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Debt (Tables)
 3 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Debentures

At September 30, 2024 and June 30, 2024, the Debenture consisted of the following:

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

June 30, 2024

 

 

 

 

 

 

Debt liability of royalty convertible debenture before issuance costs

 

$

12,239,622

 

 

 

$

12,239,622

 

Less: unamortized issuance costs

 

(739,594

)

 

 

 

(783,099

)

Net debt liability of royalty convertible debenture

 

 

 

11,500,028

 

 

 

 

11,456,523

 

Derivative liability of royalty convertible debenture

 

 

 

3,406,016

 

 

 

 

3,642,105

 

 

 

$

14,906,044

 

 

 

$

15,098,628

 
Components of Recorded Interest Expense

The following table summarizes the components of recorded interest expense:

 

 

Three Months Ended September 30, 2024

 

 

Three Months Ended September 30, 2023

 

Royalty Convertible Debenture

 

$

383,334

 

 

$

—

 

2019 Secured Convertible Notes (1)

 

 

—

 

 

 

81,989

 

Bridge Promissory Note (2)

 

 

—

 

 

 

45,370

 

Amortization of issuance costs on Royalty Convertible Debenture

 

 

43,506

 

 

 

—

 

Amortization of discount and debt issuance costs on 2019 Secured Convertible Notes

 

 

—

 

 

 

4,862

 

Total

 

$

426,840

 

 

$

132,221

 

(1) The 2019 Secured Convertible Notes ("2019 Note") were repaid in December 2023. The 2019 Notes bore and interest rate of 7.5% per annum.

(2) The Bridge Promissory Note ("Bridge Note") was repaid in December 2023. The Bridge Note bore an interest rate of 12% per annum.