5E Advanced Materials (FEAM) 10-Q 9 Nov 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2023	Nov. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	5E ADVANCED MATERIALS, INC.
Entity Central Index Key	0001888654
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-41279
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-3426517
Entity Address, Address Line One	9329 Mariposa Road
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Hesperia
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92344
City Area Code	442
Local Phone Number	221-0225
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FEAM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,237,054

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 11,796	$ 20,323
Prepaid expenses and other current assets	1,273	1,808
Total current assets	13,069	22,131
Mineral rights and properties, net	7,632	7,637
Construction in progress	71,497	67,553
Properties, plant and equipment, net	3,061	3,056
Reclamation bond deposit	308	309
Right of use asset	167	207
Other assets	6	6
Total assets	95,740	100,899
Current liabilities:
Accounts payable and accrued liabilities	9,102	8,728
Lease liabilities, current	122	136
Total current liabilities	9,224	8,864
Long-term debt, net	40,963	37,671
Lease liabilities	48	74
Asset retirement obligation	741	724
Total liabilities	50,976	47,333
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.01 par value; 180,000 shares authorized; 44,237 and 44,187 shares outstanding September 30, 2023 and June 30, 2023, respectively	442	441
Additional paid-in capital	191,680	191,113
Retained earnings (accumulated deficit)	(147,358)	(137,988)
Total stockholders' equity	44,764	53,566
Total liabilities and stockholders' equity	$ 95,740	$ 100,899

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	180,000,000	180,000,000
Common Stock, Shares, Outstanding	44,237,000	44,187,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating expenses
Project expenses	$ 1,583	$ 3,595
General and administrative	6,038	4,886
Research and Development	39	39
Depreciation and amortization expense	53	37
Total operating expenses	7,713	8,557
Income (loss) from operations	(7,713)	(8,557)
Non-operating income (expense):
Interest income	132	61
Other income	3	14
Derivative gain (loss)	0	13,909
Interest expense	(1,787)	(821)
Other expense	(5)	0
Total non-operating income (expense)	(1,657)	13,163
Income (loss) before income taxes	(9,370)	4,606
Income tax provision (benefit)	0	0
Net income (loss)	$ (9,370)	$ 4,606
Net income (loss) per common share - basic	$ (0.21)	$ 0.11
Net income (loss) per common share - diluted	$ (0.21)	$ 0.11
Weighted average common shares outstanding - basic	44,221	43,350
Weighted average common shares outstanding - diluted	44,221	48,519
Comprehensive income (loss)
Net income (loss)	$ (9,370)	$ 4,606
Comprehensive income (loss)	$ (9,370)	$ 4,606

Condensed Consolidated Statem_2

Condensed Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ (9,370)	$ 4,606
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	53	37
Share based compensation	599	1,300
Unrealized (gain) loss on convertible note derivative instrument	0	(13,909)
Accretion of asset retirement obligations	17	3	$ 37
Amortization of debt issuance costs and discount - convertible note	1,452	550
Amortization of right of use asset	40	44
Change in:
Prepaid expenses and other current assets	535	(27)
Accounts payable and accrued liabilities	(212)	(416)
Net cash used in operating activities	(6,886)	(7,812)
Cash Flows From Investing Activities:
Construction in progress	(1,580)	(5,115)
Properties, plant and equipment additions	(51)	(11)
Net cash used in investing activities	(1,631)	(5,126)
Cash Flows From Financing Activities:
Proceeds from issuance of convertible note	0	60,000
Debt issuance costs	0	(4,160)
Payments on note payable	(10)	(10)
Proceeds from exercise of stock options	0	256
Net cash provided by (used in) financing activities	(10)	56,086
Net increase (decrease) in cash and cash equivalents	(8,527)	43,148
Cash and cash equivalents at beginning of period	20,323	31,057	31,057
Cash and cash equivalents at end of period	11,796	74,205	$ 20,323
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	18	2
Noncash Investing and Financing Activities:
Accounts payable and accrued liabilities change related to construction in progress	2,364	2,554
Interest paid through issuance of additional convertible notes	$ 1,851	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statement Of Changes In Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance, shares at Jun. 30, 2022		43,305
Beginning balance at Jun. 30, 2022	$ 62,662	$ 433	$ 169,593	$ (107,364)
Exercise of stock options,Shares	50	50
Exercise of stock options	$ 256	$ 1	255
Share based compensation	1,300		1,300
Net income (loss)	4,606			4,606
Ending balance, shares at Sep. 30, 2022		43,355
Ending balance at Sep. 30, 2022	68,824	$ 434	171,148	(102,758)
Beginning balance, shares at Jun. 30, 2023		44,187
Beginning balance at Jun. 30, 2023	$ 53,566	$ 441	191,113	(137,988)
Exercise of stock options,Shares	0
Exercise of stock options	$ 0
Vesting of restricted share units, Shares		50
Vesting of restricted share units	(31)	$ 1	(32)
Share based compensation	599		599
Net income (loss)	(9,370)			(9,370)
Ending balance, shares at Sep. 30, 2023		44,237
Ending balance at Sep. 30, 2023	$ 44,764	$ 442	$ 191,680	$ (147,358)

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	3 Months Ended
	Sep. 30, 2023
Policy Text Block [Abstract]
Basis of Financial Statement Presentation	1. Basis of Financial Statement Presentation These unaudited condensed consolidated financial statements (herein after referred to as “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in the context of the consolidated financial statements and footnotes thereto for the year ended June 30, 2023 included in the Company's annual report filed with the Securities and Exchange Commission on Form 10-K, as amended. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position as of September 30, 2023, results of operations for the three months ended September 30, 2023 and 2022 and cash flows for the three months ended September 30, 2023 and 2022 have been included. Operating results for the three months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2024 . Basis of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of 5E Advanced Materials, Inc. and its wholly owned subsidiaries, American Pacific Borates Pty Ltd. and 5E Boron Americas, LLC (formerly Fort Cady (California) Corporation, "5EBA"), (collectively, “5E,” “we,” “our,” “us” or the “Company”). Going Concern Management 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 these condensed consolidated financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. In performing this analysis, management excluded certain elements of its operating plan that cannot be considered probable. The future receipt of potential funding from equity or debt issuances cannot be considered probable at this time because these plans are not entirely within management's control as of the date of these condensed consolidated financial statements. During the quarter ended September 30, 2023, Bluescape Special Situations IV (the "Lender"), the holder of the Company's senior secured convertible note (the "Convertible Note"), communicated an immaterial alleged breach of the Convertible Note agreement regarding a nonfinancial covenant. However, the Lender elected not to pursue any remedies related thereto. The Company disagreed with the Lender's contention. As discussed in Note 7, the Convertible Note agreement contains a financial covenant requiring the Company to maintain a cash balance of at least $10 million. On November 9, 2023, the Company entered into a standstill agreement (the "Agreement") with the Lender. The Agreement enables the Company, the Lender and other strategic investors to advance discussions towards a resolution for a recapitalization plan for the Company. Under the Agreement, the parties have agreed to a period of standstill, which pauses rights, remedies, powers, privileges and defenses, temporarily allowing the Company to go below its current cash covenant of $ 10 million until December 1, 2023. If the Company is not able to obtain additional financing and agree to a successful recapitalization plan, its cash balance is expected to fall below $10 million during the fourth calendar quarter of 2023, and an event of default under the Convertible Note agreement would occur. However, it is expected that any recapitalization plan will waive any defaults under the Convertible Note agreement. Management's plans include reduced spending and a pursuit of additional capital through a recapitalization plan. Given that raising additional capital and the achievement of a successful recapitalization plan are not entirely within management's control combined with the expectation of incurring significant operating and development costs in the foreseeable future, there exists substantial doubt regarding the Company's ability to continue as a going concern for a period of one year after the date that these financial statements are issued. If the anticipated recapitalization plan is successfully consummated in the fourth quarter 2023, available liquidity may still not be sufficient to eliminate the aforementioned substantial doubt regarding the Company's ability to continue as a going concern. These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. Financial Instruments The Company's financial instruments consist of cash and cash equivalents, a convertible note, vehicle notes, and accounts payable and accrued liabilities. It is management’s opinion that we are not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these instruments, with the exception of the convertible note and vehicle notes, approximate their carrying value. See Note 7 for fair value information related to the convertible notes. Concentration of Risk The Company maintains cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). Management monitors the financial health of the banks and believes the Company is not exposed to any significant credit risk, and the Company has not experienced any such losses. Risks and Uncertainties The Company is subject to a number of risks that management believes are similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. The Company currently generates no revenues from operations and will need to rely on raising additional capital or financing to sustain operations in the long-term. There can be no assurance that management will be successful in its efforts to raise additional capital on terms favorable to the Company, or at all, or in management's ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. Management expects the Company's available liquidity will fall below $10 million within the next 12 months. If we are not able to secure additional financing and our cash balance falls below $10 million, an event of default under the Convertible Note indenture would occur. An event of default would cause our Convertible Note balance outstanding to become immediately due and payable, for which the Company would not have the resources to repay without additional financing. Reclassifications Certain reclassifications have been made to prior years’ reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income (loss), stockholders’ equity or cash flows. Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.

Mineral Rights and Properties,

Mineral Rights and Properties, Net	3 Months Ended
	Sep. 30, 2023
Mineral Properties, Net [Abstract]
Mineral Rights and Properties, Net	2. Mineral Rights and Properties, Net Mineral rights and properties, net consisted of the following. September 30, June 30, 2023 2023 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Asset retirement cost, net of accumulated amortization 28 and $ 23 at September 30, 2023 and June 30, 2023, respectively (1) 352 357 Mineral rights and properties, net $ 7,632 $ 7,637 (1) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5.

Construction in Progress

Construction in Progress	3 Months Ended
	Sep. 30, 2023
Construction In Progress [Abstract]
Construction in Progress	3. Construction in Progress Construction in progress consisted of the following. September 30, June 30, 2023 2023 (in thousands) Engineering services $ 9,122 $ 9,122 Equipment 32,507 31,692 Construction 23,989 21,579 Injection and recovery wells 4,097 4,002 Capitalized interest 1,782 1,158 Total construction in progress $ 71,497 $ 67,553

Properties, Plant and Equipment

Properties, Plant and Equipment, Net	3 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Properties, Plant and Equipment, Net	4. Properties, Plant and Equipment, Net Properties, plant and equipment, net consisted of the following. Depreciation Estimated useful September 30, June 30, Asset category method life (in years) 2023 2023 (in thousands) Land N/A — $ 1,533 $ 1,533 Buildings Straight-line 7 - 15 873 873 Vehicles Straight-line 3 - 5 345 345 Plant and equipment Straight-line 5 - 10 676 623 3,427 3,374 Less accumulated depreciation ( 366 ) ( 318 ) Properties, plant and equipment, net $ 3,061 $ 3,056 For the three months ended September 30, 2023 and 2022, we recognized depreciation expense of approximately $ 47 thousand and $ 35 thousand, respectively.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	5. Asset Retirement Obligations The change in our ARO during the periods presented and the balance of our accrued reclamation liabilities at the end of each period are set forth below. September 30, June 30, 2023 2023 (in thousands) Asset retirement obligation — beginning of period $ 724 $ 489 Obligation incurred during the period — 31 Revisions to previous estimates (1) — 167 Accretion 17 37 Asset retirement obligation — end of period $ 741 $ 724 (1) The revision for the prior period is attributable to revised cost estimates provided by a third-party engineering firm and was reflected as an increase to mineral rights and properties (see Note 2) .

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	6. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following at the end of each period presented. September 30, June 30, 2023 2023 (in thousands) Accounts payable - trade (1) $ 1,977 $ 1,492 Accrued expenses 736 1,350 Accrued capital expenditures 4,501 3,386 Accrued payroll 1,370 1,072 Accrued interest 477 1,388 Current portion of debt 41 40 Accounts payable and accrued liabilities $ 9,102 $ 8,728 (1) Includes $ 1,324 thousand and $ 699 thousand related to capital expenditures, respectively.

Long-term Debt

Long-term Debt	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt Long-term debt consisted of the following at the end of each period presented. September 30, June 30, 2023 2023 (in thousands) Convertible note $ 63,561 $ 61,710 Vehicle notes payable 138 148 Total debt 63,699 61,858 Current portion of debt 41 40 Long-term debt 63,658 61,818 Unamortized convertible note discount — embedded conversion feature ( 19,447 ) ( 20,691 ) Unamortized debt issuance costs - convertible note ( 3,248 ) ( 3,456 ) Long-term debt, net $ 40,963 $ 37,671 On August 15, 2023 the Company elected to issue additional notes as payment for $ 1.85 million of interest accrued during the period from February 16, 2023 through August 15, 2023. Interest expense consisted of the following. Three months ended September 30, 2023 2022 (in thousands) Convertible note interest $ 940 $ 269 Vehicle notes payable interest 1 2 Amortization of debt issuance costs and discount — convertible note 1,452 550 Other interest 18 — Gross interest expense 2,411 821 Less: amount capitalized to construction in progress 624 — Interest expense, net of amounts capitalized $ 1,787 $ 821 Effective interest rate — convertible note 23.2 % 23.4 % Convertible Note On August 11, 2022, the Company executed a $ 60 million private placement of Senior Secured Convertible Note (the "Note” or "Convertible Note"), with Bluescape Energy Partners. The Note, which is convertible into the Company's common stock and matures in August 2027 , closed on August 26, 2022. At the Company's election, the Note bears interest at an annual rate of 4.50 % if paid in cash, or at an annual rate of 6.00 % if paid through the issuance of additional notes. Interest is paid semi-annually on February 15 and August 15 of each year. The Note contains a financial covenant requiring us to maintain a cash balance of at least $10 million and is secured by a security interest in substantially all of our assets. The purchaser may convert the Note at any time before August 2027 at a conversion price of $ 17.60 (“Conversion Price”). The Company has the right, at any time on or before the twenty-four (24) month anniversary of the closing date of the Note (“Closing Date”), to convert the Note into the Company's common stock in whole or in part if the closing price of the Company's common stock is at least 200 % of the Conversion Price of the Note (“Threshold Price”) for each of the twenty ( 20 ) consecutive trading days prior to the time we deliver a conversion notice. The Threshold Price for the Company's right to convert the Note decreases to 150 % after the twenty-four (24) month anniversary of the Closing Date and on or before the thirty-six (36) month anniversary of the Closing, and to 130 % at any time after the thirty-six (36) month anniversary of the Closing Date. Due to a provision in the Convertible Note agreement that allowed for a change in the conversion price upon a digressive issuance by the Company within three months of the Closing Date, t he conversion feature of the Note was deemed an embedded derivative requiring separate accounting as a stand-alone derivative instrument (the "Convertible Note Derivative"). The Note was recorded at its face amount of $ 60 million less debt issuance costs of $ 4.2 million and the fair value of the Convertible Note Derivative of $ 24.9 million. The provision resulting in the separate accounting for the conversion feature of the Convertible Note Derivative expired November 26, 2022, and accordingly, the fair value of the Convertible Note Derivative at expiration of the provision was transferred to additional paid-in capital (see Note 8). Fair value information for the Convertible Note and Convertible Note Derivative follows. September 30, June 30, 2023 2023 (in thousands) Fair value of convertible note (Level 2) $ 42,273 $ 40,316 Total fair value of convertible note instrument $ 42,273 $ 40,316 The valuation model for the Convertible Note and related Convertible Note Derivative requires the input of subjective assumptions including expected share price volatility, risk-free interest rate and debt rate. Changes in the input assumptions as well as the Company's underlying share price can materially affect the fair value estimates. Prior to the expiration of the provision that required separate accounting for the Convertible Note Derivative, the changes in fair value of the Convertible Note Derivative materially affected reported net income (loss) but had no related impact on our cash position or cash flows. Changes in the reported fair value of the Convertible Note are not recognized in net income and therefore have no effect on reported net income (loss). The significant assumptions used in the fair value model for the Convertible Note and related Convertible Note Derivative include the following, with a change in volatility and debt rate having the most significant impact on the related fair values. September 30, June 30, 2023 2023 Risk-free interest rate 4.8 % 4.4 % Volatility 50.0 % 50.0 % Debt rate 16.9 % 17.5 % Stock price per share $ 2.26 $ 3.28 On November 6, 2026, the Company entered into a standstill agreement with its Lender and holder of the Convertible Note. Refer to Notes 1 and 13 for additional information.

Convertible Note Derivative

Convertible Note Derivative	3 Months Ended
	Sep. 30, 2023
Convertible Note Derivative [Abstract]
Convertible Note Derivative	8. Convertible Note Derivative The Convertible Note Derivative, which related to the Convertible Note described above in Note 7, was valued upon initial recognition and at each reporting period at fair value using a with-and-without methodology utilizing a binomial lattice model (Level 3). Changes in the fair value were recognized in Derivative gain (loss) in the statement of operations prior to the derecognition of the Convertible Note Derivative during the quarter ended December 31, 2022. As described above in Note 7, the fair value of the Convertible Note Derivative was transferred to additional paid-in capital during the three months ended December 31, 2022. Refer to Note 7 for additional information about the fair value assumptions utilized on the valuation of the Convertible Note Derivative. The components of changes to the fair value of the Convertible Note Derivative are summarized below. Three months ended September 30, 2022 (in thousands) Convertible note derivative (asset) liability — beginning of period $ — Additions 24,896 Fair value adjustment (gain) loss ( 13,909 ) Convertible note derivative (asset) liability — end of period $ 10,987

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	9. Financial Instruments and Fair Value Measurements At September 30, 2023 , cash equivalents as well as trade and other payables approximate their fair value due to their short-term nature. Our financial instruments also consist of environmental reclamation bonds which are invested in certificates of deposit and money market funds which are classified as Level 1, and the Convertible Note Derivative which was classified as Level 3 before its derecognition and transfer to additional paid-in capital during the quarter ended December 31, 2022. The reconciliation of changes in the fair value of the Convertible Note Derivative can be found in Note 8 and fair value as of September 30, 2023 in Note 7.

Share Based Compensation

Share Based Compensation	3 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share Based Compensation	10. Share Based Compensation Share based compensation expense is included in general and administrative expense and consisted of the following for the periods presented. Three months ended September 30, 2023 2022 (in thousands) Share based compensation expense — service based Employee share option plan $ 96 $ 961 2022 Equity Compensation Plan — Options 133 175 2022 Equity Compensation Plan — PSU's 48 — 2022 Equity Compensation Plan — RSU and DSU's 322 164 Total share based compensation expense $ 599 $ 1,300 Stock Options All options outstanding prior to the three-month period ended September 30, 2022 were granted under the predecessor parent company's employee share option plan. New option grants are made under the 2022 Equity Compensation Plan and vest ratably over the vesting period which is generally three years or less. The tables below reflect all options granted under both plans. The significant assumptions used to estimate the fair value of stock option awards granted under the plans during the three months ended September 30, 2023 and 2022, using the Black-Scholes option valuation model are as follows. Three months ended September 30, 2023 2022 Exercise price $ 7.73 $ 25.62 Share price $ 2.46 $ 18.03 Volatility 99 % 79 % Expected term in years 9.6 5.0 Risk-free interest rate 4.3 % 2.91 % Dividend rate Nil Nil The following table summarizes stock option activity for each of the periods presented. Three months ended September 30, 2023 2022 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price (In thousands, except per share data) Outstanding at beginning of the period 4,187 $ 10.91 4,874 $ 9.67 Granted 300 7.73 400 25.62 Exercised — — ( 50 ) 5.12 Expired/forfeited ( 278 ) 25.49 — — Outstanding at end of the period 4,209 9.71 5,224 10.94 Vested at the end of the period 3,356 9.83 3,664 8.02 Unvested at the end of the period 853 $ 9.25 1,560 $ 7.15 The weighted average remaining life of vested options at September 30, 2023 and 2022 was 1.2 years and 1.4 years, respectively. As of September 30, 2023 , there was $ 2.4 million of unrecognized compensation cost related to 853 thousand unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 1.7 years. The following table summarizes the activity for unvested options for each of the periods presented. Three months ended September 30, 2023 2022 Number of Options Weighted Average Grant Date Fair Value per share Number of Options Weighted Average Grant Date Fair Value per share (In thousands, except per share data) Unvested at beginning of the period 838 $ 6.42 1,507 $ 6.05 Granted 300 2.08 400 10.52 Vested ( 7 ) 6.85 ( 347 ) 5.96 Expired/forfeited ( 278 ) 10.48 — — Unvested at end of the period 853 $ 3.57 1,560 $ 7.15 As of September 30, 2023 , all outstanding stock options and vested stock options had no intrinsic value as the exercise prices of the respective options exceeded the Company's stock price on September 30, 2023 . The intrinsic value of stock options exercised during the three months ended September 30, 2022 was $ 0.8 million. There were no options exercised during the three months ended September 30, 2023. Restricted Share Units, Director Share Units and Performance Share Units The following table summarizes restricted share ("RSU"), director restricted share ("DSU") and performance share ("PSU") activity under the 2022 Equity Compensation Plan for each of the periods presented. Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units 209.8 $ 6.78 139.1 $ 7.20 348.9 Granted 186.6 2.46 121.6 (1) 2.46 308.2 Vested ( 77.1 ) 6.31 — — ( 77.1 ) Forfeited ( 4.5 ) 14.49 ( 4.5 ) 14.49 ( 9.0 ) Non-vested shares/units 314.8 $ 4.23 256.2 $ 4.82 571.0 Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units 48.8 $ 18.03 19.2 $ 12.19 68.0 Granted 101.3 14.67 63.5 (2) 14.79 164.8 Non-vested shares/units 150.1 $ 15.76 82.7 $ 14.23 232.8 (1) During the quarter ended September 30, 2023, approximately 121.6 thousand performance share units were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) the budget for the large-scale commercial facility remaining within a range of $ 342 - 418 million; and 3) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period. (2) During the quarter ended September 30, 2022, approximately 63.5 thousand performance share units were granted, which based on the achievement of certain operational targets, could vest within a range of 0 % to 100 %. The targets are 1) commissioning and operation of the small-scale facility; 2) obtaining formation flow, head grade and impurity profile data from the small-scale facility; and 3) generating product data to ensure process design for detailed engineering. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	11. Earnings (Loss) Per Common Share The following is the calculation of basic and diluted weighted-average shares outstanding and earnings (loss) per share for the indicated period. Three months ended September 30, 2023 2022 (in thousands, except per share data) Basic earnings (loss) per share: Net income (loss) - numerator $ ( 9,370 ) $ 4,606 Weighted-average shares — denominator 44,221 43,350 Basic earnings (loss) per share $ ( 0.21 ) $ 0.11 Diluted earnings (loss) per share: Net income (loss) $ ( 9,370 ) $ 4,606 Interest expense on convertible note — (1) 819 Net income (loss) - numerator $ ( 9,370 ) $ 5,425 Weighted-average shares (denominator): 44,221 43,350 Dilution effect of stock options and unvested restricted stock units — 1,760 Additional shares assuming conversion of convertible note — (1) 3,409 Weighted-average shares — diluted 44,221 48,519 Diluted earnings (loss) per share $ ( 0.21 ) $ 0.11 Stock options and unvested restricted stock units and performance 4,780 920 (1) Interest expense of $ 2.4 million related to the Convertible Notes for the quarter ended September 30, 2023, and the issuance of 3.6 million additional shares assuming the conversion of the Convertible Note on September 30, 2023 were excluded from the calculation of diluted earnings per share as such effects would be anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Purchase Obligations We had purchase order commitments of $ 6.8 million for the construction works in progress, equipment, software, drilling and technical reports. Litigation On July 17, 2023, we filed a complaint (the “Complaint”) against a previous construction contractor in the United States District Court for the Central District of California, Eastern Division, alleging, among other things, numerous breaches by the contractor of its contractual obligations to 5EBA under the Procurement and Construction Contract, effective April 26, 2022, by and between 5EBA and the contractor, relating to the construction of the Small-Scale Facility in California (the “Contract”). On August 10, 2023, the contractor filed an answer to the Complaint as well as a counterclaim for, among other things, alleged breaches by 5EBA of its contractual obligations to the contractor under the Contract and has requested relief in the approximate amount of $ 5.5 million. We plan on filing a response disputing the counterclaims asserted by the contractor and reaffirming the grounds for recovery raised in the Complaint. Discovery has begun and is ongoing. An estimate of reasonably possible losses, if any, cannot be made at this time.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On November 9, 2023, the Company entered into an Agreement with its Lender. The Agreement enables the Company, the Lender and other strategic investors to advance discussions towards a resolution for a recapitalization plan for the Company. Under the Agreement, the parties have agreed to a period of standstill, temporarily allowing the Company to go below its current cash covenant of $ 10 million until December 1, 2023.

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Policies)	3 Months Ended
	Sep. 30, 2023
Policy Text Block [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements (herein after referred to as “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and should be read in the context of the consolidated financial statements and footnotes thereto for the year ended June 30, 2023 included in the Company's annual report filed with the Securities and Exchange Commission on Form 10-K, as amended. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position as of September 30, 2023, results of operations for the three months ended September 30, 2023 and 2022 and cash flows for the three months ended September 30, 2023 and 2022 have been included. Operating results for the three months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2024 .
Basis of Consolidation	Basis of Consolidation The unaudited condensed consolidated financial statements comprise the financial statements of 5E Advanced Materials, Inc. and its wholly owned subsidiaries, American Pacific Borates Pty Ltd. and 5E Boron Americas, LLC (formerly Fort Cady (California) Corporation, "5EBA"), (collectively, “5E,” “we,” “our,” “us” or the “Company”).
Going Concern	Going Concern Management 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 these condensed consolidated financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of management's plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. In performing this analysis, management excluded certain elements of its operating plan that cannot be considered probable. The future receipt of potential funding from equity or debt issuances cannot be considered probable at this time because these plans are not entirely within management's control as of the date of these condensed consolidated financial statements. During the quarter ended September 30, 2023, Bluescape Special Situations IV (the "Lender"), the holder of the Company's senior secured convertible note (the "Convertible Note"), communicated an immaterial alleged breach of the Convertible Note agreement regarding a nonfinancial covenant. However, the Lender elected not to pursue any remedies related thereto. The Company disagreed with the Lender's contention. As discussed in Note 7, the Convertible Note agreement contains a financial covenant requiring the Company to maintain a cash balance of at least $10 million. On November 9, 2023, the Company entered into a standstill agreement (the "Agreement") with the Lender. The Agreement enables the Company, the Lender and other strategic investors to advance discussions towards a resolution for a recapitalization plan for the Company. Under the Agreement, the parties have agreed to a period of standstill, which pauses rights, remedies, powers, privileges and defenses, temporarily allowing the Company to go below its current cash covenant of $ 10 million until December 1, 2023. If the Company is not able to obtain additional financing and agree to a successful recapitalization plan, its cash balance is expected to fall below $10 million during the fourth calendar quarter of 2023, and an event of default under the Convertible Note agreement would occur. However, it is expected that any recapitalization plan will waive any defaults under the Convertible Note agreement. Management's plans include reduced spending and a pursuit of additional capital through a recapitalization plan. Given that raising additional capital and the achievement of a successful recapitalization plan are not entirely within management's control combined with the expectation of incurring significant operating and development costs in the foreseeable future, there exists substantial doubt regarding the Company's ability to continue as a going concern for a period of one year after the date that these financial statements are issued. If the anticipated recapitalization plan is successfully consummated in the fourth quarter 2023, available liquidity may still not be sufficient to eliminate the aforementioned substantial doubt regarding the Company's ability to continue as a going concern. These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.
Financial Instruments	Financial Instruments The Company's financial instruments consist of cash and cash equivalents, a convertible note, vehicle notes, and accounts payable and accrued liabilities. It is management’s opinion that we are not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these instruments, with the exception of the convertible note and vehicle notes, approximate their carrying value. See Note 7 for fair value information related to the convertible notes.
Concentration of Risk	Concentration of Risk The Company maintains cash deposits at several major banks, which at times may exceed amounts covered by insurance provided by the United States Federal Deposit Insurance Corporation (“FDIC”). Management monitors the financial health of the banks and believes the Company is not exposed to any significant credit risk, and the Company has not experienced any such losses.
Risk and Uncertainties	Risks and Uncertainties The Company is subject to a number of risks that management believes are similar to those of other companies of similar size in our industry, including but not limited to, the success of our exploration activities, need for significant additional capital (or financing) to fund operating losses, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. The Company currently generates no revenues from operations and will need to rely on raising additional capital or financing to sustain operations in the long-term. There can be no assurance that management will be successful in its efforts to raise additional capital on terms favorable to the Company, or at all, or in management's ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources. Management expects the Company's available liquidity will fall below $10 million within the next 12 months. If we are not able to secure additional financing and our cash balance falls below $10 million, an event of default under the Convertible Note indenture would occur. An event of default would cause our Convertible Note balance outstanding to become immediately due and payable, for which the Company would not have the resources to repay without additional financing. Reclassifications Certain reclassifications have been made to prior years’ reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income (loss), stockholders’ equity or cash flows.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years’ reported amounts in order to conform to the current year presentation. These reclassifications did not impact our previously reported net income (loss), stockholders’ equity or cash flows.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.

Mineral Rights and Properties_2

Mineral Rights and Properties, Net (Tables)	3 Months Ended
	Sep. 30, 2023
Mineral Properties, Net [Abstract]
Summary of Mineral Rights and Properties	Mineral rights and properties, net consisted of the following. September 30, June 30, 2023 2023 (in thousands) Mineral properties $ 6,733 $ 6,733 Hydrology wells 547 547 Asset retirement cost, net of accumulated amortization 28 and $ 23 at September 30, 2023 and June 30, 2023, respectively (1) 352 357 Mineral rights and properties, net $ 7,632 $ 7,637 (1) Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5.

Construction in Progress (Table

Construction in Progress (Tables)	3 Months Ended
	Sep. 30, 2023
Construction In Progress [Abstract]
Summary of Construction in Progress	Construction in progress consisted of the following. September 30, June 30, 2023 2023 (in thousands) Engineering services $ 9,122 $ 9,122 Equipment 32,507 31,692 Construction 23,989 21,579 Injection and recovery wells 4,097 4,002 Capitalized interest 1,782 1,158 Total construction in progress $ 71,497 $ 67,553

Properties, Plant and Equipme_2

Properties, Plant and Equipment, Net (Tables)	3 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of Properties, Plant and Equipment	Properties, plant and equipment, net consisted of the following. Depreciation Estimated useful September 30, June 30, Asset category method life (in years) 2023 2023 (in thousands) Land N/A — $ 1,533 $ 1,533 Buildings Straight-line 7 - 15 873 873 Vehicles Straight-line 3 - 5 345 345 Plant and equipment Straight-line 5 - 10 676 623 3,427 3,374 Less accumulated depreciation ( 366 ) ( 318 ) Properties, plant and equipment, net $ 3,061 $ 3,056

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule Of Change In Asset Retirement Obligation	The change in our ARO during the periods presented and the balance of our accrued reclamation liabilities at the end of each period are set forth below. September 30, June 30, 2023 2023 (in thousands) Asset retirement obligation — beginning of period $ 724 $ 489 Obligation incurred during the period — 31 Revisions to previous estimates (1) — 167 Accretion 17 37 Asset retirement obligation — end of period $ 741 $ 724 (1) The revision for the prior period is attributable to revised cost estimates provided by a third-party engineering firm and was reflected as an increase to mineral rights and properties (see Note 2) .

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following at the end of each period presented. September 30, June 30, 2023 2023 (in thousands) Accounts payable - trade (1) $ 1,977 $ 1,492 Accrued expenses 736 1,350 Accrued capital expenditures 4,501 3,386 Accrued payroll 1,370 1,072 Accrued interest 477 1,388 Current portion of debt 41 40 Accounts payable and accrued liabilities $ 9,102 $ 8,728 (1) Includes $ 1,324 thousand and $ 699 thousand related to capital expenditures, respectively.

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Summary of Debt Disclosure	Long-term debt consisted of the following at the end of each period presented. September 30, June 30, 2023 2023 (in thousands) Convertible note $ 63,561 $ 61,710 Vehicle notes payable 138 148 Total debt 63,699 61,858 Current portion of debt 41 40 Long-term debt 63,658 61,818 Unamortized convertible note discount — embedded conversion feature ( 19,447 ) ( 20,691 ) Unamortized debt issuance costs - convertible note ( 3,248 ) ( 3,456 ) Long-term debt, net $ 40,963 $ 37,671
Summary of Interest Expense	Interest expense consisted of the following. Three months ended September 30, 2023 2022 (in thousands) Convertible note interest $ 940 $ 269 Vehicle notes payable interest 1 2 Amortization of debt issuance costs and discount — convertible note 1,452 550 Other interest 18 — Gross interest expense 2,411 821 Less: amount capitalized to construction in progress 624 — Interest expense, net of amounts capitalized $ 1,787 $ 821 Effective interest rate — convertible note 23.2 % 23.4 %
Summary of Fair Value Information for Convertible Instrument	Fair value information for the Convertible Note and Convertible Note Derivative follows. September 30, June 30, 2023 2023 (in thousands) Fair value of convertible note (Level 2) $ 42,273 $ 40,316 Total fair value of convertible note instrument $ 42,273 $ 40,316
Summary of Significant Assumptions used in Fair Value Model with Change in Volatility and Debt Rate	The significant assumptions used in the fair value model for the Convertible Note and related Convertible Note Derivative include the following, with a change in volatility and debt rate having the most significant impact on the related fair values. September 30, June 30, 2023 2023 Risk-free interest rate 4.8 % 4.4 % Volatility 50.0 % 50.0 % Debt rate 16.9 % 17.5 % Stock price per share $ 2.26 $ 3.28 On November 6, 2026, the Company entered into a standstill agreement with its Lender and holder of the Convertible Note. Refer to Notes 1 and 13 for additional information.

Convertible Note Derivative (Ta

Convertible Note Derivative (Tables)	3 Months Ended
	Sep. 30, 2023
Convertible Note Derivative [Abstract]
Schedule of Components of Changes to Fair Value of Convertible Note Derivative	The components of changes to the fair value of the Convertible Note Derivative are summarized below. Three months ended September 30, 2022 (in thousands) Convertible note derivative (asset) liability — beginning of period $ — Additions 24,896 Fair value adjustment (gain) loss ( 13,909 ) Convertible note derivative (asset) liability — end of period $ 10,987

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Share based compensation expense is included in general and administrative expense and consisted of the following for the periods presented. Three months ended September 30, 2023 2022 (in thousands) Share based compensation expense — service based Employee share option plan $ 96 $ 961 2022 Equity Compensation Plan — Options 133 175 2022 Equity Compensation Plan — PSU's 48 — 2022 Equity Compensation Plan — RSU and DSU's 322 164 Total share based compensation expense $ 599 $ 1,300
Summary of Share-based Payment Award, Stock Options, Valuation Assumptions	The significant assumptions used to estimate the fair value of stock option awards granted under the plans during the three months ended September 30, 2023 and 2022, using the Black-Scholes option valuation model are as follows. Three months ended September 30, 2023 2022 Exercise price $ 7.73 $ 25.62 Share price $ 2.46 $ 18.03 Volatility 99 % 79 % Expected term in years 9.6 5.0 Risk-free interest rate 4.3 % 2.91 % Dividend rate Nil Nil
Summary of Share-based Payment Arrangement, Activity	The following table summarizes stock option activity for each of the periods presented. Three months ended September 30, 2023 2022 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price (In thousands, except per share data) Outstanding at beginning of the period 4,187 $ 10.91 4,874 $ 9.67 Granted 300 7.73 400 25.62 Exercised — — ( 50 ) 5.12 Expired/forfeited ( 278 ) 25.49 — — Outstanding at end of the period 4,209 9.71 5,224 10.94 Vested at the end of the period 3,356 9.83 3,664 8.02 Unvested at the end of the period 853 $ 9.25 1,560 $ 7.15
Summary of Nonvested Share Activity	Three months ended September 30, 2023 2022 Number of Options Weighted Average Grant Date Fair Value per share Number of Options Weighted Average Grant Date Fair Value per share (In thousands, except per share data) Unvested at beginning of the period 838 $ 6.42 1,507 $ 6.05 Granted 300 2.08 400 10.52 Vested ( 7 ) 6.85 ( 347 ) 5.96 Expired/forfeited ( 278 ) 10.48 — — Unvested at end of the period 853 $ 3.57 1,560 $ 7.15
Share-based Compensation Arrangements by Share-based Payment Award, Performance-based Units, Vested and Expected to Vest	The following table summarizes restricted share ("RSU"), director restricted share ("DSU") and performance share ("PSU") activity under the 2022 Equity Compensation Plan for each of the periods presented. Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units 209.8 $ 6.78 139.1 $ 7.20 348.9 Granted 186.6 2.46 121.6 (1) 2.46 308.2 Vested ( 77.1 ) 6.31 — — ( 77.1 ) Forfeited ( 4.5 ) 14.49 ( 4.5 ) 14.49 ( 9.0 ) Non-vested shares/units 314.8 $ 4.23 256.2 $ 4.82 571.0 Serviced-Based Shares Weighted Average Grant Date Fair Value per Share Performance- Based Shares Weighted Average Grant Date Fair Value per Unit Total Shares (In thousands, except per share data) Non-vested shares/units 48.8 $ 18.03 19.2 $ 12.19 68.0 Granted 101.3 14.67 63.5 (2) 14.79 164.8 Non-vested shares/units 150.1 $ 15.76 82.7 $ 14.23 232.8 (1) During the quarter ended September 30, 2023, approximately 121.6 thousand performance share units were granted, which based on the achievement of certain financial and operational targets, could vest within a range of 0 % to 100 %. The targets are 1) construction of the large-scale commercial facility commencing prior to September 1, 2026; 2) the budget for the large-scale commercial facility remaining within a range of $ 342 - 418 million; and 3) an approved final investment decision in the large-scale commercial facility at a modeled internal rate of return of 20 %. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period. (2) During the quarter ended September 30, 2022, approximately 63.5 thousand performance share units were granted, which based on the achievement of certain operational targets, could vest within a range of 0 % to 100 %. The targets are 1) commissioning and operation of the small-scale facility; 2) obtaining formation flow, head grade and impurity profile data from the small-scale facility; and 3) generating product data to ensure process design for detailed engineering. The determination of the percentage of shares that ultimately vest will be made at the three-year anniversary of the grant date based upon achievement of the performance targets over the period.

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Weighted-Average Shares Outstanding and Earnings (Loss) per Share (EPS)	The following is the calculation of basic and diluted weighted-average shares outstanding and earnings (loss) per share for the indicated period. Three months ended September 30, 2023 2022 (in thousands, except per share data) Basic earnings (loss) per share: Net income (loss) - numerator $ ( 9,370 ) $ 4,606 Weighted-average shares — denominator 44,221 43,350 Basic earnings (loss) per share $ ( 0.21 ) $ 0.11 Diluted earnings (loss) per share: Net income (loss) $ ( 9,370 ) $ 4,606 Interest expense on convertible note — (1) 819 Net income (loss) - numerator $ ( 9,370 ) $ 5,425 Weighted-average shares (denominator): 44,221 43,350 Dilution effect of stock options and unvested restricted stock units — 1,760 Additional shares assuming conversion of convertible note — (1) 3,409 Weighted-average shares — diluted 44,221 48,519 Diluted earnings (loss) per share $ ( 0.21 ) $ 0.11 Stock options and unvested restricted stock units and performance 4,780 920 (1) Interest expense of $ 2.4 million related to the Convertible Notes for the quarter ended September 30, 2023, and the issuance of 3.6 million additional shares assuming the conversion of the Convertible Note on September 30, 2023 were excluded from the calculation of diluted earnings per share as such effects would be anti-dilutive.

Basis of Financial Statement _3

Basis of Financial Statement Presentation - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial covenant, description	Convertible Note agreement contains a financial covenant requiring the Company to maintain a cash balance of at least $10 million. On November 9, 2023, the Company entered into a standstill agreement (the "Agreement") with the Lender. The Agreement enables the Company, the Lender and other strategic investors to advance discussions towards a resolution for a recapitalization plan for the Company. Under the Agreement, the parties have agreed to a period of standstill, which pauses rights, remedies, powers, privileges and defenses, temporarily allowing the Company to go below its current cash covenant of $10 million until December 1, 2023. If the Company is not able to obtain additional financing and agree to a successful recapitalization plan, its cash balance is expected to fall below $10 million during the fourth calendar quarter of 2023, and an event of default under the Convertible Note agreement would occur. However, it is expected that any recapitalization plan will waive any defaults under the Convertible Note agreement.
Cash covenant	$ 10

Mineral Rights and Properties_3

Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Detail) - USD ($) $ in Thousands		Sep. 30, 2023	Jun. 30, 2023
Mineral Properties Net [Line Items]
Mineral rights and properties, net		$ 7,632	$ 7,637
Mineral properties [Member]
Mineral Properties Net [Line Items]
Mineral rights and properties, net		6,733	6,733
Hydrology Wells [Member]
Mineral Properties Net [Line Items]
Mineral rights and properties, net		547	547
Asset Retirement Cost [Member]
Mineral Properties Net [Line Items]
Mineral rights and properties, net	[1]	$ 352	$ 357
[1] Asset retirement costs represent the carrying value of capitalized costs associated with asset retirement obligations discussed in Note 5.

Mineral Rights and Properties_4

Mineral Rights and Properties, Net - Summary of Mineral Rights and Properties, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Asset Retirement Cost [Member]
Mineral Properties Net [Line Items]
Asset retirement cost, accumulated amortization	$ 28	$ 23

Construction in Progress - Summ

Construction in Progress - Summary of Construction in Progress (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Construction In Progress [Line Items]
Total construction in progress	$ 71,497	$ 67,553
Engineering services [Member]
Construction In Progress [Line Items]
Total construction in progress	9,122	9,122
Equipment [Member]
Construction In Progress [Line Items]
Total construction in progress	32,507	31,692
Construction [Member]
Construction In Progress [Line Items]
Total construction in progress	23,989	21,579
Injection and recovery wells [Member]
Construction In Progress [Line Items]
Total construction in progress	4,097	4,002
Capitalized Interest [Member]
Construction In Progress [Line Items]
Total construction in progress	$ 1,782	$ 1,158

Properties, Plant and Equipme_3

Properties, Plant and Equipment, Net - Summary of Properties, Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 3,427	$ 3,374
Less accumulated depreciation	(366)	(318)
Properties, plant and equipment, net	3,061	3,056
Land [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 1,533	1,533
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:NoDepreciationMethodMember
Buildings [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 873	873
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	15 years
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	7 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 345	345
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Vehicles [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years
Vehicles [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Plant and equipment [Member]
Property, Plant and Equipment [Line Items]
Properties, plant and equipment, Gross	$ 676	$ 623
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration]	us-gaap:StraightLineDepreciationMethodMember
Plant and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Plant and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

Properties, Plant and Equipme_4

Properties, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 47	$ 35

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule Of Change In Asset Retirement Obligation (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Asset Retirement Obligation [Abstract]
Asset retirement obligation - beginning of period		$ 724	$ 489	$ 489
Obligation incurred during the period				31
Revisions to previous estimates	[1]			167
Accretion		17	$ 3	37
Asset retirement obligation - end of period		$ 741		$ 724
[1] The revision for the prior period is attributable to revised cost estimates provided by a third-party engineering firm and was reflected as an increase to mineral rights and properties (see Note 2)

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2023	Jun. 30, 2023
Payables and Accruals [Abstract]
Accounts payable - trade	[1]	$ 1,977	$ 1,492
Accrued expenses		736	1,350
Accrued capital expenditures		4,501	3,386
Accrued payroll		1,370	1,072
Accrued interest		477	1,388
Current portion of debt		41	40
Accounts payable and accrued liabilities		$ 9,102	$ 8,728
[1] Includes $ 1,324 thousand and $ 699 thousand related to capital expenditures, respectively.

Accounts Payable and Accrued _4

Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Payables and Accruals [Abstract]
Capital expenditure included in trade accounts payable	$ 1,324	$ 699

Long-term Debt - Summary of Deb

Long-term Debt - Summary of Debt Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 63,699	$ 61,858
Current portion of debt	41	40
Long-term debt	63,658	61,818
Unamortized convertible note discount - embedded conversion feature	(19,447)	(20,691)
Unamortized debt issuance costs - convertible note	(3,248)	(3,456)
Long-term debt, net	40,963	37,671
Convertible Note [Member]
Debt Instrument [Line Items]
Total debt	63,561	61,710
Vehicle Notes Payable [Member]
Debt Instrument [Line Items]
Total debt	$ 138	$ 148

Long-term Debt - Summary of Int

Long-term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Convertible note interest	$ 940	$ 269
Vehicle notes payable interest	1	2
Amortization of debt issuance costs and discount - convertible note	1,452	550
Other Interest	18	0
Gross interest expense	2,411	821
Less: amount capitalized to construction in progress	624	0
Interest expense, net of amounts capitalized	$ 1,787	$ 821
Effective interest rate - convertible note	23.20%	23.40%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 11, 2022 USD ($) Days $ / shares	Sep. 30, 2023 USD ($)	Aug. 15, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Debt issuance costs		$ 3,248		$ 3,456
Convertible note derivative liability					$ 10,987	$ 0
Senior Secured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 60,000
Debt instrument maturity date description	2027
Interest payment frequency		semi-annually
Debt instrument, convertible, conversion price | $ / shares	$ 17.6
Debt instrument, convertible, threshold trading days | Days	20
Additional notes issued as payment for accrued interest			$ 1,850
Debt issuance costs	$ 4,200
Convertible note derivative liability	$ 24,900
Senior Secured Convertible Notes | Debt Conversion On Or Before The24 Month From Closing Date
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	200%
Senior Secured Convertible Notes | Debt Conversion After24 Months But Before36 Months From Closing Date
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	150%
Senior Secured Convertible Notes | Debt Conversion After36 Months From Closing Date
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130%
Senior Secured Convertible Notes | Debt Instrument Repayable By Cash
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Senior Secured Convertible Notes | Debt Instrument Repayable By Issuing Additional Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6%
Level 2
Debt Instrument [Line Items]
Fair value of convertible note		$ 42,273		$ 40,316

Long-term Debt - Summary of Fai

Long-term Debt - Summary of Fair Value Information for Convertible Instrument (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total fair value of convertible note instrument	$ 42,273	$ 40,316
Level 2
Debt Instrument [Line Items]
Fair value of convertible note	$ 42,273	$ 40,316

Long-term Debt - Summary of Sig

Long-term Debt - Summary of Significant Assumptions used in Fair Value Model with Change in Volatility and Debt Rate (Details) - Convertible Note Derivative [Member]	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares
Debt Instrument [Line Items]
Stock price per share	$ 2.26	$ 3.28
Risk-free Interest Rate [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	4.8	4.4
Volatility [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	50	50
Debt Rate [Member]
Debt Instrument [Line Items]
Derivative liability, measurement input	16.9	17.5

Convertible Note Derivative - S

Convertible Note Derivative - Schedule of Components of Changes to Fair Value of Convertible Note Derivative (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Convertible Note Derivative [Abstract]
Convertible note derivative (asset) liability - beginning of period	$ 0
Additions	24,896
Fair value adjustment (gain) loss	(13,909)
Convertible note derivative (asset) liability - end of period	$ 10,987

Shared Based Compensation - Sha

Shared Based Compensation - Share-based payment arrangement, expensed and capitalized, amount (Details) - General and Administrative Expense [Member] - Service Based Compensation [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	$ 599	$ 1,300
RSU and DSU's [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	322	164
Employee Share Option Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	96	961
PSU's
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	48	0
2022 Equity Compensation Plan - Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated share based compensation	$ 133	$ 175

Share Based Compensation - Summ

Share Based Compensation - Summary of share-based payment award, stock options, valuation assumptions (Details) - Black Scholes [Member] - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 7.73	$ 25.62
Share price	$ 2.46	$ 18.03
Volatility	99%	79%
Expected term in years	9 years 7 months 6 days	5 years
Risk-free interest rate	4.30%	2.91%
Dividend rate	0%	0%

Share Based Compensation - Su_2

Share Based Compensation - Summary Of Share-Based Payment Arrangement, Activity (Detail) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at beginning of the period	4,187	4,874
Number of Options, Granted	300	400
Number of Options, Exercised	0	(50)
Number of Options, Expired/forfeited	(278)	0
Number of Options, Outstanding at end of period	4,209	5,224
Number of Options, Vested at the end of the period	3,356	3,664
Number of Options, Unvested options at end of the period	853	1,560
Weighted Averaged Exercise Price, Outstanding at beginning of the period	$ 10.91	$ 9.67
Weighted Averaged Exercise Price, Granted	7.73	25.62
Weighted Averaged Exercise Price, Exercised	0	5.12
Weighted Averaged Exercise Price, Expired/forfeited	25.49	0
Weighted Averaged Exercise Price, Outstanding at end of period	9.71	10.94
Weighted Averaged Exercise Price, Vested at the end of the period	9.83	8.02
Weighted Averaged Exercise Price, Unvested at the end of the period	$ 9.25	$ 7.15

Share Based Compensation - Su_3

Share Based Compensation - Summary of Nonvested Share Activity (Details) - $ / shares shares in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Unvested options at beginning of the period	838	1,507
Number of Options, Granted	300	400
Number of Options, Vested	(7)	(347)
Number of Options, Expired/forfeited	(278)	0
Number of Options, Unvested options at end of the period	853	1,560
Weighted Average Grant Date Fair Value per share, Unvested options at beginning of the period	$ 6.42	$ 6.05
Weighted Average Grant Date Fair Value per share, Granted	2.08	10.52
Weighted Average Grant Date Fair Value per share, Vested	6.85	5.96
Weighted Average Grant Date Fair Value per share, Expired/forfeited	10.48	0
Weighted Average Grant Date Fair Value per share, Unvested options at end of the period	$ 3.57	$ 7.15

Share Based Compensation - The

Share Based Compensation - The Activity for our Incentive Plan (Details) - 2022 Equity Compensation Plan [Member] - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted Share ("RSU"), Director Restricted Share ("DSU") and Performance Share Units ("PSU")
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	348,900	68,000
Granted	308,200	164,800
Vested	(77,100)
Forfeited	(9,000)
Ending balance	571,000	232,800
Serviced-Based Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	209,800	48,800
Granted	186,600	101,300
Vested	(77,100)
Forfeited	(4,500)
Ending balance	314,800	150,100
Weighted Average Grant Date Fair Value per Share, Beginning balance	$ 6.78	$ 18.03
Weighted Average Grant Date Fair Value per Share, Granted	2.46	14.67
Weighted Average Grant Date Fair Value per Share, Vested	6.31
Weighted Average Grant Date Fair Value per Share, Forfeited	14.49
Weighted Average Grant Date Fair Value per Share, Ending balance	$ 4.23	$ 15.76
Performance-Based Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance	139,100	19,200
Granted	121,600	63,500
Vested	0
Forfeited	(4,500)
Ending balance	256,200	82,700
Weighted Average Grant Date Fair Value per Share, Beginning balance	$ 7.2	$ 12.19
Weighted Average Grant Date Fair Value per Share, Granted	2.46	14.79
Weighted Average Grant Date Fair Value per Share, Vested	0
Weighted Average Grant Date Fair Value per Share, Forfeited	14.49
Weighted Average Grant Date Fair Value per Share, Ending balance	$ 4.82	$ 14.23

Share Based Compensation - Th_2

Share Based Compensation - The Activity for our Incentive Plan (Parenthetical) (Details) - 2022 Equity Compensation Plan [Member] - Performance-Based Shares [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation share based award equity instruments other than options granted during the period	121,600	63,500
Modeled internal rate of return	20%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation share based award equity instruments other than options vesting percentage	100%	100%
Budget for large-scale commercial facility remaining amount	$ 418
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation share based award equity instruments other than options vesting percentage	0%	0%
Budget for large-scale commercial facility remaining amount	$ 342

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options vesting period	3 years
Share based compensation by share based award options outstanding and unvested	853	1,560		838	1,507	1,560
Exercise of stock options	$ 0	$ 256
2022 Equity Compensation Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based award options outstanding and unvested	853
Share based compensation by share based award unvested options unrecognized compensation	$ 2,400
Share based compensation by share based award non vested options intrinsic value	$ 0
Share based compensation by share based award aggregate instrinsic value of stock options excercised		$ 800
2022 Equity Compensation Plan [Member] | Fully Vested [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based award options vested and expected to vest weighted average remaining contractual term	1 year 2 months 12 days	1 year 4 months 24 days
2022 Equity Compensation Plan [Member] | Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based award total compensation not yet recognized period for recognition			1 year 8 months 12 days

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Calculation of Basic and Diluted Weighted-Average Shares Outstanding and Earnings (Loss) per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023		Sep. 30, 2022
Basic earnings (loss) per share:
Net income (loss) - numerator	$ (9,370)		$ 4,606
Weighted-average shares - denominator	44,221		43,350
Basic earnings (loss) per share	$ (0.21)		$ 0.11
Diluted earnings (loss) per share:
Net income (loss)	$ (9,370)		$ 4,606
Interest expense on convertible note	0	[1]	819
Net income (loss) - numerator	$ (9,370)		$ 5,425
Weighted-average shares (denominator):	44,221		43,350
Dilution effect of stock options and unvested restricted stock units and performance share units outstanding at end of period	0		1,760
Additional shares assuming conversion of convertible note	0	[1]	3,409
Weighted-average shares - diluted	44,221		48,519
Diluted earnings (loss) per share	$ (0.21)		$ 0.11
Stock options and unvested restricted stock units and performance share units excluded due to anti-dilutive effect	4,780		920
[1] Interest expense of $ 2.4 million related to the Convertible Notes for the quarter ended September 30, 2023, and the issuance of 3.6 million additional shares assuming the conversion of the Convertible Note on September 30, 2023 were excluded from the calculation of diluted earnings per share as such effects would be anti-dilutive.

Earnings (Loss) Per Common Sh_4

Earnings (Loss) Per Common Share - Calculation of Basic and Diluted Weighted-Average Shares Outstanding and Earnings (Loss) per Share (EPS) (Parenthetical) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023		Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Interest expense on convertible note	$ 0	[1]	$ 819
Additional shares assuming conversion of convertible note	0	[1]	3,409
Convertible Note [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Interest expense on convertible note	$ 2,400
Additional shares assuming conversion of convertible note	3,600
[1] Interest expense of $ 2.4 million related to the Convertible Notes for the quarter ended September 30, 2023, and the issuance of 3.6 million additional shares assuming the conversion of the Convertible Note on September 30, 2023 were excluded from the calculation of diluted earnings per share as such effects would be anti-dilutive.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Aug. 10, 2023	Sep. 30, 2023
Commitments and Contingencies [Line Items]
Purchase commitments		$ 6.8
Contractual obligations under contract	$ 5.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 06, 2023	Sep. 30, 2023
Subsequent Event [Line Items]
Cash covenant		$ 10
Financial covenant, description		Convertible Note agreement contains a financial covenant requiring the Company to maintain a cash balance of at least $10 million. On November 9, 2023, the Company entered into a standstill agreement (the "Agreement") with the Lender. The Agreement enables the Company, the Lender and other strategic investors to advance discussions towards a resolution for a recapitalization plan for the Company. Under the Agreement, the parties have agreed to a period of standstill, which pauses rights, remedies, powers, privileges and defenses, temporarily allowing the Company to go below its current cash covenant of $10 million until December 1, 2023. If the Company is not able to obtain additional financing and agree to a successful recapitalization plan, its cash balance is expected to fall below $10 million during the fourth calendar quarter of 2023, and an event of default under the Convertible Note agreement would occur. However, it is expected that any recapitalization plan will waive any defaults under the Convertible Note agreement.
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash covenant	$ 10
Financial covenant, description	Under the Agreement, the parties have agreed to a period of standstill, temporarily allowing the Company to go below its current cash covenant of $10 million until December 1, 2023.