InMed Pharmaceuticals (INM) 10-Q 13 Feb 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2023	Feb. 13, 2024
Document Information Line Items
Entity Registrant Name	INMED PHARMACEUTICALS INC.
Trading Symbol	INM
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		6,056,970
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, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1428279
Entity Address, Address Line One	Suite 310 - 815 W. Hastings Street
Entity Address, Address Line Two	Vancouver
Entity Address, City or Town	B.C
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 1B4
City Area Code	(604)
Local Phone Number	669-7207
Title of 12(b) Security	Common Shares, no par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheets - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Current
Cash and cash equivalents	$ 9,534,922	$ 8,912,517
Short-term investments	44,462	44,422
Accounts receivable, net	372,870	260,399
Inventories	744,839	1,616,356
Prepaids and other current assets	1,112,977	498,033
Total current assets	11,810,070	11,331,727
Non-Current
Property, equipment and ROU assets, net	1,481,102	723,426
Intangible assets, net	1,864,292	1,946,279
Other assets	100,000	104,908
Total Assets	15,255,464	14,106,340
Current
Accounts payable and accrued liabilities	1,287,623	1,608,735
Current portion of lease obligations	364,190	375,713
Deferred rent	28,656	16,171
Total current liabilities	1,680,469	2,000,619
Non-current
Lease obligations, net of current portion	802,784	15,994
Total Liabilities	2,483,253	2,016,613
Commitments and Contingencies
Common shares, no par value, unlimited authorized shares, 3,328,191 (June 30, 2023 - 3,328,191) issued and outstanding	79,936,633	77,620,252
Additional paid-in capital	38,122,231	35,741,115
Accumulated deficit	(105,415,222)	(101,400,209)
Accumulated other comprehensive income	128,569	128,569
Total Shareholders’ Equity	12,772,211	12,089,727
Total Liabilities and Shareholders’ Equity	$ 15,255,464	$ 14,106,340

Condensed Consolidated Interi_2

Condensed Consolidated Interim Balance Sheets (Parentheticals) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, unlimited shares authorized	Unlimited	Unlimited
Common stock, shares issued	3,328,191	5,667,970
Common stock, shares outstanding	3,328,191	5,667,970

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Sales	$ 1,240,200	$ 469,783	$ 2,142,062	$ 790,571
Cost of sales	745,584	338,620	1,533,274	573,654
Inventory write-down	170,474		263,404	576,772
Gross profit	324,142	131,163	345,384	(359,855)
Operating Expenses
Research and development and patents	609,791	851,356	1,901,884	2,230,009
General and administrative	1,363,958	1,464,879	2,662,689	3,025,356
Amortization and depreciation	55,234	49,049	110,066	98,097
Foreign exchange (gain) loss	(59,896)	(20,237)	(11,439)	76,554
Total operating expenses	1,969,087	2,345,047	4,663,200	5,430,016
Other Income (Expense)
Interest and other income	166,760	115,797	302,803	188,384
Loss before income taxes	(1,478,185)	(2,098,087)	(4,015,013)	(5,601,487)
Tax expense		(3,000)		(9,800)
Net loss for the period	$ (1,478,185)	$ (2,101,087)	$ (4,015,013)	$ (5,611,287)
Net loss per share for the period
Basic (in Dollars per share)	$ (0.19)	$ (0.91)	$ (0.71)	$ (3.54)
Weighted average outstanding common shares
Basic (in Shares)	7,973,465	2,300,526	5,650,828	1,583,073

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Diluted	$ (0.19)	$ (0.91)	$ (0.71)	$ (3.54)
Diluted	7,973,465	2,300,526	5,650,828	1,583,073

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
Balance at Jun. 30, 2022	$ 70,718,461	$ 31,684,098	$ (93,452,587)	$ 128,569	$ 9,078,541
Balance (in Shares) at Jun. 30, 2022	650,667
Proceeds from private placement net of issuance costs	$ 333,134	4,989,366			5,322,500
Proceeds from private placement net of issuance costs (in Shares)	90,000
Exercise of pre-funded warrants	$ 1,619,797	(1,619,378)			419
Exercise of pre-funded warrants (in Shares)	168,099
Loss for the period			(3,510,200)		(3,510,200)
Share-based compensation		116,680			116,680
Balance at Sep. 30, 2022	$ 72,671,392	35,170,766	(96,962,787)	128,569	11,007,940
Balance (in Shares) at Sep. 30, 2022	908,766
Balance at Jun. 30, 2022	$ 70,718,461	31,684,098	(93,452,587)	128,569	9,078,541
Balance (in Shares) at Jun. 30, 2022	650,667
Loss for the period					(5,611,287)
Balance at Dec. 31, 2022	$ 74,862,424	38,407,932	(99,063,874)	128,569	14,335,051
Balance (in Shares) at Dec. 31, 2022	1,589,992
Balance at Sep. 30, 2022	$ 72,671,392	35,170,766	(96,962,787)	128,569	11,007,940
Balance (in Shares) at Sep. 30, 2022	908,766
Proceeds from private placement net of issuance costs	$ 224,659	5,132,848			5,357,507
Proceeds from private placement net of issuance costs (in Shares)	150,000
Exercise of pre-funded warrants	$ 1,966,373	(1,966,320)			53
Exercise of pre-funded warrants (in Shares)	531,226
Loss for the period			(2,101,087)		(2,101,087)
Share-based compensation		70,638			70,638
Balance at Dec. 31, 2022	$ 74,862,424	38,407,932	(99,063,874)	128,569	14,335,051
Balance (in Shares) at Dec. 31, 2022	1,589,992
Balance at Jun. 30, 2023	$ 77,620,252	35,741,115	(101,400,209)	128,569	12,089,727
Balance (in Shares) at Jun. 30, 2023	3,328,191
Loss for the period			(2,536,828)		(2,536,828)
Share-based compensation		25,191			25,191
Balance at Sep. 30, 2023	$ 77,620,252	35,766,306	(103,937,037)	128,569	9,578,090
Balance (in Shares) at Sep. 30, 2023	3,328,191
Balance at Jun. 30, 2023	$ 77,620,252	35,741,115	(101,400,209)	128,569	12,089,727
Balance (in Shares) at Jun. 30, 2023	3,328,191
Loss for the period					(4,015,013)
Balance at Dec. 31, 2023	$ 79,936,633	38,122,231	(105,415,222)	128,569	12,772,211
Balance (in Shares) at Dec. 31, 2023	5,667,970
Balance at Sep. 30, 2023	$ 77,620,252	35,766,306	(103,937,037)	128,569	9,578,090
Balance (in Shares) at Sep. 30, 2023	3,328,191
Proceeds from private placement net of issuance costs	$ 2,316,381	2,337,661			4,654,042
Proceeds from private placement net of issuance costs (in Shares)	2,339,779
Loss for the period			(1,478,185)		(1,478,185)
Share-based compensation		18,264			18,264
Balance at Dec. 31, 2023	$ 79,936,633	$ 38,122,231	$ (105,415,222)	$ 128,569	$ 12,772,211
Balance (in Shares) at Dec. 31, 2023	5,667,970

Condensed Consolidated Interi_6

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net loss	$ (4,015,013)	$ (5,611,287)
Items not requiring cash:
Amortization and depreciation	110,063	98,097
Share-based compensation	43,455	187,318
Amortization of right-of-use assets	191,909	197,767
Interest income received on short-term investments	(1,019)	(418)
Unrealized foreign exchange loss	978	2,167
Inventory write-down	263,404	576,772
Bad debts		25,085
Changes in operating assets and liabilities:
Inventories	608,113	300,576
Prepaids and other currents assets	(614,944)	(29,706)
Other non-current assets	4,908	5,507
Accounts receivable	(112,470)	(18,705)
Accounts payable and accrued liabilities	(321,106)	(508,871)
Deferred rent	12,485	16,171
Lease obligations	(193,109)	(209,112)
Total cash used in operating activities	(4,022,346)	(4,968,639)
Investing Activities
Payment of acquisition consideration		(500,000)
Sale of short-term investments	21,317
Purchase of short-term investments	(21,317)
Purchase of property and equipment	(9,291)
Total cash used in investing activities	(9,291)	(500,000)
Financing Activities
Proceeds from private placement net of issuance costs	4,654,042	10,744,351
Total cash provided by financing activities	4,654,042	10,744,351
Increase in cash during the period	622,405	5,275,712
Cash and cash equivalents beginning of the period	8,912,517	6,176,866
Cash and cash equivalents end of the period	9,534,922	11,452,578
Cash Paid During the Year for:
Income taxes		9,800
Interest
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Fair value of warrant modification recorded as equity issuance costs	3,508,749
Preferred investment options to its placement agent	325,699	691,483
Recognition of Right-of-use asset and corresponding operating lease liability	$ 968,376

Corporate Information and Conti

Corporate Information and Continuing Operations	6 Months Ended
	Dec. 31, 2023
Corporate Information and Continuing Operations [Abstract]
CORPORATE INFORMATION AND CONTINUING OPERATIONS	1. CORPORATE INFORMATION AND CONTINUING OPERATIONS Business 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 Nasdaq Capital Market (“Nasdaq”) under the trading symbol “INM”. InMed’s office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4. Going Concern 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 consolidated financial statements are issued. Through December 31, 2023, 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 approximately $4.0 million and $5.6 million for the six months ended December, 2023 and 2022, respectively. In addition, the Company had an accumulated deficit of approximately $105.4 million as of December 31, 2023. 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, cash equivalents and short-term investments of $9.5 million as of December 31, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements into the third quarter of calendar 2024, depending on the level and timing of realizing BayMedica revenues from the sale of bulk rare cannabinoids in the health and wellness sector as well as the level and timing of the Company’s operating expenses. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. 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 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 shareholders. 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Dec. 31, 2023
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the fiscal year ended June 30, 2023. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months and six months ended December 31, 2023 and 2022 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the fiscal year ended June 30, 2023. Reclassifications Certain prior year amounts in the consolidated financial statements and the notes thereto have been reclassified where necessary to conform to the current year’s presentation. These reclassifications did not affect the prior period’s total assets, total liabilities, stockholders’ deficit, net loss or net cash used in operating activities. During the three months and six months ended December 31, 2023, we adopted a change in presentation on our consolidated statements of operations loss in order to include foreign exchange loss in operating expenses. Prior periods have been revised to reflect this change in the presentation. Use of Estimates The preparation of financial statements in compliance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. 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 consolidated financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, and determining the fair value of share-based payments, income tax provisions, write-down of inventories to net realizable value, and warrant valuations. Actual results could differ from those estimates. Basis of Consolidation These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. 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. Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars. Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were $66,775 as of December 31, 2023 and June 30, 2023. Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing. In determining any valuation allowances, the Company reviews inventory for obsolete, redundant, and slow-moving goods. As of December 31, 2023 and June 30, 2023, the Company has $357,224 and $93,820 respectively, as a valuation allowance to reduce weighted average cost to net realizable value. During the three months ended December 31, 2023 and 2022, the Company recorded an inventory write-down of $170,474 and $0 Cost of Sales Cost of sales consists primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business. Concentration of Credit Risk and Other Risks and Uncertainties At times, cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) or Canadian Deposit Insurance Corporation (“CDIC”) insurable limits. The Company has not experienced any losses related to these balances. The uninsured cash balance as of December 31, 2023, was $5.1 million. The Company does not believe it is exposed to significant credit risk on cash and cash equivalents. The Company’s customers are primarily concentrated in the United States. As of December 31, 2023, the Company had three customers with an accounts receivable balance representing 57%, 28% and 11% of total accounts receivable, respectively. As of June 30, 2023, we had three customers with an accounts receivable balance representing 41%, 30% and 15% of total accounts receivable. For the three months ended December 31, 2023, the Company had two customers that accounted for 51% and 20% of revenue, respectively. For the three months ended December 31, 2022, the Company had four customers that accounted for 21%, 18%, 15% and 11% of revenue, respectively. For the six months ended December 31, 2023, the Company had four customers that accounted for 44%, 14%, 13% and 10% of revenue, respectively. For the six months ended December 31, 2022, the Company had four customers that accounted for 20%, 17%, 12%, and 10% of revenue, respectively. This change is reflective of the Company’s evolution to a primarily distributor model in 2023. Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value due to short term nature. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure the fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as of December 31, 2023 and June 30, 2023 due to their immediate or short-term maturities. Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. The Company has 3,012,049 pre-funded warrants and 932,954 abeyance shares included in the basic earnings (loss) per share. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding for the three and six months ended December 31, 2023, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common share is anti-dilutive, then diluted EPS is not presented separately from EPS. The following table sets forth the number of potential shares of common stock that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of December 31, 2023 2022 Options 72,418 26,813 Warrants 10,192,044 3,528,643 10,264,462 3,555,456 Recent Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or that there was no material impact or no material impact is expected in the consolidated financial statements as a result of future adoption.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2023
Inventory [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following: December 31, June 30, Raw materials $ - $ 208,737 Work in process 186,980 514,113 Finished goods 557,859 893,506 Inventories $ 744,839 $ 1,616,356 During the three months ended December 31, 2023 and 2022, the write-down of inventories to net realizable value was $170,474 and $0

Property, Equipment and Right o

Property, Equipment and Right of Use (‘Rou’) Assets, Net	6 Months Ended
	Dec. 31, 2023
Property, Equipment and Right of Use (‘Rou’) Assets, Net [Abstract]
PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET	4. PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET Property, equipment and ROU assets consisted of the following: December 31, June 30, Right-of-use assets (leases) $ 2,135,811 $ 1,167,436 Equipment 429,090 440,902 Furnishing 40,409 40,409 Property and equipment $ 2,605,310 $ 1,648,747 Less: accumulated depreciation and amortization (1,124,208 ) (925,321 ) Property, equipment and ROU assets, net $ 1,481,102 $ 723,426 Depreciation expense on computer equipment, lab equipment and furnishing for the three months ended December 31, 2023 and 2022, was $14,242 and $8,056, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the three months ended December 31, 2023 and 2022, was $93,085 and $90,389, respectively, and was recorded in general and administrative expenses. Depreciation expense on computer equipment, lab equipment and furnishing for the six months ended December 31, 2023 and 2022, was $28,080 and $16,111, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the six months ended December 31, 2023 and 2022, was $191,909 and $197,767, respectively, and was recorded in general and administrative expenses

Intangible Assets

Intangible Assets	6 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
INTANGIBLE ASSETS	5. INTANGIBLE ASSETS The following table summarizes the Companies intangible assets: December 31, June 30, Intellectual property $ 1,736,420 $ 1,736,420 Patents 1,191,000 1,191,000 Intangible assets 2,927,420 2,927,420 Less: accumulated amortization (1,063,128 ) (981,141 ) Intangible assets, net $ 1,864,292 $ 1,946,279 Acquired intellectual property is recorded at cost and is amortized on a straight-line basis over 18 years. Acquired patents consist of patents related to the development of cannabinoid analogs. This intangible asset is being amortized over an estimated useful life of 18 years. As of December 31, 2023, the definite-lived intangible assets had a weighted average estimated remaining useful life of approximately 12 years. Amortization expense on intangible assets for the three months ended December 31, 2023 and 2022 was $40,993 and $40,993, respectively. Amortization expense on intangible assets for the six months ended December 31, 2023 and 2022 was $81,986 and $81,986, respectively. The Company expects amortization expense to be incurred over the next five years as follows: Twelve months ending December 31, 2024 $ 158,935 2025 158,935 2026 158,935 2027 158,935 2028 158,935 Thereafter 1,069,617 Total $ 1,864,292

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: December 31, June 30, Trade payables $ 306,455 $ 544,179 Accrued research and development expenses 356,726 164,587 Inventory related accounts 101,775 - Employee compensation, benefits and related accruals 422,221 542,305 Accrued general and administrative expenses 100,446 357,664 Accounts payable and accrued liabilities $ 1,287,623 $ 1,608,735

Share Capital and Reserves

Share Capital and Reserves	6 Months Ended
	Dec. 31, 2023
Share Capital and Reserves [Abstract]
SHARE CAPITAL AND RESERVES	7. SHARE CAPITAL AND RESERVES Authorized As of December 31, 2023, 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 of December 31, 2023 and June 30, 2023. 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. On October 24, 2023, the Company entered into a securities purchase agreement with two accredited institutional investors for the sale of 3,012,049 pre-funded warrants of the Company’s common stock at a purchase price of $0.83 per share. The warrants have an exercise price of $0.0001 and do not have an expiration date. The pre-funded warrants had a fair value of $1,248,376. In addition, the Company agreed to issue to the purchasers unregistered preferred investment options to purchase up to an aggregate of 3,012,049 common shares. These preferred investment options have an exercise price of $0.83 and has a term of 5.5 years from issuance. The preferred investment options had a fair value of $1,251,449. As of the date of this filing, none of these warrants have been exercised. Concurrently with the Company’s entry into the purchase agreement, the Company also entered into an inducement offer letter agreement with the holders of existing preferred investment options to purchase up to an aggregate of 3,272,733 common shares of the Company issued to the holders on November 21, 2022. Pursuant to the inducement letter, the holders agreed to exercise for cash their existing preferred investment options to purchase an aggregate of 3,272,733 common shares of the Company at a reduced exercise price of $0.83 per share in consideration of the Company’s agreement to issue new unregistered preferred investment options to purchase up to an aggregate of 6,545,466 shares of the Company’s common shares at an exercise price of $0.83. Due to ownership limitations the accredited institutional investors had 1,796,552 shares held in abeyance as of the closing of the private placement. The abeyance shares had a fair value of $1,491,138 and the common stock issued had a fair value of $1,225,230 on the issuance date. As of December 31, 2023, the investors drew down 863,598 abeyance shares. Subsequent to December 31, 2023, the investors pulled down 389,000 abeyance shares. The inducement is considered a warrant modification due to the changing of the terms of the warrants. The modification had a fair value of $3.5 million using a Black-Scholes model and is recognized as an equity issuance cost in accordance with ASC 718-20-35-3. On October 26, 2023, the parties consummated the offerings. The Company received gross proceeds of approximately $5.2 million from the private placement and paid approximately $560,000 in cash fees relating to this offering. The Company also issued 408,511 warrants to our placement agent. These warrants have an exercise price of $1.0375 and a term of 5.5 years. The placement agent warrants had a fair value of $325,699 using a Black-Scholes model and were recorded in as an equity issuance cost. Common Stock Warrant The assumptions used in the Black-Scholes model to value the new warrants issue during the six months ended December 31, 2023, are set forth in the table below. 2023 Exercise price $ 0.83 – 1.04 Risk-free interest rate 4.82 % Volatility 109 – 111 % Expected life (years) 5.0 – 5.5 Dividend yield $ 0 % The assumptions used in the Black-Scholes model to value the modification of warrants issue during the six months ended December 31, 2023, are set forth in the table below. 2023 Exercise price $ 0.83 – 3.04 Risk-free interest rate 0.56 - 4.82 % Volatility 109 – 614 % Expected life (years) 0 – 6.8 Dividend yield $ 0 % A summary of the Company’s warrant activity and related information follows: Number of Weighted Warrants Outstanding at July 1, 2023 3,516,529 $ 3.83 Warrants Granted 12,978,075 0.64 Exercised (3,272,733 ) 0.83 Expire/Cancelled (17,778 ) 18.50 Warrants Outstanding at December 31, 2023 13,204,093 $ 0.87 Warrants Exercisable at December 31, 2023 13,204,093 $ 0.87 As of December 31, 2023, the warrants exercisable and outstanding have an intrinsic value of $1,252,711 with a weighted average remaining life of 4 years.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Dec. 31, 2023
Share-Based Payments [Abstract]
SHARE-BASED PAYMENTS	8. SHARE-BASED PAYMENTS a) Option Plan Details On March 24, 2017, and 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 regulatory requirements, 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. On December 19, 2023, the board of directors approved the reservation of an additional 700,000 shares of common stock under the Plan. As of December 31, 2023 and June 30, 2023, there were 223,881 and 51,633 options, respectively, immediately available for future allocation pursuant to SEC rules. The maximum number of options issuable under the terms of the Plan equates to 20% of the then issued and outstanding shares. The option price under each option shall 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, up to 36 months, or upon the achievement of certain corporate milestones. Stock options granted prior to May 2021 were 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 June 30, 2022). Commencing in May 2021, stock options are granted with United States dollar exercise prices. On December 23, 2023, the Company issued 452,000 options to our employees. The options have an exercise price of $0.37 with a term of 5 years. The options vest in equal installments monthly over three years. On December 23, 2023, the Company issued 50,000 options to consultants. The options have an exercise price of $0.37 with a term of 5 years. The options vest in equal installments monthly over three years. On December 23, 2023, the Company issued 28,400 options to members of the Company’s board of Directors. The options have an exercise price of $0.37 with a term of 5 years. The options vest December 23, 2024 or immediately prior to the next Annual General Meeting, whichever is sooner. The assumptions used in the Black-Scholes model during the six months ended December 31, 2023, are set forth in the table below. 2023 Exercise price $ 0.37 Risk-free interest rate 3.95 % Volatility 203 % Expected life (years) 3.6 Dividend yield $ 0 % The following is a summary of changes in outstanding options from July 1, 2023 to December 31, 2023: Number Weighted Balance at July 1, 2023 102,642 $ 31.28 Granted 530,400 0.37 Expired/Forfeited (1,357 ) 419,42 Balance at December 31, 2023 631,685 $ 4.61 December 31, 2023: Vested and exercisable 72,418 $ 36,40 Unvested 559,267 $ 0.50 ii) Expenses Arising from Share-based Payment Transactions: Total expenses arising from share-based payment transactions recognized during the three months ended December 31, 2023 and 2022 were $18,264 and $70,638, respectively, of which $10,136 and $44,042, respectively, was allocated to general and administrative expenses and the remaining $8,128 and $26,596, respectively, was allocated to research and development expenses. Total expenses arising from share-based payment transactions recognized during the six months ended December 31, 2023 and 2022 were $43,455 and $187,319, respectively, of which $25,567 and $109,114, respectively, was allocated to general and administrative expenses and the remaining $17,889 and $78,205, respectively, was allocated to research and development expenses. Unrecognized compensation cost at December 31, 2023 related to unvested options was $187,634 which will be recognized over a weighted-average vesting period of 1.5 years.

Lease Obligations

Lease Obligations	6 Months Ended
	Dec. 31, 2023
Lease Obligations [Abstract]
LEASE OBLIGATIONS	9. LEASE OBLIGATIONS The Company is committed to minimum lease payments as follows: Maturity Analysis December 31, Year 1 $ 441,004 Year 2 361,385 Year 3 372,227 Year 4 125,292 Year 5 - More than five years - Total undiscounted lease liabilities (1) 1,299,908 Less: imputed interest (132,934 ) Present value of lease liabilities 1,166,974 Less: Current portion of lease liabilities (364,190 ) Non-current portion of lease liabilities 802,784 (1) Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively. On October 5, 2023, BayMedica amended its lease located at 458 Carlton Court, Suite C, South San Francisco, California. The Company agreed to extend its lease to May 14, 2027. The Company is obligated to pay $1,095,104 over the three-year period unless terminated before the end of the period. The Company used an incremental borrowing rate of 6.15% and recognized a right-of-use asset and corresponding operating lease liability of $968,376.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2023
Segment Information [Abstract]
SEGMENT INFORMATION	10. SEGMENT INFORMATION As of the closing of the BayMedica acquisition, the Company aligned into two operating and reportable segments, the InMed segment and the BayMedica segment. The Company reports segment information based on the management approach which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”), which is the Company’s Chief Executive Officer, for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM allocates resources and assesses the performance of each operating segment based on potential licensing opportunities, historical and potential future product sales, operating expenses, and operating income (loss) before interest and taxes. The Company has determined its reportable segments to be InMed and BayMedica based on the information used by the CODM. Other than cash, cash equivalents and short-term investments (“Unrestricted cash”) balances, the CODM does not regularly review asset information by reportable segment and, therefore, the Company does not report asset information by reportable segment. The InMed segment is largely organized around the research and development of cannabinoid-based pharmaceuticals products and the BayMedica segment is largely organized around developing proprietary manufacturing technologies to produce rare cannabinoids for sale in the health and wellness industry. Total assets held in the InMed segment as of December 31, 2023 and June 30, 2023 are $10,214,317 and $9,498,752, respectively. Total assets as of December 31 and June 30, 2023, held in the BayMedica segment are $5,041,146 and $4,607,588, respectively. The following table presents information about the Company’s reportable segments for the three months ended December 31, 2023 and 2022: For the three months ended December 31, 2023 December 31, 2022 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 1,240,200 1,240,200 - 469,783 469,783 Cost of sales - (745,584 ) (745,584 ) - (338,620 ) (338,620 ) Inventory write-down - (170,474 ) (170,474 ) - - - Operating expenses (1,185,676 ) (783,411 ) (1,969,087 ) (1,682,058 ) (662,989 ) (2,345,047 ) Other income (expense) 117,661 49,099 166,760 68,480 44,317 112,797 Net loss (1,068,015 ) (410,170 ) (1,478,185 ) (1,613,578 ) (487,509 ) (2,101,087 ) Unrestricted cash 8,226,917 1,308,005 9,534,922 11,262,390 190,188 11,452,578 For the six months ended December 31, 2023 December 31, 2022 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 2,142,062 2,142,062 - 790,571 790,571 Cost of sales - (1,533,274 ) (1,533,274 ) - (573,654 ) (573,654 ) Inventory write-down - (263,404 ) (263,404 ) - (576,772 ) (576,772 ) Operating expenses (3,036,815 ) (1,626,385 ) (4,663,200 ) (3,978,798 ) (1,451,218 ) (5,430,016 ) Other income (expense) 185,055 117,748 302,803 96,389 82,195 178,584 Net loss (2,851,760 ) (1,163,253 ) (4,015,013 ) (3,882,409 ) (1,728,878 ) (5,611,287 ) Unrestricted cash 8,226,917 1,308,005 9,534,922 11,262,390 190,188 11,452,578

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Pursuant to the terms of agreements with various contract research organizations, as of December 31, 2023, the Company is committed for contract research services and materials at a cost of approximately $1.9 million, expected to occur in the following twelve months period. Pursuant to the terms of agreements with various vendors, as of December 31, 2023, the Company is committed for contract materials and equipment at a cost of approximately $0.9 million, expected to occur in the twelve months following December 31, 2023. 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 rights, title and interests 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, one such payment has been made to UBC. 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 one-year terms of $44,462 and $44,422 as of December 31, 2023 and June 30, 2023, respectively, 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. Pursuant to a technology licensing agreement, the Company is committed to issue, subject to regulatory approval, up to 700 warrants to purchase 700 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 from the issuance date. BayMedica LLC, a wholly-owned subsidiary of the Company, entered into a patent license agreement (“Agreement”) with a third party (the “Licensor”) in an agreement dated February 15, 2021. The Company is required to make future royalty payments to the Licensor based on net sales of licensed products, with minimum payments required starting in 2021 to maintain an exclusive license. In December 2021, the Company amended the License Agreement including the deferral of the 2021 minimum payments to 2022. As of June 30, 2023, the Company has paid $300,000 for the minimum payments under the agreement. On February 10, 2023, BayMedica received a letter from the Licensor alleging a breach of the Agreement and asserting a right to monies thereunder. On April 6, 2023, BayMedica sent a letter to the Licensor disputing the Licensor’s interpretation of the Agreement and considering the counterparty’s only remedy under the Agreement to be either (a) the conversion of an exclusive technology license into a non-exclusive one or (b) to terminate the Agreement. The interpretation of a contract under Ontario law requires consideration of the surrounding circumstances at the time the contract was negotiated, and BayMedica is of the view that the text of the Agreement and the surrounding circumstances show that the remedy discussed above reflects the intention of the parties. To date, the Licensor has not initiated a lawsuit. If a lawsuit is brought alleging a breach of the Agreement, the proceeding will be subject to final, binding and non-appealable arbitration under the Arbitration Act, 1991 (Ontario) and determined pursuant to Ontario law. BayMedica intends to vigorously defend its position. At this time, it is not possible to reasonably estimate a potential loss due to the terms of the Agreement, the nature of the legal theory advanced by the counterparty, and the requirement under Ontario law that a contract must be interpreted in light of the “surrounding circumstances” at the time the contract was formed. Management will be better positioned to determine whether it is possible to estimate any potential loss following documentary and oral discovery, if any. 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. On September 19, 2023, the Company received written notice from the listing qualifications department staff of The Nasdaq Capital Market (“Nasdaq”) notifying it that the average closing bid price of the Company’s common shares over a period of 30 consecutive trading days was below the minimum $1.00 per share requirement for continued listing on the Nasdaq under Nasdaq Listing Rule 5550(a)(2). In accordance with applicable Nasdaq procedures, the Company has a period of 180 calendar days following the receipt of the written notice mentioned above to cure the deficiency and regain compliance. The notice has no immediate impact on the listing of the Company’s common shares, which will continue to trade on the Nasdaq subject to the Company’s continued compliance with the other listing requirements of the Nasdaq. The common shares of the Company will continue to trade under the symbol “INM”. The Company intends to monitor the closing share price for its common shares and explore available options to regain compliance. In the event the Company does not evidence compliance with the minimum bid price requirement during the 180-day grace period, it is expected that Nasdaq would notify the Company that its common shares are subject to delisting. At such time, the Company may appeal such determination to a Nasdaq Hearings Panel (the “Panel”) and it is expected that the Company’s securities would continue to be listed and available to trade on Nasdaq at least pending the completion of the appeal process. There can be no assurance that any such appeal would be successful or that the Company would be able to evidence compliance with the terms of any extension that may be granted by the Panel.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS On February 11, 2022, the Board of Directors appointed Janet Grove as a director of the Company. Ms. Grove is a Partner of Norton Rose Fulbright Canada LLP (“NRF”). During the three months ended December 31, 2023 and 2022, NRF rendered legal services in the amount of $116,951 and $167,768, respectively, to the Company. During the six months ended December 31, 2023 and 2022, NRF rendered legal services in the amount of $131,154 and $368,666, respectively, to the Company. These transactions were in the normal course of operations and were measured at the exchange amount which represented the amount of consideration established and agreed to by NRF. No legal services rendered by NRF were rendered by Ms. Grove directly.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based upon this review, other than as disclosed in Note 7, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Dec. 31, 2023
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the fiscal year ended June 30, 2023. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months and six months ended December 31, 2023 and 2022 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the fiscal year ended June 30, 2023.
Reclassifications	Reclassifications Certain prior year amounts in the consolidated financial statements and the notes thereto have been reclassified where necessary to conform to the current year’s presentation. These reclassifications did not affect the prior period’s total assets, total liabilities, stockholders’ deficit, net loss or net cash used in operating activities. During the three months and six months ended December 31, 2023, we adopted a change in presentation on our consolidated statements of operations loss in order to include foreign exchange loss in operating expenses. Prior periods have been revised to reflect this change in the presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in compliance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. 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 consolidated financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, and determining the fair value of share-based payments, income tax provisions, write-down of inventories to net realizable value, and warrant valuations. Actual results could differ from those estimates.
Basis of Consolidation	Basis of Consolidation These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries, including subsidiaries: InMed Pharmaceutical Ltd., BayMedica, LLC, Biogen Sciences Inc., and Sweetnam Consulting Inc. 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.
Foreign Currency	Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. Dollar. These consolidated financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at invoiced amounts, net of any allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Expected credit losses on our accounts receivable were $66,775 as of December 31, 2023 and June 30, 2023.
Inventories	Inventories Inventories are initially valued at weighted average cost and subsequently valued at the lower of weighted average cost and net realizable value. Costs included in inventories are the purchase price of goods and cost of services rendered, freight costs, warehousing costs, purchasing costs and production and labor costs related to manufacturing. In determining any valuation allowances, the Company reviews inventory for obsolete, redundant, and slow-moving goods. As of December 31, 2023 and June 30, 2023, the Company has $357,224 and $93,820 respectively, as a valuation allowance to reduce weighted average cost to net realizable value. During the three months ended December 31, 2023 and 2022, the Company recorded an inventory write-down of $170,474 and $0
Cost of Sales	Cost of Sales Cost of sales consists primarily of the purchase price of goods and cost of services rendered, freight costs, warehousing costs, and purchasing costs. Cost of sales also includes production and labor costs for the Company’s manufacturing business.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties At times, cash balances may exceed the Federal Deposit Insurance Corporation (“FDIC”) or Canadian Deposit Insurance Corporation (“CDIC”) insurable limits. The Company has not experienced any losses related to these balances. The uninsured cash balance as of December 31, 2023, was $5.1 million. The Company does not believe it is exposed to significant credit risk on cash and cash equivalents. The Company’s customers are primarily concentrated in the United States. As of December 31, 2023, the Company had three customers with an accounts receivable balance representing 57%, 28% and 11% of total accounts receivable, respectively. As of June 30, 2023, we had three customers with an accounts receivable balance representing 41%, 30% and 15% of total accounts receivable. For the three months ended December 31, 2023, the Company had two customers that accounted for 51% and 20% of revenue, respectively. For the three months ended December 31, 2022, the Company had four customers that accounted for 21%, 18%, 15% and 11% of revenue, respectively. For the six months ended December 31, 2023, the Company had four customers that accounted for 44%, 14%, 13% and 10% of revenue, respectively. For the six months ended December 31, 2022, the Company had four customers that accounted for 20%, 17%, 12%, and 10% of revenue, respectively. This change is reflective of the Company’s evolution to a primarily distributor model in 2023.
Financial Assets and Liabilities	Financial Assets and Liabilities Financial Assets Financial assets are initially recognized at fair value, plus transaction costs that are directly attributable to their acquisition or issue and subsequently carried at amortized cost, using the effective interest rate method, less any impairment losses. No financial assets are or elected to be carried at fair value through profit or loss or where changes in fair value are recognized in the consolidated statements of operations and comprehensive loss in other comprehensive loss. Short-term investments are subsequently recorded at cost plus accrued interest, which approximates fair value due to short term nature. Accounts receivable are reported at outstanding amounts, net of provisions for uncollectable amounts. Financial Liabilities To determine the fair value of financial instruments, the Company uses the fair value hierarchy for inputs used to measure the fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). Level 1 – Unadjusted quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 – Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying value of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities, approximate their carrying values as of December 31, 2023 and June 30, 2023 due to their immediate or short-term maturities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per common share (“EPS”) is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common shares outstanding for the relevant period. The Company has 3,012,049 pre-funded warrants and 932,954 abeyance shares included in the basic earnings (loss) per share. Diluted earnings (loss) per common share (“Diluted EPS”) is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding for the three and six months ended December 31, 2023, if potentially dilutive instruments were converted. If the conversion of outstanding stock options and warrants into common share is anti-dilutive, then diluted EPS is not presented separately from EPS. The following table sets forth the number of potential shares of common stock that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of December 31, 2023 2022 Options 72,418 26,813 Warrants 10,192,044 3,528,643 10,264,462 3,555,456
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or that there was no material impact or no material impact is expected in the consolidated financial statements as a result of future adoption.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2023
Significant Accounting Policies [Abstract]
Schedule of Diluted Net Income (Loss) Per	The following table sets forth the number of potential shares of common stock that have been excluded from diluted net income (loss) per because their effect was anti-dilutive: As of December 31, 2023 2022 Options 72,418 26,813 Warrants 10,192,044 3,528,643 10,264,462 3,555,456

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2023
Inventory [Abstract]
Schedule of Inventories	Inventories consisted of the following: December 31, June 30, Raw materials $ - $ 208,737 Work in process 186,980 514,113 Finished goods 557,859 893,506 Inventories $ 744,839 $ 1,616,356

Property, Equipment and Right_2

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Tables)	6 Months Ended
	Dec. 31, 2023
Property, Equipment and Right of Use (‘Rou’) Assets, Net [Abstract]
Schedule of Property, Equipment and ROU Assets	Property, equipment and ROU assets consisted of the following: December 31, June 30, Right-of-use assets (leases) $ 2,135,811 $ 1,167,436 Equipment 429,090 440,902 Furnishing 40,409 40,409 Property and equipment $ 2,605,310 $ 1,648,747 Less: accumulated depreciation and amortization (1,124,208 ) (925,321 ) Property, equipment and ROU assets, net $ 1,481,102 $ 723,426

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2023
Intangible Assets [Abstract]
Schedule of Intangible Assets	The following table summarizes the Companies intangible assets: December 31, June 30, Intellectual property $ 1,736,420 $ 1,736,420 Patents 1,191,000 1,191,000 Intangible assets 2,927,420 2,927,420 Less: accumulated amortization (1,063,128 ) (981,141 ) Intangible assets, net $ 1,864,292 $ 1,946,279
Schedule of Expects Amortization Expense	The Company expects amortization expense to be incurred over the next five years as follows: Twelve months ending December 31, 2024 $ 158,935 2025 158,935 2026 158,935 2027 158,935 2028 158,935 Thereafter 1,069,617 Total $ 1,864,292

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consist of the following: December 31, June 30, Trade payables $ 306,455 $ 544,179 Accrued research and development expenses 356,726 164,587 Inventory related accounts 101,775 - Employee compensation, benefits and related accruals 422,221 542,305 Accrued general and administrative expenses 100,446 357,664 Accounts payable and accrued liabilities $ 1,287,623 $ 1,608,735

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	6 Months Ended
	Dec. 31, 2023
Share Capital and Reserves [Abstract]
Schedule of Assumptions Used in the Black-Scholes Model	The assumptions used in the Black-Scholes model to value the new warrants issue during the six months ended December 31, 2023, are set forth in the table below. 2023 Exercise price $ 0.83 – 1.04 Risk-free interest rate 4.82 % Volatility 109 – 111 % Expected life (years) 5.0 – 5.5 Dividend yield $ 0 % 2023 Exercise price $ 0.83 – 3.04 Risk-free interest rate 0.56 - 4.82 % Volatility 109 – 614 % Expected life (years) 0 – 6.8 Dividend yield $ 0 %
Schedule of Warrant Activity	A summary of the Company’s warrant activity and related information follows: Number of Weighted Warrants Outstanding at July 1, 2023 3,516,529 $ 3.83 Warrants Granted 12,978,075 0.64 Exercised (3,272,733 ) 0.83 Expire/Cancelled (17,778 ) 18.50 Warrants Outstanding at December 31, 2023 13,204,093 $ 0.87 Warrants Exercisable at December 31, 2023 13,204,093 $ 0.87

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Dec. 31, 2023
Share-Based Payments [Abstract]
Schedule of Assumptions Used in the Black-Scholes Model	The assumptions used in the Black-Scholes model during the six months ended December 31, 2023, are set forth in the table below. 2023 Exercise price $ 0.37 Risk-free interest rate 3.95 % Volatility 203 % Expected life (years) 3.6 Dividend yield $ 0 %
Schedule of Changes in Outstanding Options	The following is a summary of changes in outstanding options from July 1, 2023 to December 31, 2023: Number Weighted Balance at July 1, 2023 102,642 $ 31.28 Granted 530,400 0.37 Expired/Forfeited (1,357 ) 419,42 Balance at December 31, 2023 631,685 $ 4.61 December 31, 2023: Vested and exercisable 72,418 $ 36,40 Unvested 559,267 $ 0.50

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Dec. 31, 2023
Lease Obligations [Abstract]
Schedule of Minimum Lease Payments	The Company is committed to minimum lease payments as follows: Maturity Analysis December 31, Year 1 $ 441,004 Year 2 361,385 Year 3 372,227 Year 4 125,292 Year 5 - More than five years - Total undiscounted lease liabilities (1) 1,299,908 Less: imputed interest (132,934 ) Present value of lease liabilities 1,166,974 Less: Current portion of lease liabilities (364,190 ) Non-current portion of lease liabilities 802,784 (1) Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2023
Segment Information [Abstract]
Schedule of Reportable Segments	The following table presents information about the Company’s reportable segments for the three months ended December 31, 2023 and 2022: For the three months ended December 31, 2023 December 31, 2022 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 1,240,200 1,240,200 - 469,783 469,783 Cost of sales - (745,584 ) (745,584 ) - (338,620 ) (338,620 ) Inventory write-down - (170,474 ) (170,474 ) - - - Operating expenses (1,185,676 ) (783,411 ) (1,969,087 ) (1,682,058 ) (662,989 ) (2,345,047 ) Other income (expense) 117,661 49,099 166,760 68,480 44,317 112,797 Net loss (1,068,015 ) (410,170 ) (1,478,185 ) (1,613,578 ) (487,509 ) (2,101,087 ) Unrestricted cash 8,226,917 1,308,005 9,534,922 11,262,390 190,188 11,452,578 For the six months ended December 31, 2023 December 31, 2022 InMed BayMedica Total InMed BayMedica Total $ $ $ $ $ $ Sales - 2,142,062 2,142,062 - 790,571 790,571 Cost of sales - (1,533,274 ) (1,533,274 ) - (573,654 ) (573,654 ) Inventory write-down - (263,404 ) (263,404 ) - (576,772 ) (576,772 ) Operating expenses (3,036,815 ) (1,626,385 ) (4,663,200 ) (3,978,798 ) (1,451,218 ) (5,430,016 ) Other income (expense) 185,055 117,748 302,803 96,389 82,195 178,584 Net loss (2,851,760 ) (1,163,253 ) (4,015,013 ) (3,882,409 ) (1,728,878 ) (5,611,287 ) Unrestricted cash 8,226,917 1,308,005 9,534,922 11,262,390 190,188 11,452,578

Corporate Information and Con_2

Corporate Information and Continuing Operations (Details) - USD ($)	3 Months Ended				6 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Corporate Information and Continuing Operations [Abstract]
Net loss	$ (1,478,185)	$ (2,536,828)	$ (2,101,087)	$ (3,510,200)	$ (4,015,013)	$ (5,611,287)
Accumulated deficit	(105,415,222)				(105,415,222)		$ (101,400,209)
Cash, cash equivalents and short-term investments	$ 9,500,000				$ 9,500,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Significant Accounting Policies (Details) [Line Items]
Credit losses accounts receivable (in Dollars)	$ 66,775		$ 66,775		$ 66,775
Weighted average cost (in Dollars)	357,224		357,224		$ 93,820
Inventory write-down (in Dollars)	170,474		263,404	$ 576,772
Uninsured cash balance (in Dollars)	$ 5,100,000		$ 5,100,000
Weighted average number of common shares outstanding (in Shares)			932,954
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage			57%		41%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage			28%		30%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Three [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage			11%		15%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage	51%	21%	44%	20%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage	20%	18%	14%	17%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage		15%	13%	12%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Four [Member]
Significant Accounting Policies (Details) [Line Items]
Concentration of credit risk percentage		11%	10%	10%
Pre-Funded Warrants [Member]
Significant Accounting Policies (Details) [Line Items]
Weighted average number of common shares outstanding (in Shares)			3,012,049

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of Diluted Net Income (Loss) Per - shares	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total share of anti dilutive	10,264,462	3,555,456
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total share of anti dilutive	72,418	26,813
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total share of anti dilutive	10,192,044	3,528,643

Inventories (Details)

Inventories (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Inventories (Details) [Line Items]
Write-down of inventories to net realizable value	$ 170,474		$ 263,404	$ 576,772
Weighted average cost	357,224		357,224		$ 93,820
Inventories [Member]
Inventories (Details) [Line Items]
Weighted average cost	$ 357,224		$ 357,224		$ 93,820

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Schedule of Inventories [Abstract]
Raw materials		$ 208,737
Work in process	186,980	514,113
Finished goods	557,859	893,506
Inventories	$ 744,839	$ 1,616,356

Property, Equipment and Right_3

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) [Line Items]
Depreciation expense	$ 14,242	$ 8,056	$ 28,080	$ 16,111
Amortization expense	$ 93,085	$ 90,389	191,909	197,767
General and Administrative Expenses [Member]
Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) [Line Items]
Amortization expense			$ 191,909	$ 197,767

Property, Equipment and Right_4

Property, Equipment and Right of Use (‘Rou’) Assets, Net (Details) - Schedule of Property, Equipment and ROU Assets - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Schedule of Property, Equipment and ROU Assets [Line Items]
Less: accumulated depreciation and amortization	$ (1,124,208)	$ (925,321)
Property, equipment and ROU assets, net	1,481,102	723,426
Right-of-use assets (leases) [Member]
Schedule of Property, Equipment and ROU Assets [Line Items]
Property and equipment	2,135,811	1,167,436
Equipment [Member]
Schedule of Property, Equipment and ROU Assets [Line Items]
Property and equipment	429,090	440,902
Furnishing [Member]
Schedule of Property, Equipment and ROU Assets [Line Items]
Property and equipment	40,409	40,409
Property and equipment [Member]
Schedule of Property, Equipment and ROU Assets [Line Items]
Property and equipment	$ 2,605,310	$ 1,648,747

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets [Abstract]
Amortized on a straight-line basis	18 years		18 years
Estimated useful life	18 years		18 years
Weighted average estimated remaining useful life			12 years
Amortization expense on intangible assets	$ 40,993	$ 40,993	$ 81,986	$ 81,986

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Schedule of Intangible Assets [Abstract]
Intellectual property	$ 1,736,420	$ 1,736,420
Patents	1,191,000	1,191,000
Intangible assets	2,927,420	2,927,420
Less: accumulated amortization	(1,063,128)	(981,141)
Intangible assets, net	$ 1,864,292	$ 1,946,279

Intangible Assets (Details) -_2

Intangible Assets (Details) - Schedule of Expects Amortization Expense	Dec. 31, 2023 USD ($)
Schedule of Expects Amortization Expense [Abstract]
2024	$ 158,935
2025	158,935
2026	158,935
2027	158,935
2028	158,935
Thereafter	1,069,617
Total	$ 1,864,292

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 306,455	$ 544,179
Accrued research and development expenses	356,726	164,587
Inventory related accounts	101,775
Employee compensation, benefits and related accruals	422,221	542,305
Accrued general and administrative expenses	100,446	357,664
Accounts payable and accrued liabilities	$ 1,287,623	$ 1,608,735

Share Capital and Reserves (Det

Share Capital and Reserves (Details) - USD ($)	1 Months Ended		6 Months Ended
	Oct. 24, 2023	Nov. 21, 2022	Dec. 31, 2023	Dec. 31, 2022	Oct. 26, 2023	Sep. 19, 2023
Share Capital and Reserves (Details) [Line Items]
Common stock at a purchase price						$ 1
Warrants exercise price			$ 0.83
Warrants of fair value			$ 1,248,376
Issuance terms			5 years 6 months
Option of fair value			$ 1,251,449
Fair value of common stock			1,491,138
Fair value of issuance date			$ 1,225,230
Shares of investor			389,000
Equity issuance cost			$ 3,500,000
Gross proceeds			4,654,042	$ 10,744,351
Fees paid			560,000
Outstanding intrinsic value			$ 1,252,711
Weighted average remaining life			4 years
Private Placement [Member]
Share Capital and Reserves (Details) [Line Items]
Institutional investors			1,796,552
Gross proceeds			$ 5,200,000
Common Stock [Member]
Share Capital and Reserves (Details) [Line Items]
Aggregate of common shares			6,545,466
Warrants exercise price			$ 0.83
Preferred Investment Options [Member]
Share Capital and Reserves (Details) [Line Items]
Aggregate of common shares			3,272,733
Warrants exercise price			$ 0.83
Institutional investors			863,598
Warrant [Member]
Share Capital and Reserves (Details) [Line Items]
Aggregate of common shares	3,012,049		3,012,049
Common stock at a purchase price	$ 0.83
Warrants exercise price	$ 0.0001		$ 1.0375
Issuance terms			5 years 6 months
Equity issuance cost			$ 325,699
Placement agent					408,511
Share-Based Payment Arrangement, Option [Member]
Share Capital and Reserves (Details) [Line Items]
Aggregate of common shares		3,272,733

Share Capital and Reserves (D_2

Share Capital and Reserves (Details) - Schedule of Assumptions Used in the Black-Scholes Model - Warrant [Member] - $ / shares	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Capital and Reserves (Details) - Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate	4.82%
Dividend yield	0%	0%
Minimum [Member]
Share Capital and Reserves (Details) - Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 0.83	$ 0.83
Risk-free interest rate		0.56%
Volatility	109%	109%
Expected life (years)	5 years	0 years
Maximum [Member]
Share Capital and Reserves (Details) - Schedule of Assumptions Used in the Black-Scholes Model [Line Items]
Exercise price (in Dollars per share)	$ 1.04	$ 3.04
Risk-free interest rate		4.82%
Volatility	111%	614%
Expected life (years)	5 years 6 months	6 years 9 months 18 days

Share Capital and Reserves (D_3

Share Capital and Reserves (Details) - Schedule of Warrant Activity - Preferred Investment Options [Member]	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Shares Under Warrants, Warrants Outstanding Beginning Balance | shares	3,516,529
Weighted Average Exercise Price, Warrants Outstanding Beginning Balance | $ / shares	$ 3.83
Number of Shares Under Warrants, Warrants Exercisable | shares	13,204,093
Weighted Average Exercise Price, Warrants Exercisable | $ / shares	$ 0.87
Number of Shares Under Warrants, Warrants Granted | shares	12,978,075
Weighted Average Exercise Price, Warrants Granted | $ / shares	$ 0.64
Number of Shares Under Warrants, Exercised | shares	(3,272,733)
Weighted Average Exercise Price, Exercised | $ / shares	$ 0.83
Number of Shares Under Warrants, Expire/Cancelled | shares	(17,778)
Weighted Average Exercise Price, Expire/Cancelled | $ / shares	$ 18.5
Number of Shares Under Warrants, Warrants Outstanding Ending Balance | shares	13,204,093
Weighted Average Exercise Price,Warrants Outstanding Ending Balance | $ / shares	$ 0.87

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Dec. 23, 2023	Mar. 24, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 19, 2023	Jun. 30, 2023
Share-Based Payments (Details) [Line Items]
Percentage of common stock issued and outstanding		20%			20%
Reservation of common stock (in Shares)			223,881		223,881		700,000	51,633
Share issued option (in Shares)			631,685		631,685			102,642
Exercise price options (in Dollars per share)	$ 0.37		$ 4.61		$ 4.61			$ 31.28
Share-based payment transactions			$ 18,264	$ 70,638
General and administrative expenses			10,136	44,042		$ 109,114
Research and development expenses			8,128	$ 26,596	$ 17,889	78,205
Unrecognized compensation cost			$ 187,634		$ 187,634
Weighted-average vesting period					1 year 6 months
Share-Based Payment Arrangement, Employee [Member]
Share-Based Payments (Details) [Line Items]
Share issued option (in Shares)	452,000
Exercise price options (in Dollars per share)	$ 0.37
Exercise option term	5 years
Share Based Payment Arrangement, Consultants [Member]
Share-Based Payments (Details) [Line Items]
Share issued option (in Shares)	50,000
Exercise price options (in Dollars per share)	$ 0.37
Exercise option term	5 years
Board of Directors [Member]
Share-Based Payments (Details) [Line Items]
Share issued option (in Shares)	28,400
Exercise option term	5 years
General and Administrative Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions					$ 43,455
Research and Development Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions						$ 187,319
General and administrative expenses					$ 25,567

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of Assumptions Used in the Black-Scholes Model	6 Months Ended
	Dec. 31, 2023 $ / shares
Schedule of Assumptions Used in the Black Scholes Model [Abstract]
Exercise price (in Dollars per share)	$ 0.37
Risk-free interest rate	3.95%
Volatility	203%
Expected life (years)	3 years 7 months 6 days
Dividend yield	0%

Share-Based Payments (Details_2

Share-Based Payments (Details) - Schedule of Changes in Outstanding Options	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Schedule of Changes in Outstanding Options [Abstract]
Number, Balance at beginning | shares	102,642
Weighted Average Exercise Price, Balance at beginning | $ / shares	$ 31.28
Number, Granted | shares	530,400
Weighted Average Exercise Price, Granted | $ / shares	$ 0.37
Number, Expired/Forfeited | shares	(1,357)
Weighted Average Exercise Price, Expired/Forfeited | $ / shares	$ 41,942
Number, Balance at ending | shares	631,685
Weighted Average Exercise Price, Balance at ending | $ / shares	$ 4.61
December 31, 2023:
Number, Vested and exercisable | shares	72,418
Weighted Average Exercise Price, Vested and exercisable | $ / shares	$ 3,640
Number, Unvested | shares	559,267
Weighted Average Exercise Price, Unvested | $ / shares	$ 0.5

Lease Obligations (Details)

Lease Obligations (Details) - USD ($)	1 Months Ended		6 Months Ended
	Aug. 31, 2024	Apr. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease Obligations (Details) [Line Items]
Lease extend			May 14, 2027
Obligated paid			$ 1,095,104
Borrowing rate			6.15%
Operating lease liability			$ 968,376
Forecast [Member]
Lease Obligations (Details) [Line Items]
Variable operating costs	$ 78,500	$ 92,964

Lease Obligations (Details) - S

Lease Obligations (Details) - Schedule of Minimum Lease Payments - USD ($)		Dec. 31, 2023	Jun. 30, 2023
Schedule of Minimum Lease Payments [Abstract]
Year 1		$ 441,004
Year 2		361,385
Year 3		372,227
Year 4		125,292
Year 5
More than five years
Total undiscounted lease liabilities	[1]	1,299,908
Less: imputed interest		(132,934)
Present value of lease liabilities		1,166,974
Less: Current portion of lease liabilities		(364,190)	$ (375,713)
Non-current portion of lease liabilities		$ 802,784	$ 15,994
[1] Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

Segment Information (Details)

Segment Information (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
InMed Segment [Member]
Segment Information (Details) [Line Items]
Total assets	$ 10,214,317	$ 9,498,752
BayMedica Segment [Member]
Segment Information (Details) [Line Items]
Total assets	$ 5,041,146	$ 4,607,588

Segment Information (Details) -

Segment Information (Details) - Schedule of Reportable Segments - USD ($)	3 Months Ended				6 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales	$ 1,240,200		$ 469,783		$ 2,142,062	$ 790,571
Cost of sales	(745,584)		(338,620)		(1,533,274)	(573,654)
Inventory write-down	(170,474)				(263,404)	(576,772)
Operating expenses	(1,969,087)		(2,345,047)		(4,663,200)	(5,430,016)
Other income (expense)	166,760		112,797		302,803	178,584
Net loss	(1,478,185)	$ (2,536,828)	(2,101,087)	$ (3,510,200)	(4,015,013)	(5,611,287)
Unrestricted cash	9,534,922		11,452,578		9,534,922	11,452,578
InMed [Member]
Segment Reporting Information [Line Items]
Sales
Cost of sales
Inventory write-down
Operating expenses	(1,185,676)		(1,682,058)		(3,036,815)	(3,978,798)
Other income (expense)	117,661		68,480		185,055	96,389
Net loss	(1,068,015)		(1,613,578)		(2,851,760)	(3,882,409)
Unrestricted cash	8,226,917		11,262,390		8,226,917	11,262,390
BayMedica [Member]
Segment Reporting Information [Line Items]
Sales	1,240,200		469,783		2,142,062	790,571
Cost of sales	(745,584)		(338,620)		(1,533,274)	(573,654)
Inventory write-down	(170,474)				(263,404)	(576,772)
Operating expenses	(783,411)		(662,989)		(1,626,385)	(1,451,218)
Other income (expense)	49,099		44,317		117,748	82,195
Net loss	(410,170)		(487,509)		(1,163,253)	(1,728,878)
Unrestricted cash	$ 1,308,005		$ 190,188		$ 1,308,005	$ 190,188

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Dec. 31, 2023	Sep. 19, 2023	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Materials cost				$ 1,900,000
Materials and equipment at a cost	$ 900,000
Guaranteed investment value	$ 44,462		$ 44,422
Shares of warrants (in Shares)	700
Common shares (in Shares)	700
Accrued minimum payments			$ 300,000
Price per share (in Dollars per share)		$ 1

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Director [Member]
Related Party Transaction [Line Items]
Legal services	$ 116,951	$ 167,768	$ 131,154	$ 368,666