InMed Pharmaceuticals (INM) 10-Q 11 Feb 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2020	Feb. 11, 2021
Document Information Line Items
Entity Registrant Name	InMed Pharmaceuticals Inc.
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		7,000,707
Amendment Flag	false
Entity Central Index Key	0001728328
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Interactive Data Current	Yes

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current
Cash and cash equivalents	$ 10,020,853	$ 5,805,809
Short-term investments	45,225	42,384
Accounts receivable	154,846	45,344
Prepaids and other assets	28,464	418,920
Total current assets	10,249,388	6,312,457
Non-Current
Property and equipment, net	373,844	403,485
Intangible assets, net	1,109,535	1,086,655
Other assets	14,655
Total Assets	11,747,422	7,802,597
Current
Accounts payables and accrued liabilities	2,077,325	1,607,303
Current portion of lease obligations	76,312	68,965
Total current liabilities	2,153,637	1,676,268
Non-current
Lease obligations	238,992	248,011
Derivative warrants liability	1,763,980
Total Liabilities	4,156,609	1,924,279
Shareholders’ Equity
Common shares, no par value, unlimited authorized shares: 7,000,707 (June 30, 2020 - 5,220,707) issued and outstanding	58,008,112	53,065,240
Additional paid-in capital	17,946,374	17,764,333
Accumulated deficit	(68,492,242)	(64,649,381)
Accumulated other comprehensive income (loss)	128,569	(301,874)
Total Shareholders' Equity	7,590,813	5,878,318
Total Liabilities and Shareholders' Equity	$ 11,747,422	$ 7,802,597

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, unlimited shares authorized (in Dollars)
Common stock, shares issued	7,000,707	5,220,707
Common stock, shares outstanding	7,000,707	5,220,707

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Expenses
Research and development and patents	$ 937,948	$ 1,606,831	$ 1,849,104	$ 3,568,743
General and administrative	959,554	871,745	1,584,342	1,759,256
Amortization and depreciation	36,816	28,232	64,797	58,459
Total operating expenses	1,934,318	2,506,808	3,498,243	5,386,458
Other Income (Loss)
Interest income	3,050	40,495	7,395	98,901
Finance expense	(360,350)		(360,350)
Unrealized gain on derivative warrants liability	242,628		242,628
Foreign exchange loss	(194,792)	(27,182)	(234,291)	(11,250)
Net loss for the period	(2,243,782)	(2,493,495)	(3,842,861)	(5,298,807)
Other Comprehensive Loss
Foreign currency translation gain	301,043	350,154	430,443	31,676
Total comprehensive loss for the period	$ (1,942,739)	$ (2,143,341)	$ (3,412,418)	$ (5,267,131)
Net loss per share for the year
Basic and diluted (in Dollars per share)	$ (0.37)	$ (0.48)	$ (0.68)	$ (1.01)
Weighted average outstanding common shares
Basic and diluted (in Shares)	6,091,359	5,220,707	5,656,033	5,220,707

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss) - Foreign Exchange	Total
Balance, at Jun. 30, 2019	$ 53,065,240	$ 16,769,932	$ (55,710,232)	$ 117,964	$ 14,242,904
Balance, (in Shares) at Jun. 30, 2019	5,220,707
Activity for the three months to September 30, 2019
Loss and comprehensive income (loss) for the period			(2,805,313)	(318,478)	(3,123,791)
Share-based compensation		350,482			350,482
Balance, at Sep. 30, 2019	$ 53,065,240	17,120,414	(58,515,545)	(200,514)	11,469,595
Balance, (in Shares) at Sep. 30, 2019	5,220,707
Activity for the three months to September 30, 2019
Loss and comprehensive income (loss) for the period			(2,493,494)	350,154	(2,143,340)
Share-based compensation		283,953			283,953
Activity for the six months ended		634,435	(5,298,807)	31,676	(4,632,696)
Activity for the six months ended (in Shares)
Balance, at Dec. 31, 2019	$ 53,065,240	17,404,367	(61,009,039)	149,640	9,610,208
Balance, (in Shares) at Dec. 31, 2019	5,220,707
Balance, at Jun. 30, 2020	$ 53,065,240	17,764,333	(64,649,381)	(301,874)	5,878,318
Balance, (in Shares) at Jun. 30, 2020	5,220,707
Activity for the three months to September 30, 2019
Loss and comprehensive income (loss) for the period			(1,599,079)	129,400	(1,469,679)
Share-based compensation		85,407			85,407
Balance, at Sep. 30, 2020	$ 53,065,240	17,849,740	(66,248,460)	(172,474)	4,494,046
Balance, (in Shares) at Sep. 30, 2020	5,220,707
Activity for the three months to September 30, 2019
Public offering	$ 6,052,000				6,052,000
Public offering (in Shares)	1,780,000
Share issuance costs	$ (1,109,128)				(1,109,128)
Loss and comprehensive income (loss) for the period			(2,243,782)	301,043	(1,942,739)
Share-based compensation		96,634			96,634
Activity for the six months ended	$ 4,942,872	182,041	(3,842,861)	430,443	1,712,495
Activity for the six months ended (in Shares)	1,780,000
Balance, at Dec. 31, 2020	$ 58,008,112	$ 17,946,374	$ (68,492,242)	$ 128,569	$ 7,590,813
Balance, (in Shares) at Dec. 31, 2020	7,000,707

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net loss for the period	$ (3,842,861)	$ (5,298,807)
Items not requiring cash:
Amortization and depreciation	64,797	58,459
Share-based compensation	182,041	634,435
Non-cash lease expense	61,065	35,506
Loss on disposal of assets		810
Received interest income on short-term investments	137	80,988
Unrealized gain on derivative warrants liability	(242,628)
Payments on lease obligations	(41,057)	(24,586)
Finance expense	360,350
Prepaids and other assets	105,126	57,921
Other non-current assets	(14,161)
Accounts receivable	(102,729)
Accounts payable and accrued liabilities	296,971	269
Total cash used in operating activities	(3,172,949)	(4,455,005)
Investing Activities
Maturity of short-term investments		3,859,096
Purchase of short-term investments		(26,445)
Proceeds on disposal of property and equipment		550
Purchase of property and equipment		(34,701)
Total cash provided by investing activities		3,798,500
Financing Activities
Shares issued for cash	8,010,000
Share issuance costs	(1,116,967)
Total cash used in financing activities	6,893,033
Effects of foreign exchange on cash and cash equivalents	494,960	18,037
Increase (decrease) in cash during the period	4,215,044	(638,468)
Cash and cash equivalents beginning of the period	5,805,809	9,837,213
Cash and cash equivalents end of the period	$ 10,020,853	$ 9,198,745

Corporate Information and Conti

Corporate Information and Continuing Operations	6 Months Ended
	Dec. 31, 2020
Corporate Information and Continuing Operations [Abstract]
CORPORATE INFORMATION AND CONTINUING OPERATIONS	1. CORPORATE INFORMATION AND CONTINUING OPERATIONS InMed Pharmaceuticals Inc. (“InMed” or the “Company”) was incorporated in the Province of British Columbia on May 19, 1981 under the Business Corporations Act The Company’s shares are listed on the on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “INM”) and on the Toronto Stock Exchange (“TSX”) under the trading symbol “IN”. InMed’s corporate office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated interim financial statements are issued. Through December 31, 2020, the Company has funded its operations primarily with proceeds from the sale of common stock. The Company has incurred recurring losses and negative cash flows from operations since its inception, including net losses of $3.8 million and $5.3 million for the six months ended December 31, 2020 and 2019, respectively. In addition, the Company had an accumulated deficit of $68.5 million as of December 31, 2020. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these condensed consolidated interim financial statements, the Company expects its cash and cash equivalents of $10.0 million as of December 31, 2020 will be sufficient to fund its operating expenses and capital expenditure requirements into the second quarter of fiscal 2022. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. As a result, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. The Company expects to continue to seek additional funding through equity financings, debt financings or other capital sources, including collaborations with other companies, government contracts or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders. These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its commitments, realize its assets and discharge its liabilities in the normal course. These condensed consolidated interim financial statements do not reflect adjustments to the carrying values of assets and liabilities that would be necessary if the Company was unable to continue as a going concern and such adjustments could be material.

Signficant Accounting Policies

Signficant Accounting Policies	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SIGNFICANT ACCOUNTING POLICIES	2. SIGNFICANT ACCOUNTING POLICIES (a) Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared using accounting policies consistent with those used in the Company’s 2020 annual consolidated financial statements under generally accepted accounting principles as applied in the United States (“US GAAP”) except for new standards, interpretations and amendments mandatorily effective for the first time from July 1, 2020. The functional currency of the Company and its subsidiaries is the Canadian Dollar. These condensed consolidated interim financial statements are presented in U.S Dollars. (b) Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these condensed consolidated interim financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, the impairment assessment for long-lived assets, and determining the fair value of share-based payments and warrants. On March 11, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and our business are not known at this time. Management uses judgment to assess the impact of the pandemic on the Company’s ability to obtain debt and equity financing in the future and impairment in the value of its long-lived assets. (c) Basis of Consolidation These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries, including inactive subsidiaries: Biogen Sciences Inc., Sweetnam Consulting Inc., and InMed Pharmaceutical Ltd. The Company’s former inactive subsidiary, Meridex Network Corporation, was wound up into InMed effective April 17, 2019. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these condensed consolidated interim financial statements. (d) Derivative financial instruments The Company generally does not use derivative instruments to hedge exposures to cash-flow or market risks; however, certain warrants to purchase common stock that do not meet the requirements for classification as equity are classified as liabilities with attributable transaction costs recognized in the condensed consolidation interim statement of operations and comprehensive loss. Such financial instruments are initially recorded at fair value with subsequent changes in fair value charged (credited) to operations in each reporting period. If these instruments subsequently meet the requirements for classification as equity, the Company reclassifies the fair value to equity. (e) New Standards Applicable in the Reporting Period i) Credit losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ii) Fair Value Measurement In August 2018, the FASB issued ASU 2018–13, Fair Value Measurement (Topic 820) iii) Collaborative Arrangements In November 2018, the FASB issued ASU 2018–18, Collaborative Arrangements (Topic 808)

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	3. PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following: December 31, June 30, $ $ Right-of-Use Asset (lease) 446,780 417,405 Equipment 67,276 62,853 Leasehold Improvements 42,986 40,160 Property and equipment 557,042 520,418 Less: accumulated depreciation (183,198 ) (116,933 ) Property and equipment, net 373,844 403,485 Depreciation expense on property, equipment and leasehold improvements for the three and six months ended December 31, 2020 was $6,528 and $12,912 (2019 - $27,795 and $41,755, respectively). Depreciation expense related to the Right-of-Use Asset for the three and six months ended December 31, 2020 of $21,828 and $43,179 (2019 - $21,545 and $28,725) and was recorded in general and administrative expenses.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	4. INTANGIBLE ASSETS, NET Intangible assets consist of: December 31, June 30, $ $ Intellectual property 1,736,420 1,622,255 Less: accumulated amortization (626,885 ) (535,600 ) Intangible assets, net 1,109,535 1,086,655 The acquired intellectual property is recorded at cost and is amortized on a straight-line basis over an estimated useful life of 18 years net of any accumulated impairment losses. As at December 31, 2020, the acquired intellectual property has an estimated remaining useful life of approximately 11 years. Amortization expense on intangible assets for the three and six months ended December 31, 2020 was $30,288 and $51,885 (2019- $21,983 and $45,429). Based upon the intangible assets held as at December 31, 2020, the Company expects amortization expense to be incurred over the next five years as follows: $ 2021 96,468 2022 96,468 2023 96,468 2024 96,468 2025 96,468 482,340

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: December 31, June 30, $ $ Trade payables 930,393 706,516 Accrued research and development expenses 229,431 193,119 Employee compensation, benefits and related accruals 552,660 536,231 Accrued general and administrative expenses 364,841 171,437 Accounts payable and accrued liabilities 2,077,325 1,607,303

Derivative Warrants Liability

Derivative Warrants Liability	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE WARRANTS LIABILITY	6. DERIVATIVE WARRANTS LIABILITY The warrants issued as part of the November 16, 2020 public offering of common shares and common share purchase warrants (see Note 7), in accordance with ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging At inception, the derivative is measured, using the Black-Scholes pricing model, at fair value with subsequent changes in fair value recognized in unrealized gain or loss on derivative warrants liability. The reconciliation of changes in fair value for the three and six month periods ended December 31, 2020 is presented in the following table: December 31, Derivative warrants liability, beginning of period - Fair value of warrants issued 1,958,000 Unrealized gain included in net loss (242,628 ) Translation effect 48,608 Derivative warrants liability, end of period 1,763,980

Share Capital and Reserves

Share Capital and Reserves	6 Months Ended
	Dec. 31, 2020
Share Capital And Reserves [Abstract]
SHARE CAPITAL AND RESERVES	7. SHARE CAPITAL AND RESERVES a) Authorized As at December 31, 2020, the Company’s authorized share structure consisted of: (i) an unlimited number of common shares without par value; and (ii) an unlimited number of preferred shares without par value. No preferred shares were issued and outstanding as at December 31, 2020 and June 30, 2020. The Company may issue preferred shares and may, at the time of issuance, determine the rights, preference and limitations pertaining to these shares. Holders of preferred shares may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the Company before any payment is made to the holders of common shares. b) Common Shares During the six months ended December 31, 2020, the Company completed the following: Transaction Description Number Issue Price Total Public offering 1,780,000 $ 4.50 $ 8,010,000 Allocated to Derivative Warrants Liability (1,958,000 ) 6,052,000 Share issuance costs - $ - $ (1,109,128 ) On November 16, 2020, the Company closed a public offering of its common shares and issued an aggregate of 1,780,000 common shares, together with accompanying warrants, for gross proceeds of $8,010,000. Each common share was sold in the offering with one warrant to purchase one common share. Transaction costs were allocated proportionally between the common shares and the derivative warrants liability (see Note 6) with $1,109,128 allocated to common shares and charged to shareholders’ equity and the balance of $360,350 allocated to the warrants and charged to operations. c) Share Purchase Warrants A total of 910,297 share purchase warrants issued in January 2018 and June 2018 expired in July 2019 and June 2020, respectively, and were exercisable in Canadian dollars (United States dollar amounts for exercise price and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2020). Each warrant entitled the holders thereof the right to purchase one common share. The warrants issued on November 16, 2020 have an exercise price of $5.11 per share, are immediately exercisable upon issuance, and expire six years following the date of issuance (Note 6 and 7(b)). The following is a summary of changes in share purchase warrants from July 1, 2019 to December 31, 2020: Number Weighted Average Weighted Average Aggregate Aggregate # C$ US$ C$ US$ Balance as at June 30, 2019 910,297 $ 41.25 $ 31.52 - - Expired (910,297 ) $ 41.25 $ 31.52 Balance as at June 30, 2020 - - - - - Granted 1,780,000 - $ 5.11 - - Balance as at December 31, 2020 1,780,000 - $ 5.11 - - d) Agents’ Warrants At June 30, 2019, there were 46,665 outstanding agents’ warrants with a weighted average share price of $27.99 (C$36.63), all of which expired on June 22, 2020. Agents’ warrants were exercisable in Canadian dollars (United States dollar amounts for exercise price and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2020). Each warrant entitled the holders thereof the right to purchase one common share. There are no agents’ warrants outstanding at December 31, 2020 and June 30, 2020.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED PAYMENTS	8. SHARE-BASED PAYMENTS a) Option Plan Details On March 24, 2017, as amended on November 20, 2020, the Company’s shareholders approved: (i) the adoption of a new stock option plan (the “Plan”) pursuant to which the Board of Directors may, from time to time, in its discretion and in accordance with the requirements of the TSX, grant to directors, officers, employees and consultants of the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed twenty percent (20%) of the issued and outstanding common shares at the date the options are granted (on a non-diluted and rolling basis); and (ii) the application of the new stock option plan to all outstanding stock options of the Company that were granted prior to March 24, 2017 under the terms of the Company’s previous stock option plan. As at December 31, 2020, there were 504,074 (June 30, 2020 – 455,507) options available for future allocation pursuant to the terms of the Plan. The option price under each option shall be not be less than the closing price on the day prior to the date of grant. All options vest upon terms as set by the Board of Directors, either over time, typically 12 to 36 months, or upon the achievement of certain corporate milestones. Stock options are granted with Canadian dollar exercise prices (United States dollar amounts for weighted average exercise prices and aggregate intrinsic value are calculated using prevailing rates as at December 31, 2020). The following is a summary of changes in outstanding options from July 1, 2019 to December 31, 2020: Number Weighted Average Exercise Price Weighted Average Exercise Price C$ US$ Balance as at June 30, 2019 599,090 17.64 13.48 Granted 52,728 8.78 6.44 Expired/Forfeited (63,183 ) 37.39 27.43 Balance as at June 30, 2020 588,635 14.73 10.81 Granted 339,250 3.85 3.02 Expired/Forfeited (31,818 ) 8.19 6.43 Balance as at December 31, 2020 896,067 10.84 8.51 b) Fair Value of Options Issued During the Period i) The weighted average fair value at grant date of options granted during the six months ended December 31, 2020 was C$2.52 per option (year ended June 30, 2020 - C$6.08). Assumptions used for options granted during the six months ended December 31, 2020 included a weighted average risk-free interest rate of 0.25% (year ended June 30, 2020 – 1.51%), weighted average expected life of 3.2 years calculated using the Simplified Method for directors, officers and employees and the contractual life for consultants (year ended June 30, 2020 – 3.3 years), weighted average volatility factor of 106.43% (year ended June 30, 2020 – 110.08%), weighted average dividend yield of 0% (year ended June 30, 2020 – 0%) and a 5% forfeiture rate (year ended June 30, 2020 – 5%). ii) Expenses Arising from Share-based Payment Transactions Total expenses arising from share-based payment transactions recognized during the three and six months ended December 31, 2020 were $96,634 and $182,041 (2019 - $283,953 and $634,435). Unrecognized compensation cost at December 31, 2020 related to unvested options was $737,616 (C$939,133) which will be recognized over a weighted-average vesting period of 1.8 years.

Lease Obligations

Lease Obligations	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
LEASE OBLIGATIONS	9. LEASE OBLIGATIONS On commencement of the lease for the Company’s new offices premises on July 1, 2019, the Company recognized right-of-use assets of $434,660 and a lease liability of $385,057 with no net impact on accumulated deficit. When measuring lease liabilities, the Company discounted lease payments using its incremental borrowing rate at July 1, 2019 of 8%. The following table lists the Company’s operating lease obligations recognized on commencement of the lease for the Company’s new offices premises at July 1, 2019. Lease obligations recognized as at July 1, 2019 $ 385,057 Discounted using the incremental borrowing rate at July 1, 2019 8 % Estimated annual variable lease payments not included in lease obligations $ 59,983 The Company is committed to minimum lease payments as follows: Maturity Analysis December 31, Less than one year $ 156,213 One to five years 425,306 More than five years - Total undiscounted lease liabilities $ 581,519 (1) (1) Excludes estimated variable operating costs of $61,656 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Shar

Basic and Diluted Loss per Share	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
BASIC AND DILUTED LOSS PER SHARE	10. BASIC AND DILUTED LOSS PER SHARE Basic loss per share amounts are calculated by dividing the net loss for the period by the weighted average number of ordinary shares outstanding during the period. As the outstanding stock options and warrants are anti-dilutive, they are excluded from the weighted average number of common shares in the table below. Three Months Ended Six Months Ended 2020 2019 2020 2019 $ $ $ $ Net loss for the period (2,243,782 ) (2,493,495 ) (3,842,861 ) (5,298,807 ) Basic and diluted loss per share (0.37 ) (0.48 ) (0.68 ) (1.01 ) Weighted average number of common shares - basic and diluted 6,091,359 5,220,707 5,656,033 5,220,707

Non-Cash Transactions

Non-Cash Transactions	6 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
NON-CASH TRANSACTIONS	11. NON-CASH TRANSACTIONS Investing and financing activities that do not have a direct impact on cash flows are excluded from the statements of cash flows. During the six months ended December 31, 2020, the following transaction was excluded from the statement of cash flows: i) As at December 31, 2020, the Company has unpaid financing costs of $328,845. During the six months ended December 31, 2019, the following transaction was excluded from the statement of cash flows: ii) On January 14, 2019, the Company executed a lease for new office premises (see Note 9). The term of this new lease is from July 1, 2019 to August 31, 2024. In accordance with Topic 842 Leases, on commencement of the lease on July 1, 2019, the Company recognized right-of-use assets of $434,660 and a lease liability of $385,057.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Pursuant to the terms of agreements with various contract research organizations, as at December 31, 2020, the Company is committed for contract research services and materials at a cost of approximately $938,546. A total of $920,158 of these expenditures are expected to occur in the twelve months following December 31, 2020 and the balance of $18,388 in the following twelve-month period. Pursuant to the terms of a May 31, 2017 Technology Assignment Agreement between the Company and the University of British Columbia (“UBC”), the Company is committed to pay royalties to UBC on certain licensing and royalty revenues received by the Company for biosynthesis of certain drug products that are covered by the agreement. To date, no payments have been required to be made. Pursuant to the terms of a December 13, 2018 Collaborative Research Agreement with UBC in which the Company owns all right, title and interest in and to any intellectual property, in addition to funding research at UBC, the Company is committed to make a one-time payment upon filing of any PCT patent application arising from the research. To date, no payments have been required to be made. Pursuant to the terms of a November 1, 2018 Contribution Agreement with National Research Council Canada, as represented by its Industrial Research Assistance Program (NRC-IRAP), under certain circumstances contributions received, including the disposition of the underlying intellectual property developed in part with NRC-IRAP contributions, may become repayable. Short-term investments include guaranteed investment certificates with a face value of $45,162 (June 30, 2020 - $42,193) that are pledged as security for a corporate credit card. The Company has entered into certain agreements in the ordinary course of operations that may include indemnification provisions, which are common in such agreements. In some cases, the maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial general liability insurance. This insurance limits the Company’s liability and may enable the Company to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and it believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. In July 2020, in connection with the IPO of our common shares, two inadvertent disclosures of already publically available information were made that may have exceeded the scope permissible under Rule 134 of the Securities Act of 1933, and thus may not be entitled to the “safe-harbor” provided by Rule 134. As a result, either of the two inadvertent disclosures could be determined to not be in compliance for a registered securities offering under Section 5 of the Securities Act of 1933. If either of the two inadvertent disclosures are determined by a court to be a violation by the Company of the Securities Act of 1933, the recipients of the inadvertent disclosures who purchased our common shares in the IPO may have a rescission right, which could require the Company to repurchase those shares at their original purchase price with interest or a claim for damages if the purchaser no longer owns the securities, for one year following the date of the violation. The Company could also incur considerable expense if it were to contest any such claims. Consequently, a contingent liability may arise out of this possible violation of the Securities Act of 1933. The likelihood and magnitude of this contingent liability, if any, is not determinable at this time. Pursuant to a technology licensing agreement, the Company is committed to issue, subject to regulatory approval, 5,000 common shares to the licensee. In addition, under the licensing agreement, the Company is committed to issue up to 17,500 warrants to purchase 17,500 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date. From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Financial Risk Management

Financial Risk Management	6 Months Ended
	Dec. 31, 2020
Financial Risk Management [Abstract]
FINANCIAL RISK MANAGEMENT	13. FINANCIAL RISK MANAGEMENT Fair value: Fair value measurements recognized in the condensed consolidated balance sheets must be categorized in accordance with the following levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities and derivative warrants liability. The fair values of short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their fair values because of the short-term nature of these instruments. Cash and cash equivalents are measured at fair value using Level 1 inputs. The Company measured its derivative warrant liabilities at fair value on a recurring basis using level 3 inputs. The fair value of derivative warrant liabilities is determined using the Black-Scholes valuation model. The following assumptions were used to value the derivative warrant liabilities issued November 16, 2020; exercise price: $5.11; expected risk free interest rate: 0.45%; expected annual volatility; 46.32% expected life in years: 6.0; and expected annual dividend yield: $Nil. Subsequently, the following assumptions were used to value the derivative warrant liabilities at December 31, 2020; exercise price: $5.11; expected risk free interest rate: 0.45%; expected annual volatility: 45.32%; expected life in years: 5.9; and expected annual dividend yield: $Nil. The following table summarizes the classification and carrying values of the Company’s financial instruments at December 31, 2020 and June 30, 2020: December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 10,020,853 - - 10,020,853 Short-term investments - 45,225 - 45,225 Accounts receivable - 154,846 - 154,846 Total financial assets 10,020,853 200,071 10,220,924 Financial liabilities Accounts payable and accrued liabilities 2,077,325 - 2,077,325 Derivative warrants liability - - 1,763,980 1,763,980 Total financial liabilities - 2,077,325 1,763,980 3,841,305 June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 5,805,809 - - 5,805,809 Short-term investments - 42,384 - 42,384 Accounts receivable - 45,344 - 45,344 Total financial assets 5,805,809 87,728 - 5,893,537 Financial liabilities Accounts payable and accrued - 1,607,303 - 1,607,303 Total financial liabilities - 1,607,303 - 1,607,303 a) Market Risk: Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign currency risk, interest rate risk, commodity price risk and equity price risk. The Company does not currently have significant commodity price risk or equity price risk. Foreign Currency Risk Foreign currency risk is the risk that the future cash flows or fair value of the Company’s financial instruments that are denominated in a currency that is not the Company’s functional currency (C$) will fluctuate due to changes in foreign exchange rates. Portions of the Company’s cash and cash equivalents and accounts payable and accrued liabilities are denominated in U.S. dollars. Accordingly, the Company is exposed to fluctuations in the U.S. and Canadian dollar exchange rates. As at December 31, 2020, the Company has a net excess of U.S. dollar denominated cash and cash equivalents in excess of U.S. dollar denominated accounts payable and accrued liabilities of US$6,022,540 which is equivalent to C$7,667,898 at the December 31, 2020 exchange rate. The U.S. dollar financial assets generally result from holding U.S. dollar cash to settle anticipated near-term accounts payable and accrued liabilities denominated in U.S. dollars. The U.S. dollar financial liabilities generally result from purchases of supplies and services from suppliers from outside of Canada. Each change of 1% in the U.S. dollar in relation to the Canadian dollar results in a gain or loss, with a corresponding effect on cash flows, of $60,225 based on the December 31, 2020 net U.S. dollar assets (liabilities) position. During the six months ended December 31, 2020, the Company recorded foreign exchange loss of $271,241 (December 31, 2019 – loss of $11,250) related to US dollars. As at December 31, 2020, the Company has a net excess of Euros denominated accounts payable and accrued liabilities in excess of Euros denominated cash and cash equivalents of €76,911 which is equivalent to US$94,284 at the December 31, 2020 exchange rate. The Euros financial assets generally result from holding Euro denominated account holdings to settle anticipated near-term accounts payable and accrued liabilities denominated in Euros. The Euros financial liabilities generally result from purchases of supplies and services from suppliers from outside of Canada. Each change of 1% in the Euro in relation to the Canadian dollar results in a gain or loss, with a corresponding effect on cash flows, of $943 based on the December 31, 2020 net Euro assets (liabilities) position. During the six months ended December 31, 2020, the Company recorded a foreign exchange gain of $36,950 (December 31, 2019 – gain of $Nil) related to Euros. Interest Rate Risk: Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. As at December 31, 2020, holdings of cash and cash equivalents of $3,043,954 (June 30, 2020 - $4,307,407) are subject to floating interest rates. The balance of the Company’s cash holdings of $6,976,899 (June 30, 2020 - $1,498,402) are non-interest bearing. As at December 31, 2020, the Company held variable rate guaranteed investment certificates, with one-year terms, with face value of $45,162 (June 30, 2020 - $42,193). The Company’s current policy is to invest excess cash in guaranteed investment certificates or interest-bearing accounts of major Canadian chartered banks or credit unions with comparable credit ratings. The Company regularly monitors compliance to its cash management policy. The Company, as at December 31, 2020, does not have any borrowings. Interest rate risk is limited to potential decreases on the interest rate offered on cash and cash equivalents and short-term investments held with chartered Canadian financial institutions. The Company considers this risk to be immaterial. b) Credit Risk: Credit risk is the risk of financial loss to the Company if a customer or a counter party to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents and short-term investments. Cash and cash equivalents and short-term investments are maintained with financial institutions of reputable credit and may be redeemed upon demand. The carrying amount of financial assets represents the maximum credit exposure. Credit risk exposure is limited through maintaining cash and cash equivalents and short-term investments with high-credit quality financial institutions and management considers this risk to be minimal for all cash and cash equivalents and short-term investments assets based on changes that are reasonably possible at each reporting date. c) Liquidity Risk: Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases. As at December 31, 2020, the Company has cash and cash equivalents and short-term investments of $10,066,078 (June 30, 2020 - $5,848,193), current liabilities of $2,153,637 (June 30, 2020 - $1,676,268 ) and a working capital surplus of $8,095,751 (June 30, 2020 - $4,636,189).

Subsequent Event

Subsequent Event	6 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT On February 5, 2021, the Company announced that it has entered into definitive agreements with certain institutional investors to raise aggregate gross proceeds of approximately $4.5 million at a price of $4.25 per unit in a private placement of its equity securities. Each unit consists of one common share and 0.66 of a warrant to purchase one common share. Each whole warrant has an exercise price of $4.85 per share, is exercisable six months following issuance and has a term of five and one half years following issuance. After the placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $4.0 million. The offering is expected to close on or about February 12, 2021, subject to customary closing conditions and TSX and Nasdaq approval.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared using accounting policies consistent with those used in the Company’s 2020 annual consolidated financial statements under generally accepted accounting principles as applied in the United States (“US GAAP”) except for new standards, interpretations and amendments mandatorily effective for the first time from July 1, 2020. The functional currency of the Company and its subsidiaries is the Canadian Dollar. These condensed consolidated interim financial statements are presented in U.S Dollars.
Use of Estimates	(b) Use of Estimates The preparation of financial statements in compliance with US GAAP requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these condensed consolidated interim financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, the impairment assessment for long-lived assets, and determining the fair value of share-based payments and warrants. On March 11, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and our business are not known at this time. Management uses judgment to assess the impact of the pandemic on the Company’s ability to obtain debt and equity financing in the future and impairment in the value of its long-lived assets.
Basis of Consolidation	(c) Basis of Consolidation These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries, including inactive subsidiaries: Biogen Sciences Inc., Sweetnam Consulting Inc., and InMed Pharmaceutical Ltd. The Company’s former inactive subsidiary, Meridex Network Corporation, was wound up into InMed effective April 17, 2019. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these condensed consolidated interim financial statements.
Derivative financial instruments	(d) Derivative financial instruments The Company generally does not use derivative instruments to hedge exposures to cash-flow or market risks; however, certain warrants to purchase common stock that do not meet the requirements for classification as equity are classified as liabilities with attributable transaction costs recognized in the condensed consolidation interim statement of operations and comprehensive loss. Such financial instruments are initially recorded at fair value with subsequent changes in fair value charged (credited) to operations in each reporting period. If these instruments subsequently meet the requirements for classification as equity, the Company reclassifies the fair value to equity.
New Standards Applicable in the Reporting Period	(e) New Standards Applicable in the Reporting Period i) Credit losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ii) Fair Value Measurement In August 2018, the FASB issued ASU 2018–13, Fair Value Measurement (Topic 820) iii) Collaborative Arrangements In November 2018, the FASB issued ASU 2018–18, Collaborative Arrangements (Topic 808)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	December 31, June 30, $ $ Right-of-Use Asset (lease) 446,780 417,405 Equipment 67,276 62,853 Leasehold Improvements 42,986 40,160 Property and equipment 557,042 520,418 Less: accumulated depreciation (183,198 ) (116,933 ) Property and equipment, net 373,844 403,485

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	December 31, June 30, $ $ Intellectual property 1,736,420 1,622,255 Less: accumulated amortization (626,885 ) (535,600 ) Intangible assets, net 1,109,535 1,086,655
Schedule of amortization expense	$ 2021 96,468 2022 96,468 2023 96,468 2024 96,468 2025 96,468 482,340

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts payable and accrued liabilities	December 31, June 30, $ $ Trade payables 930,393 706,516 Accrued research and development expenses 229,431 193,119 Employee compensation, benefits and related accruals 552,660 536,231 Accrued general and administrative expenses 364,841 171,437 Accounts payable and accrued liabilities 2,077,325 1,607,303

Derivative Warrants Liability (

Derivative Warrants Liability (Tables)	6 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of reconciliation of changes in fair value of derivative warrants liability	December 31, Derivative warrants liability, beginning of period - Fair value of warrants issued 1,958,000 Unrealized gain included in net loss (242,628 ) Translation effect 48,608 Derivative warrants liability, end of period 1,763,980

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	6 Months Ended
	Dec. 31, 2020
Share Capital And Reserves [Abstract]
Schedule of common shares	Transaction Description Number Issue Price Total Public offering 1,780,000 $ 4.50 $ 8,010,000 Allocated to Derivative Warrants Liability (1,958,000 ) 6,052,000 Share issuance costs - $ - $ (1,109,128 )
Schedule of changes in share purchase warrants	Number Weighted Average Weighted Average Aggregate Aggregate # C$ US$ C$ US$ Balance as at June 30, 2019 910,297 $ 41.25 $ 31.52 - - Expired (910,297 ) $ 41.25 $ 31.52 Balance as at June 30, 2020 - - - - - Granted 1,780,000 - $ 5.11 - - Balance as at December 31, 2020 1,780,000 - $ 5.11 - -

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of options activity	Number Weighted Average Exercise Price Weighted Average Exercise Price C$ US$ Balance as at June 30, 2019 599,090 17.64 13.48 Granted 52,728 8.78 6.44 Expired/Forfeited (63,183 ) 37.39 27.43 Balance as at June 30, 2020 588,635 14.73 10.81 Granted 339,250 3.85 3.02 Expired/Forfeited (31,818 ) 8.19 6.43 Balance as at December 31, 2020 896,067 10.84 8.51

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of operating leases obligations	Lease obligations recognized as at July 1, 2019 $ 385,057 Discounted using the incremental borrowing rate at July 1, 2019 8 % Estimated annual variable lease payments not included in lease obligations $ 59,983
Schedule of minimum lease payments	Maturity Analysis December 31, Less than one year $ 156,213 One to five years 425,306 More than five years - Total undiscounted lease liabilities $ 581,519 (1)

Basic and Diluted Loss per Sh_2

Basic and Diluted Loss per Share (Tables)	6 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of weighted average number of common shares	Three Months Ended Six Months Ended 2020 2019 2020 2019 $ $ $ $ Net loss for the period (2,243,782 ) (2,493,495 ) (3,842,861 ) (5,298,807 ) Basic and diluted loss per share (0.37 ) (0.48 ) (0.68 ) (1.01 ) Weighted average number of common shares - basic and diluted 6,091,359 5,220,707 5,656,033 5,220,707

Financial Risk Management (Tabl

Financial Risk Management (Tables)	6 Months Ended
	Dec. 31, 2020
Financial Risk Management [Abstract]
Schedule of financial instruments	December 31, 2020 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 10,020,853 - - 10,020,853 Short-term investments - 45,225 - 45,225 Accounts receivable - 154,846 - 154,846 Total financial assets 10,020,853 200,071 10,220,924 Financial liabilities Accounts payable and accrued liabilities 2,077,325 - 2,077,325 Derivative warrants liability - - 1,763,980 1,763,980 Total financial liabilities - 2,077,325 1,763,980 3,841,305 June 30, 2020 Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents 5,805,809 - - 5,805,809 Short-term investments - 42,384 - 42,384 Accounts receivable - 45,344 - 45,344 Total financial assets 5,805,809 87,728 - 5,893,537 Financial liabilities Accounts payable and accrued - 1,607,303 - 1,607,303 Total financial liabilities - 1,607,303 - 1,607,303

Corporate Information and Con_2

Corporate Information and Continuing Operations (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net loss	$ (3.8)	$ (5.3)
Accumulated deficit	(68.5)
Cash and cash equivalents	$ 10

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense on property equipment	$ 6,528	$ 27,795	$ 12,912	$ 41,755
Depreciation expense related to right of use asset	$ 21,828	$ 21,545	$ 43,179	$ 28,725

Property and Equipment, Net (_2

Property and Equipment, Net (Details) - Schedule of property and equipment - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 557,042	$ 520,418
Less: accumulated depreciation	(183,198)	(116,933)
Property and equipment, net	373,844	403,485
Right-of-Use Asset (lease) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	446,780	417,405
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	67,276	62,853
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 42,986	$ 40,160

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets, Net (Details) [Line Items]
Estimated useful life			18 years
Amortization expense on intangible assets	$ 30,288	$ 21,983	$ 51,885	$ 45,429
Intellectual property [Member]
Intangible Assets, Net (Details) [Line Items]
Estimated useful life			11 years

Intangible Assets, Net (Detai_2

Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Schedule of intangible assets [Abstract]
Intellectual property	$ 1,736,420	$ 1,622,255
Less: accumulated amortization	(626,885)	(535,600)
Intangible assets, net	$ 1,109,535	$ 1,086,655

Intangible Assets, Net (Detai_3

Intangible Assets, Net (Details) - Schedule of amortization expense	Dec. 31, 2020USD ($)
Schedule of amortization expense [Abstract]
2021	$ 96,468
2022	96,468
2023	96,468
2024	96,468
2025	96,468
Total	$ 482,340

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts payable and accrued liabilities - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Schedule of Accounts payable and accrued liabilities [Abstract]
Trade payables	$ 930,393	$ 706,516
Accrued research and development expenses	229,431	193,119
Employee compensation, benefits and related accruals	552,660	536,231
Accrued general and administrative expenses	364,841	171,437
Accounts payable and accrued liabilities	$ 2,077,325	$ 1,607,303

Derivative Warrants Liability_2

Derivative Warrants Liability (Details) - Schedule of reconciliation of changes in fair value of derivative warrants liability	6 Months Ended
	Dec. 31, 2020USD ($)
Schedule of reconciliation of changes in fair value of derivative warrants liability [Abstract]
Derivative warrants liability, beginning of period
Fair value of warrants issued	1,958,000
Unrealized gain included in net loss	(242,628)
Translation effect	48,608
Derivative warrants liability, end of period	$ 1,763,980

Share Capital and Reserves (Det

Share Capital and Reserves (Details) - USD ($)	1 Months Ended
	Nov. 16, 2020	Jun. 30, 2019
Share Capital and Reserves (Details) [Line Items]
Common shares issued	1,780,000
Gross proceeds from warrants	$ 8,010,000
Description of conversion of stock	Each common share was sold in the offering with one warrant to purchase one common share.
Transaction costs allocated to common shares	$ 1,109,128
Transaction costs allocated to warrants	$ 360,350
Share purchase warrants, description	A total of 910,297 share purchase warrants issued in January 2018 and June 2018 expired in July 2019 and June 2020, respectively, and were exercisable in Canadian dollars (United States dollar amounts for exercise price and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2020). Each warrant entitled the holders thereof the right to purchase one common share.
Warrants exercise price	$ 5.11
Warrants expiry term	6 years
Agents Warrants [Member]
Share Capital and Reserves (Details) [Line Items]
Description of conversion of stock		Each warrant entitled the holders thereof the right to purchase one common share.
Warrant description		At June 30, 2019, there were 46,665 outstanding agents’ warrants with a weighted average share price of $27.99 (C$36.63), all of which expired on June 22, 2020.
Outstanding agents warrants		46,665

Share Capital and Reserves (D_2

Share Capital and Reserves (Details) - Schedule of common shares	6 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Number of shares (in Shares) | shares
Issue price (in Dollars per share) | $ / shares
Total	$ (1,109,128)
Public offering [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Number of shares (in Shares) | shares	1,780,000
Issue price (in Dollars per share) | $ / shares	$ 4.50
Total	$ 8,010,000
Allocated to Derivative Warrants Liability [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Total	(1,958,000)
Common Shares [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Total	$ 6,052,000

Share Capital and Reserves (D_3

Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants	6 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020CAD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020CAD ($)$ / sharesshares
Schedule of changes in share purchase warrants [Abstract]
Number of balance at beginning			910,297	910,297
Weighted Average Share Price balance at beginning | (per share)			$ 31.52	$ 41.25
Aggregate Intrinsic Value at beginning
Number of expired			(910,297)	(910,297)
Weighted Average Share Price expired | (per share)			$ 31.52	$ 41.25
Aggregate Intrinsic Value expired
Number of balance at ending	1,780,000	1,780,000
Weighted Average Share Price balance at ending | (per share)	$ 5.11
Aggregate Intrinsic Value balance at ending
Number of granted	1,780,000	1,780,000
Weighted Average Share Price granted | (per share)	$ 5.11
Aggregate Intrinsic Value granted

Share-Based Payments (Details)

Share-Based Payments (Details)	1 Months Ended	3 Months Ended		6 Months Ended			12 Months Ended
	Mar. 24, 2017	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Jun. 30, 2020$ / sharesshares	Dec. 31, 2020CAD ($)shares
Share-based Payment Arrangement [Abstract]
Issued and outstanding, percentage	20.00%
Options shares (in Shares) | shares		504,074		504,074	504,074		455,507	504,074
Weighted average fair value per share (in Dollars per share) | $ / shares					$ 2.52		$ 6.08
Weighted average risk-free interest rate				0.25%			1.51%
Weighted average expected life				3 years 73 days			3 years 109 days
Weighted average volatility rate				106.43%			110.08%
Weighted average dividend yield				0.00%			0.00%
Weighted average forfeiture rate				5.00%			5.00%
Share-based payment transactions (in Dollars) | $		$ 96,634	$ 283,953	$ 182,041		$ 634,435
Unrecognized compensation cost		$ 737,616		$ 737,616	$ 737,616			$ 939,133
Weighted-average vesting period				1 year 292 days

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of options activity	6 Months Ended		12 Months Ended
	Dec. 31, 2020$ / sharesshares	Dec. 31, 2020$ / sharesshares	Jun. 30, 2020$ / sharesshares	Jun. 30, 2020$ / sharesshares
Share-Based Payments (Details) - Schedule of options activity [Line Items]
Number of beginning balance | shares	588,635	588,635	599,090	599,090
Number of Granted | shares	339,250	339,250	52,728	52,728
Number of Expired/Forfeited | shares	(31,818)	(31,818)	(63,183)	(63,183)
Number of ending balance | shares	896,067	896,067	588,635	588,635
C$ [Member]
Share-Based Payments (Details) - Schedule of options activity [Line Items]
Weighted Average Exercise Price, beginning balance		$ 14.73		$ 17.64
Weighted Average Exercise Price, Granted		3.85		8.78
Weighted Average Exercise Price, Expired/Forfeited		8.19		37.39
Weighted Average Exercise Price, ending balance		$ 10.84		$ 14.73
US$ [Member]
Share-Based Payments (Details) - Schedule of options activity [Line Items]
Weighted Average Exercise Price, beginning balance	$ 10.81		$ 13.48
Weighted Average Exercise Price, Granted	3.02		6.44
Weighted Average Exercise Price, Expired/Forfeited	6.43		27.43
Weighted Average Exercise Price, ending balance	$ 8.51		$ 10.81

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Jul. 01, 2019
Leases [Abstract]
Operating lease right of use asset		$ 434,660
Lease liability		$ 385,057
Borrowing rate percentage		8.00%
Variable operating costs	$ 61,656

Lease Obligations (Details) - S

Lease Obligations (Details) - Schedule of operating leases obligations	6 Months Ended
	Dec. 31, 2020USD ($)
Leases [Abstract]
Lease obligations recognized as at July 1, 2019	$ 385,057
Discounted using the incremental borrowing rate at July 1, 2019	8.00%
Estimated annual variable lease payments not included in lease obligations	$ 59,983

Lease Obligations (Details) -_2

Lease Obligations (Details) - Schedule of minimum lease payments	Dec. 31, 2020USD ($)
Schedule of minimum lease payments [Abstract]
Less than one year	$ 156,213
One to five years	425,306
More than five years
Total undiscounted lease liabilities	$ 581,519	[1]
[1]	Excludes estimated variable operating costs of $61,656 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Sh_3

Basic and Diluted Loss per Share (Details) - Schedule of weighted average number of common shares - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Schedule of weighted average number of common shares [Abstract]
Net loss for the period	$ (2,243,782)	$ (2,493,495)	$ (3,842,861)	$ (5,298,807)
Basic and diluted loss per share	$ (0.37)	$ (0.48)	$ (0.68)	$ (1.01)
Weighted average number of common shares- basic and diluted	6,091,359	5,220,707	5,656,033	5,220,707

Non-Cash Transactions (Details)

Non-Cash Transactions (Details) - USD ($)	Dec. 31, 2020	Jul. 01, 2019
Related Party Transactions [Abstract]
Deferred financing costs	$ 328,845
Right-of-use assets		$ 434,660
Lease liability		$ 385,057

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Materials and research services	$ 938,546
Description of expenditures	A total of $920,158 of these expenditures are expected to occur in the twelve months following December 31, 2020 and the balance of $18,388 in the following twelve-month period.
Guaranteed investment	$ 45,162	$ 42,193
Shares issued for licensee	$ 5,000
Description of stock issued	the Company is committed to issue up to 17,500 warrants to purchase 17,500 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date.

Financial Risk Management (Deta

Financial Risk Management (Details)	1 Months Ended	6 Months Ended		12 Months Ended
	Nov. 16, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020EUR (€)
Financial Risk Management (Details) [Line Items]
Expected risk free interest rate		0.25%		1.51%
Expected life in years		3 years 73 days		3 years 109 days
Accounts payable and accrued liabilities		$ 6,022,540			$ 7,667,898
Foreign exchange loss (gain)		271,241	$ 11,250
Cash and cash equivalents		3,043,954		$ 4,307,407
Non-interest bearing		6,976,899		1,498,402
Guaranteed investment		45,162		42,193
Short-term investments		10,066,078		5,848,193
Current liabilities		2,153,637		1,676,268
Working capital surplus		$ 8,095,751		$ 4,636,189
U.S. dollar [Member]
Financial Risk Management (Details) [Line Items]
Foreign currency risk, percentage		1.00%
Effet on gain or loss		$ 60,225
Euro [Member]
Financial Risk Management (Details) [Line Items]
Foreign currency risk, percentage		1.00%
Effet on gain or loss		$ 943
Foreign exchange loss (gain)		36,950
Cash and cash equivalents		$ 94,284				€ 76,911
Black-Scholes Valuation Model [Member]
Financial Risk Management (Details) [Line Items]
Exercise price (in Dollars per share) | $ / shares	$ 5.11	$ 5.11
Expected risk free interest rate	0.45%	0.45%
Expected annual volatility	46.32%	45.32%
Expected life in years	6 years	5 years 328 days
Expected annual dividend yield

Financial Risk Management (De_2

Financial Risk Management (Details) - Schedule of financial instruments - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Derivatives, Fair Value [Line Items]
Cash and cash equivalents	$ 10,020,853	$ 5,805,809
Short-term investments	45,225	42,384
Accounts receivable	154,846	45,344
Total financial assets	10,220,924	5,893,537
Accounts payable and accrued liabilities	2,077,325	1,607,303
Derivative warrants liability	1,763,980
Total financial liabilities	3,841,305	1,607,303
Level 1 [Member]
Derivatives, Fair Value [Line Items]
Cash and cash equivalents	10,020,853	5,805,809
Short-term investments
Accounts receivable
Total financial assets	10,020,853	5,805,809
Accounts payable and accrued liabilities
Derivative warrants liability
Total financial liabilities
Level 2 [Member]
Derivatives, Fair Value [Line Items]
Cash and cash equivalents
Short-term investments	45,225	42,384
Accounts receivable	154,846	45,344
Total financial assets	200,071	87,728
Accounts payable and accrued liabilities	2,077,325	1,607,303
Derivative warrants liability
Total financial liabilities	2,077,325	1,607,303
Level 3 [Member]
Derivatives, Fair Value [Line Items]
Cash and cash equivalents
Short-term investments
Accounts receivable
Total financial assets
Accounts payable and accrued liabilities
Derivative warrants liability	1,763,980
Total financial liabilities	$ 1,763,980

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Feb. 05, 2021USD ($)$ / shares
Subsequent Event (Details) [Line Items]
Gross proceeds of warrant | $	$ 4.5
Subsequent event, description	Each unit consists of one common share and 0.66 of a warrant to purchase one common share.
Net proceeds | $	$ 4
Private Placement [Member]
Subsequent Event (Details) [Line Items]
Warrant exercise price | $ / shares	$ 4.25
Warrant [Member]
Subsequent Event (Details) [Line Items]
Warrant exercise price | $ / shares	$ 4.85