Cover
Cover - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Sep. 18, 2024 | Dec. 31, 2023 | |
Cover [Abstract] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Document Period End Date | Jun. 30, 2024 | |||
Document Fiscal Period Focus | FY | |||
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 | |||
Trading Symbol | ABAT | |||
Security Exchange Name | NASDAQ | |||
Title of 12(g) Security | Common stock, $0.001 par value | |||
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 | $ 231 | |||
Entity Common Stock, Shares Outstanding | 72,048,442 | |||
Documents Incorporated by Reference [Text Block] | Certain information in Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended June 30, 2024. | |||
ICFR Auditor Attestation Flag | false | |||
Document Financial Statement Error Correction [Flag] | true | |||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | |||
Entity Listing, Par Value Per Share | $ 0.001 | |||
Auditor Name | KPMG LLP | Marcum LLP | ||
Auditor Firm ID | 185 | 688 | ||
Auditor Location | Portland, Oregon | Costa Mesa, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Current assets | ||
Cash | $ 7,001,786 | $ 2,320,149 |
Accounts receivable | 228,499 | |
Inventory (Note 4) | 154,320 | 125,204 |
Grants receivable (Note 5) | 191,522 | 320,457 |
Prepaid expenses and deposits | 1,813,050 | 1,637,230 |
Subscription receivable | 608,333 | 350,550 |
Assets held-for-sale (Note 7) | 8,408,538 | |
Total current assets | 18,406,048 | 4,753,590 |
Other deposits (Note 6) | 27,740,587 | |
Property and equipment, net (Note 7) | 46,314,966 | 29,946,099 |
Mining properties (Note 8) | 8,392,977 | 8,223,323 |
Intangible assets (Note 9) | 4,519,038 | 3,851,899 |
Right-of-use asset (Note 12) | 42,103 | 143,154 |
Total assets | 77,675,132 | 74,658,652 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 10) | 9,350,937 | 7,734,864 |
Notes payable (Note 11) | 6,447,361 | 6,000,000 |
Total current liabilities | 15,798,298 | 13,734,864 |
Equity compensation liability (Note 15) | 409,194 | |
Long-term liabilities (Note 12) | 54,304 | |
Total liabilities | 16,207,492 | 13,789,168 |
Commitments and contingencies (Note 18) | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock Authorized: 80,000,000 common shares, par value of $0.001 per share; Issued and outstanding: 64,061,763 and 45,888,131 common shares as of June 30, 2024 and June 30, 2023, respectively | 64,059 | 45,887 |
Additional paid-in capital | 275,589,383 | 223,134,798 |
Common stock issuable | (857,470) | (1,484,693) |
Accumulated deficit | (213,328,332) | (160,826,508) |
Total stockholders’ equity | 61,467,640 | 60,869,484 |
Total liabilities and stockholders’ equity | 77,675,132 | 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Jun. 30, 2023 |
Preferred stock, shares authorized | 1,666,667 | |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 64,061,763 | 45,888,131 |
Common stock, shares outstanding | 64,061,763 | 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 343,500 | |
Cost of goods sold | 3,304,707 | |
Gross loss | (2,961,207) | |
General and Administrative | 16,106,807 | 12,848,131 |
Research and development | 14,325,681 | 7,565,735 |
Exploration | 4,121,941 | 2,014,341 |
Impairment charge on held-for-sale assets | 10,254,037 | |
Total operating expenses | 44,808,466 | 22,428,207 |
Net loss before other income (expense) | (47,769,673) | (22,428,207) |
Other income (expense) | ||
Interest expense | (158,078) | (128,560) |
Amortization and accretion of financing costs | (4,194,971) | |
Unrealized loss on investment | (62,497) | (9,764) |
Gain on sale of mining claims | 298,391 | |
Change in fair value of derivative liability | (338,886) | |
Other income | 22,281 | 77,000 |
Total other income (expense) | (4,732,151) | 237,067 |
Net loss attributable to common stockholders | $ (52,501,824) | $ (22,191,140) |
Net loss per share, basic | $ (1.02) | $ (0.51) |
Net loss per share, diluted | $ (1.02) | $ (0.51) |
Weighted average shares outstanding basic | 51,243,106 | 43,754,913 |
Weighted average shares outstanding diluted | 51,243,106 | 43,754,913 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Issuable [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2022 | $ 42,943 | $ 188,151,484 | $ 75,000 | $ (138,635,368) | $ 49,634,059 | ||
Beginning 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 of share-based awards, shares | 399,024 | ||||||
Stock-based compensation expense | 9,757,395 | 9,757,395 | |||||
Shares issued pursuant to share purchase agreement | $ 433 | 3,908,490 | 3,908,923 | ||||
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 service provider | $ (59) | 59 | |||||
Shares reclaimed from former service provider, shares | (58,712) | ||||||
Net loss for the period | (22,191,140) | (22,191,140) | |||||
Balance at Jun. 30, 2023 | $ 45,887 | 223,134,798 | (1,484,693) | (160,826,508) | 60,869,484 | ||
Ending balance, shares at Jun. 30, 2023 | 45,888,131 | ||||||
Shares issued upon vesting of share-based awards | $ 1,291 | (1,291) | |||||
Shares issued upon vesting of share-based awards, shares | 1,291,590 | ||||||
Stock-based compensation expense | 14,500,124 | 14,500,124 | |||||
Shares issued from private placement, net of issuance costs, shares | 39,883 | ||||||
Net loss for the period | (52,501,824) | (52,501,824) | |||||
Shares issued for services | $ 1 | $ 15,172 | $ (15,306) | $ (133) | |||
Shares issued for services, shares | 1,326 | ||||||
Shares issued pursuant to rounding of share reverse split | 59 | (59) | |||||
Shares issued pursuant to rounding of share reverse split, shares | 59,164 | ||||||
Shares reclaimed pursuant to asset acquisition | $ (128) | $ (1,255,649) | $ 1,500,000 | $ 244,223 | |||
Shares reclaimed pursuant to asset acquisition, shares | (128,206) | ||||||
Shares issued pursuant to share purchase statement | $ 16,831 | 39,158,909 | (857,471) | 38,318,269 | |||
Shares issued pursuant to share purchase statement, shares | 16,830,997 | ||||||
Shares issued pursuant to warrant exercises costs | $ 118 | 37,379 | 37,497 | ||||
Shares issued pursuant to warrant exercises, shares | 118,761 | ||||||
Balance at Jun. 30, 2024 | $ 64,059 | $ 275,589,383 | $ (857,470) | $ (213,328,332) | $ 61,467,640 | ||
Ending balance, shares at Jun. 30, 2024 | 64,061,763 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net loss attributable to common stockholders | $ (52,501,824) | $ (22,191,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,678,730 | 96,681 |
Amortization and accretion of financing costs | 4,194,971 | |
Amortization of right-of-use asset | 101,051 | 101,049 |
Impairment charge on held-for-sale assets | 10,254,037 | |
Stock-based compensation | 14,566,318 | 9,757,395 |
Shares issued for professional services | (133) | 43,895 |
Change in fair value of derivative liability | 338,886 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (228,499) | |
Inventory | (29,116) | (125,204) |
Grant receivables | 128,935 | (320,457) |
Prepaid expenses and deposits | (551,420) | (887,403) |
Accounts payable and accrued liabilities | 5,311,833 | 157,204 |
Net cash used in operating activities | (16,736,231) | (13,367,980) |
Investing Activities | ||
Other acquisition deposits | (279,878) | (21,881,587) |
Acquisition of property and equipment | (11,752,994) | (6,761,851) |
Purchase of mining properties | (169,654) | (8,073,323) |
Purchase of water rights/intangible assets | (766,693) | |
Net cash used in investing activities | (12,969,219) | (36,716,761) |
Financing Activities | ||
Proceeds from exercise of share purchase warrants | 37,497 | |
Principal paid on notes payable | (24,000,000) | |
Proceeds from notes payable, net of debt discount | 20,289,104 | 6,000,000 |
Proceeds from issuance of common shares, net of issuance costs | 13,857,351 | |
Proceeds from share purchase agreements | 38,060,486 | 3,558,373 |
Net cash provided by financing activities | 34,387,087 | 23,415,724 |
Increase (decrease) in cash | 4,681,637 | (26,669,017) |
Cash – beginning of period | 2,320,149 | 28,989,166 |
Cash – end of period | $ 7,001,786 | $ 2,320,149 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) | $ (52,501,819) | $ (21,338,207) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
No Insider Trading Flag | true |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2024 | |
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 relatively new entrant in the lithium-ion battery industry that is working to increase the domestic U.S. 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 generated our initial revenue in the fourth quarter of fiscal 2024. Our principal executive offices are located at 100 Washington Ave., Suite 100, Reno, Nevada 89503. |
Liquidity and Going Concern Con
Liquidity and Going Concern Considerations | 12 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Going Concern Considerations | 2. Liquidity and Going Concern Considerations During the fiscal year ended June 30, 2024, the Company incurred a net loss of $ 52.5 16.7 213.3 The continuation of the Company as a going concern is dependent upon generating profit from its operations and its ability to obtain debt or equity financing. There is no assurance that the Company will be able to generate sufficient profits, obtain such financings, or obtain them on favorable terms, which could limit its operations. Any such financing activities are subject to market conditions. These uncertainties cause substantial doubt about the Company’s ability to continue as a going concern for 12 months from issuance of these financial statements. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material. The going concern assessment excludes the Company’s at-the-market (“ATM”) offering (Note 13), which could provide a source of liquidity. Based on our current operating plan, unless we generate income from the operations of our facilities and receipt of cash from U.S. Government grant awards, raise additional capital (debt or equity), it is possible that we will be unable to maintain our financial covenants under our existing Note agreement (Note 11), which, if such violation is not waived, could result in an event of default, causing an acceleration of the outstanding balance. If we do raise additional capital through public or private equity offerings, as opposed to debt or additional Note issuances, the ownership interest of our existing stockholders may be diluted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. 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, if any, have been eliminated upon consolidation. On September 11, 2023, the Company effected a one-for-fifteen Immaterial Correction of Previously Issued Consolidated Financial Statements Subsequent to the issuance of the Company’s fiscal year 2023 consolidated financial statements, the Company identified errors in the application of Accounting Standards Codification (“ASC”) 710, “Compensation-General,” and ASC 718, “Compensation-Stock Compensation,” related to expense recognition for cash and equity awards that are subject to both service and performance conditions. ASC 710 and ASC 718 require recognition of compensation cost once achievement of the performance condition becomes probable as the requisite service is provided. Historically, the Company did not recognize compensation cost for certain cash and equity awards until the performance conditions in the form of milestones were achieved, and for the Company’s common share warrant performance-based awards, no compensation cost had previously been recognized when the performance conditions either became probable of achievement or were achieved. As the common share warrant and restricted stock unit (“RSU”) performance-based awards to executive officers and key employees are granted with a fixed dollar value and settled in a variable number of common share warrants or RSUs, these awards are liability-classified until the number of common share warrants or RSUs are fixed, and the corresponding compensation cost should be recorded to current or long-term liabilities, or additional paid-in capital, depending on expected timing of settlement of the award, once the performance conditions become probable of achievement. The correction of this error resulted in an increase in compensation cost of $ 0.9 million as of and for the fiscal year ended June 30, 2023. As certain of these awards are liability-classified, the correction of this error resulted in an increase of $ 0.3 million in accounts payable and accrued liabilities for the current portion of the awards, and an increase of $ 0.8 million in additional paid-in capital for the awards where the number of common share warrants or RSUs are fixed as of June 30, 2023. The Company has evaluated the effects of the correction detailed in the tables below on the previously issued consolidated financial statements, individually and in the aggregate, in accordance with the guidance in ASC 250, “Accounting Changes and Error Corrections.” The Company has concluded such corrections to be immaterial to its previously issued consolidated financial statements. While management believes the effect of the error is immaterial to the Company’s previously issued consolidated financial statements as of and for the year ended June 30, 2023, the financial statement line items impacted by this error have been corrected. The tables below reflect the sections of the Company’s consolidated financial statements that were impacted by the error. Schedule of Consolidated Financial Statements CONSOLIDATED BALANCE SHEET June 30, 2023 As Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 7,389,864 $ 345,000 $ 7,734,864 Total current liabilities 13,389,864 345,000 13,734,864 Total liabilities 13,444,168 345,000 13,789,168 Stockholders’ equity Additional paid- in capital $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit (159,973,575 ) (852,933 ) (160,826,508 ) Total stockholders’ equity 61,214,484 (345,000 ) 60,869,484 CONSOLIDATED STATEMENT OF OPERATIONS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating expenses General and administrative $ 11,960,831 $ 887,300 $ 12,848,131 Research and development 7,703,895 (138,160 ) 7,565,735 Exploration 1,910,548 103,793 2,014,341 Total operating expenses 21,575,274 852,933 22,428,207 Net loss before other income (expense) $ (21,575,274 ) $ (852,933 ) $ (22,428,207 ) Other income (expense) Amortization of financing costs Amortization and accretion of financing costs Change in fair value of derivative liability Total other income (expense) 237,067 Net loss (21,338,208 ) Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Net loss per share, basic and diluted $ (0.49 ) $ (0.02 ) $ (0.51 ) CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Stockholders’ Equity Additional paid-in capital: Balance - - 188,151,484 Stock-based compensation expense $ 9,249,462 $ 507,933 $ 9,757,395 Balance, June 30, 2023 $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit Net loss for period $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Balance, June 30, 2023 (159,973,575 ) $ (852,933 ) $ (160,826,508 ) Total stockholders’ equity Balance, June 30, 2023 $ 61,214,484 $ (345,000 ) $ 60,869,484 CONSOLIDATED STATEMENT OF CASH FLOWS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating Activities Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 9,249,462 507,933 9,757,395 Accretion of financing costs Shares issued for professional services - - 43,895 Change in fair value of derivative liability Changes in operating assets and liabilities: Accounts payable and accrued liabilities $ (187,796 ) $ 345,000 $ 157,204 Net cash used in operating activities $ (13,367,980 ) $ - $ (13,367,980 ) 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, useful lives of fixed assets, valuation and recoverability of long-lived assets and intangible assets, fair value less cost to sell of assets held-for-sale, 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) Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2024 and 2023. d) Inventory Inventory is stated at the lower of cost or market (net realizable value). The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. e) 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 ASC 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 buildings, vehicles, equipment, and land. Buildings, vehicles and equipment are depreciated on a straight-line basis over their estimated value lives, which are as follows: Schedule of Estimated Value Lives Buildings 39 Building improvements 15 Equipment & vehicles 5 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 or comparable market values. Any impairment in value is recognized as an expense in the period when the impairment occurs. The Company took an impairment loss on assets it has decided to sell and are classified as held-for-sale. The impairment loss was recorded in the fiscal ended June 30, 2024 and is related to certain assets comprised primarily of land and a building at the Fernley, Nevada location. No 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. f) Leases The Company accounts for its leases under ASC 842, “Leases.” In calculating the right-of-use assets and lease liabilities, the Company elected the practical expedient to combine lease and non-lease components. Additionally, the Company excludes short-term leases having initial terms of 12 months or less g) 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, if any allocable to the cost of developing mining properties and to construct new facilities, is capitalized until assets are ready for their intended use. For the fiscal years ended June 30, 2024 and 2023, no interest expense was capitalized. 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. h) Intangible Assets Intangible assets consist of water rights that have indefinite useful lives and 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. Annually, or when there is a triggering event, the Company first performs a qualitative assessment by evaluating all relevant events and circumstances to determine if it is more likely than not that the indefinite-lived intangible assets are impaired; this includes considering any potential effect on significant inputs to determining the fair value of the indefinite-lived intangible assets. When it is more likely than not that an indefinite-lived intangible asset is impaired, then the Company calculates the fair value of the intangible asset and performs a quantitative impairment test. The Company performs its annual impairment test on June 30. No impairment charges for intangible assets were recorded in the fiscal year ended June 30, 2024 and 2023. i) Assets Held-For-Sale The Company classifies assets as held-for-sale (“disposal group”) in the period when all of the relevant criteria to be classified as held for sale are met. These criteria include management’s commitment to sell the disposal group in its present condition and the sale being deemed probable of being completed within one year. Assets held for sale are reported at the lower of their carrying value or fair value less cost to sell. The fair values of disposal groups are estimated using accepted valuation techniques, including indicative listing prices. The Company considers historical experience, guidance received from third parties, and all information available at the time the estimates are made to derive fair value. Any loss resulting from the measurement is recognized in the period when the held for sale criteria are met. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group. Assets held-for-sale are not amortized or depreciated. j) Accrued Claims and Contingencies The Company is subject to various claims and contingencies related to lawsuits. A liability is recorded for claims, legal costs or other contingencies when the risk of loss is probable and reasonable estimable. The required reserves may change due to new developments in each period. k) 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, with the current portion reclassified to a short-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 condensed consolidated balance sheets. The debt discount, 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 consolidated statements of operations. l) 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 earnings in the consolidated statements of operations. m) Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity can assess at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability which include the Company’s assumptions regarding the data market participants would use in pricing the asset or liability based on the best information available under the circumstances. The carrying values of the Company’s cash, accounts receivable, prepaid expenses and deposits, notes payable, accounts payable and accrued liabilities approximates fair value due to their short maturities. The Company’s recurring fair value measurements include the valuation of the derivative liability for the bifurcated notes payable freestanding call option. See Note 11 for relevant fair value disclosures. Given use of unobservable inputs, there is inherently uncertainty that the inputs could reasonably have been different as of the reporting date. The Company’s non-recurring fair value measurements include the valuation of the assets held-for-sale as of June 30, 2024. See Note 7 for relevant fair value disclosures. n) Revenue Recognition The Company’s initial revenues were recorded in the fourth quarter of fiscal year 2024 and Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue from the sale of black mass and services for recycling lithium-ion batteries which includes coordination of logistics and destruction of batteries. Revenue is measured based on the consideration to which the Company expects to be entitled under a contract with a customer. The Company recognizes revenue when it transfers control of a product or service to a customer as outlined in the contractual terms. The Company has elected the practical expedient to not recognize a financing component when payment is expected within one year of satisfaction of the performance obligation. Payment terms are typically 30 days or less. For sale of products, revenue is recognized when control of the goods has transferred, typically when the goods have been transferred to the customer. A receivable is recognized by the Company when the goods are transferred to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Recycling service revenue is recognized at a point in time either upon receipt of the batteries from the customers or upon completion of the services. The price for services is separately identifiable within each contract. Bill and Hold Arrangements As of June 30, 2024, the Company has entered into bill and hold arrangements with a certain customer. Under these arrangements, the Company recognizes revenue at the time of billing, even though the physical transfer of goods has not yet occurred. The following criteria are met to recognize revenue under a bill and hold arrangement: 1. The goods are identified separately as belonging to the customer: The goods are segregated and set aside for the customer. 2. The goods are ready for physical transfer: The goods are completed and ready for shipment, but the customer has requested that they be held for a specified period. 3. The arrangement is substantive: The customer has requested the arrangement and the agreement specifies the terms for delivery and billing. 4. The risks and rewards of ownership have been transferred: The customer has assumed the risks and rewards of ownership even though the goods are not yet physically transferred. This is typically demonstrated through the customer’s commitment to pay and the assurance that the goods will not be returned. In the ordinary course of business, the Company may have consideration payable to customers in relation to recycling services in the form of battery feedstock purchases, which is recognized in the cost basis of the inventory and is not netted against revenues. o) Cost of Goods Sold Cost of goods sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense, repair and maintenance expense and direct and indirect overhead expenses associated with manufacturing product for sale. p) 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 , q) 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. As of June 30, 2024, no costs associated with R&D activities have been capitalized. The Company has been awarded U.S. federal grant awards for specific R&D programs. Under Accounting Standards Update (“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. As the federal grants receivable are not deemed to have any significant realization risk, the Company believes this best reflects the expected net expenditures associated with these programs. r) Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, “Compensation-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 table below sets forth the assumptions used on the date of grant for estimating the fair value of options granted during the fiscal years ending June 30: Schedule of Estimated Fair Value 2024 2023 Weighted average expected term (years) 3.00 5.00 5.00 Risk-free interest rate 4.31 4.62 % 4.33 % Dividend yield 0 % 0 % Volatility 95.85 135.46 % 140.61 % 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. Compensation in the form of warrants is limited to executives, and recorded as a liability until the warrant is exercised or expires. Executives may also receive compensation in the form of RSUs that are recorded as a liability until the award is settled in shares of common stock. The liability classification of these awards is based on the total value of the award granted at a fixed value but settled in a variable number of warrants or RSUs until the performance milestones are achieved and the warrants or RSUs are issued. s) 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-forwards. 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 consolidated balance sheet dates. Interest and penalties accrued on unrecognized tax benefits are included within income tax expense in the consolidated financial statements. Due to the Company’s net loss position since inception, the likelihood of deferred tax assets being realized does not meet the more likely than not assessment guidelines. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded at June 30, 2024 and 2023. t) 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 consolidated statement of operations. 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. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share The Company had the following potentially dilutive shares outstanding as of June 30: Schedule of Potentially Dilutive Shares Outstanding 2024 2023 Convertible notes 769,342 - Warrants 6,928,758 5,729.360 Share awards outstanding 3,428,604 1,736,376 Total potentially dilutive 11,126,704 7,465,736 u) Government Grant and Tax Credit Awards For government grants, the Company recognizes a benefit in the consolidated statements of operations, as a reduction to the expense for which the individual government grant is designed to compensate, over the duration of the program when the Company has reasonably assurance that it will comply with the conditions under the grant and that the grant will be received. Grants related to investments in property and equipment are recognized as a reduction to the cost basis of the underlying assets with an ongoing reduction to depreciation expense over the assets’ estimated useful life. v) Segments The Company operates as one segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the consolidated financial statements. w) Reclassifications Certain prior period amounts in the consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no significant effect on the result of operations or financial position for any period presented. x) Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendment in this update expands segment disclosures by requiring disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This update is effective for our annual report for fiscal year 2025, for interim period reporting beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the consolidated financial statements. We are currently evaluating the timing of adoption and the impact of this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” The amendments further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for our annual report for fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the timing of adoption and impact of this ASU on our consolidated financial statements and related disclosures. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The Company’s inventory for its lithium-ion battery recycling operation is comprised of raw materials, in the form of battery feedstock, and finished goods, in the form of black mass and other metals. Inventory is valued at the lower of average cost or net realizable value. The net carrying value of inventory includes those costs to acquire battery feedstock and any related carrying and processing costs incurred by the Company. The table below presents the components of inventory as of June 30: Schedule of Inventories 2024 2023 Raw materials $ 66,088 $ 125,204 Finished goods 88,232 - Total $ 154,320 $ 125,204 |
Government Grant and Tax Credit
Government Grant and Tax Credit Awards | 12 Months Ended |
Jun. 30, 2024 | |
Government Grant And Tax Credit Awards | |
Government Grant and Tax Credit Awards | 5. Government Grant and Tax Credit 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. As collections from the federal government have been and are expected to continue to be timely, no allowance for doubtful accounts has been established. If amounts become uncollectible, they will be charged to operations. Grants receivable was $ 0.2 0.3 On January 20, 2021, the U.S. 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 1.7 73 On August 16, 2021, the Company received a contract award for a 30-month project with a total budget of $ 2.0 0.5 0.5 97 On October 21, 2022, the U.S. 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 1.7 3 On November 17, 2022, the U.S. 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 0.6 6 On March 28, 2024, the Company was selected for a tax credit for up to $ 19.5 million through the Qualifying Advanced Energy Project Credits program (“48C”). This tax credit was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the DOE, which evaluated the feasibility of applicant facilities to advance America’s buildout of globally competitive critical material recycling, processing, and refining infrastructure. This tax credit provides up to a 30% credit on investments to build production facilities for advances in technology and may be utilized both for the reimbursement of capital expenditures spent to date at the Company’s battery recycling facility in the Tahoe-Reno Industrial Center (“TRIC”) in McCarran and future build out of additional phases of our production capabilities at this facility. As of June 30, 2024, the Company has incurred qualifying expenditures for this tax credit but will not recognize any amounts until it has reasonable assurance of compliance with the relevant standards. Also on March 28, 2024, the Company was selected for an additional tax credit of up to $ 40.5 The table below summarizes the effects of government grants on the consolidated financial statements for the fiscal years ended June 30: Schedule of Effects of Government Grants 2024 2023 Reductions to research and development costs $ (2,317,987 ) $ (902,525 ) Reductions to property and equipment costs (1,025,347 ) - Total cost reductions due to grant reimbursements received $ (3,343,334 ) $ (902,525 ) |
Other Deposits
Other Deposits | 12 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Deposits | 6. Other Deposits On March 1, 2023, the Company and Linico Corporation (“Linico”) entered into an Asset Purchase Agreement (“APA”) whereby the Company acquired specific tangible equipment and personal property for an aggregate purchase price of $ 6.0 million. Contemporaneously with the signing of the APA, the Company and Linico entered into another agreement, the Membership Interest Purchase Agreement (“MIPA”), whereby the Company would acquire 100 % of the membership interests in Aqua Metals Transfer, LLC, principally real property consisting of land and a building in the Tahoe-Reno Industrial Center (“TRIC”) at 2500 Peru Drive, McCarran, Nevada, for an aggregate purchase price of $ 21.6 million. 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 27.6 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment The table below presents the property, plant and equipment as of June 30: Schedule of Property and Equipment 2024 2023 Land $ 8,860,916 $ 6,728,838 Building 24,867,784 17,508,486 Equipment and vehicles 14,313,970 5,870,496 Total 48,042,670 30,107,820 Less: accumulated depreciation (1,727,704 ) (161,721 ) Property and equipment, net $ 46,314,966 $ 29,946,099 The Company recognized depreciation expense of $ 1.7 0.1 On August 11, 2023, the Company finalized the purchase of its commercial-scale battery recycling facility located in the TRIC, as indicated in Note 6. At that time, the aggregate total of $ 27.6 During the fourth quarter of fiscal 2024, the Company approved a plan to sell certain assets comprised primarily of land and a building from our Fernley location. The Company made this decision due to the acquisition of the Peru facility that would accelerate our time to production and commercialization. The assets located at Fernley had a carrying amount of $ 18.6 0.1 10.3 |
Mining Properties
Mining Properties | 12 Months Ended |
Jun. 30, 2024 | |
Mining Properties | |
Mining Properties | 8. Mining Properties On July 21, 2022, the Company exercised the option to purchase the rights to unpatented lode claims in Tonopah, Nevada. Since that time, the Company has worked with third parties to conduct drill programs and analysis to verify the grade and continuity of the mining claims. Over 50% of the inferred mineral resources have been upgraded to measured and indicated classifications. The Company is still in the exploration stage and expenses all mineral exploration costs. If the Company identifies proven and probable reserves and develops an economic plan for operating a mine, it will enter the development stage and capitalize future costs until production is established. On July 22, 2023, the Company began a third exploration program to advance its Tonopah Flats Lithium Project. This drill program includes core infill and step out drilling to support the evolution of its domestic resource with the goal of upgrading to a ‘measured and indicated’ resource classification. The Company selected and engaged KB Drilling for the collection of infill and step out samples for this latest drill program, which consists of sample collections from eight additional drill holes and includes 6,500 In December 2023, the Company entered into a vacant land offer and acceptance agreement for the Company’s acquisition of certain mineral patents totaling $ 0.2 On April 24, 2024, the Company announced the completion of the “Amended Resource Estimate and Initial Assessment with Project Economics for the Tonopah Flats Lithium Project, Esmeralda and Nye Counties, Nevada, USA” (“Amended IA”) and the publication of the S-K 1300 Technical Report Summary (“TRS”) disclosing mineral resources, including an initial economic assessment, for the Tonopah Flats Lithium Project. The TRS was completed by RESPEC Company LLC, a qualified person, in compliance with Item 1300 of Regulation S-K and with an effective date of April 5, 2024. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 9. Intangible Assets On September 12, 2023, the Company acquired approximately 40.52 0.1 The Company’s acquisition of the commercial-scale battery recycling facility at the TRIC included water rights valued at $ 0.7 18.45 As of June 30, 2024, the Company allocated $ 0.1 The table below presents total intangible assets at: Schedule of Intangible Assets June 30, 2024 June 30, 2023 Water rights $ 4,519,038 $ 3,851,899 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 10. Accounts Payable and Accrued Liabilities The table below presents total accounts payable and accrued liabilities at: Schedule of Accounts Payable and Accrued Liabilities June 30, 2024 June 30, 2023 Trade payables $ 4,255,398 $ 1,831,686 Accrued fixed assets 996,970 4,404,034 Accrued expenses 2,244,265 1,377,660 Marketing agreement settlement (Note 19) 1,800,000 - Right-of-use liability, current 54,304 121,484 Total accounts payable and accrued liabilities $ 9,350,937 $ 7,734,864 As of June 30, 2024, the Company had no supplier that accounted for greater than 10% of the total accounts payable and accrued liabilities balance. As of June 30, 2023, the Company had a significant construction supplier that accounted for 28 0.3 1.8 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Notes Payable | 11. 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 $ 20.0 6.0 14.0 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. 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 25.0 18.0 26.0 13.5 250,000 12.5 1.8 110 14.31 September 1, 2025 5.0 The Company analyzed the conversion features of the Notes for derivative accounting considerations under ASC 815-15, “Derivatives and Hedging,” and determined a freestanding call option should be bifurcated and separately accounted for as a derivative liability. Accordingly, the derivative liability is carried at fair value at each reporting date with the corresponding gain or loss reflected in earnings in the condensed consolidated statements of operations. See Correction of Previously Issued Consolidated Financial Statements in Note 3. The Company determined the derivative liability to have a fair value of $ 0.4 0.3 0.7 78.1 4.96 Note discount and issuance costs totaled $ 5.1 3.8 The table below presents the net carrying amounts of the Notes as of June 30, 2024: Schedule of Net Carrying Amounts of the Notes Principal outstanding $ 7,083,333 Unamortized debt discount and issuance costs (1,341,156 ) Derivative liability associated with convertible notes 366,298 Changes in fair market value of derivative liability 338,886 Net carrying value $ 6,447,361 The table below presents the maturities of notes payable as of June 30, 2024: Schedule of Maturities of Notes Payable Fiscal year ended June 30, 2025 $ 7,083,333 Fiscal year ended June 30, 2026 - Total note payments 7,083,333 Less: unamortized debt discount and issuance costs (1,341,156 ) Derivative liability, at fair value, less amortization 705,184 Total notes payable $ 6,447,361 Notes payable, current $ 6,447,361 Notes payable, non-current $ - |
Leases
Leases | 12 Months Ended |
Jun. 30, 2024 | |
Leases | |
Leases | 12. Leases The Company occupies office facilities under lease agreements that expire at various dates, many of which do not exceed one year in length. Total operating lease costs and cash paid for the fiscal years ended June 30, 2024 and 2023 were approximately $ 0.1 As of June 30, 2024 and 2023, current lease liabilities of $ 0.1 0.2 Schedule of Operating Lease ROU Assets and Lease Liabilities June 30, 2024 June 30, 2023 Operating lease right-of-use asset $ 42,103 $ 143,154 Operating lease liabilities $ 54,304 $ 175,788 The table below presents the maturities of operating lease liabilities as of June 30, 2024: Schedule of Maturity of Operating Lease Liabilities Fiscal year ended June 30, 2025 $ 55,395 Total lease payments 55,395 Less: discount (1,091 ) Total operating lease liabilities $ 54,304 Operating lease liabilities, current $ 54,304 Operating lease liabilities, non-current $ - 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, 2024 and 2023. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate 2024 2023 Weighted average lease term (years) 0.33 1.33 Weighted average discount rate 8.00 % 8.00 % |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | 13. 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 no 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 64,061,763 Fiscal year ended June 30, 2024 During the period the Company issued 1,326 During the period, the Company issued 1,306,480 5.3 171,500 On July 28, 2023, the Company recorded an increase of $ 0.2 1.5 128,205 During the period, the Company filed prospectus supplements related to the offer and sale from time to time of up to 8,666,667 Pursuant to the Tysadco Agreement, the Company may offer and sell up to 8,666,667 common shares of the Company at a purchase price of 95% of the weighted-average price, with a minimum request of 33,333 shares. 8,209,262 27.8 1.5 On April 3, 2024, the Company entered into an ATM sales agreement with Virtu Americas LLC, pursuant to which the Company may offer and sell, from time to time through the sales agent, shares (the “Shares”) of the Company’s common stock, par value $ 0.001 50,000,000 9,109,573 12.1 0.6 During the period, the Company issued 45,545 50,000 37,500 33,334 39,883 66,667 During the period, the Company recognized stock-based compensation expense of approximately $ 14.6 14.2 0.4 0.3 7.5 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 10.50 476,187 12.00 476,187 10.50 5.0 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. Pursuant to the 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 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 common shares directly by the Company at market prices, or to Tysadco, pursuant to the terms of written sales agreement(s) (“June Prospectus”). 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. During the period, the Company issued 33,333 common shares. Proceeds of $ 2.7 million were received after the consolidated balance sheet date of June 30, 2023. On May 17, 2023, the Company reclaimed 58,712 |
Share Purchase Warrants
Share Purchase Warrants | 12 Months Ended |
Jun. 30, 2024 | |
Share Purchase Warrants | |
Share Purchase Warrants | 14. Share Purchase Warrants During the fiscal year ended June 30, 2024, there were 118,762 85,428 539,435 171,500 1.90 five years three five years 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 Weighted Average Aggregate Intrinsic Value 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 Granted 1,407,135 4.96 Exercised (100,002 ) 1.13 Expired (107,735 ) 3.75 Balance, June 30, 2024 6,928,758 $ 12.95 2.50 $ 75,001 Exercisable, June 30, 2024 6,048,210 $ 13.94 2.19 $ 75,001 |
Equity Compensation Awards
Equity Compensation Awards | 12 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Compensation Awards | 15. Equity Compensation Awards The Company 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, warrants, 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-year period at a rate of 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 3.3 2.2 The table below reflects the share award activity for the periods ended June 30, 2024 and 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Unvested share awards at June 30, 2022 23,334 $ 12.30 Granted 2,152,232 8.25 Vested (435,857 ) (8.25 ) Other - - Forfeitures (3,333 ) (7.50 ) Unvested share awards at June 30, 2023 1,736,376 8.25 Granted 3,290,268 3.51 Vested (1,306,480 ) 5.29 Other - - Forfeitures (291,560 ) (5.94 ) Unvested awards at June 30, 2024 3,428,604 $ 5.02 As awards are granted, stock-based compensation equivalent to the fair market value of the underlying common stock on the date of grant is expensed over the requisite service period, generally four years with a maximum contractual term of ten years, using the graded vesting attribution method as acceptable under ASC 718, “Stock-Based Compensation.” The Company accounts for forfeitures as they occur. The fair value of share awards that vested during the fiscal year ended June 30, 2024 totaled $ 5.3 The Company recognized stock-based compensation expense of $ 14.6 9.8 7.5 4.5 1.9 0.8 0.4 nil 0.4 As of June 30, 2024, there were approximately $ 11.2 2.8 The table below presents the stock-based compensation expense per respective line item of the consolidated statements of operations for the fiscal years ended June 30: Schedule of Stock-Based Compensation Expense 2024 2023 Cost of goods sold $ 196,829 $ - General and administrative 7,372,695 5,325,578 Research and development 5,852,392 3,735,528 Exploration 1,144,402 696,289 Total stock-based compensation $ 14,566,318 $ 9,757,395 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 is generally four years. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023. The U.S. federal corporate statutory rate of 21.0 Schedule of Federal Income Tax provision 2024 2023 Net loss before taxes $ (52,501,819 ) $ (21,338,207 ) Statutory Rate 21 % 21 % Computed expected tax recovery (11,025,382 ) (4,481,024 ) State income tax (benefit), net of federal benefit (315,287 ) - Section 162(m) adjustments 71,043 - Other permanent tax differences (121,985 ) (5,107 ) Share-based Compensation – RSUs/PSUs 701,362 - Uncertain Tax Positions (219,450 ) (8,495,803 ) Deferred Adjustments and Other (518,766 ) 113,966 Change in valuation allowance 11,428,465 12,867,968 Total income tax provision $ - $ - 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 2024 2023 Net operating losses $ 25,676,852 $ 19,365,174 Stock-based compensation 2,472,597 982,521 Section 174 capitalization 1,938,732 679,037 Other temporary differences 390,384 2,049 Fixed Assets and Intangibles 1,697,171 13,208 Valuation allowance (32,175,736 ) (21,041,989 ) Net Deferred Tax Asset $ - $ - We believe that it is more likely than not that the benefit from certain NOL carryforwards will not be realized. At June 30, 2024 and 2023, respectively, we have provided a valuation allowance of $ 32.2 21.0 As of June 30, 2024, the Company has accumulated federal and state net operating loss carryforwards of approximately $ 120.8 5.4 2.5 expire in 2032 118.3 3.5 expire in 2041 1.9 0.3 expire in 2041 Utilization of net operating losses, credit carryforwards, and certain deductions may be subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The tax benefits related to future utilization of federal and state net operating losses, tax credit carryforwards, and other deferred tax assets may be limited or lost if cumulative changes in ownership exceeds 50% within any three-year period. Additional limitations on the use of these tax attributes could occur in the event of possible disputes arising in examinations from various taxing authorities. Any net operating loss or credit carryforwards that will expire prior to utilization as a result of such limitations will be removed from deferred tax assets. 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 2024 2023 Unrecognized tax benefits, beginning of period $ 219,450 $ 8,715,253 Decrease during the period (219,450 ) (8,715,253 ) Increase during the period 219,450 Unrecognized tax benefits, end of period $ - $ 219,450 In the fiscal year ended June 30, 2022, the Company recorded an uncertain tax position related to shares issued to service providers during open tax years. In fiscal year ended June 30, 2023 the Company filed all necessary tax returns and paid approximately $ 75,000 The Company accrued for an uncertain tax position during the fiscal year ended June 30, 2023 related to Section 162(m) of the Internal Revenue Code, which limits the deductibility of compensation paid to certain executive officers in excess of $ 1.0 The Company does not have an accrual for interest or penalties related to uncertain tax positions as of June 30, 2024. 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, 2024. |
Supplemental Statement of Cash
Supplemental Statement of Cash Flow Disclosures | 12 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Statement of Cash Flow Disclosures | 17. Supplemental Statement of Cash Flow Disclosures For the fiscal years ended June 30: Schedule of Statement of Cash Flow Disclosures 2024 2023 Supplemental disclosures: Interest paid $ 29,006 $ 128,560 Non-cash investing and financing activities: Purchases of property and equipment accrued in current liabilities 996,970 4,404,034 Deposits capitalized as investing activities 28,020,465 150,000 Fair value of common shares issued for investing activities - 5,859,000 Other receivables recognized as financing activities 608,333 350,550 Assets transferred to assets held-for-sale 18,662,575 - Settlement of cash bonuses with equity awards 343,000 - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. 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 lab space at 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, see Note 12 – 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, 2024, the Company’s financial assurance obligations associated with U.S. mine closure and reclamation/restoration cost estimate totaled $ 0.1 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events On July 3, 2024, the Company and Mercuria Energy America, LLC agreed to resolve their respective disputes related to a Marketing Agreement entered into in May 2023. Under the terms of the Settlement Agreement, the Company agreed to make six monthly payments to Mercuria Energy America, LLC of $ 0.3 1.8 On August 1, 2024, the Company agreed to sell 76 Units (the “Units” as defined below) to several accredited investors (“Investors”) and two employees (“Insiders”), pursuant to a Subscription Agreement (the “Subscription Agreement”) in a private placement offering (the “Private Placement”). Each Unit for the Investors consists of 25,000 25,000 25,000 25,000 19,531 39,062 25,000 1.9 In August 2024, the Company decided to sell some or all of its individual water rights that are recorded as intangible assets on the balance sheet. The Company has an estimated 290.19-acre feet of standalone water rights available for sale. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
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, if any, have been eliminated upon consolidation. On September 11, 2023, the Company effected a one-for-fifteen Immaterial Correction of Previously Issued Consolidated Financial Statements Subsequent to the issuance of the Company’s fiscal year 2023 consolidated financial statements, the Company identified errors in the application of Accounting Standards Codification (“ASC”) 710, “Compensation-General,” and ASC 718, “Compensation-Stock Compensation,” related to expense recognition for cash and equity awards that are subject to both service and performance conditions. ASC 710 and ASC 718 require recognition of compensation cost once achievement of the performance condition becomes probable as the requisite service is provided. Historically, the Company did not recognize compensation cost for certain cash and equity awards until the performance conditions in the form of milestones were achieved, and for the Company’s common share warrant performance-based awards, no compensation cost had previously been recognized when the performance conditions either became probable of achievement or were achieved. As the common share warrant and restricted stock unit (“RSU”) performance-based awards to executive officers and key employees are granted with a fixed dollar value and settled in a variable number of common share warrants or RSUs, these awards are liability-classified until the number of common share warrants or RSUs are fixed, and the corresponding compensation cost should be recorded to current or long-term liabilities, or additional paid-in capital, depending on expected timing of settlement of the award, once the performance conditions become probable of achievement. The correction of this error resulted in an increase in compensation cost of $ 0.9 million as of and for the fiscal year ended June 30, 2023. As certain of these awards are liability-classified, the correction of this error resulted in an increase of $ 0.3 million in accounts payable and accrued liabilities for the current portion of the awards, and an increase of $ 0.8 million in additional paid-in capital for the awards where the number of common share warrants or RSUs are fixed as of June 30, 2023. The Company has evaluated the effects of the correction detailed in the tables below on the previously issued consolidated financial statements, individually and in the aggregate, in accordance with the guidance in ASC 250, “Accounting Changes and Error Corrections.” The Company has concluded such corrections to be immaterial to its previously issued consolidated financial statements. While management believes the effect of the error is immaterial to the Company’s previously issued consolidated financial statements as of and for the year ended June 30, 2023, the financial statement line items impacted by this error have been corrected. The tables below reflect the sections of the Company’s consolidated financial statements that were impacted by the error. Schedule of Consolidated Financial Statements CONSOLIDATED BALANCE SHEET June 30, 2023 As Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 7,389,864 $ 345,000 $ 7,734,864 Total current liabilities 13,389,864 345,000 13,734,864 Total liabilities 13,444,168 345,000 13,789,168 Stockholders’ equity Additional paid- in capital $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit (159,973,575 ) (852,933 ) (160,826,508 ) Total stockholders’ equity 61,214,484 (345,000 ) 60,869,484 CONSOLIDATED STATEMENT OF OPERATIONS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating expenses General and administrative $ 11,960,831 $ 887,300 $ 12,848,131 Research and development 7,703,895 (138,160 ) 7,565,735 Exploration 1,910,548 103,793 2,014,341 Total operating expenses 21,575,274 852,933 22,428,207 Net loss before other income (expense) $ (21,575,274 ) $ (852,933 ) $ (22,428,207 ) Other income (expense) Amortization of financing costs Amortization and accretion of financing costs Change in fair value of derivative liability Total other income (expense) 237,067 Net loss (21,338,208 ) Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Net loss per share, basic and diluted $ (0.49 ) $ (0.02 ) $ (0.51 ) CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Stockholders’ Equity Additional paid-in capital: Balance - - 188,151,484 Stock-based compensation expense $ 9,249,462 $ 507,933 $ 9,757,395 Balance, June 30, 2023 $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit Net loss for period $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Balance, June 30, 2023 (159,973,575 ) $ (852,933 ) $ (160,826,508 ) Total stockholders’ equity Balance, June 30, 2023 $ 61,214,484 $ (345,000 ) $ 60,869,484 CONSOLIDATED STATEMENT OF CASH FLOWS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating Activities Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 9,249,462 507,933 9,757,395 Accretion of financing costs Shares issued for professional services - - 43,895 Change in fair value of derivative liability Changes in operating assets and liabilities: Accounts payable and accrued liabilities $ (187,796 ) $ 345,000 $ 157,204 Net cash used in operating activities $ (13,367,980 ) $ - $ (13,367,980 ) 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, useful lives of fixed assets, valuation and recoverability of long-lived assets and intangible assets, fair value less cost to sell of assets held-for-sale, 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) Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2024 and 2023. d) Inventory Inventory is stated at the lower of cost or market (net realizable value). The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. e) 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 ASC 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 buildings, vehicles, equipment, and land. Buildings, vehicles and equipment are depreciated on a straight-line basis over their estimated value lives, which are as follows: Schedule of Estimated Value Lives Buildings 39 Building improvements 15 Equipment & vehicles 5 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 or comparable market values. Any impairment in value is recognized as an expense in the period when the impairment occurs. The Company took an impairment loss on assets it has decided to sell and are classified as held-for-sale. The impairment loss was recorded in the fiscal ended June 30, 2024 and is related to certain assets comprised primarily of land and a building at the Fernley, Nevada location. No 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. |
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, useful lives of fixed assets, valuation and recoverability of long-lived assets and intangible assets, fair value less cost to sell of assets held-for-sale, 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. |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2024 and 2023. |
Inventory | d) Inventory Inventory is stated at the lower of cost or market (net realizable value). The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. |
Long-lived Assets | e) 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 ASC 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 buildings, vehicles, equipment, and land. Buildings, vehicles and equipment are depreciated on a straight-line basis over their estimated value lives, which are as follows: Schedule of Estimated Value Lives Buildings 39 Building improvements 15 Equipment & vehicles 5 |
Leases | f) Leases The Company accounts for its leases under ASC 842, “Leases.” In calculating the right-of-use assets and lease liabilities, the Company elected the practical expedient to combine lease and non-lease components. Additionally, the Company excludes short-term leases having initial terms of 12 months or less |
Mining Properties | g) 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, if any allocable to the cost of developing mining properties and to construct new facilities, is capitalized until assets are ready for their intended use. For the fiscal years ended June 30, 2024 and 2023, no interest expense was capitalized. 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 | h) Intangible Assets Intangible assets consist of water rights that have indefinite useful lives and 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. Annually, or when there is a triggering event, the Company first performs a qualitative assessment by evaluating all relevant events and circumstances to determine if it is more likely than not that the indefinite-lived intangible assets are impaired; this includes considering any potential effect on significant inputs to determining the fair value of the indefinite-lived intangible assets. When it is more likely than not that an indefinite-lived intangible asset is impaired, then the Company calculates the fair value of the intangible asset and performs a quantitative impairment test. The Company performs its annual impairment test on June 30. No impairment charges for intangible assets were recorded in the fiscal year ended June 30, 2024 and 2023. |
Assets Held-For-Sale | i) Assets Held-For-Sale The Company classifies assets as held-for-sale (“disposal group”) in the period when all of the relevant criteria to be classified as held for sale are met. These criteria include management’s commitment to sell the disposal group in its present condition and the sale being deemed probable of being completed within one year. Assets held for sale are reported at the lower of their carrying value or fair value less cost to sell. The fair values of disposal groups are estimated using accepted valuation techniques, including indicative listing prices. The Company considers historical experience, guidance received from third parties, and all information available at the time the estimates are made to derive fair value. Any loss resulting from the measurement is recognized in the period when the held for sale criteria are met. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group. Assets held-for-sale are not amortized or depreciated. |
Accrued Claims and Contingencies | j) Accrued Claims and Contingencies The Company is subject to various claims and contingencies related to lawsuits. A liability is recorded for claims, legal costs or other contingencies when the risk of loss is probable and reasonable estimable. The required reserves may change due to new developments in each period. |
Convertible Notes | k) 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, with the current portion reclassified to a short-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 condensed consolidated balance sheets. The debt discount, 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 consolidated statements of operations. |
Derivative Financial Instruments | l) 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 earnings in the consolidated statements of operations. |
Fair Value of Financial Instruments | m) Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity can assess at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability which include the Company’s assumptions regarding the data market participants would use in pricing the asset or liability based on the best information available under the circumstances. The carrying values of the Company’s cash, accounts receivable, prepaid expenses and deposits, notes payable, accounts payable and accrued liabilities approximates fair value due to their short maturities. The Company’s recurring fair value measurements include the valuation of the derivative liability for the bifurcated notes payable freestanding call option. See Note 11 for relevant fair value disclosures. Given use of unobservable inputs, there is inherently uncertainty that the inputs could reasonably have been different as of the reporting date. The Company’s non-recurring fair value measurements include the valuation of the assets held-for-sale as of June 30, 2024. See Note 7 for relevant fair value disclosures. |
Revenue Recognition | n) Revenue Recognition The Company’s initial revenues were recorded in the fourth quarter of fiscal year 2024 and Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue from the sale of black mass and services for recycling lithium-ion batteries which includes coordination of logistics and destruction of batteries. Revenue is measured based on the consideration to which the Company expects to be entitled under a contract with a customer. The Company recognizes revenue when it transfers control of a product or service to a customer as outlined in the contractual terms. The Company has elected the practical expedient to not recognize a financing component when payment is expected within one year of satisfaction of the performance obligation. Payment terms are typically 30 days or less. For sale of products, revenue is recognized when control of the goods has transferred, typically when the goods have been transferred to the customer. A receivable is recognized by the Company when the goods are transferred to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Recycling service revenue is recognized at a point in time either upon receipt of the batteries from the customers or upon completion of the services. The price for services is separately identifiable within each contract. Bill and Hold Arrangements As of June 30, 2024, the Company has entered into bill and hold arrangements with a certain customer. Under these arrangements, the Company recognizes revenue at the time of billing, even though the physical transfer of goods has not yet occurred. The following criteria are met to recognize revenue under a bill and hold arrangement: 1. The goods are identified separately as belonging to the customer: The goods are segregated and set aside for the customer. 2. The goods are ready for physical transfer: The goods are completed and ready for shipment, but the customer has requested that they be held for a specified period. 3. The arrangement is substantive: The customer has requested the arrangement and the agreement specifies the terms for delivery and billing. 4. The risks and rewards of ownership have been transferred: The customer has assumed the risks and rewards of ownership even though the goods are not yet physically transferred. This is typically demonstrated through the customer’s commitment to pay and the assurance that the goods will not be returned. In the ordinary course of business, the Company may have consideration payable to customers in relation to recycling services in the form of battery feedstock purchases, which is recognized in the cost basis of the inventory and is not netted against revenues. |
Cost of Goods Sold | o) Cost of Goods Sold Cost of goods sold is primarily comprised of direct materials and supplies consumed in the manufacturing of product, as well as manufacturing labor, depreciation expense, repair and maintenance expense and direct and indirect overhead expenses associated with manufacturing product for sale. |
Exploration Costs | p) 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 , |
Research and Development Costs | q) 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. As of June 30, 2024, no costs associated with R&D activities have been capitalized. The Company has been awarded U.S. federal grant awards for specific R&D programs. Under Accounting Standards Update (“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. As the federal grants receivable are not deemed to have any significant realization risk, the Company believes this best reflects the expected net expenditures associated with these programs. |
Stock-based Compensation | r) Stock-based Compensation The Company records stock-based compensation in accordance with ASC 718, “Compensation-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 table below sets forth the assumptions used on the date of grant for estimating the fair value of options granted during the fiscal years ending June 30: Schedule of Estimated Fair Value 2024 2023 Weighted average expected term (years) 3.00 5.00 5.00 Risk-free interest rate 4.31 4.62 % 4.33 % Dividend yield 0 % 0 % Volatility 95.85 135.46 % 140.61 % 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. Compensation in the form of warrants is limited to executives, and recorded as a liability until the warrant is exercised or expires. Executives may also receive compensation in the form of RSUs that are recorded as a liability until the award is settled in shares of common stock. The liability classification of these awards is based on the total value of the award granted at a fixed value but settled in a variable number of warrants or RSUs until the performance milestones are achieved and the warrants or RSUs are issued. |
Income Taxes | s) 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-forwards. 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 consolidated balance sheet dates. Interest and penalties accrued on unrecognized tax benefits are included within income tax expense in the consolidated financial statements. Due to the Company’s net loss position since inception, the likelihood of deferred tax assets being realized does not meet the more likely than not assessment guidelines. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded at June 30, 2024 and 2023. |
Loss per Share | t) 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 consolidated statement of operations. 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. As the Company has reported losses for all periods presented, all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share The Company had the following potentially dilutive shares outstanding as of June 30: Schedule of Potentially Dilutive Shares Outstanding 2024 2023 Convertible notes 769,342 - Warrants 6,928,758 5,729.360 Share awards outstanding 3,428,604 1,736,376 Total potentially dilutive 11,126,704 7,465,736 u) Government Grant and Tax Credit Awards For government grants, the Company recognizes a benefit in the consolidated statements of operations, as a reduction to the expense for which the individual government grant is designed to compensate, over the duration of the program when the Company has reasonably assurance that it will comply with the conditions under the grant and that the grant will be received. Grants related to investments in property and equipment are recognized as a reduction to the cost basis of the underlying assets with an ongoing reduction to depreciation expense over the assets’ estimated useful life. v) Segments The Company operates as one segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the consolidated financial statements. w) Reclassifications Certain prior period amounts in the consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no significant effect on the result of operations or financial position for any period presented. x) Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendment in this update expands segment disclosures by requiring disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This update is effective for our annual report for fiscal year 2025, for interim period reporting beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the consolidated financial statements. We are currently evaluating the timing of adoption and the impact of this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” The amendments further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for our annual report for fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the timing of adoption and impact of this ASU on our consolidated financial statements and related disclosures. |
Government Grant and Tax Credit Awards | u) Government Grant and Tax Credit Awards For government grants, the Company recognizes a benefit in the consolidated statements of operations, as a reduction to the expense for which the individual government grant is designed to compensate, over the duration of the program when the Company has reasonably assurance that it will comply with the conditions under the grant and that the grant will be received. Grants related to investments in property and equipment are recognized as a reduction to the cost basis of the underlying assets with an ongoing reduction to depreciation expense over the assets’ estimated useful life. |
Segments | v) Segments The Company operates as one segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the consolidated financial statements. |
Reclassifications | w) Reclassifications Certain prior period amounts in the consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. These reclassifications had no significant effect on the result of operations or financial position for any period presented. |
Accounting Pronouncements | x) Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendment in this update expands segment disclosures by requiring disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This update is effective for our annual report for fiscal year 2025, for interim period reporting beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the consolidated financial statements. We are currently evaluating the timing of adoption and the impact of this ASU on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvement to Income Tax Disclosures.” The amendments further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This ASU is effective for our annual report for fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the timing of adoption and impact of this ASU on our consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Value Lives | The tables below reflect the sections of the Company’s consolidated financial statements that were impacted by the error. Schedule of Consolidated Financial Statements CONSOLIDATED BALANCE SHEET June 30, 2023 As Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 7,389,864 $ 345,000 $ 7,734,864 Total current liabilities 13,389,864 345,000 13,734,864 Total liabilities 13,444,168 345,000 13,789,168 Stockholders’ equity Additional paid- in capital $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit (159,973,575 ) (852,933 ) (160,826,508 ) Total stockholders’ equity 61,214,484 (345,000 ) 60,869,484 CONSOLIDATED STATEMENT OF OPERATIONS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating expenses General and administrative $ 11,960,831 $ 887,300 $ 12,848,131 Research and development 7,703,895 (138,160 ) 7,565,735 Exploration 1,910,548 103,793 2,014,341 Total operating expenses 21,575,274 852,933 22,428,207 Net loss before other income (expense) $ (21,575,274 ) $ (852,933 ) $ (22,428,207 ) Other income (expense) Amortization of financing costs Amortization and accretion of financing costs Change in fair value of derivative liability Total other income (expense) 237,067 Net loss (21,338,208 ) Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Net loss per share, basic and diluted $ (0.49 ) $ (0.02 ) $ (0.51 ) CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Stockholders’ Equity Additional paid-in capital: Balance - - 188,151,484 Stock-based compensation expense $ 9,249,462 $ 507,933 $ 9,757,395 Balance, June 30, 2023 $ 222,626,865 $ 507,933 $ 223,134,798 Accumulated deficit Net loss for period $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Balance, June 30, 2023 (159,973,575 ) $ (852,933 ) $ (160,826,508 ) Total stockholders’ equity Balance, June 30, 2023 $ 61,214,484 $ (345,000 ) $ 60,869,484 CONSOLIDATED STATEMENT OF CASH FLOWS Fiscal year ended June 30, 2023 As Reported Adjustments As Corrected Operating Activities Net loss attributable to common stockholders $ (21,338,207 ) $ (852,933 ) $ (22,191,140 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 9,249,462 507,933 9,757,395 Accretion of financing costs Shares issued for professional services - - 43,895 Change in fair value of derivative liability Changes in operating assets and liabilities: Accounts payable and accrued liabilities $ (187,796 ) $ 345,000 $ 157,204 Net cash used in operating activities $ (13,367,980 ) $ - $ (13,367,980 ) |
Schedule of Estimated Value Lives | |
Schedule of Estimated Value Lives | Schedule of Estimated Value Lives Buildings 39 Building improvements 15 Equipment & vehicles 5 |
Schedule of Estimated Fair Value | The table below sets forth the assumptions used on the date of grant for estimating the fair value of options granted during the fiscal years ending June 30: Schedule of Estimated Fair Value 2024 2023 Weighted average expected term (years) 3.00 5.00 5.00 Risk-free interest rate 4.31 4.62 % 4.33 % Dividend yield 0 % 0 % Volatility 95.85 135.46 % 140.61 % |
Schedule of Potentially Dilutive Shares Outstanding | The Company had the following potentially dilutive shares outstanding as of June 30: Schedule of Potentially Dilutive Shares Outstanding 2024 2023 Convertible notes 769,342 - Warrants 6,928,758 5,729.360 Share awards outstanding 3,428,604 1,736,376 Total potentially dilutive 11,126,704 7,465,736 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The table below presents the components of inventory as of June 30: Schedule of Inventories 2024 2023 Raw materials $ 66,088 $ 125,204 Finished goods 88,232 - Total $ 154,320 $ 125,204 |
Government Grant and Tax Cred_2
Government Grant and Tax Credit Awards (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Government Grant And Tax Credit Awards | |
Schedule of Effects of Government Grants | The table below summarizes the effects of government grants on the consolidated financial statements for the fiscal years ended June 30: Schedule of Effects of Government Grants 2024 2023 Reductions to research and development costs $ (2,317,987 ) $ (902,525 ) Reductions to property and equipment costs (1,025,347 ) - Total cost reductions due to grant reimbursements received $ (3,343,334 ) $ (902,525 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The table below presents the property, plant and equipment as of June 30: Schedule of Property and Equipment 2024 2023 Land $ 8,860,916 $ 6,728,838 Building 24,867,784 17,508,486 Equipment and vehicles 14,313,970 5,870,496 Total 48,042,670 30,107,820 Less: accumulated depreciation (1,727,704 ) (161,721 ) Property and equipment, net $ 46,314,966 $ 29,946,099 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The table below presents total intangible assets at: Schedule of Intangible Assets June 30, 2024 June 30, 2023 Water rights $ 4,519,038 $ 3,851,899 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 June 30, 2023 Trade payables $ 4,255,398 $ 1,831,686 Accrued fixed assets 996,970 4,404,034 Accrued expenses 2,244,265 1,377,660 Marketing agreement settlement (Note 19) 1,800,000 - Right-of-use liability, current 54,304 121,484 Total accounts payable and accrued liabilities $ 9,350,937 $ 7,734,864 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amounts of the Notes | The table below presents the net carrying amounts of the Notes as of June 30, 2024: Schedule of Net Carrying Amounts of the Notes Principal outstanding $ 7,083,333 Unamortized debt discount and issuance costs (1,341,156 ) Derivative liability associated with convertible notes 366,298 Changes in fair market value of derivative liability 338,886 Net carrying value $ 6,447,361 |
Schedule of Maturities of Notes Payable | The table below presents the maturities of notes payable as of June 30, 2024: Schedule of Maturities of Notes Payable Fiscal year ended June 30, 2025 $ 7,083,333 Fiscal year ended June 30, 2026 - Total note payments 7,083,333 Less: unamortized debt discount and issuance costs (1,341,156 ) Derivative liability, at fair value, less amortization 705,184 Total notes payable $ 6,447,361 Notes payable, current $ 6,447,361 Notes payable, non-current $ - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Leases | |
Schedule of Operating Lease ROU Assets and Lease Liabilities | Schedule of Operating Lease ROU Assets and Lease Liabilities June 30, 2024 June 30, 2023 Operating lease right-of-use asset $ 42,103 $ 143,154 Operating lease liabilities $ 54,304 $ 175,788 |
Schedule of Maturity of Operating Lease Liabilities | The table below presents the maturities of operating lease liabilities as of June 30, 2024: Schedule of Maturity of Operating Lease Liabilities Fiscal year ended June 30, 2025 $ 55,395 Total lease payments 55,395 Less: discount (1,091 ) Total operating lease liabilities $ 54,304 Operating lease liabilities, current $ 54,304 Operating lease liabilities, non-current $ - |
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, 2024 and 2023. Schedule of Weighted Average Remaining Lease Term for Operating Leases and Weighted Average Discount Rate 2024 2023 Weighted average lease term (years) 0.33 1.33 Weighted average discount rate 8.00 % 8.00 % |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Weighted Average Weighted Average Aggregate Intrinsic Value 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 Granted 1,407,135 4.96 Exercised (100,002 ) 1.13 Expired (107,735 ) 3.75 Balance, June 30, 2024 6,928,758 $ 12.95 2.50 $ 75,001 Exercisable, June 30, 2024 6,048,210 $ 13.94 2.19 $ 75,001 |
Equity Compensation Awards (Tab
Equity Compensation Awards (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Shares and Restricted Share Units Non-vested | The table below reflects the share award activity for the periods ended June 30, 2024 and 2023: Schedule of Restricted Shares and Restricted Share Units Non-vested Units Weighted- Unvested share awards at June 30, 2022 23,334 $ 12.30 Granted 2,152,232 8.25 Vested (435,857 ) (8.25 ) Other - - Forfeitures (3,333 ) (7.50 ) Unvested share awards at June 30, 2023 1,736,376 8.25 Granted 3,290,268 3.51 Vested (1,306,480 ) 5.29 Other - - Forfeitures (291,560 ) (5.94 ) Unvested awards at June 30, 2024 3,428,604 $ 5.02 |
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 June 30: Schedule of Stock-Based Compensation Expense 2024 2023 Cost of goods sold $ 196,829 $ - General and administrative 7,372,695 5,325,578 Research and development 5,852,392 3,735,528 Exploration 1,144,402 696,289 Total stock-based compensation $ 14,566,318 $ 9,757,395 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Federal Income Tax provision | Schedule of Federal Income Tax provision 2024 2023 Net loss before taxes $ (52,501,819 ) $ (21,338,207 ) Statutory Rate 21 % 21 % Computed expected tax recovery (11,025,382 ) (4,481,024 ) State income tax (benefit), net of federal benefit (315,287 ) - Section 162(m) adjustments 71,043 - Other permanent tax differences (121,985 ) (5,107 ) Share-based Compensation – RSUs/PSUs 701,362 - Uncertain Tax Positions (219,450 ) (8,495,803 ) Deferred Adjustments and Other (518,766 ) 113,966 Change in valuation allowance 11,428,465 12,867,968 Total 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 2024 2023 Net operating losses $ 25,676,852 $ 19,365,174 Stock-based compensation 2,472,597 982,521 Section 174 capitalization 1,938,732 679,037 Other temporary differences 390,384 2,049 Fixed Assets and Intangibles 1,697,171 13,208 Valuation allowance (32,175,736 ) (21,041,989 ) 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 2024 2023 Unrecognized tax benefits, beginning of period $ 219,450 $ 8,715,253 Decrease during the period (219,450 ) (8,715,253 ) Increase during the period 219,450 Unrecognized tax benefits, end of period $ - $ 219,450 |
Supplemental Statement of Cas_2
Supplemental Statement of Cash Flow Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Statement of Cash Flow Disclosures | For the fiscal years ended June 30: Schedule of Statement of Cash Flow Disclosures 2024 2023 Supplemental disclosures: Interest paid $ 29,006 $ 128,560 Non-cash investing and financing activities: Purchases of property and equipment accrued in current liabilities 996,970 4,404,034 Deposits capitalized as investing activities 28,020,465 150,000 Fair value of common shares issued for investing activities - 5,859,000 Other receivables recognized as financing activities 608,333 350,550 Assets transferred to assets held-for-sale 18,662,575 - Settlement of cash bonuses with equity awards 343,000 - |
Liquidity and Going Concern C_2
Liquidity and Going Concern Considerations (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 52,501,819 | $ 21,338,207 |
Net cash used in operating activities | 16,736,231 | 13,367,980 |
Accumulated deficit | $ 213,328,332 | $ 160,826,508 |
Consolidated Balance Sheet (Det
Consolidated Balance Sheet (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 9,350,937 | $ 7,734,864 | |
Total current liabilities | 15,798,298 | 13,734,864 | |
Total liabilities | 16,207,492 | 13,789,168 | |
Stockholders’ equity | |||
Additional paid- in capital | 275,589,383 | 223,134,798 | |
Accumulated deficit | (213,328,332) | (160,826,508) | |
Total stockholders’ equity | $ 61,467,640 | 60,869,484 | $ 49,634,059 |
Previously Reported [Member] | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | 7,389,864 | ||
Total current liabilities | 13,389,864 | ||
Total liabilities | 13,444,168 | ||
Stockholders’ equity | |||
Additional paid- in capital | 222,626,865 | ||
Accumulated deficit | (159,973,575) | ||
Total stockholders’ equity | 61,214,484 | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | 345,000 | ||
Total current liabilities | 345,000 | ||
Total liabilities | 345,000 | ||
Stockholders’ equity | |||
Additional paid- in capital | 507,933 | ||
Accumulated deficit | (852,933) | ||
Total stockholders’ equity | (345,000) | ||
As Corrected [Member] | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | 7,734,864 | ||
Total current liabilities | 13,734,864 | ||
Total liabilities | 13,789,168 | ||
Stockholders’ equity | |||
Additional paid- in capital | 223,134,798 | ||
Accumulated deficit | (160,826,508) | ||
Total stockholders’ equity | $ 60,869,484 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating expenses | ||
General and administrative | $ 16,106,807 | $ 12,848,131 |
Research and development | 14,325,681 | 7,565,735 |
Exploration | 4,121,941 | 2,014,341 |
Total operating expenses | 44,808,466 | 22,428,207 |
Net loss before other income (expense) | (47,769,673) | (22,428,207) |
Other income (expense) | ||
Amortization and accretion of financing costs | (4,194,971) | |
Change in fair value of derivative liability | (338,886) | |
Total other income (expense) | (4,732,151) | 237,067 |
Net loss | (52,501,819) | (21,338,207) |
Net loss attributable to common stockholders | $ (52,501,824) | $ (22,191,140) |
Net loss per share, basic | $ (1.02) | $ (0.51) |
Net loss per share, diluted | $ (1.02) | $ (0.51) |
Previously Reported [Member] | ||
Operating expenses | ||
General and administrative | $ 11,960,831 | |
Research and development | 7,703,895 | |
Exploration | 1,910,548 | |
Total operating expenses | 21,575,274 | |
Net loss before other income (expense) | (21,575,274) | |
Other income (expense) | ||
Net loss attributable to common stockholders | $ (21,338,207) | |
Net loss per share, basic | $ (0.49) | |
Net loss per share, diluted | $ (0.49) | |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Operating expenses | ||
General and administrative | $ 887,300 | |
Research and development | (138,160) | |
Exploration | 103,793 | |
Total operating expenses | 852,933 | |
Net loss before other income (expense) | (852,933) | |
Other income (expense) | ||
Net loss attributable to common stockholders | $ (852,933) | |
Net loss per share, basic | $ (0.02) | |
Net loss per share, diluted | $ (0.02) | |
As Corrected [Member] | ||
Operating expenses | ||
General and administrative | $ 12,848,131 | |
Research and development | 7,565,735 | |
Exploration | 2,014,341 | |
Total operating expenses | 22,428,207 | |
Net loss before other income (expense) | (22,428,207) | |
Other income (expense) | ||
Total other income (expense) | 237,067 | |
Net loss | (21,338,208) | |
Net loss attributable to common stockholders | $ (22,191,140) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 60,869,484 | $ 49,634,059 |
Balance | 61,467,640 | 60,869,484 |
Net loss for period | (52,501,819) | (21,338,207) |
Previously Reported [Member] | ||
Balance | 61,214,484 | |
Balance | 61,214,484 | |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Balance | (345,000) | |
Balance | (345,000) | |
As Corrected [Member] | ||
Balance | 60,869,484 | |
Balance | 60,869,484 | |
Net loss for period | (21,338,208) | |
Additional Paid-in Capital [Member] | ||
Balance | 223,134,798 | 188,151,484 |
Balance | 275,589,383 | 223,134,798 |
Additional Paid-in Capital [Member] | Previously Reported [Member] | ||
Balance | 222,626,865 | |
Stock-based compensation expense | 9,249,462 | |
Balance | 222,626,865 | |
Additional Paid-in Capital [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Balance | 507,933 | |
Stock-based compensation expense | 507,933 | |
Balance | 507,933 | |
Additional Paid-in Capital [Member] | As Corrected [Member] | ||
Balance | 223,134,798 | 188,151,484 |
Stock-based compensation expense | 9,757,395 | |
Balance | 223,134,798 | |
Retained Earnings [Member] | ||
Balance | (160,826,508) | (138,635,368) |
Balance | (213,328,332) | (160,826,508) |
Retained Earnings [Member] | Previously Reported [Member] | ||
Balance | (159,973,575) | |
Balance | (159,973,575) | |
Net loss for period | (21,338,207) | |
Retained Earnings [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Balance | (852,933) | |
Balance | (852,933) | |
Net loss for period | (852,933) | |
Retained Earnings [Member] | As Corrected [Member] | ||
Balance | $ (160,826,508) | |
Balance | (160,826,508) | |
Net loss for period | $ (22,191,140) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net loss attributable to common stockholders | $ (52,501,824) | $ (22,191,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 14,566,318 | 9,757,395 |
Shares issued for professional services | (133) | 43,895 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 5,311,833 | 157,204 |
Net cash used in operating activities | $ (16,736,231) | (13,367,980) |
Previously Reported [Member] | ||
Operating Activities | ||
Net loss attributable to common stockholders | (21,338,207) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 9,249,462 | |
Shares issued for professional services | ||
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | (187,796) | |
Net cash used in operating activities | (13,367,980) | |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Operating Activities | ||
Net loss attributable to common stockholders | (852,933) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 507,933 | |
Shares issued for professional services | ||
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 345,000 | |
Net cash used in operating activities | ||
As Corrected [Member] | ||
Operating Activities | ||
Net loss attributable to common stockholders | (22,191,140) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 9,757,395 | |
Shares issued for professional services | 43,895 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 157,204 | |
Net cash used in operating activities | $ (13,367,980) |
Schedule of Estimated Value Liv
Schedule of Estimated Value Lives (Details) | Jun. 30, 2024 |
Building [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 39 years |
Building Improvements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 15 years |
Equipment And Vehicles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value (Details) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Weighted average expected term (years) | 5 years | |
Risk free interest rate | 4.33% | |
Dividend yield | 0% | 0% |
Volatility | 140.61% | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Weighted average expected term (years) | 3 years | |
Risk free interest rate | 4.31% | |
Volatility | 95.85% | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Weighted average expected term (years) | 5 years | |
Risk free interest rate | 4.62% | |
Volatility | 135.46% |
Schedule of Potentially Dilutiv
Schedule of Potentially Dilutive Shares Outstanding (Details) - shares | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive | 11,126,704 | 7,465,736 |
Convertible Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive | 769,342 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive | 6,928,758 | 5,729.360 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive | 3,428,604 | 1,736,376 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 11, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reverse stock split | one-for-fifteen | ||
Accounts Payable and Accrued Liabilities, Current | $ 9,350,937 | $ 7,734,864 | |
Impairment charges | $ 0 | 0 | |
Lessee operating lease description | In calculating the right-of-use assets and lease liabilities, the Company elected the practical expedient to combine lease and non-lease components. Additionally, the Company excludes short-term leases having initial terms of 12 months or less | ||
Revision of Prior Period, Error Correction, Adjustment [Member] | |||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 900,000 | ||
Accounts Payable and Accrued Liabilities, Current | 345,000 | ||
Accounts Payable and Accrued Liabilities, Noncurrent | $ 800,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 66,088 | $ 125,204 |
Finished goods | 88,232 | |
Total | $ 154,320 | $ 125,204 |
Government Grant and Tax Cred_3
Government Grant and Tax Credit Awards (Details Narrative) - USD ($) $ in Millions | Mar. 28, 2024 | Nov. 17, 2022 | Oct. 21, 2022 | Aug. 16, 2021 | Jan. 20, 2021 | Jun. 30, 2024 | Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Grants receivable | $ 0.2 | $ 0.3 | |||||
Project budget | $ 20 | $ 115.5 | |||||
Tax Credit Carryforward, Amount | $ 19.5 | ||||||
Additional tax credit | $ 40.5 | ||||||
September 1, 2023 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Government grant cumulative funds invoiced | $ 1.7 | ||||||
Percentage of net eligible reimbursements | 3% | ||||||
October 1, 2023 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Government grant cumulative funds invoiced | $ 0.6 | ||||||
Percentage of net eligible reimbursements | 6% | ||||||
Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Reimbursement percentage | 50% | 50% | |||||
Reimbursement of eligible expenditure | $ 10 | $ 57.7 | |||||
AMMTO Grant [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Project budget | $ 4.5 | ||||||
AMMTO Grant [Member] | October 1, 2021 [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Government grant cumulative funds invoiced | $ 1.7 | ||||||
Percentage of net eligible reimbursements | 73% | ||||||
AMMTO Grant [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Reimbursement percentage | 50% | ||||||
Reimbursement of eligible expenditure | $ 2.3 | ||||||
USABC Grant [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Project budget | $ 2 | ||||||
Government grant cumulative funds invoiced | $ 0.5 | ||||||
Percentage of net eligible reimbursements | 97% | ||||||
USABC Grant [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Reimbursement of eligible expenditure | $ 0.5 |
Other Deposits (Details Narrati
Other Deposits (Details Narrative) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 01, 2023 | Aug. 11, 2023 |
Restructuring Cost and Reserve [Line Items] | |||
Deposits | $ 27.6 | ||
Amended Agreement [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Aggregate purchase price | $ 1.5 | ||
Shares issued | 128,206 | ||
Purchase price expected | $ 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] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100% |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 48,042,670 | $ 30,107,820 |
Less: accumulated depreciation | (1,727,704) | (161,721) |
Property and equipment, net | 46,314,966 | 29,946,099 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 8,860,916 | 6,728,838 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 24,867,784 | 17,508,486 |
Equipment And Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 14,313,970 | $ 5,870,496 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Aug. 11, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 1,678,730 | $ 96,681 | |
Deposits | $ 27,600,000 | ||
Assets held-for-sale | 10,300,000 | ||
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held-for-sale | 18,600,000 | ||
Water Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held-for-sale | $ 100,000 | ||
Aqua Metals Transfer LLC [Member] | Asset Purchase Agreement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Deposits | $ 27,600,000 |
Mining Properties (Details Narr
Mining Properties (Details Narrative) $ in Millions | Dec. 31, 2023 USD ($) | Sep. 12, 2023 a | Aug. 11, 2023 a | Jul. 22, 2023 ft² |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Area of land | a | 40.52 | 18.45 | ||
Mining properties | $ | $ 0.2 | |||
Tonograph Flats Lithium Project [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Area of land | ft² | 6,500 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Water Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Water rights | $ 4,519,038 | $ 3,851,899 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) $ in Millions | Sep. 12, 2023 USD ($) a | Aug. 21, 2023 USD ($) | Jun. 30, 2024 USD ($) | Aug. 11, 2023 a |
Property, Plant and Equipment [Line Items] | ||||
Area of land | a | 40.52 | 18.45 | ||
Payments to acquire intangible assets | $ 0.1 | $ 0.7 | ||
Water Rights [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets held-for-sale | $ 0.1 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 4,255,398 | $ 1,831,686 |
Accrued fixed assets | 996,970 | 4,404,034 |
Accrued expenses | 2,244,265 | 1,377,660 |
Marketing agreement settlement (Note 19) | 1,800,000 | |
Right-of-use liability, current | 54,304 | 121,484 |
Total accounts payable and accrued liabilities | $ 9,350,937 | $ 7,734,864 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jul. 03, 2024 | |
Subsequent Event [Line Items] | ||
Accounts payable and accrued liabilities Percentage | 28% | |
Subsequent Event [Member] | Settlement Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Accouts payable | $ 0.3 | |
Settlement amount | $ 1.8 |
Schedule of Net Carrying Amount
Schedule of Net Carrying Amounts of the Notes (Details) | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Principal outstanding | $ 7,083,333 |
Unamortized debt discount and issuance costs | (1,341,156) |
Derivative liability associated with convertible notes | 366,298 |
Changes in fair market value of derivative liability | 338,886 |
Net carrying value | $ 6,447,361 |
Schedule of Maturities of Notes
Schedule of Maturities of Notes Payable (Details) | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Fiscal year ended June 30, 2025 | $ 7,083,333 |
Fiscal year ended June 30, 2026 | |
Total note payments | 7,083,333 |
Less: unamortized debt discount and issuance costs | (1,341,156) |
Derivative liability, at fair value, less amortization | 705,184 |
Net carrying value | 6,447,361 |
Notes payable, current | 6,447,361 |
Notes payable, non-current |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) | 12 Months Ended | |||
Aug. 29, 2023 USD ($) | May 17, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Aggregrate loan amount | $ 7,083,333 | |||
Sale of stock | $ 13,857,351 | |||
Cash and cash equivalents at carrying value | 7,001,786 | $ 2,320,149 | ||
Fair value of derivative liability | 400,000 | |||
Loss on fair value of derivative liability | 300,000 | |||
Fair value of derivative liability | 700,000 | |||
Amortization of financing costs and discounts | $ 3,800,000 | |||
Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative liability measurement input | 78.1 | |||
Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative liability measurement input | 4.96 | |||
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 | $ 25,000,000 | |||
Repayments of notes payable | 18,000,000 | |||
Line of credit | $ 12,500,000 | |||
Debt instrument convertible conversion percent | 1.10 | |||
Interest rate | 14.31% | |||
Debt instrument maturity date | Sep. 01, 2025 | |||
Cash and cash equivalents at carrying value | $ 5,000,000 | |||
Amortization of financing costs and discounts | 5,100,000 | |||
Purchase Agreement [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate partial redemptions of convertible notes | 1,800,000 | |||
Purchase Agreement [Member] | Senior Secured Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from secured notes payable | 26,000,000 | |||
Line of credit | 13,500,000 | |||
Sale of stock | 250,000 | |||
Purchase Agreement [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from secured notes payable | $ 51,000,000 |
Schedule of Operating Lease ROU
Schedule of Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Leases | ||
Operating lease right-of-use asset | $ 42,103 | $ 143,154 |
Operating lease liabilities | $ 54,304 | $ 175,788 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total liabilities | Total liabilities |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Leases | ||
Fiscal year ended June 30, 2025 | $ 55,395 | |
Total lease payments | 55,395 | |
Less: discount | (1,091) | |
Total operating lease liabilities | 54,304 | $ 175,788 |
Operating lease liabilities, current | 54,304 | 121,484 |
Operating lease liabilities, non-current | $ 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, 2024 | Jun. 30, 2023 |
Leases | ||
Weighted average lease term (years) | 3 months 29 days | 1 year 3 months 29 days |
Weighted average discount rate | 8% | 8% |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||
Operating lease costs | $ 0.1 | $ 0.1 |
Current lease liabilities | $ 0.1 | $ 0.2 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Apr. 03, 2024 | Sep. 11, 2023 | Jul. 28, 2023 | Jun. 26, 2023 | May 17, 2023 | May 12, 2023 | May 12, 2023 | Apr. 02, 2021 | May 31, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Aug. 11, 2023 | |
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 1,666,667 | ||||||||||||||
Common stock, shares authorized | 80,000,000 | 80,000,000 | |||||||||||||
Common stock par value | $ 0.001 | $ 0.001 | |||||||||||||
Common stock, shares issued | 64,061,763 | 45,888,131 | |||||||||||||
Common stock, shares outstanding | 64,061,763 | 45,888,131 | |||||||||||||
Number of shares issued | 33,333 | ||||||||||||||
Fair value of common stock issued for services | $ 43,895 | ||||||||||||||
Stock issued during period, shares, restricted stock award, gross | 171,500 | ||||||||||||||
Stock-based compensation expense | $ 14,566,318 | 9,757,395 | |||||||||||||
Increase to additional paid-in capital | 14,200,000 | ||||||||||||||
Increase to compensation liability | 400,000 | ||||||||||||||
Bonuses settled in equity awards | 300,000 | ||||||||||||||
Stock-based compensation expense | 14,600,000 | $ 9,800,000 | |||||||||||||
Stock issued for acquisition, value | 244,223 | ||||||||||||||
Percentage of discount on shares issued based on marketability | 15% | ||||||||||||||
Deposits | $ 27,600,000 | ||||||||||||||
Warrant 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 of common stock | $ 13,857,351 | ||||||||||||||
Aggregate proceeds of common stock | $ 3,600,000 | ||||||||||||||
Placement Agent [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Warrants issued as commission fee | 57,143 | ||||||||||||||
New Recycling Facility [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 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% | ||||||||||||||
Virtu Americas LLC [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock par value | $ 0.001 | ||||||||||||||
Receivables net current | $ 600,000 | ||||||||||||||
Aggregate offering price | $ 50,000,000 | ||||||||||||||
Sale of common stock | 9,109,573 | ||||||||||||||
Proceeds of common stock | $ 12,100,000 | ||||||||||||||
Building Purchase Agreement [Member] | |||||||||||||||
Class of Stock [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] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 8,209,262 | ||||||||||||||
Sale of stock, description | Pursuant to the Tysadco Agreement, the Company may offer and sell up to 8,666,667 common shares of the Company at a purchase price of 95% of the weighted-average price, with a minimum request of 33,333 shares. | ||||||||||||||
Proceeds due from issuance of common stock | $ 27,800,000 | ||||||||||||||
Receivables net current | $ 1,500,000 | ||||||||||||||
Tysadco Agreement [Member] | Maximum [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 8,666,667 | ||||||||||||||
Purchase Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Nullification of indemnification requirement amount | $ 1,500,000 | ||||||||||||||
Stock reclaimed from shareholders | 128,205 | ||||||||||||||
Deposits | $ 1,500,000 | ||||||||||||||
Purchase Agreement [Member] | Sale Of Shares [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Amount in escrow account | $ 1,500,000 | ||||||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | |||||||||||||||
Class of Stock [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 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. | |||||||||||||
Share Purchase Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 952,381 | ||||||||||||||
Sale of common stock | 476,187 | ||||||||||||||
Share price | $ 10.50 | $ 10,500,000 | |||||||||||||
Commission fee | $ 13.13 | ||||||||||||||
Share Purchase Agreement, Effective April 2, 2021 [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 1,666,667 | 400,000 | |||||||||||||
Proceeds of common stock | $ 5,000,000 | $ 8,900,000 | |||||||||||||
Aggregate proceeds of common stock | $ 2,700,000 | ||||||||||||||
Professional Service Providers [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued for services, shares | 1,326 | ||||||||||||||
Officers [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock issued during period, shares, restricted stock award, gross | 171,500 | ||||||||||||||
Officer and Director [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Stock-based compensation expense | $ 7,500,000 | ||||||||||||||
Former Professional Service Provider [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued for services, shares | 58,712 | ||||||||||||||
Prior Reverse Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, shares issued | 692,068,218 | ||||||||||||||
Common stock, shares outstanding | 692,068,218 | ||||||||||||||
Post Reverse Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, shares issued | 46,137,882 | ||||||||||||||
Common stock, shares outstanding | 46,137,882 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 59,164 | 39,883 | 476,187 | ||||||||||||
Shares issued for services, shares | 10,009 | ||||||||||||||
Fair value of common stock issued for services | $ 10 | ||||||||||||||
Stock issued during period, shares | (128,206) | ||||||||||||||
Stock issued for acquisition, value | $ (128) | ||||||||||||||
Common Stock [Member] | 2021 Equity Retention Plan [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued for services, shares | 399,024 | ||||||||||||||
Fair value of common stock issued for services | $ 4,200,000 | ||||||||||||||
Common Stock [Member] | Executives, Directors and Employees [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares issued for services, shares | 1,306,480 | ||||||||||||||
Fair value of common stock issued for services | $ 5,300,000 | ||||||||||||||
Warrant [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Number of shares issued | 45,545 | 85,428 | 45,545 | ||||||||||||
Stock issued during period shares exercise of warrants | 66,667 | 50,000 | |||||||||||||
Proceeds from issuance of warrants | $ 37,500 | ||||||||||||||
Pursuant to share purchase warrants | 33,334 | ||||||||||||||
Series A Warrants [Member] | Share Purchase Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Series B warrants that are exercisable | 476,187 | 952,381 | |||||||||||||
Warrants per shares | $ 12 | $ 12 | |||||||||||||
Series B Warrants [Member] | Share Purchase Agreement [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Series B warrants that are exercisable | 952,381 | 476,187 | |||||||||||||
Warrants per shares | $ 10.50 | ||||||||||||||
Series A, B and C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 233,334 | ||||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 33,334 | 33,334 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 33,334 | 33,334 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||||||
Fair value of common stock issued for services | |||||||||||||||
Stock issued for acquisition, value | |||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 133,334 | 133,334 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Series B Preferred Stock [Member] | Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 133,334 | 133,334 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 66,667 | 66,667 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Series C Preferred Stock [Member] | Preferred Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred stock, shares authorized | 66,667 | 66,667 | |||||||||||||
Preferred stock, shares issued | |||||||||||||||
Preferred stock, shares outstanding | |||||||||||||||
Preferred stock, par value | $ 10 | $ 10 | |||||||||||||
Fair value of common stock issued for services | |||||||||||||||
Stock issued for acquisition, value |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share Purchase Warrants | ||
Number of warrants, Beginning Balance | 5,729,360 | 2,680,708 |
Weighted average exercise price, Beginning Balance | $ 14.53 | $ 18.15 |
Number of warrants, Granted | 1,407,135 | 3,098,652 |
Weighted average exercise price, Granted | $ 4.96 | $ 11.25 |
Number of warrants, Exercised | (100,002) | (50,000) |
Weighted average exercise price, Exercised | $ 1.13 | $ (1.20) |
Number of warrants, Expired | 107,735 | |
Weighted average exercise price, Expired | $ 3.75 | |
Number of warrants, Expired | (107,735) | |
Number of warrants, Ending Balance | 6,928,758 | 5,729,360 |
Weighted average exercise price, Ending Balance | $ 12.95 | $ 14.53 |
Weighted average remaining contractual term, Ending balance | 2 years 6 months | |
Aggregate intrincic value outstanding, Ending balance | $ 75,001 | |
Number of warrants exercisable | 6,048,210 | |
Weighted average exercise price, Exercisable | $ 13.94 | |
Weighted average remaining contractual term, Exercisable | 2 years 2 months 8 days | |
Aggregate intrincic value exercisable | $ 75,001 |
Share Purchase Warrants (Detail
Share Purchase Warrants (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Stock issuance, shares | 33,333 | ||
Number of warrants, granted | 1,407,135 | 3,098,652 | |
Stock issued during period, shares, restricted stock award, gross | 171,500 | ||
Weighted average grant date fair value of warrants | $ 1.90 | ||
Warrants contractual term | 5 years | ||
Warrant exercise, shares | 100,002 | 50,000 | |
Minimum [Member] | |||
Employee requisite service period | 3 years | ||
Maximum [Member] | |||
Employee requisite service period | 5 years | ||
Warrant [Member] | |||
Common shares issued related to warrants exercised | 118,762 | ||
Stock issuance, shares | 45,545 | 85,428 | 45,545 |
Number of warrants, granted | 539,435 | ||
Warrant exercise, shares | 50,000 |
Schedule of Restricted Shares a
Schedule of Restricted Shares and Restricted Share Units Non-vested (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Unvested share awards, Beginning | 1,736,376 | 23,334 |
Weighted average grant date fair value, Unvested share awards, Beginning | $ 8.25 | $ 12.30 |
Granted | 3,290,268 | 2,152,232 |
Weighted average grant date fair value, Granted | $ 3.51 | $ 8.25 |
Vested | (1,306,480) | (435,857) |
Weighted average grant date fair value, Vested | $ (5.29) | $ (8.25) |
Other | ||
Weighted average grant date fair value, Other | ||
Forfeitures | (291,560) | (3,333) |
Weighted average grant date fair value, Forfeitures | $ (5.94) | $ (7.50) |
Weighted average grant date fair value, Vested | $ 5.29 | $ 8.25 |
Unvested share awards, Ending | 3,428,604 | 1,736,376 |
Weighted average grant date fair value, Unvested share awards, Ending | $ 5.02 | $ 8.25 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Cost of goods sold | $ 196,829 | |
Total stock-based compensation | 14,566,318 | 9,757,395 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 7,372,695 | 5,325,578 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 5,852,392 | 3,735,528 |
Exploration [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 1,144,402 | $ 696,289 |
Equity Compensation Awards (Det
Equity Compensation Awards (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Award vest rate | 25% | ||
Outstanding percentage | 10% | ||
Number of restricted shares issued, shares | 3,290,268 | 2,152,232 | |
Fair value of share awards vested | $ 5,300,000 | ||
Stock-based compensation expense | 14,600,000 | $ 9,800,000 | |
Stock-based compensation | 14,566,318 | 9,757,395 | |
Unamortized expenses | $ 11,200,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | ||
Officer [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 7,500,000 | 7,500,000 | |
Officer [Member] | Warrant [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,900,000 | 800,000 | |
Equity compensation liability | 400,000 | ||
Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | 4,500,000 | $ 4,500,000 | |
Board of Directors Chairman [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation | $ 400,000 | ||
2021 Equity Retention Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of restricted shares issued, shares | 3,300,000 | 2,200,000 |
Schedule of Federal Income Tax
Schedule of Federal Income Tax provision (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Net Income (Loss) | $ (52,501,819) | $ (21,338,207) |
Statutory Rate | 21% | 21% |
Computed expected tax recovery | $ (11,025,382) | $ (4,481,024) |
State income tax (benefit), net of federal benefit | (315,287) | |
Section 162(m) adjustments | 71,043 | |
Other permanent tax differences | (121,985) | (5,107) |
Share-based Compensation – RSUs/PSUs | 701,362 | |
Uncertain Tax Positions | (219,450) | (8,495,803) |
Deferred Adjustments and Other | (518,766) | 113,966 |
Change in valuation allowance | 11,428,465 | 12,867,968 |
Total income tax provision |
Schedule of Deferred Income Tax
Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 25,676,852 | $ 19,365,174 |
Stock-based compensation | 2,472,597 | 982,521 |
Section 174 capitalization | 1,938,732 | 679,037 |
Other temporary differences | 390,384 | 2,049 |
Fixed Assets and Intangibles | 1,697,171 | 13,208 |
Valuation allowance | (32,175,736) | (21,041,989) |
Net Deferred Tax Asset |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning of period | $ 219,450 | $ 8,715,253 |
Decrease during the period | (219,450) | (8,715,253) |
Increase during the period | 219,450 | |
Unrecognized tax benefits, end of period | $ 219,450 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
U.S. federal corporate statutory rate | 21% | 21% | |
Deferred tax assets, valuation allowance | $ 32,175,736 | $ 21,041,989 | |
Federal research and development carryforwards | $ 300,000 | ||
Federal research and development carryforwards. expire | expire in 2041 | ||
Income tax, penalties and interest | $ 75,000 | ||
Executive Officer [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Maximum deductibility of compensation paid | $ 1,000,000 | ||
Domestic Tax Jurisdiction [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | $ 120,800,000 | ||
Domestic Tax Jurisdiction [Member] | Unused [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | $ 2,500,000 | ||
Operating loss carryforwards, limitations | expire in 2032 | ||
Domestic Tax Jurisdiction [Member] | Indefinitely [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | $ 118,300,000 | ||
State and Local Jurisdiction [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | 5,400,000 | ||
State and Local Jurisdiction [Member] | Unused [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | $ 3,500,000 | ||
Operating loss carryforwards, limitations | expire in 2041 | ||
State and Local Jurisdiction [Member] | Indefinitely [Member] | |||
Effective Income Tax Rate Reconciliation [Line Items] | |||
Net operating loss carryforwards | $ 1,900,000 |
Schedule of Statement of Cash F
Schedule of Statement of Cash Flow Disclosures (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental disclosures: | ||
Interest paid | $ 29,006 | $ 128,560 |
Non-cash investing and financing activities: | ||
Purchases of property and equipment accrued in current liabilities | 996,970 | 4,404,034 |
Deposits capitalized as investing activities | 28,020,465 | 150,000 |
Fair value of common shares issued for investing activities | 5,859,000 | |
Other receivables recognized as financing activities | 608,333 | 350,550 |
Assets transferred to assets held-for-sale | 18,662,575 | |
Settlement of cash bonuses with equity awards | $ 343,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Millions | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Restoration cost estimate value | $ 0.1 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 12 Months Ended | |||
Aug. 01, 2024 | Jul. 03, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 33,333 | |||
Shares of common stock value | $ 5,000,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 19,531 | |||
Shares of common stock value | $ 25,000 | |||
Purchase price of warrants | $ 1,900,000 | |||
Subsequent Event [Member] | Series A Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 39,062 | |||
Settlement Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments | $ 1,800,000 | |||
Settlement Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments | $ 300,000 | |||
Subscription Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 25,000 | |||
Shares of common stock value | $ 25,000 | |||
Subscription Agreement [Member] | Subsequent Event [Member] | Series A Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 25,000 | |||
Subscription Agreement [Member] | Subsequent Event [Member] | Series B Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued from private placement, net of issuance costs, shares | 25,000 |