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CONVERTIBLE DEBT (Tables) | 12 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of convertible debt | Schedule of convertible debt
|  | As of June 30, |
|  | 2024 |  |  | 2023 |
Current Portion |  |  |  |  |  |  |  |
Yorkville convertible debentures: |  | $ | 571 |  |  | $ | - |
April 2024 notes |  |  | 7,089 |  |  |  | - |
Total Current Portion |  | $ | 7,660 |  |  | $ | - |
Noncurrent Portion – Yorkville convertible debenture |  | $ | - |  |  | $ | 10,561 |
Changes in the Lind III Convertible Security are as follows | Changes in the Lind III Convertible Security are as follows:
|  | For the year ending June 30, 2023
Beginning balance |  | $ | 2,169 |
Fair value increase due to debt extinguishment |  |  | 201 |
Conversions |  |  | (1,950 | )
Accretion expense |  |  | 95 |
Payment at maturity |  |  | (515 | )
Balance, June 30, 2023 |  | $ | - |
The following table summarizes the components of the initial loss and final loss on extinguishment: | The following table summarizes the components of the initial loss and final loss on extinguishment:
Component of loss |  | Amount |
Minimum Consent Payment at inception |  | $ | 200 |
Loss on debt extinguishment |  |  | 201 |
Initial fair value of Contingent Consent Warrants |  |  | 1,221 |
Initial loss on debt extinguishment |  |  | 1,622 |
Additional Consent Payment booked(1) |  |  | 300 |
Total loss on debt extinguishment |  | $ | 1,922 |
(1) | Represents the difference between the accrual of the minimum Consent Payment at September 25, 2022 and the actual payment made on March 17, 2023.
The change in the fair value of the Contingent Consent Warrants is presented below: | The change in the fair value of the Contingent Consent Warrants is presented below:
|  | Amount |
Initial valuation, September 25, 2022 |  | $ | 1,221 |
Change in valuation |  |  | 489 |
Valuation at June 30, 2023 |  |  | 1,710 |
Change in valuation |  | $ | 655 |
Valuation at June 30, 2024 |  |  | 2,365 |
Schedule of valuation date and the probability calculated | Schedule of valuation date and the probability calculated
Key Valuation Input |  | June 30, 2024 |  |  | June 30, 2023 |  |  |  | September 25, 2022 |
Share price on valuation date |  | $ | 1.73 |  |  | $ | 5.03 |  |  | $ | 7.82 |
Volatility |  |  | 68.0 | % |  |  | 63.0 | % |  |  | 62.4 | %
Risk free rate |  |  | 4.40 | % |  |  | 4.11 | % |  |  | 3.93 | %
Probability of issuance |  |  | 100.0 | % |  |  | 80.8 | % |  |  | 59.4 | %
Changes in the Convertible Debentures are as follows: | Changes in the Convertible Debentures are as follows:
|  |  | Amount |
Opening balance, March 17, 2023 |  | $ | 12,153 |
Accretion expense |  |  | 1,962 |
Principal and accrued interest converted |  |  | (3,554 | )
Balance, June 30, 2023 |  |  | 10,561 |
Accretion expense |  |  | 4,489 |
Principal and accrued interest converted |  |  | (14,479 | )
Balance, June 30, 2024 |  | $ | 571 |
Less: Unamortized debt issuance costs |  |  | (21 | )
Remaining principal balance, June 30, 2024 |  | $ | 550 |
The following table discloses the components of interest expense associated with the Convertible Debentures. | Upon conversion, the portion of remaining unamortized issuance costs associated with the conversion are recognized as a component of interest expense. The following table discloses the components of interest expense associated with the Convertible Debentures.
|  | For the year ending June 30, |
Component of Interest Expense |  | 2024 |  |  | 2023 |
Contractual interest |  | $ | 279 |  |  | $ | 225 |
Amortization of discount and issuance costs |  |  | 4,210 |  |  |  | 1,737 |
Total |  | $ | 4,489 |  |  | $ | 1,962 |
The following table discloses the primary inputs for the Monte Carlo model used in valuing the April 2024 Notes: | The following table discloses the primary inputs for the Monte Carlo model used in valuing the April 2024 Notes:
Key Valuation Input |  | June 30, 2024 |  |  | April 12, 2024 |
Closing Common Share price |  | $1.73 |  |  | $3.11 |
Term (expiry) |  | December 31, 2024 |  |  | December 31, 2024 |
Weighted average of the equity volatility and implied volatility of the public warrants |  | 80% |  |  | 66.0% |
Risk-free rate |  | 5.33% |  |  | 5.26% |
Implied discount rate |  | 15.0% |  |  | 15.0% |
The following table sets forth a summary of the changes in the fair value of the April 2024 Notes for the year ended June 30, 2024: | The following table sets forth a summary of the changes in the fair value of the April 2024 Notes for the year ended June 30, 2024:
|  | Amount |
Fair value, April 12, 2024 |  | $ | 10,315 |
Principal payments |  |  | (1,512 | )
Change in fair value |  |  | (1,714 | )
Balance, June 30, 2024 |  | $ | 7,089 |
Remaining principal balance, June 30, 2024 |  | $ | 7,128 |
The following table discloses the primary inputs for the Black-Scholes model used in valuing the April 2024 Warrants. | The following table discloses the primary inputs for the Black-Scholes model used in valuing the April 2024 Warrants.
Key Valuation Input |  | June 30, 2024 |  |  | April 12, 2024 |
Closing Common Share price |  | $ | 1.73 |  |  | $ | 3.24 |
Term (years) |  |  | 2.78 |  |  |  | 3.0 |
Historic equity volatility |  |  | 66.34 | % |  |  | 62.39 | %
Risk-free rate |  |  | 4.57 | % |  |  | 4.77 | %
The following table sets forth a summary of the changes in the fair value of the April 2024 Warrant liability for the year ended June 30, 2024. | The following table sets forth a summary of the changes in the fair value of the April 2024 Warrant liability for the year ended June 30, 2024.
|  | Amount |
Fair value as of April 12, 2024 |  | $ | 902 |
Change in fair value |  |  | (604 | )
Fair value as of June 30, 2024 |  | $ | 298 |

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