XML 88 R30.htm IDEA: XBRL DOCUMENT v3.24.3
CONVERTIBLE DEBT (Tables)
12 Months Ended
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
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