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COMMON SHARES (Tables) | 12 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of stock option | Schedule of stock option
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Weighted Average Remaining Contractual Life |
Balance, June 30, 2023 |  |  | 1,541,500 |  |  | $ | 7.19 |  |  |  |  |  |  |  |  |
Granted |  |  | 1,625,000 |  |  |  | 2.99 |  |  |  |  |  |  |  |  |
Exercised |  |  | (7,800 | ) |  |  | 3.95 |  |  |  |  |  |  |  |  |
Cancelled/expired |  |  | (663,200 | ) |  |  | 5.88 |  |  |  |  |  |  |  |  |
Balance, June 30, 2024 |  |  | 2,495,500 |  |  | $ | 4.78 |  |  | $ | - |  |  |  | 3.44 years |
The following table summarizes the weighted average information and assumptions used to determine option costs: | The following table summarizes the weighted average information and assumptions used to determine option costs:
|  | Year ended June 30, |
|  | 2024 |  |  |  | 2023 |
Fair value per option granted during the period |  |  | $1.71 |  |  |  | $3.09 |
Risk-free interest rate |  |  | 4.25 | % |  |  | 3.30 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected stock price volatility (historical basis) |  |  | 63.2 | % |  |  | 63.6 | %
Expected option life in years |  |  | 5.0 |  |  |  | 3.0 |
Weighted average exercise prices related to Canadian dollar denominated warrants were converted to U.S. dollars using end of period foreign currency exchange rates. | Warrant transactions are summarized as follows. Weighted average exercise prices related to Canadian dollar denominated warrants were converted to U.S. dollars using end of period foreign currency exchange rates.
|  | Warrants |  |  | Weighted Average Exercise Price |
Balance, June 30, 2022 |  |  | 1,851,622 |  |  | $ | 8.99 |
Granted: |  |  |  |  |  |  |  |
Yorkville financing warrants |  |  | 1,789,267 |  |  |  | 8.94 |
GXII warrants |  |  | 15,666,626 |  |  |  | 11.50 |
Expired |  |  | (491,211 | ) |  |  | 11.67 |
Balance, June 30, 2023 |  |  | 18,816,304 |  |  |  | 10.98 |
Granted |  |  | 1,593,817 |  |  |  | 3.33 |
Expired |  |  | (1,846,560 | ) |  |  | 8.67 |
Balance, June 30, 2024 |  |  | 18,563,561 |  |  |  | 10.53 |
At June 30, 2024, the Company has outstanding exercisable warrants, as follows: | At June 30, 2024, the Company has outstanding exercisable warrants, as follows:
Number |  |  | Exercise Price |  |  | Expiry Date
| 855,800 |  |  |  | C$9.70 |  |  | February 19, 2025
| 447,318 |  |  |  | $8.94 |  |  | (1)
| 250,000 |  |  |  | $4.60 |  |  | September 1, 2025
| 413,432 |  |  |  | $3.54 |  |  | December 22, 2025
| 315,000 |  |  |  | 2.20 |  |  | June 24, 2025
| 615,385 |  |  |  | $3.25 |  |  | April 12, 2027
| 15,666,626 |  |  |  | $11.50 |  |  | March 17, 2028
| 18,563,561 |  |  |  |  |  |  |
| (1) | Expires in 3 equal monthly tranches on July 17, 2024, August 17, 2024, and September 17, 2024.
The Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy and estimated the fair value using a Black Scholes model with the following assumptions: | The Company classifies Private Warrants as Level 2 instruments under the fair value hierarchy and estimated the fair value using a Black Scholes model with the following assumptions:
Key Valuation Input |  | June 30, 2024 |  |  | June 30, 2023 |  |  | March 17, 2023 |
Stock price on valuation date |  | $ | 1.73 |  |  | $ | 5.03 |  |  | $ | 7.00 |
Strike price |  | $ | 11.50 |  |  | $ | 11.50 |  |  | $ | 11.50 |
Implied volatility of Public Warrants |  |  | 69.0 | % |  |  | 33.5 | % |  |  | 19.5 | %
Risk free rate |  |  | 4.45 | % |  |  | 4.18 | % |  |  | 3.47 | %
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected warrant life in years |  |  | 3.7 |  |  |  | 4.7 |  |  |  | 5.0 |
The change in the Private Warrants liability is presented below: | The change in the Private Warrants liability is presented below:
|  | Amount |
Initial valuation, March 17, 2023 |  | $ | 2,987 |
Change in valuation |  |  | 292 |
Valuation at June 30, 2023 |  |  | 3,279 |
Change in valuation |  |  | (1,926 | )
Valuation at June 30, 2024 |  | $ | 1,353 |
Schedule of expenses as other operating costs | Schedule of expenses as other operating costs
|  | Amount |
Yorkville Cash Fee |  | $ | 1,500 |
Fair value of Commitment Shares issued |  |  | 650 |
Legal and other related costs |  |  | 496 |
Costs expensed to other operating expense |  | $ | 2,646 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 + Details
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