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Rights of use asset and lease liability

9 Months Ended

Mar. 31, 2023

Rights of use asset and lease liability

Rights of use asset and lease liability

8. Rights of use asset and lease liability

On March 1, 2023, the Company leased their new head office for a four-year term ending February 28, 2027. On November 1, 2021, the Company leased their head office in Vancouver for a three-year term ending October 31, 2024. This office will be subleased starting May 15, 2023, and will be leased until the end of the lease term. On April 1, 2022, Arkansas Lithium Corp. leased their office in El Dorado, Arkansas, USA for a two-year term ending April 1, 2024. All the lease payments are made to the lessors monthly.

​

Changes in the Company’s right of use assets during the period ended March 31, 2023 are as follows:

​

​	​	​
​		$
Balance at June 30, 2021	​	—
Additions	​	481,827
Amortisation	​	(102,177)
Balance at June 30, 2022	​	379,650
Additions	​	879,200
Amortisation	​	(156,117)
Effect of movement in foreign exchange rates	​	4,041
Lease liability at March 31, 2023	​	1,106,774

​

Changes in the Company’s lease liabilities during the period ended March 31, 2023 are as follows:

​

​	​	​
​		$
Balance at June 30, 2021	​	—
Additions	​	481,827
Lease payments	​	(108,306)
Interest on lease payments	​	17,216
Effect of movement in foreign exchange rates	​	(242)
Balance at June 30, 2022	​	390,495
Additions	​	879,200
Lease payments	​	(171,885)
Interest on lease payments	​	23,126
Effect of movement in foreign exchange rates	​	(556)
Less: current portion	​	415,335
Lease liability – non-current	​	705,045

​

X

- Definition

The entire disclosure for leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Section Presentation
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Section Disclosure
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI
-URIDate 2021-03-24

+ Details

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Period Type:	duration

X

- References

No definition available.

+ Details

Name:	ifrs-full_PresentationOfLeasesForLesseeAbstract
Namespace Prefix:	ifrs-full_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration