Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information | |
Entity Registrant Name | CONTINENTAL ENERGY Corp |
Entity Central Index Key | 0000852747 |
Document Type | 20-F |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
STATEMENTS OF FINANCIAL POSITIO
STATEMENTS OF FINANCIAL POSITION - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Current | ||
Cash | $ 66,125 | $ 30,887 |
Receivables | 9,818 | 7,606 |
Prepaid expenses and deposits | 26,673 | 39,456 |
Current assets | 102,616 | 77,949 |
Current | ||
Accounts payable and accrued liabilities | 332,639 | 527,125 |
Loans from related parties | 87,500 | 87,500 |
Current liabilities | 420,139 | 614,625 |
Non-current | ||
Promissory notes | 81,513 | |
Liabilities | 501,652 | 614,625 |
DEFICIENCY | ||
Share capital | 18,238,161 | 17,841,522 |
Share-based payment and other reserve | 10,535,182 | 10,277,321 |
Deficit | (29,172,379) | (28,655,519) |
DEFICIENCY | (399,036) | (536,676) |
DEFICIENCY AND LIABILITIES | $ 102,616 | $ 77,949 |
STATEMENTS OF LOSS AND COMPREHE
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
EXPENSES | |||
Corporate administrative and office costs | $ 75,901 | $ 118,693 | $ 59,274 |
Depreciation | 731 | 730 | |
Engineering and technical services | 11,232 | 25,000 | |
Interest and bank charges | 18,637 | 9,541 | 46,845 |
Management and employee salaries | 165,259 | 166,030 | 292,236 |
Professional fees | 67,533 | 96,690 | 18,753 |
Regulatory compliance and filing fees | 34,293 | 66,187 | 6,579 |
Share-based payments | 92,250 | 41,950 | |
Travel and accommodation | 51,077 | 82,666 | 17,441 |
EXPENSES | (516,182) | (607,488) | (441,858) |
Other income (expenses) | |||
Interest and foreign exchange | (5,928) | (1,894) | 2,252 |
Financing cost | (151,110) | ||
Settlement of debt | 5,250 | 382,838 | |
Transaction cost | (335,057) | ||
Loss and comprehensive loss for the year | $ (516,860) | $ (712,711) | $ (439,606) |
Loss Per Share - Basic and Diluted | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares - Basic and Diluted | 171,091,271 | 152,620,997 | 123,015,381 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Resources Provided By (Used In) Operating Activities | |||
Loss for the year | $ (516,860) | $ (712,711) | $ (439,606) |
Items not affecting cash | |||
Depreciation | 731 | 730 | |
Interest on promissory notes | 16,432 | 7,486 | 45,000 |
Settlement of debt | (5,250) | (382,838) | |
Financing cost | 151,110 | ||
Share-based payments | 92,250 | 41,950 | |
Transaction cost | 335,057 | ||
Changes in non-cash working capital | |||
Receivables | (2,212) | (5,131) | (1,197) |
Prepaid expenses and deposits | 12,783 | 84,562 | (22,392) |
Accounts payable and accrued liabilities | (76,986) | 48,937 | 110,243 |
Cash Resources Provided By (Used In) Operating Activities | (479,843) | (430,847) | (307,222) |
Financing Activities | |||
Private placements | 550,000 | 350,000 | |
Promissory note principal repayment | (30,000) | ||
Interest paid on promissory notes | (4,919) | ||
Proceeds from exercise of warrants | 20,000 | ||
Advances from joint venture partner | 79,676 | 301,990 | |
Proceeds from (repayment of) loans from related parties | (13,100) | 29,100 | |
Financing Activities | 515,081 | 436,576 | 331,090 |
Change in cash | 35,238 | 5,729 | 23,868 |
Cash Position - Beginning of Year | 30,887 | 25,158 | 1,290 |
Cash Position - End of Year | $ 66,125 | $ 30,887 | $ 25,158 |
STATEMENTS OF CHANGES IN DEFICI
STATEMENTS OF CHANGES IN DEFICIENCY EQUITY - USD ($) | Share Capital [Member] | Share-Based Payment and Other Reserve [Member] | Conversion Rights Reserve [Member] | Deficit [Member] | Total |
Balance at Jun. 30, 2016 | $ 16,201,630 | $ 9,927,687 | $ 92,966 | $ (27,503,202) | $ (1,280,919) |
Balance, shares at Jun. 30, 2016 | 123,015,381 | ||||
Loss for the year | (439,606) | (439,606) | |||
Balance at Jun. 30, 2017 | $ 16,201,630 | 9,927,687 | 92,966 | (27,942,808) | (1,720,525) |
Balance, shares at Jun. 30, 2017 | 123,015,381 | ||||
Acquisition of CHI | $ 541,796 | 158,204 | 700,000 | ||
Acquisition of CHI, shares | 14,000,000 | ||||
Convertible debt settlement | $ 517,500 | 151,110 | 668,610 | ||
Convertible debt settlement, shares | 10,350,000 | ||||
Reallocation of conversion right reserve on settlement of convertible debt | $ 92,966 | (92,966) | |||
Exercise of warrants | $ 20,000 | 20,000 | |||
Exercise of warrants, shares | 2,000,000 | ||||
Reallocation of share-based payment and other reserves on exercise of warrants | $ 26,200 | (26,200) | |||
Private placement - cash | $ 325,430 | 24,570 | 350,000 | ||
Private placement - cash, shares | 7,000,000 | ||||
Settlement of debt | $ 116,000 | 116,000 | |||
Settlement of debt, shares | 7,000,000 | ||||
Share-based payments | 41,950 | 41,950 | |||
Loss for the year | (712,711) | (712,711) | |||
Balance at Jun. 30, 2018 | $ 17,841,522 | 10,277,321 | (28,655,519) | (536,676) | |
Balance, shares at Jun. 30, 2018 | 163,365,381 | ||||
Private placement - cash | $ 384,389 | 165,611 | 550,000 | ||
Private placement - cash, shares | 11,000,000 | ||||
Settlement of debt | $ 12,250 | 12,250 | |||
Settlement of debt, shares | 350,000 | ||||
Share-based payments | 92,250 | 92,250 | |||
Loss for the year | (516,860) | (516,860) | |||
Balance at Jun. 30, 2019 | $ 18,238,161 | $ 10,535,182 | $ (29,172,379) | $ (399,036) | |
Balance, shares at Jun. 30, 2019 | 174,715,381 |
Nature of Operations and Going
Nature of Operations and Going Concern | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of nature of operations and going concern [abstract] | |
Nature of Operations and Going Concern | 1. Nature of Operations and Going Concern Continental Energy Corporation ("Continental" or the "Company") is incorporated under the laws of the Province of British Columbia, Canada. The Company's registered address and records office is 1500-1055 West Georgia Street, Vancouver, British Columbia, Canada V6E 4N7. The Company is a developer of modular, small-scale crude oil refineries that are co-located with smaller and/or stranded oil and gas producing fields. Each refinery will be designed to refine high demand motor fuels for supply to underserved local markets in the Republic of Indonesia. The Company operates its primary business activities through two subsidiaries in Indonesia. Each of these subsidiaries has received the necessary investment licenses to permit foreign direct investment in Indonesia and one has received the required licenses from the Indonesian Ministry of Mines and Energy to build, own, and operate a petroleum refining business. The Company is now working towards securing financing to begin construction. These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company is a development stage company and has incurred operating losses over the past several fiscal years and has no current source of operating cash flows. The Company's ability to continue as a going concern is dependent upon its ability to obtain the financing necessary to acquire and develop its projects as well as fund ongoing administration expenses. There are no assurances that sufficient funding will be available. Management intends to obtain additional funding primarily by issuing common and preferred shares in private placements, and/or by joining with strategic partners and joint venture partners in its refinery developments. There can be no assurance that management's future financing actions will be successful. Management is not able to assess the likelihood or timing of raising capital for future expenditures or acquisitions. These uncertainties indicate the existence of material uncertainty that casts substantial doubt on the Company's ability to continue as a going concern in the future. If the going concern assumption were not appropriate for these consolidated financial statements, liquidation accounting would apply, and adjustments would be necessary to the carrying values and classification of assets, liabilities, the reported income and expenses, and such adjustments could be material. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of basis of preparation [abstract] | |
Basis of Preparation | 2. Basis of Preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (" IFRS IASB IFRIC The Company's Board of Directors, upon the recommendation of its Audit Committee, has approved these financial statements on 21 October 2019. Basis of Consolidation These consolidated financial statements include the financial statements of the Company and the entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions and balances have been eliminated. These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: PT Continental Hilir Indonesia ("PT-CHI"), an entity incorporated in Indonesia on 12 September 2017, which is 100% owned and controlled by Continental. PT Kilang Kaltim Continental ("KKC"), an entity incorporated in Indonesia on 5 December 2017, which is 100% owned and controlled by Continental. Continental Hilir Indonesia Pte. Ltd. ("CHI") since its acquisition on 31 August 2017 (Note 6). CHI was incorporated in Singapore and was 100% owned and controlled by Continental. CHI was wound up and struck off the register of active Singaporean companies as the entity was no longer required after the incorporation of the Company's Indonesian subsidiaries in 2017. These consolidated financial statements include the accounts of CHI until 10 December 2018, the date of its dissolution. These consolidated financial statements have been prepared on a historical cost basis and presented in United States (" US |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of summary of significant accounting policies [abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Foreign Currencies The functional currency is the currency of the primary economic environment in which the entity operates. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, the Effects of Changes in Foreign Exchange Rates (" IAS 21 The Company's functional and presentation currency is the U.S. dollar. Any transactions in currencies other than the functional currency have been translated to the U.S. dollar in accordance with IAS 21. Transactions in currencies other than the functional currency are recorded at that rates of exchange prevailing on dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at rates prevailing at the date when the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the statements of loss and comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Loss per Share Basic loss per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted loss per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted loss per share by application of the "if converted" method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted loss per share by application of the treasury stock method. In the years when the Company reports a loss, the effect would be anti-dilutive, and therefore, basic and diluted loss per share are the same. Share-Based Payments The Company grants stock options and warrants to buy common shares of the Company to directors, officers, employees, service providers, and other arm's length parties. Such equity settled share-based payment arrangements are entered into for a period and vesting periods determined at its sole discretion of the board of directors and at prices equal to or greater than the closing market price on the day preceding the date they were granted. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value of these equity settled share-based payments is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which these instruments were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of instruments that are expected to vest. Arrangements in which the Company receives good or services as consideration for its own equity instrument or stock options granted to non-employees, are accounted for as equity settled share-based payments transactions and measured at the fair value of goods and services received. If fair value of goods or services received cannot be estimated reliably, the transaction is measured at the fair value of the equity instruments granted at the date the Company receives the goods or services. Unit Private Placements The Company values warrants issued as part of a private placement unit by allocating the proceeds from the issuance of units between common shares and common share purchase warrants on a pro-rata basis based on relative fair values as follows: The fair value of common shares is based on the closing market price on the date the units are issued; and The fair value of the common share purchase warrants is determined using the Black-Scholes pricing model. The fair value attributed to the warrants is recorded in the share-based payment reserve. Financial Instruments Measurement – Initial Recognition Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as fair value through profit or loss ("FVTPL"). Transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of Financial Assets Amortized cost Financial assets that meet the following conditions are measured at amortized cost: The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus principal repayments plus the cumulative amortization, using the effective interest method applied to the difference between the initial amount and the maturity amount, adjusted for any allowance due to losses or gains. Interest income is recognized using the effective interest method. The Company's financial assets at amortized cost include its cash. Fair value through other comprehensive income ("FVTOCI") Financial assets that meet the following conditions are measured at FVTOCI. The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and The contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company does not have any instruments classified as financial assets at FVTOCI. FVTPL All other financial assets are measured at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. The Company does not have any financial assets measured at fair value through profit or loss. Impairment of financial assets at amortized cost: The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information. Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or equity in accordance with the substance of the contractual arrangements and the definition of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recognized as proceeds received net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly from equity. No gain or loss is recognized, by the Company, in profit or loss on the purchase, sale, or the cancellation of its own equity instruments. Classification of Financial Liabilities Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, or designated as at FVTPL, are measured at amortized cost using the effective interest method. The Company's financial liabilities measured at amortized cost include accounts payable and accrued liabilities, promissory notes and loan from related parties. Derecognition A financial asset is derecognized when: The rights to receive cash flows from the asset have expired; The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full to a third party under a 'pass-through' arrangement; And either (a) the Company has transferred substantially all risks and rewards of the asset, or (b) the Company retains legal title but has contractually or otherwise transferred the associated economic risks and rewards. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Compound Financial Instruments Compound financial instruments issued by the Company comprise convertible debt that can be converted into fixed number of common shares of the Company. The liability component of the compound financial instrument is recognized initially at the fair value of a similar liability that does not have any equity conversion option. The equity component is recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Should a compound financial instrument have more than one equity component, transaction costs are allocated to the equity components in proportion to their respective fair values. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. Income Taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statements of comprehensive loss. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, it provides a valuation allowance against the excess. The following temporary differences do not result in deferred tax assets or liabilities: The initial recognition of assets or liabilities that do not affect accounting or taxable profit; and Goodwill. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset when they relate to income taxes levied by the same taxation authority. |
Significant Accounting Estimate
Significant Accounting Estimates and Judgments | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of significant accounting estimates and judgments [abstract] | |
Significant Accounting Estimates and Judgments | 4. Significant Accounting Estimates and Judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, profit and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if it affects both current and future periods. Critical Judgments: Acquisition of CHI The Company acquired 100% of outstanding common shares of CHI (Note 6). The accounting treatment of such acquisitions is dependent upon whether the acquired entity constitutes a business in accordance with IFRS 3, Business Combinations. A business usually consists of: ● Inputs ° Any economic resource that creates, or has the ability to create, outputs, when one or more processes are applied to it. ● Processes ° Any system, standard, protocol, convention or rule that when applied to an input or inputs, creates or has the ability to create outputs. ● Outputs ° The result of inputs and processes applied to those inputs that provide or have the ability to provide a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members or participants. Inputs and processes are essential elements that have to be present in order for an entity to be classified as a business. Although a business usually has outputs, they are not required for an integrated set of assets to qualify as a business. CHI was set up for development of small-scale refinery projects in Indonesia. The entity was still in its early stage of development and did not have any licenses for the development of such projects. It therefore did not have any significant inputs or processes capable of producing outputs. As a result, the entity did not qualify as a business. Recovery of deferred taxes Judgment is required in determining whether deferred tax assets are recognized on the statement of financial position. Deferred tax assets require management to assess the likelihood that the Company will generate taxable income in future periods in order to utilize recognized deferred tax assets. Estimates of future taxable income are based on forecasted cash flows and the application of existing tax laws in each jurisdiction. The Company has not recognized any deferred tax assets on the statement of financial position as at 30 June 2019. Critical Accounting Estimates: Significant estimates relate to, but are not limited to: Stock options and warrant valuations The fair value of stock options and warrants granted is estimated on the date of the grant using the Black-Scholes option pricing model. Expected volatility is based on historical stock price volatility of comparable companies in a similar stage of life cycle as the Company. The Company uses historical data to estimate the timing of exercises within the valuation model. The risk-free interest rate for the expected term of the instruments is based on the yields of government bonds. Changes in these assumptions, especially the volatility and the expected life determination could have a material impact on the Company's comprehensive loss for the year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Adoption of New Standards | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of recent accounting pronouncements and adoption of new standards [Abstract] | |
Recent Accounting Pronouncements and Adoption of New Standards | 5. Recent Accounting Pronouncements and Adoption of New Standards Certain new standards, interpretations, amendments and improvements to existing standards were issued by the IASB or IFRIC. The Company adopted the following standard on 1 July 2018. IFRS 9 Financial Instruments This standard and its consequential amendments have replaced IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged to IFRS 9, except that an entity choosing to measure a financial liability at fair value will present the portion of any change in its fair value due to changes in the entity's own credit risk in other comprehensive income, rather than within profit or loss. The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS 39. Due to the nature of the Company's financial instruments, i.e. cash being the only financial asset and the loan from a related party and other accounts payable being the only financial liabilities, the adoption of the standard did not have any impact on the Company's financial statements. The classification and measurement of the Company's financial instruments under IAS 39 and the new measurement categories under IFRS 9 are described below: Measurement Category Original (IAS 39) New (IFRS 9) Financial Assets: Cash Amortized cost Amortized cost Financial Liabilities: Accounts payable and accrued liabilities Amortized cost Amortized cost Loans from related parties Amortized cost Amortized cost Promissory notes N/A Amortized cost The following new standards and amendments to standards have been issued but are not effective during the Company's current fiscal year. IFRS 16, Leases This standard and its consequential amendments have replaced IAS 17 – Leases and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the customer controls the asset being leased. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on-balance sheet accounting model that is similar to current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. The Company anticipates the adoption of IFRS 16 on its interim office in Jakarta (approximately $1,150 per month) will not have a material impact on the results and financial position of the Company. The Company does not have any other leasing arrangements. IFRIC 23, Uncertainty over Income Tax Treatment The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty. It specifically addresses the following: Whether an entity considers uncertain tax treatments separately; The assumptions an entity makes about the examination of tax treatments by taxation authorities; How an entity determines taxable profit or loss, tax bases, unused tax losses, unused tax credits, and tax rates; and How an entity considers changes in facts and circumstances. An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be followed. The interpretation is effective for annual reporting periods beginning on or after 1 January 2019. The Company will apply the interpretation from 1 July 2019 but expects that the interpretation will not have any significant impact on its consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition | 6. Acquisition The Company entered into a Joint Development Agreement dated 4 January 2017 (the "JDA") with Continental Hilir Indonesia Pte. Ltd., a privately held Singapore company, regarding the development of small-scale crude oil refinery projects in Indonesia. During the fiscal year ended 30 June 2018, on 31 August 2017, the Company closed a deal (the "CHI Transaction") with eight subscribers and shareholders (the "Subscribers") of CHI, who had invested a total of $700,000 into CHI, consisting of $550,000 in cash and $150,000 in management services to CHI. CHI had made non-interest bearing reimbursable advances directly to the benefit of the Company of $381,666 in relation the JDA. Upon closure of the CHI Transaction the JDA between CHI and the Company was terminated and extinguished. In accordance with separate settlement and disposition agreements with each one of the Subscribers, the Company reimbursed the entire $700,000 to the Subscribers by way of the issue of its own securities in an aggregate amount of 14,000,000 Units (the "Units") at a value of $0.05 per Unit. Each Unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year from issue. Three of the Subscribers are also directors of the Company. The other subscribers are all arms-length and unrelated parties to the Company. Each one of the related parties received 1,000,000 of the Units upon issue on the same terms as the arms-length Subscribers. (Note 12) The allocation of the purchase price was as follows: Fair value of 14,000,000 shares issued (Note 11) $ 541,796 Fair value of 14,000,000 warrants issued (Note 11) 158,204 Total consideration 700,000 Net assets (liabilities) acquired from CHI Prepayments and advances 98,277 Accounts payable and accrued liabilities (115,000 ) Cash advances settled 381,666 Net assets acquired 364,943 Transaction cost $ 335,057 Subsequent to the closure of the CHI Transaction on 31 August 2017, the Company established a new subsidiary in Indonesia, PT-CHI on 12 September 2017. PT-CHI assumed the business objectives and purpose for which the Company and CHI originally entered the JDA. During the fiscal year ended 30 June 2019, the Company caused CHI to be wound up, dissolved, and struck off by the Singapore companies registrar. |
Capital Management
Capital Management | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of capital management [abstract] | |
Capital Management | 7. Capital Management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue new business development and to maintain a flexible capital structure for its projects for the benefits of its stakeholders. The Company's principal source of funds is from the issuance of common shares. In the management of capital, the Company includes the components of deficiency. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, enter into joint venture arrangements, acquire or dispose of assets, or adjust the amount of cash and short-term investments. The Company's investment policy is to invest any excess cash in highly liquid short-term interest-bearing investments selected with regard to the expected timing of expenditures from continuing operations. The Company is not subject to any externally imposed capital requirements and there was no change in the Company's capital management during the year ended 30 June 2019. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management | 8. Financial Risk Management The Company's financial instruments are exposed to certain financial risks. The risk exposures and the impact on the Company's financial instruments are summarized below. Currency risk The Company is primarily exposed to currency fluctuations relative to the U.S. dollar through expenditures that are denominated in foreign currencies. Also, the Company is exposed to the impact of currency fluctuations on its foreign currency monetary assets and liabilities. The Company is exposed to foreign currency risk through the following financial assets and liabilities denominated in currencies other than U.S. dollars: Accounts payable and accrued 30 June 2019 Cash Receivables liabilities Canadian dollars 3,026 12,849 (83,353 ) Indonesian Rupiah 310,453,039 - (439,546,620 ) Accounts payable and accrued 30 June 2018 Cash Receivables liabilities Canadian dollars 987 10,016 (128,813 ) Indonesian Rupiah 211,156,790 - (341,664,000 ) Accounts payable and accrued 30 June 2017 Cash Receivables liabilities Canadian dollars 5,012 3,212 (63,243 ) Indonesian Rupiah 16,857,875 - (304,510,667 ) At 30 June 2019, with other variables unchanged, a 10% change in exchange rates would affect the loss by $6,073 (2018 -$9,860, 2017 – $6,397). Credit risk Credit risk is the risk of loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company's cash is held by reputable financial institutions. Receivables consist of goods and services taxes due from the Federal Government of Canada. Management believes that the credit risk concentration with respect to cash and receivables is remote. Price risk The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings, or ability to obtain equity financing, due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors commodity prices of oil and gas, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Liquidity requirements are managed based on expected cash flows to maintain sufficient capital to meet short term obligations. As at 30 June 2019, the Company had a cash balance of $66,125 which is not sufficient to settle current liabilities of $420,139. The Company's management continues to work on obtaining financing to meet these obligations and also on reaching alternative arrangements with relevant parties. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As at 30 June 2019, the Company has a positive cash balance and other than its promissory notes, which have a fixed interest rate of 9% per annum, its debt was interest free. The Company has no significant concentrations of interest rate risk arising from operations. |
Convertible Debt
Convertible Debt | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
Convertible Debt | 9. Convertible Debt Total $ Balance on 30 June 2016 465,014 Interest 45,000 Balance on 30 June 2017 510,014 Interest 7,486 Conversion (517,500 ) Balance on 30 June 2018 and 2019 - The Company issued a convertible promissory note for cash proceeds of $250,000 on 21 September 2011. The promissory note paid interest at 18% per annum and could be converted to the common shares of the Company at $0.05 per share. On 31 August 2017, the Company settled the convertible promissory note and accumulated interest thereon in an aggregate amount of $517,500 by the issue to the note holder of 10,350,000 units of the Company at $0.05 per unit. Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year. The fair value of the warrants included in the units amounted to $151,110 and was determined using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 125%, risk-free interest rate: 1.23%, expected life of warrants (years): 1.00. The Company recognized this fair value in its statement of loss as financing cost. Upon conversion of the debt, the value of the conversion option of $92,966, previously recorded as a separate category within equity, was reclassified from conversion rights reserve to share capital. |
Promissory Notes
Promissory Notes | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Promissory Notes [Abstract] | |
Promissory Notes | 10. Promissory Notes On 1 September 2018, the Company issued three promissory notes to unrelated arms-length parties for an aggregate principal amount of $100,000 in respect of unpaid accounts payable and accrued liabilities of CHI (Note 6). The notes each have a term of two years and bear non-compounding simple interest at a rate of nine (9%) per year on the unpaid balance commencing from 1 September 2017. A continuity of the promissory notes payable is as follows: $ Balance - 30 June 2018 - Issuance of promissory notes 100,000 Interest 16,432 Repayments (34,919 ) Balance - 30 June 2019 81,513 |
Share Capital
Share Capital | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | 11. Share Capital Authorized Share Capital 500,000,000 common shares without par value and without special rights or restrictions attached. Shares issued Common shares issued during this fiscal year ended 30 June 2019 On 26 September 2018, pursuant to a private placement, the Company issued 7,000,000 units of the Company at $0.05 per unit, for proceeds of $350,000. Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.05 per common share for a term expiring on 30 June 2021. The Company allocated $228,545 to common shares and $121,455 to the share purchase warrants based on management's estimate of relative fair values. The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 100%, risk-free interest rate: 2.18%, expected life of warrants: 2.76 years. On 26 September 2018, the Company also issued 350,000 common shares to settle a payable to an officer of $17,500. These common shares had a fair value of $0.035 per share on the date of issuance for a total value of $12,250, resulting in a gain on settlement of debt of $5,250. On 16 December 2018, pursuant to a private placement, the Company issued 4,000,000 units of the Company at $0.05 per unit, for proceeds of $200,000. Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.05 per common share for a term expiring on 30 June 2021. The Company allocated $155,844 to common shares and $44,156 to the share purchase warrants based on management's estimate of relative fair values. The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 100%, risk-free interest rate: 1.95%, expected life of warrants: 2.54 years. Common shares issued during the previous fiscal year ended 30 June 2018 On 31 August 2017, the Company settled a convertible promissory note and accumulated interest thereon in an aggregate amount of $517,500 by the issue to the loan holder of 10,350,000 units of the Company at $0.05 per unit (Note 9). Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year. On 31 August 2017, the Company issued 14,000,000 units at a value of $0.05 per unit in connection with the acquisition of CHI (Note 6). Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year. The units were recorded at their fair value, being $700,000 and pro-rated between common shares ($541,796) and the share purchase warrants ($158,204). The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 125%, risk-free interest rate: 1.21%, expected life of warrants (years): 1.00. On 7 September 2017, 2,000,000 warrants with exercise price of $0.01 per share were exercised for gross proceeds of $20,000 (Note 12). On 8 September 2017, pursuant to a private placement, the Company issued 1,000,000 units of the Company at $0.05 per unit, for proceeds of $50,000. Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year. The Company allocated $41,876 to common shares and $8,124 to the share purchase warrants based on management's estimate of relative fair values. The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 125%, risk-free interest rate: 1.21%, expected life of warrants (years): 1.00. On 28 November 2017, pursuant to a private placement, the Company issued 6,000,000 units of the Company at $0.05 per unit, for proceeds of $300,000. Each unit consisted of one common share of the Company and one warrant to purchase an additional common share at a fixed price of $0.10 per common share for a term of one year. No brokers or finders' fees were incurred. The Company allocated $283,554 to common shares and $16,446 to the share purchase warrants based on management's estimate of relative fair values. The fair value of the share purchase warrants was estimated using the Black-Scholes option pricing model with the following assumptions: expected dividend yield: 0%, expected stock price volatility: 125%, risk-free interest rate: 1.61%, expected life of warrants (years): 1.00. On 29 December 2017, the Company issued 1,000,000 common shares to settle a payable to the CEO of $50,000. These common shares had a fair value of $0.02 per share on the date of issuance for a total value of $20,000, resulting in gain on settlement of debt of $30,000. On 2 January 2018, the Company issued 6,000,000 common shares to settle a payable to the CEO and the CFO of $300,000. These common shares had a fair value of $0.016 per share on the date of issuance for a total value of $96,000, resulting in gain on settlement of debt of $204,000. Preferred shares issued There were no preferred shares issued during the two fiscal years ended 30 June 2018 and 2019. Stock options The Company has an approved incentive stock option plan under which the Board of Directors may, from time to time, grant options to directors, officers, employees or consultants. Options granted must be exercised within a period as determined by the board. Options vest on the grant date unless otherwise determined by the board. The aggregate number of common shares which may be reserved as outstanding options shall not exceed 25,000,000, and the maximum number of options held by any one individual at any one time shall not exceed 7.5% of the total number of the Company's issued and outstanding common shares and 15% of same for all related parties (officers, directors, and insiders) as a group. A reconciliation of the Company's stock options outstanding on 30 June 2019 is as follows: Weighted Average Number of Exercise Price Options $ per Share Outstanding on 30 June 2016 and 2017 - - Granted 4,500,000 0.15 Outstanding on 30 June 2018 4,500,000 0.15 Granted 7,500,000 0.05 Expired (4,500,000 ) 0.15 Outstanding on 30 June 2019 7,500,000 0.05 On 11 February 2019, the Company granted a total of 7,500,000 stock options to directors and officers of the Company, with and exercise price of $0.05 and term expiring 30 June 2021. The fair value of these stock options was determined to be $92,250, which was charged to the statement of loss and comprehensive loss as share-based payments expense. On 31 August 2017, a total of 4,000,000 stock options were granted to directors and officers of the Company, with an exercise price of $0.15 and a term expiring on 31 August 2018. The fair value of these stock options was determined to be $40,800, which was charged to the statement of loss and comprehensive loss as share-based payments expense. On 16 October 2017, a total of 500,000 stock options were granted an officer of the Company, with an exercise price of $0.15 and a term expiring on 17 October 2018. The fair value of these stock options was determined to be $1,150, which was charged to the statement of loss and comprehensive loss as share-based payments expense. The fair value of the options granted was estimated using the Black-Scholes option pricing model, with the following assumptions: Year Ended Year Ended Year Ended 30 June 2019 30 June 2018 30 June 2017 Expected dividend yield Nil Nil - Expected stock price volatility 100% 125% - Risk-free interest rate 1.79% 1.25% - Expected life of options (years) 2.38 1.00 - A summary of the Company's options outstanding on 30 June 2019 is as follows, and in total have a weighted average remaining contractual life of 2.00 years: Options Options Exercise Expiry Outstanding Exercisable Price Date 7,500,000 7,500,000 $0.05 30 June 2021 7,500,000 7,500,000 Warrants A reconciliation of the Company's warrants outstanding is as follows: Weighted Average Number of Exercise Price Warrants $ per Share Outstanding on 30 June 2016 2,550,000 0.03 Expired (550,000 ) 0.10 Outstanding on 30 June 2017 2,000,000 0.01 Issued 31,350,000 0.10 Exercised (2,000,000 ) 0.01 Outstanding on 30 June 2018 31,350,000 0.10 Issued 11,000,000 0.05 Expired (10,350,000 ) 0.10 Outstanding on 30 June 2019 32,000,000 0.05 During the year ended 30 June 2019, the term and exercise price of 21,000,000 outstanding and unexercised share purchase warrants were amended to reflect a reduction in exercise price from $0.10 each to $0.05 each and an extension of their term and expiry date from 31 August 2018 (14,000,000) and 8 September 2018 (1,000,000) until a new expiry date on 30 June 2020, and from 28 November 2018 (6,000,000) until a new expiry date on 30 June 2021. As the share purchase warrants were issued originally to investors the modification of the terms was a transaction with the Company's shareholders and therefore the incremental value resulting from such amendment did not result in any impact on the Company's statement of loss. A summary of the Company's warrants outstanding on 30 June 2019 is as follows: Number of Shares Price Per Share Expiry Date 14,000,000 $0.05 30 June 2020 1,000,000 $0.05 30 June 2020 6,000,000 $0.05 30 June 2021 7,000,000 $0.05 30 June 2021 4,000,000 $0.05 30 June 2021 32,000,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | 12. Related Party Transactions Key management personnel include persons having the authority and responsibility for planning, directing and controlling the activities of the Company as a whole, and includes the Company's officers, its CEO, Acting CFO, VP of Business Development, and the Company's directors. As at the 30 June 2019 end of this fiscal year, a total of $227,045 (30 June 2018 - $320,951) was payable to the officers of the Company as accumulated and unpaid salary and fees. These amounts are included in accounts payable and are unsecured and non-interest bearing. During this fiscal year ended 30 June 2019, the Company paid or accrued salary, fees, or other compensation to the officers of the Company in the amount of $142,445 (2018 - $148,604, 2017 - $275,470). During this fiscal year ended 30 June 2019, the Company's VP of Business Development converted an amount of $17,500 in accrued and unpaid salary into 350,000 common shares of the Company (Note 11). As at the 30 June 2019 of this fiscal year, the Company has a loan payable to its CEO in the amount of $87,500 (2018 - $87,500) for cash loaned by the CEO to the Company. The Loan is interest free with no fixed repayment terms. During this fiscal year ended 30 June 2019, the Company granted 7,500,000 incentive stock options to its directors and officers, with an exercise price of $0.05 and term expiring 30 June 2021. The fair value of these incentive stock options was determined to be $92,250 (2018 - $41,950), using Black Scholes Option Pricing model (Note 11). During the year ended 30 June 2018, the Company granted 4,500,000 incentive stock options to its directors and officers, with an exercise price of $0.15 and term of one year. The fair value of these incentive stock options was determined to be $41,950, using Black Scholes Option Pricing model (Note 11). During this fiscal year ended 30 June 2019, the Company amended the terms of 3,000,000 outstanding common share purchase warrants held by three directors of the Company were amended to reflect a reduction in exercise price from $0.10 each to $0.05 each and an extension of their term and expiry date from 31 August 2018 until a new expiry date on 30 June 2020 (Note 11). During the previous fiscal year ended 30 June 2018, the Company's CEO voluntarily suspended and terminated payment and accrual of salary commencing from 1 July 2017 and continuing until such time as the Company's financial condition permits a resumption of such cost. The CEO also forgave $75,000 in accrued and unpaid salary and agreed to convert $150,000 in accrued and unpaid salaries into 3,000,000 common shares of the Company (Note 11). During the previous fiscal year ended 30 June 2018, the Company's former CFO resigned effective 31 December 2017, forgave $72,494 in accrued but unpaid salary, and agreed to convert $200,000 in accrued but unpaid salaries into 4,000,000 common shares of the Company (Note 11). From the 31 December 2017 resignation date of the former CFO, the Company terminated accrual of salary upon his resignation date and agreed to pay a total amount of $125,000 by end November 2018 to settle all outstanding compensation and amounts due. Commencing from 1 January 2018, the CFO agreed to continue as "Acting CFO" without additional compensation and did so until his replacement as Acting CFO on 7 November 2018. Accordingly, during the current fiscal year ended 30 June 2019, the Company did not pay or accrue salary for the former CFO. On 7 December 2018 the former CFO ceased to be a director and also thereupon ceased to be a related party of the Company. As at 30 June 2019, the Company has paid a total of $75,000 of the amount due the former CFO by end November 2018; and a total remaining balance amount of $50,000 is past due and unpaid. During the previous fiscal year ended 30 June 2018, an aggregate amount of $13,100 in personal loans made to the Company by its current Acting CFO was offset and repaid in full and an amount of 2,000,000 warrants issued by the Company to the same director on 13 October 2015 were exercised at the warrant exercise price of $0.01 per share for cash proceeds of $20,000. (Note 11). During the previous fiscal year ended 30 June 2018, the Company issued 3,000,000 units of its securities, each unit consisting of one common share and one warrant to purchase an additional common share at a price of $0.10 for one year, to three directors of the Company, in conjunction with the CHI Transaction (Note 6). Each director received 1,000,000 units. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 13. Income Taxes The Company is domiciled in Canada and is therefore subject to tax on estimated assessable profit at the rate of 27.00% (2018 – 27.00%, 2017 – 26.00%). The Company has no assessable profit in Canada. The tax expense at statutory rates for the Company can be reconciled to the reported income taxes per the statement of loss as follows: Year Ended Year Ended Year Ended 30 June 2019 30 June 2018 30 June 2017 $ $ $ Loss before income taxes (516,860 ) (712,711 ) (439,606 ) Federal and provincial statutory tax rate 27.00 % 27.00 % 26.00 % Income tax recovery based on the above rates (139,552 ) (192,432 ) (114,298 ) Non-deductible expenses and other 44,440 164,973 16,998 Change in tax rates - (102,075 ) - Adjustment to prior years provision versus statutory tax returns (93,327 ) - - Losses and temporary differences for which no tax benefit has been recorded 188,439 129,534 97,300 Total income taxes - - - The Company's unrecognized deferred tax assets are as follows: 30 June 2019 30 June 2018 $ $ Non-capital losses 2,197,767 2,008,565 Capital losses 384,802 388,967 Resource properties 399,721 397,263 Capital assets 143,204 142,323 Share issue costs and other 10,212 10,149 Total unrecognized deferred tax assets 3,135,706 2,947,267 In assessing the recoverability of deferred tax assets other than deferred tax assets resulting from the initial recognition of assets and liabilities that do not affect accounting or taxable profit, the Company's management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company has non-capital loss carry-forwards of approximately $8,000,000 that may be available for tax purposes as follows: Canada Indonesia Total Expiring in $ $ $ 2024 - 194,000 194,000 2023 - 167,000 167,000 2027 1,120,000 - 1,120,000 2028 1,009,000 - 1,009,000 2029 1,078,000 - 1,078,000 2030 625,000 - 625,000 2031 433,000 - 433,000 2032 449,000 - 449,000 2033 456,000 - 456,000 2034 391,000 - 391,000 2035 614,000 - 614,000 2036 434,000 - 434,000 2037 436,000 - 436,000 2038 565,000 - 565,000 2039 191,000 - 191,000 Non-capital loss carry-forwards 7,801,000 361,000 8,162,000 |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of supplemental cash flow information [abstract] | |
Supplemental cash flow information | 14. Supplemental cash flow information Year Ended Year Ended Year Ended Non-Cash Investing and Note 30 June 2019 30 June 2018 30 June 2017 Financing Activities $ $ $ Acquisition of CHI 6 - 700,000 - Convertible debt settlement 9 - 668,610 - Conversion of accounts payable into long-term promissory notes 10 100,000 - - Common shares issued in settlement of accrued and unpaid salaries 11,12 12,250 116,000 - Reallocation of conversion rights reserve on settlement of convertible debt 9 - 92,966 - Reallocation of share-based payment and other reserve on warrant exercise - 26,200 - |
Segmented Information
Segmented Information | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of operating segments [abstract] | |
Segmented Information | 15. Segmented Information The Company currently operates in only one segment which is geographically concentrated within the Republic of Indonesia. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 16. Subsequent Event Subsequent to this fiscal year ended 30 June 2019, an additional 5,000,000 incentive stock options were granted to directors and an officer, having an exercise price of US$ 0.05 per share and an expiry date of 30 June 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of summary of significant accounting policies [abstract] | |
Foreign Currencies | Foreign Currencies The functional currency is the currency of the primary economic environment in which the entity operates. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, the Effects of Changes in Foreign Exchange Rates (" IAS 21 The Company's functional and presentation currency is the U.S. dollar. Any transactions in currencies other than the functional currency have been translated to the U.S. dollar in accordance with IAS 21. Transactions in currencies other than the functional currency are recorded at that rates of exchange prevailing on dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at rates prevailing at the date when the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in the statements of loss and comprehensive loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. |
Loss per Share | Loss per Share Basic loss per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted loss per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted loss per share by application of the "if converted" method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted loss per share by application of the treasury stock method. In the years when the Company reports a loss, the effect would be anti-dilutive, and therefore, basic and diluted loss per share are the same. |
Share-Based Payments | Share-Based Payments The Company grants stock options and warrants to buy common shares of the Company to directors, officers, employees, service providers, and other arm's length parties. Such equity settled share-based payment arrangements are entered into for a period and vesting periods determined at its sole discretion of the board of directors and at prices equal to or greater than the closing market price on the day preceding the date they were granted. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value of these equity settled share-based payments is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which these instruments were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of instruments that are expected to vest. Arrangements in which the Company receives good or services as consideration for its own equity instrument or stock options granted to non-employees, are accounted for as equity settled share-based payments transactions and measured at the fair value of goods and services received. If fair value of goods or services received cannot be estimated reliably, the transaction is measured at the fair value of the equity instruments granted at the date the Company receives the goods or services. |
Unit Private Placements | Unit Private Placements The Company values warrants issued as part of a private placement unit by allocating the proceeds from the issuance of units between common shares and common share purchase warrants on a pro-rata basis based on relative fair values as follows: The fair value of common shares is based on the closing market price on the date the units are issued; and The fair value of the common share purchase warrants is determined using the Black-Scholes pricing model. The fair value attributed to the warrants is recorded in the share-based payment reserve. |
Financial Instruments | Financial Instruments Measurement – Initial Recognition Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as fair value through profit or loss ("FVTPL"). Transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of Financial Assets Amortized cost Financial assets that meet the following conditions are measured at amortized cost: The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus principal repayments plus the cumulative amortization, using the effective interest method applied to the difference between the initial amount and the maturity amount, adjusted for any allowance due to losses or gains. Interest income is recognized using the effective interest method. The Company's financial assets at amortized cost include its cash. Fair value through other comprehensive income ("FVTOCI") Financial assets that meet the following conditions are measured at FVTOCI. The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and The contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company does not have any instruments classified as financial assets at FVTOCI. FVTPL All other financial assets are measured at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. The Company does not have any financial assets measured at fair value through profit or loss. Impairment of financial assets at amortized cost: The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information. Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or equity in accordance with the substance of the contractual arrangements and the definition of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recognized as proceeds received net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly from equity. No gain or loss is recognized, by the Company, in profit or loss on the purchase, sale, or the cancellation of its own equity instruments. Classification of Financial Liabilities Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, or designated as at FVTPL, are measured at amortized cost using the effective interest method. The Company's financial liabilities measured at amortized cost include accounts payable and accrued liabilities, promissory notes and loan from related parties. Derecognition A financial asset is derecognized when: The rights to receive cash flows from the asset have expired; The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full to a third party under a 'pass-through' arrangement; And either (a) the Company has transferred substantially all risks and rewards of the asset, or (b) the Company retains legal title but has contractually or otherwise transferred the associated economic risks and rewards. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. |
Compound Financial Instruments | Compound Financial Instruments Compound financial instruments issued by the Company comprise convertible debt that can be converted into fixed number of common shares of the Company. The liability component of the compound financial instrument is recognized initially at the fair value of a similar liability that does not have any equity conversion option. The equity component is recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Should a compound financial instrument have more than one equity component, transaction costs are allocated to the equity components in proportion to their respective fair values. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. |
Income Taxes | Income Taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statements of comprehensive loss. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, it provides a valuation allowance against the excess. The following temporary differences do not result in deferred tax assets or liabilities: The initial recognition of assets or liabilities that do not affect accounting or taxable profit; and Goodwill. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset when they relate to income taxes levied by the same taxation authority. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of Allocation of Purchase Price | The allocation of the purchase price was as follows: Fair value of 14,000,000 shares issued (Note 11) $ 541,796 Fair value of 14,000,000 warrants issued (Note 11) 158,204 Total consideration 700,000 Net assets (liabilities) acquired from CHI Prepayments and advances 98,277 Accounts payable and accrued liabilities (115,000 ) Cash advances settled 381,666 Net assets acquired 364,943 Transaction cost $ 335,057 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Foreign Currency Risk through Financial Assets and Liabilities | The Company is exposed to foreign currency risk through the following financial assets and liabilities denominated in currencies other than U.S. dollars: Accounts payable and accrued 30 June 2019 Cash Receivables liabilities Canadian dollars 3,026 12,849 (83,353 ) Indonesian Rupiah 310,453,039 - (439,546,620 ) Accounts payable and accrued 30 June 2018 Cash Receivables liabilities Canadian dollars 987 10,016 (128,813 ) Indonesian Rupiah 211,156,790 - (341,664,000 ) Accounts payable and accrued 30 June 2017 Cash Receivables liabilities Canadian dollars 5,012 3,212 (63,243 ) Indonesian Rupiah 16,857,875 - (304,510,667 ) |
Convertible Debt (Tables)
Convertible Debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Convertible Debt | Total $ Balance on 30 June 2016 465,014 Interest 45,000 Balance on 30 June 2017 510,014 Interest 7,486 Conversion (517,500 ) Balance on 30 June 2018 and 2019 - |
Promissory Notes (Tables)
Promissory Notes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of Promissory Notes [Abstract] | |
Schedule of Promissory Notes Payable | A continuity of the promissory notes payable is as follows: $ Balance - 30 June 2018 - Issuance of promissory notes 100,000 Interest 16,432 Repayments (34,919 ) Balance - 30 June 2019 81,513 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of Reconciliation of Stock Options and Warrants Outstanding | A reconciliation of the Company's stock options outstanding on 30 June 2019 is as follows: Weighted Average Number of Exercise Price Options $ per Share Outstanding on 30 June 2016 and 2017 - - Granted 4,500,000 0.15 Outstanding on 30 June 2018 4,500,000 0.15 Granted 7,500,000 0.05 Expired (4,500,000 ) 0.15 Outstanding on 30 June 2019 7,500,000 0.05 |
Schedule of Fair Value of Options Granted | The fair value of the options granted was estimated using the Black-Scholes option pricing model, with the following assumptions: Year Ended Year Ended Year Ended 30 June 2019 30 June 2018 30 June 2017 Expected dividend yield Nil Nil - Expected stock price volatility 100% 125% - Risk-free interest rate 1.79% 1.25% - Expected life of options (years) 2.38 1.00 - |
Schedule of Summary of Options and Warrants Outstanding | A summary of the Company's options outstanding on 30 June 2019 is as follows, and in total have a weighted average remaining contractual life of 2.00 years: Options Options Exercise Expiry Outstanding Exercisable Price Date 7,500,000 7,500,000 $0.05 30 June 2021 7,500,000 7,500,000 |
Warrants [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of Reconciliation of Stock Options and Warrants Outstanding | A reconciliation of the Company's warrants outstanding is as follows: Weighted Average Number of Exercise Price Warrants $ per Share Outstanding on 30 June 2016 2,550,000 0.03 Expired (550,000 ) 0.10 Outstanding on 30 June 2017 2,000,000 0.01 Issued 31,350,000 0.10 Exercised (2,000,000 ) 0.01 Outstanding on 30 June 2018 31,350,000 0.10 Issued 11,000,000 0.05 Expired (10,350,000 ) 0.10 Outstanding on 30 June 2019 32,000,000 0.05 |
Schedule of Summary of Options and Warrants Outstanding | A summary of the Company's warrants outstanding on 30 June 2019 is as follows: Number of Shares Price Per Share Expiry Date 14,000,000 $0.05 30 June 2020 1,000,000 $0.05 30 June 2020 6,000,000 $0.05 30 June 2021 7,000,000 $0.05 30 June 2021 4,000,000 $0.05 30 June 2021 32,000,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Major components of tax expense (income) [abstract] | |
Schedule of Tax Expense at Statutory Rates for Company Reconciled to Reported Income Taxes | The tax expense at statutory rates for the Company can be reconciled to the reported income taxes per the statement of loss as follows: Year Ended Year Ended Year Ended 30 June 2019 30 June 2018 30 June 2017 $ $ $ Loss before income taxes (516,860 ) (712,711 ) (439,606 ) Federal and provincial statutory tax rate 27.00 % 27.00 % 26.00 % Income tax recovery based on the above rates (139,552 ) (192,432 ) (114,298 ) Non-deductible expenses and other 44,440 164,973 16,998 Change in tax rates - (102,075 ) - Adjustment to prior years provision versus statutory tax returns (93,327 ) - - Losses and temporary differences for which no tax benefit has been recorded 188,439 129,534 97,300 Total income taxes - - - |
Schedule of Unrecognized Deferred Tax Assets | The Company's unrecognized deferred tax assets are as follows: 30 June 2019 30 June 2018 $ $ Non-capital losses 2,197,767 2,008,565 Capital losses 384,802 388,967 Resource properties 399,721 397,263 Capital assets 143,204 142,323 Share issue costs and other 10,212 10,149 Total unrecognized deferred tax assets 3,135,706 2,947,267 |
Schedule of Non-Capital Loss Carry-Forwards | The Company has non-capital loss carry-forwards of approximately $8,000,000 that may be available for tax purposes as follows: Canada Indonesia Total Expiring in $ $ $ 2024 - 194,000 194,000 2023 - 167,000 167,000 2027 1,120,000 - 1,120,000 2028 1,009,000 - 1,009,000 2029 1,078,000 - 1,078,000 2030 625,000 - 625,000 2031 433,000 - 433,000 2032 449,000 - 449,000 2033 456,000 - 456,000 2034 391,000 - 391,000 2035 614,000 - 614,000 2036 434,000 - 434,000 2037 436,000 - 436,000 2038 565,000 - 565,000 2039 191,000 - 191,000 Non-capital loss carry-forwards 7,801,000 361,000 8,162,000 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure of supplemental cash flow information [abstract] | |
Schedule of Non-Cash Investing and Financing Activities | Year Ended Year Ended Year Ended Non-Cash Investing and Note 30 June 2019 30 June 2018 30 June 2017 Financing Activities $ $ $ Acquisition of CHI 6 - 700,000 - Convertible debt settlement 9 - 668,610 - Conversion of accounts payable into long-term promissory notes 10 100,000 - - Common shares issued in settlement of accrued and unpaid salaries 11,12 12,250 116,000 - Reallocation of conversion rights reserve on settlement of convertible debt 9 - 92,966 - Reallocation of share-based payment and other reserve on warrant exercise - 26,200 - |
Basis of Preparation (Details)
Basis of Preparation (Details) | 12 Months Ended |
Jun. 30, 2019 | |
PT Continental Hilir Indonesia [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
PT Kilang Kaltim Continental [Member] | |
Disclosure of subsidiaries [line items] | |
Percentage interest in subsidiary | 100.00% |
Significant Accounting Estima_2
Significant Accounting Estimates and Judgments (Details) | Jun. 30, 2019 |
CHI [Member] | |
Disclosure of detailed information about business combination [line items] | |
Percentage of shares acquired | 100.00% |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Adoption of New Standards (Details) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure of recent accounting pronouncements and adoption of new standards [Abstract] | |
Rent per month | $ 1,150 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - CHI [Member] - USD ($) | 1 Months Ended | |
Aug. 31, 2017 | Jan. 04, 2017 | |
Disclosure of detailed information about business combination [line items] | ||
Total consideration | $ 700,000 | |
Cash advances settled | 381,666 | |
Fair value of shares issued | $ 541,796 | |
Subscribers [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Total consideration | $ 700,000 | |
Cash transferred | 550,000 | |
Management services | 150,000 | |
Cash advances settled | 381,666 | |
Reimbursed amount | 700,000 | |
Fair value of shares issued | $ 14,000,000 | |
Price per share of shares issued | $ 0.05 | |
Fixed price of common shares | $ 0.10 | |
Term of shares issued | one year |
Acquisition (Schedule of Alloca
Acquisition (Schedule of Allocation of Purchase Price) (Details) - CHI [Member] | Jan. 04, 2017USD ($)shares |
Disclosure of detailed information about business combination [line items] | |
Fair value of 14,000,000 shares issued (Note 11) | $ 541,796 |
Fair value of 14,000,000 warrants issued (Note 11) | 158,204 |
Total consideration | 700,000 |
Net assets (liabilities) acquired from CHI | |
Prepayments and advances | 98,277 |
Accounts payable and accrued liabilities | (115,000) |
Cash advances settled | 381,666 |
Net assets acquired | 364,943 |
Transaction cost | $ 335,057 |
Number of shares issued | shares | 14,000,000 |
Number of warrants issued | shares | 14,000,000 |
Financial Risk Management (Narr
Financial Risk Management (Narrative) (Details) | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Disclosure of detailed information about financial instruments [abstract] | ||||
Change in exchange rates | 0.10 | |||
Loss due to change in exchange rates | $ 6,073 | $ 9,860 | $ 6,397 | |
Cash | 66,125 | 30,887 | $ 25,158 | $ 1,290 |
Current liabilities | $ 420,139 | $ 614,625 |
Financial Risk Management (Sche
Financial Risk Management (Schedule of Foreign Currency Risk through Financial Assets and Liabilities) (Details) | Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Jun. 30, 2019IDR (Rp) | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018IDR (Rp) | Jun. 30, 2017USD ($) | Jun. 30, 2017CAD ($) | Jun. 30, 2017IDR (Rp) | Jun. 30, 2016USD ($) |
Statement Line Items [Line Items] | ||||||||||
Cash | $ 66,125 | $ 30,887 | $ 25,158 | $ 1,290 | ||||||
Canadian dollars [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Cash | $ 3,026 | $ 987 | $ 5,012 | |||||||
Receivables | 12,849 | 10,016 | 3,212 | |||||||
Accounts payable and accrued liabilities | $ (83,353) | $ (128,813) | $ (63,243) | |||||||
Indonesian Rupiah [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Cash | Rp | Rp 310,453,039 | Rp 211,156,790 | Rp 16,857,875 | |||||||
Receivables | Rp | ||||||||||
Accounts payable and accrued liabilities | Rp | Rp (439,546,620) | Rp (341,664,000) | Rp (304,510,667) |
Convertible Debt (Narrative) (D
Convertible Debt (Narrative) (Details) | Oct. 16, 2017yr | Aug. 31, 2017yr$ / sharesshares | Sep. 21, 2011USD ($)$ / shares | Aug. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2019USD ($)yr | Jun. 30, 2018USD ($)yr | Jun. 30, 2017 |
Disclosure of detailed information about borrowings [line items] | |||||||
Fair value of warrants | $ 20,000 | ||||||
Expected dividend yield | |||||||
Expected stock price volatility | 100.00% | 125.00% | |||||
Risk-free interest rate | 1.79% | 1.25% | |||||
Expected life of warrants (years) | yr | 1 | 1 | 2.38 | 1 | |||
Reallocation of conversion right reserve on settlement of convertible debt | |||||||
Conversion | $ 668,610 | ||||||
Convertible Promissory Note [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Proceeds from convertible promissory note | $ 250,000 | ||||||
Share price | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | ||||
Interest rate paid | 18.00% | ||||||
Shares issued | shares | 10,350,000 | 10,350,000 | |||||
Term period | 1 year | ||||||
One warrant purchase additional common share price | $ / shares | $ 0.10 | ||||||
Conversion | $ 517,500 | ||||||
Warrants [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Term period | 1 year | ||||||
Fair value of warrants | $ 151,110 | ||||||
Expected dividend yield | 0.00% | ||||||
Expected stock price volatility | 125.00% | ||||||
Risk-free interest rate | 1.23% | ||||||
Expected life of warrants (years) | yr | 1 | ||||||
Share Capital [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Reallocation of conversion right reserve on settlement of convertible debt | $ 92,966 |
Convertible Debt (Schedule of C
Convertible Debt (Schedule of Convertible Debt) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about borrowings [abstract] | ||
Beginning Balance | $ 510,014 | $ 465,014 |
Interest | 7,486 | 45,000 |
Conversion | (668,610) | |
Ending Balance | $ 510,014 |
Promissory Notes (Narrative) (D
Promissory Notes (Narrative) (Details) - Three promissory notes to unrelated [Member] | Sep. 02, 2018USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Issuance of promissory notes | $ 100,000 |
Interest rate | (9.00%) |
Term period | two years |
Promissory Notes (Schedule of P
Promissory Notes (Schedule of Promissory Notes Payable) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Beginning Balance | |||
Interest | $ 7,486 | $ 45,000 | |
Ending Balance | 81,513 | ||
Promissory Notes [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Beginning Balance | |||
Issuance of promissory notes | 10,000 | ||
Interest | 16,432 | ||
Repayments | (34,919) | ||
Ending Balance | $ 81,513 |
Share Capital (Authorized Share
Share Capital (Authorized Share Capital and Shares issued) (Details) | Jan. 02, 2018USD ($)$ / sharesshares | Oct. 16, 2017yr | Sep. 08, 2017USD ($)yr$ / sharesshares | Sep. 07, 2017USD ($)$ / sharesshares | Aug. 31, 2017yr$ / sharesshares | Dec. 16, 2018USD ($)yr$ / sharesshares | Sep. 26, 2018USD ($)yr$ / sharesshares | Aug. 31, 2018USD ($) | Dec. 29, 2017USD ($)$ / sharesshares | Nov. 28, 2017USD ($)yr$ / sharesshares | Aug. 31, 2017USD ($)yr$ / sharesshares | Jun. 30, 2019USD ($)yr$ / sharesshares | Jun. 30, 2018USD ($)yr$ / sharesshares | Jun. 30, 2017USD ($) |
Disclosure of classes of share capital [line items] | ||||||||||||||
Conversion | $ 668,610 | |||||||||||||
Expected dividend yield | ||||||||||||||
Expected stock price volatility | 100.00% | 125.00% | ||||||||||||
Risk-free interest rate | 1.79% | 1.25% | ||||||||||||
Expected life of warrants (years) | yr | 1 | 1 | 2.38 | 1 | ||||||||||
Warrants issued | shares | 2,000,000 | |||||||||||||
Exercise price of warrants | $ / shares | $ 0.01 | $ 0.10 | ||||||||||||
Proceeds from exercise of warrants | $ 20,000 | $ 20,000 | ||||||||||||
Number of units issued | shares | 0 | 3,000,000 | ||||||||||||
Per share price of unit | $ / shares | $ 0 | $ 0.10 | ||||||||||||
Officer [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Shares issued | shares | 350,000 | |||||||||||||
Common share price per share | $ / shares | $ 0.035 | |||||||||||||
Amount payable to related party | $ 17,500 | |||||||||||||
Common share value | 12,250 | |||||||||||||
Gain on settlement of debt | 5,250 | |||||||||||||
CEO [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Shares issued | shares | 6,000,000 | 1,000,000 | ||||||||||||
Common share price per share | $ / shares | $ 0.016 | $ 0.02 | ||||||||||||
Amount payable to related party | $ 300,000 | $ 50,000 | ||||||||||||
Common share value | 20,000 | |||||||||||||
Gain on settlement of debt | $ 204,000 | $ 30,000 | ||||||||||||
CFO [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Shares issued | shares | 6,000,000 | |||||||||||||
Common share price per share | $ / shares | $ 0.016 | |||||||||||||
Warrants issued | shares | 2,000,000 | |||||||||||||
Exercise price of warrants | $ / shares | $ 0.01 | |||||||||||||
Proceeds from exercise of warrants | $ 20,000 | |||||||||||||
Amount payable to related party | $ 300,000 | $ 75,000 | $ 300,000 | |||||||||||
Common share value | $ 96,000 | |||||||||||||
Warrants [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Term period | 1 year | |||||||||||||
Fair value of shares unit | $ 8,124 | $ 44,156 | 121,455 | $ 16,446 | ||||||||||
Expected dividend yield | 0.00% | |||||||||||||
Expected stock price volatility | 125.00% | |||||||||||||
Risk-free interest rate | 1.23% | |||||||||||||
Expected life of warrants (years) | yr | 1 | |||||||||||||
Convertible Promissory Note [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Conversion | $ 517,500 | |||||||||||||
Shares issued | shares | 10,350,000 | 10,350,000 | ||||||||||||
Common share price per share | $ / shares | $ 0.05 | $ 0.05 | ||||||||||||
Term period | 1 year | |||||||||||||
One warrant purchase additional common share price | $ / shares | $ 0.10 | |||||||||||||
Ordinary shares [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Authorized share capital | shares | 500,000,000 | |||||||||||||
Fair value of shares unit | $ 41,876 | $ 155,844 | $ 228,545 | $ 283,554 | ||||||||||
Preference shares [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Authorized share capital | shares | 500,000,000 | |||||||||||||
Private Placement [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Term period | 1 year | |||||||||||||
Expiring term date | Jun. 30, 2021 | Jun. 30, 2021 | ||||||||||||
One warrant purchase additional common share price | $ / shares | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.10 | ||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||
Expected stock price volatility | 125.00% | 100.00% | 100.00% | 125.00% | ||||||||||
Risk-free interest rate | 1.21% | 1.95% | 2.18% | 1.61% | ||||||||||
Expected life of warrants (years) | yr | 1 | 2.54 | 2.76 | 1 | ||||||||||
Number of units issued | shares | 1,000,000 | 4,000,000 | 7,000,000 | 6,000,000 | ||||||||||
Per share price of unit | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||
Proceeds from private placement | $ 50,000 | $ 200,000 | $ 350,000 | $ 300,000 | ||||||||||
CHI [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Shares issued | shares | 14,000,000 | 14,000,000 | ||||||||||||
Common share price per share | $ / shares | $ 0.05 | $ 0.05 | ||||||||||||
One warrant purchase additional common share price | $ / shares | $ 0.10 | |||||||||||||
Fair value of shares unit | $ 700,000 | |||||||||||||
Expected dividend yield | 0.00% | |||||||||||||
Expected stock price volatility | 125.00% | |||||||||||||
Risk-free interest rate | 1.21% | |||||||||||||
Expected life of warrants (years) | yr | 1 | |||||||||||||
CHI [Member] | Warrants [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Fair value of shares unit | $ (158,204) | |||||||||||||
CHI [Member] | Ordinary shares [Member] | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Fair value of shares unit | $ (541,796) |
Share Capital (Stock Options an
Share Capital (Stock Options and Warrants) (Details) | Feb. 11, 2019USD ($)shares$ / shares | Sep. 08, 2018shares | Oct. 16, 2017USD ($)sharesyr$ / shares | Aug. 31, 2017USD ($)sharesyr$ / shares | Nov. 28, 2018shares | Aug. 31, 2018shares | Jun. 30, 2019sharesyr$ / shares | Jun. 30, 2018sharesyr$ / shares | Jun. 30, 2017shares | Jun. 30, 2016shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Option outstanding | 7,500,000 | 4,500,000 | ||||||||
Percentage of options held by individual at one time | 7.50% | |||||||||
Fair value of stock options | $ | $ 92,250 | $ 1,150 | $ 40,800 | |||||||
Stock option grant | 7,500,000 | 500,000 | 4,000,000 | 7,500,000 | 4,500,000 | |||||
Exercise price of option | $ / shares | $ 0.05 | $ 0.15 | $ 0.15 | $ 0.05 | $ 0.15 | |||||
Option term | yr | 1 | 1 | 2.38 | 1 | ||||||
Expiry period | 30 June 2021 | 17 October 2018 | 31 August 2018 | |||||||
Top of range [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Option outstanding | 25,000,000 | |||||||||
Related Parties [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Net percentage of issued and outstanding common shares | 15.00% | |||||||||
Warrants [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Option outstanding | 32,000,000 | 31,350,000 | 2,000,000 | 2,550,000 | ||||||
Stock option grant | 11,000,000 | 31,350,000 | ||||||||
Exercise price of option | $ / shares | $ 0.05 | $ 0.10 | ||||||||
Option term | yr | 1 | |||||||||
Expiry period | 30 June 2020 | 30 June 2021 | 30 June 2020 | |||||||
Outstanding and unexercised share purchase warrant | 1,000,000 | 6,000,000 | 14,000,000 | 21,000,000 | ||||||
Change in exercise price | $ / shares | $ 0.05 |
Share Capital (Schedule of Reco
Share Capital (Schedule of Reconciliation of Stock Options and Warrants Outstanding) (Details) | Feb. 11, 2019shares$ / shares | Oct. 16, 2017shares$ / shares | Aug. 31, 2017shares$ / shares | Jun. 30, 2019shares$ / shares | Jun. 30, 2018shares$ / shares | Jun. 30, 2017shares$ / shares |
Number of Options and Warrants | ||||||
Outstanding at beginning of year | shares | 4,500,000 | |||||
Granted\Issued | shares | 7,500,000 | 500,000 | 4,000,000 | 7,500,000 | 4,500,000 | |
Expired | shares | (4,500,000) | |||||
Outstanding at end of year | shares | 7,500,000 | 4,500,000 | ||||
Weighted average exercise price | ||||||
Outstanding at beginning of year | $ / shares | $ 0.15 | |||||
Granted\Issued | $ / shares | $ 0.05 | $ 0.15 | $ 0.15 | 0.05 | 0.15 | |
Expired | $ / shares | 0.15 | |||||
Outstanding at end of year | $ / shares | $ 0.05 | $ 0.15 | ||||
Warrants [Member] | ||||||
Number of Options and Warrants | ||||||
Outstanding at beginning of year | shares | 31,350,000 | 2,000,000 | 2,550,000 | |||
Granted\Issued | shares | 11,000,000 | 31,350,000 | ||||
Expired | shares | (10,350,000) | (550,000) | ||||
Exercised | shares | (2,000,000) | |||||
Outstanding at end of year | shares | 32,000,000 | 31,350,000 | 2,000,000 | |||
Weighted average exercise price | ||||||
Outstanding at beginning of year | $ / shares | $ 0.10 | $ 0.01 | $ 0.03 | |||
Granted\Issued | $ / shares | 0.05 | 0.10 | ||||
Expired | $ / shares | 0.10 | 0.10 | ||||
Exercised | $ / shares | 0.01 | |||||
Outstanding at end of year | $ / shares | $ 0.05 | $ 0.10 | $ 0.01 |
Share Capital (Schedule of Fair
Share Capital (Schedule of Fair Value of Options Granted) (Details) - yr | Oct. 16, 2017 | Aug. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of classes of share capital [abstract] | |||||
Expected dividend yield | |||||
Expected stock price volatility | 100.00% | 125.00% | |||
Risk-free interest rate | 1.79% | 1.25% | |||
Expected life of options (years) | 1 | 1 | 2.38 | 1 |
Share Capital (Schedule of Summ
Share Capital (Schedule of Summary of Options and Warrants Outstanding) (Details) | 12 Months Ended | |||
Jun. 30, 2019shares$ / shares | Jun. 30, 2018shares | Jun. 30, 2017shares | Jun. 30, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 7,500,000 | 4,500,000 | ||
Option Exercisable | 7,500,000 | |||
Expiry Date | 30 June 2021 | |||
Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 32,000,000 | 31,350,000 | 2,000,000 | 2,550,000 |
0.15 [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 7,500,000 | |||
Option Exercisable | 7,500,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2021 | |||
0.05 [Member] | Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 14,000,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2020 | |||
0.05 [Member] | Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 1,000,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2020 | |||
0.05 [Member] | Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 6,000,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2021 | |||
0.05 [Member] | Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 7,000,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2021 | |||
0.05 [Member] | Warrants [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Option outstanding/Number of Shares | 4,000,000 | |||
Exercise Price/Price Per Share | $ / shares | $ 0.05 | |||
Expiry Date | 30 June 2021 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | Feb. 11, 2019USD ($)shares$ / shares | Oct. 16, 2017USD ($)sharesyr$ / shares | Sep. 07, 2017USD ($)$ / sharesshares | Aug. 31, 2017USD ($)sharesyr$ / shares | Jun. 30, 2019USD ($)sharesyr$ / shares | Jun. 30, 2018USD ($)sharesyr$ / shares | Jun. 30, 2017USD ($) | Jan. 02, 2018USD ($) | Dec. 29, 2017USD ($) |
Disclosure of transactions between related parties [line items] | |||||||||
Proceeds from (repayment of) loans from related parties | $ 13,100 | $ (29,100) | |||||||
Warrants issued | shares | 2,000,000 | ||||||||
Exercise price of warrants | $ / shares | $ 0.01 | $ 0.10 | |||||||
Proceeds from exercise of warrants | $ 20,000 | $ 20,000 | |||||||
Incentive stock option grant | shares | 7,500,000 | 500,000 | 4,000,000 | 7,500,000 | 4,500,000 | ||||
Exercise price of option | $ / shares | $ 0.05 | $ 0.15 | $ 0.15 | $ 0.05 | $ 0.15 | ||||
Option term | yr | 1 | 1 | 2.38 | 1 | |||||
Expiry period | 30 June 2021 | ||||||||
Fair value of incentive stock options | $ 92,250 | $ 1,150 | $ 40,800 | ||||||
Number of units issued | shares | 0 | 3,000,000 | |||||||
Per share price of unit | $ / shares | $ 0 | $ 0.10 | |||||||
Directors and Officers [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amount payable to related party | $ 227,045 | $ 320,951 | |||||||
Compensation paid | 142,445 | 148,604 | 275,470 | ||||||
Fair value of incentive stock options | 92,250 | 41,950 | |||||||
VP [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amount converted in shares | $ 17,500 | ||||||||
Number of common shares converted | shares | 350,000 | ||||||||
CEO [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amount payable to related party | $ 300,000 | $ 50,000 | |||||||
Forgive accrued and unpaid salary | 75,000 | ||||||||
Amount converted in shares | $ 150,000 | ||||||||
Number of common shares converted | shares | 3,000,000 | ||||||||
Loan payable | $ 87,500 | $ 87,500 | |||||||
Three Directors [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Warrants issued | shares | 3,000,000 | ||||||||
Expiry period | Expiry date from 31 August 2018 until a new expiry date on 30 June 2020 | ||||||||
Three Directors [Member] | Top of range [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Exercise price of warrants | $ / shares | $ 0.10 | ||||||||
Three Directors [Member] | Bottom of range [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Exercise price of warrants | $ / shares | $ 0.05 | ||||||||
CFO [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amount payable to related party | $ 75,000 | 300,000 | $ 300,000 | ||||||
Forgive accrued and unpaid salary | $ 50,000 | 72,494 | $ 125,000 | ||||||
Amount converted in shares | $ 200,000 | ||||||||
Number of common shares converted | shares | 4,000,000 | ||||||||
Proceeds from (repayment of) loans from related parties | $ 13,100 | ||||||||
Warrants issued | shares | 2,000,000 | ||||||||
Exercise price of warrants | $ / shares | $ 0.01 | ||||||||
Proceeds from exercise of warrants | $ 20,000 | ||||||||
Directors [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Shares unit received | shares | 1,000,000 |
Income Taxes (Schedule of Tax E
Income Taxes (Schedule of Tax Expense at Statutory Rates for Company Reconciled to Reported Income Taxes) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Major components of tax expense (income) [abstract] | |||
Loss before income taxes | $ (516,860) | $ (712,711) | $ (439,606) |
Federal and provincial statutory tax rate | 27.00% | 27.00% | 26.00% |
Income tax recovery based on the above rates | $ (139,552) | $ (192,432) | $ (114,298) |
Non-deductible expenses and other | 44,440 | 164,973 | 16,998 |
Change in tax rates | (102,075) | ||
Adjustment to prior years provision versus statutory tax returns | (93,327) | ||
Losses and temporary differences for which no tax benefit has been recorded | 188,439 | 129,534 | 97,300 |
Total income taxes |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Deferred Tax Assets) (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Major components of tax expense (income) [abstract] | ||
Non-capital losses | $ 2,197,767 | $ 2,008,565 |
Capital losses | 384,802 | 388,967 |
Resource properties | 399,721 | 397,263 |
Capital assets | 143,204 | 142,323 |
Share issue costs and other | 10,212 | 10,149 |
Total unrecognized deferred tax assets | $ 3,135,706 | $ 2,947,267 |
Income Taxes (Schedule of Non-C
Income Taxes (Schedule of Non-Capital Loss Carry-Forwards) (Details) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
2024 | $ 194,000 |
2023 | 167,000 |
2027 | 1,120,000 |
2028 | 1,009,000 |
2029 | 1,078,000 |
2030 | 625,000 |
2031 | 433,000 |
2032 | 449,000 |
2033 | 456,000 |
2034 | 391,000 |
2035 | 614,000 |
2036 | 434,000 |
2037 | 436,000 |
2038 | 565,000 |
2039 | 191,000 |
Non-capital loss carry-forwards | 8,162,000 |
Canada [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
2024 | |
2023 | |
2027 | 1,120,000 |
2028 | 1,009,000 |
2029 | 1,078,000 |
2030 | 625,000 |
2031 | 433,000 |
2032 | 449,000 |
2033 | 456,000 |
2034 | 391,000 |
2035 | 614,000 |
2036 | 434,000 |
2037 | 436,000 |
2038 | 565,000 |
2039 | 191,000 |
Non-capital loss carry-forwards | 7,801,000 |
Indonesia [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
2024 | 194,000 |
2023 | 167,000 |
2027 | |
2028 | |
2029 | |
2030 | |
2031 | |
2032 | |
2033 | |
2034 | |
2035 | |
2036 | |
2037 | |
2038 | |
2039 | |
Non-capital loss carry-forwards | $ 361,000 |
Supplemental cash flow inform_3
Supplemental cash flow information (Schedule of Non-Cash Investing and Financing Activities) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Non-Cash Investing and Financing Activities | |||
Acquisition of CHI | $ 700,000 | ||
Convertible debt settlement | 668,610 | ||
Conversion of accounts payable into long-term promissory notes | 100,000 | ||
Common shares issued in settlement of accrued and unpaid salaries | 12,250 | 116,000 | |
Reallocation of conversion rights reserve on settlement of convertible debt | 92,966 | ||
Reallocation of share-based payment and other reserve on warrant exercise | $ 26,200 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 11, 2019shares$ / shares | Oct. 16, 2017shares$ / shares | Aug. 31, 2017shares$ / shares | Jul. 31, 2019shares$ / shares | Jun. 30, 2019shares$ / shares | Jun. 30, 2018shares$ / shares |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Incentive stock option grant | shares | 7,500,000 | 500,000 | 4,000,000 | 7,500,000 | 4,500,000 | |
Exercise price of option | $ / shares | $ 0.05 | $ 0.15 | $ 0.15 | $ 0.05 | $ 0.15 | |
Expiry period | 30 June 2021 | |||||
Non-adjusting events after reporting period [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Incentive stock option grant | shares | 5,000,000 | |||||
Exercise price of option | $ / shares | $ 0.05 | |||||
Expiry period | 30 June 2021 |