36,501 |
Accumulated Depreciation, ending | 198,222 |
Carrying Amounts, beginning | 29,946,099 |
Carrying Amounts, ending | 61,017,350 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 6,728,838 |
Cost, Additions | 2,735,219 |
Cost, ending | 9,464,057 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 6,728,838 |
Carrying Amounts, ending | 9,464,057 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 17,508,486 |
Cost, Additions | 18,379,368 |
Cost, ending | 35,887,854 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation, Additions | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 17,508,486 |
Carrying Amounts, ending | 35,887,854 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 5,870,496 |
Cost, Additions | 9,993,165 |
Cost, ending | 15,863,661 |
Accumulated Depreciation, beginning | 161,721 |
Accumulated Depreciation, Additions | 36,501 |
Accumulated Depreciation, ending | 198,222 |
Carrying Amounts, beginning | 5,708,775 |
Carrying Amounts, ending | $ 15,665,439 |
Mining Properties (Details Narr
Mining Properties (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Purchase unpatented mining claims paid | $ 4,000,000 | |
Mining Properties and Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase unpatented mining claims paid | $ 8,200,000 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Water Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Water rights | $ 4,603,199 | $ 3,851,899 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) | Sep. 12, 2023 USD ($) a | Aug. 21, 2023 USD ($) a |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Area of land | a | 40.52 | 18.45 |
Payments to acquire intangible assets | $ | $ 101,300 | $ 700,000 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 2,553,567 | $ 1,831,686 |
Accrued fixed assets | 2,496,186 | 4,404,034 |
Accrued expenses | 621,264 | 1,032,660 |
Right-of-use liability, current | 124,987 | 121,484 |
Total accounts payable and accrued liabilities | $ 5,796,004 | $ 7,389,864 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details Narrative) | Sep. 30, 2023 |
Construction Supplier [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of accounts payable and accrued liabilities | 14% |
Schedule of Net Carrying Amount
Schedule of Net Carrying Amounts of the Notes (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Debt Disclosure [Abstract] | ||
Principle outstanding | $ 23,283,333 | |
Unamortized debt discount and issuance costs | (4,351,544) | |
Net carrying value | $ 18,931,789 |
Schedule of Maturities of Notes
Schedule of Maturities of Notes Payable (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Short-Term Debt [Line Items] | ||
Less: unamortized debt discount and issuance costs | $ 4,351,544 | |
Total notes payable | 18,931,789 | |
Notes payable, current | 21,600,000 | |
Notes payable, non-current | 1,683,333 | |
Notes Payable [Member] | ||
Short-Term Debt [Line Items] | ||
September 30, 2024 | 21,600,000 | |
September 30, 2025 | 1,683,333 | |
Total note payments | 23,283,333 | |
Less: unamortized debt discount and issuance costs | (4,351,544) | |
Total notes payable | $ 18,931,789 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) | 3 Months Ended | |||
Aug. 29, 2023 USD ($) | May 17, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Aggregrate loan amount | $ 23,283,333 | |||
Cash and Cash Equivalents, at Carrying Value | 5,379,113 | $ 2,320,149 | ||
Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregrate loan amount | $ 20,000,000 | |||
Principal amount | 6,000,000 | |||
Loan commitment | $ 14,000,000 | |||
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% | |||
Purchase Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Secured Notes Payable | $ 51,000,000 | |||
Debt Instrument, Convertible, Conversion Ratio | 1.10 | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | |||
Cash and Cash Equivalents, at Carrying Value | $ 5,000,000 | |||
Amortization of financing costs and discounts | 4,700,000 | $ 300,000 | ||
Purchase Agreement [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
[custom:AggregatePartialRedemptionsOfConvertibleNotes-0] | 1,800,000 | |||
Purchase Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Secured Notes Payable | $ 25,000,000 |
Schedule of Operating Lease ROU
Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 117,891 | $ 143,154 |
Operating lease liabilities | $ 146,925 | $ 175,788 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Leases [Abstract] | ||
September 30, 2024 | $ 132,248 | |
September 30, 2025 | 22,158 | |
Total lease payments | 154,406 | |
Less: discount | (7,481) | |
Total operating lease liabilities | 146,925 | $ 175,788 |
Operating lease liabilities, current | 124,987 | |
Operating lease liabilities, non-current | $ 21,938 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate (Details) | Sep. 30, 2023 |
Leases [Abstract] | |
Weighted average lease term (years) | 1 year 3 months 29 days |
Weighted average discount rate | 8% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Percentage of discount rate | 8% | 8% |
Operating lease costs | $ 127,311 | $ 54,625 |
Short term lease liabilities | 124,987 | |
Non-current lease liability | $ 21,938 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 11, 2023 | Jul. 28, 2023 | Jun. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | ||||
Common stock par value | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | 46,304,354 | 45,888,131 | ||||
Common stock, shares outstanding | 46,304,354 | 45,888,131 | ||||
Accrual for professional shares issuable | $ 132 | |||||
Proceeds from issuance of warrants | $ 37,500 | |||||
Building Purchase Agreement [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Increase in stockholders equity | $ 200,000 | |||||
Value of indemnification requirement as per agreement | $ 1,500,000 | |||||
Number of shares reclaim | 128,205 | |||||
Tysadco Agreement [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common shares issued, shares | 1,666,667 | 306,252 | ||||
Share purchase description | Pursuant to the Tysadco Agreement, 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. | |||||
Proceeds due from issuance of common stock | $ 3,000,000 | |||||
Receivables net current | $ 1,000,000 | |||||
Professional Service Providers [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common shares issued for services, shares | 1,326 | |||||
Professional Shares Issuable [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accrual for professional shares issuable | $ 100,000 | |||||
Series A Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
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] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
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] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, shares authorized | 66,667 | 66,667 | ||||
Preferred stock, par value | $ 10 | $ 10 | ||||
Preferred stock, shares issued | ||||||
Preferred stock, shares outstanding | ||||||
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] | ||||||
Preferred stock, shares authorized | 33,334 | 33,334 | ||||
Preferred stock, shares issued | ||||||
Preferred stock, shares outstanding | ||||||
Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred stock, shares authorized | 133,334 | 133,334 | ||||
Preferred stock, par value | $ 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 | $ 10 | $ 10 | ||||
Preferred stock, shares issued | ||||||
Preferred stock, shares outstanding | ||||||
Prior Reverse Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, shares issued | 692,068,218 | |||||
Common stock, shares outstanding | 692,068,218 | |||||
Post Reverse Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common stock, shares issued | 46,137,882 | |||||
Common stock, shares outstanding | 46,137,882 | |||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common shares issued for services, shares | 59,164 | 1,326 | ||||
Accrual for professional shares issuable | $ (1) | |||||
Number of common shares issued, shares | 306,252 | |||||
Stock issued during period shares exercise of warrants | 45,545 | |||||
Common Stock [Member] | 2021 Equity Retention Plan [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Common shares issued for services, shares | 132,142 | |||||
Accrual for professional shares issuable | $ 1,500,000 | |||||
Warrant [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of common shares issued, shares | 45,545 | |||||
Stock issued during period shares exercise of warrants | 33,334 | 50,000 | ||||
Proceeds from issuance of warrants | $ 37,500 |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) | 3 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Purchase Warrants | |
Number of warrants, Beginning Balance | shares | 5,729,360 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 14.53 |
Number of warrants, Beginning Balance | shares | |
Weighted average exercise price, Beginning Balance | $ / shares | |
Number of warrants, Beginning Balance | shares | (33,334) |
Weighted average exercise price, Beginning Balance | $ / shares | $ (1.25) |
Number of warrants, Beginning Balance | shares | |
Weighted average exercise price, Beginning Balance | $ / shares | |
Number of warrants, Beginning Balance | shares | 5,696,026 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 14.61 |
Schedule of Additional Informat
Schedule of Additional Information Regarding Share Purchase Warrants (Details) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,696,026 | 5,729,360 |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 2 years 7 months 13 days | |
Exercise Price Range One [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 774,410 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 1 month 17 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] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 3,098,641 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 1 year 6 months 29 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] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,822,975 | |
Outstanding and Exercisable, Weighted-Average Remaining Contractual Life (years) | 10 months 28 days | |
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) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Proceeds from issuance of warrants | $ 37,500 | ||
Warrant [Member] | |||
Proceeds from issuance of warrants | $ 37,500 | ||
Stock issued during period shares exercise of warrants | 33,334 | 50,000 |
Schedule of Restricted Shares a
Schedule of Restricted Shares and Restricted Share Units Non-vested (Details) | 3 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Non-vested, Beginning | shares | 1,736,376 |
Weighted average grant date fair value, Beginning | $ / shares | $ 8.35 |
Non-vested, Beginning | shares | |
Weighted average grant date fair value, Beginning | $ / shares | |
Non-vested, Beginning | shares | (154,250) |
Weighted average grant date fair value, Beginning | $ / shares | $ 9.73 |
Non-vested, Beginning | shares | |
Weighted average grant date fair value, Beginning | $ / shares | |
Non-vested, Beginning | shares | |
Weighted average grant date fair value, Beginning | $ / shares | |
Non-vested, Beginning | shares | 1,582,126 |
Weighted average grant date fair value, Beginning | $ / shares | $ 8.39 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 1,921,442 | $ 96,061 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 935,963 | 96,061 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 840,032 | |
Exploration [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 145,447 |
Share Awards (Details Narrative
Share Awards (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | 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 | ||||
Stock-based compensation expense | $ 1,921,442 | $ 96,061 | ||
Unamortized expenses | $ 7,100,000 | $ 8,700,000 | ||
Remaining weighted average period | 2 years 10 months 24 days | 3 years 2 months 12 days | ||
Officer [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 700,000 | 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 | 0 | |||
Performance Shares [Member] | Officer And Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Granted shares | 1,200,000 | |||
Employee And Retention Agreements [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Granted shares | 0 |
Schedule of Statement of Cash F
Schedule of Statement of Cash Flow Disclosures (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental disclosures: | ||
Interest paid | ||
Non-cash investing and financing activities: | ||
Current liabilities capitalized as investing activities | 2,088,533 | 1,034,486 |
Deposits capitalized as investing activities | 27,737,370 | |
Other receivables recognized as financing activities | $ 350,550 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Sep. 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 ($) | 3 Months Ended | |||
Nov. 08, 2023 | Jun. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsequent Event [Line Items] | ||||
Proceeds from issuance of shares | $ 2,380,050 | |||
Tysadco Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 1,666,667 | 306,252 | ||
Subsequent Event [Member] | Tysadco Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock issued during period shares new issues | 756,789 | |||
Proceeds from issuance of shares | $ 4,500,000 |