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ORDINARY SHARES PURCHASE WARRANTS ISSUED TO INVESTORS (Tables)
6 Months Ended
Dec. 31, 2021
ORDINARY SHARES PURCHASE WARRANTS ISSUED TO INVESTORS  
Summary of company warrants activities and status of warrants

The following table summarizes the Company’s Warrants activities and status of Warrants at December 31, 2021:

    

    

Weighted

    

Average

Average

Remaining

Exercise Price

Period

Warrants

Warrants

Per Share

(Years)

Outstanding as of June 30, 2020

 

2,591,112

$

1.25

 

5.5

Issued

 

8,814,102

 

6.24

 

  

Forfeited

 

 

 

  

Exercised

 

(2,591,112)

 

1.25

 

  

Expired

 

 

 

  

Outstanding as of June 30, 2021

 

8,814,102

$

6.24

 

5.46

Issued

 

 

 

  

Forfeited

 

 

 

  

Exercised

 

 

 

  

Expired

 

 

 

  

Outstanding as of December 31, 2021

 

8,814,102

$

6.24

 

4.96

Schedule of fair value measurement inputs under binomial and black-scholes model

June 14, 2021

 

December 31,

June 30,

(Initial

 

Input

    

2021

    

2021

    

measurement)

Stock price

 

1.31

$

4.33

 

5.01

Risk-free interest rate

 

1.25

%  

 

0.95

%  

0.90

%

Volatility

 

109

%  

 

111

%  

111

%

Exercise price

 

6.24

 

6.24

 

6.24

Warrant life

 

5.0

years

 

5.5

years

5.5

years

Schedule of liabilities measured at fair value on recurring basis

    

    

Quoted Prices In

    

Significant Other

    

Significant Other

June 30,

Active Markets

Observable Inputs

Unobservable Inputs

Description

2021

(Level 1)

(Level 2)

(Level 3)

Liabilities:

 

  

 

  

 

  

 

  

Warrant liability

$

29,520,000

$

$

$

29,520,000

    

    

Quoted Prices In

    

Significant Other

    

Significant Other

December 31,

Active Markets

Observable Inputs

Unobservable Inputs

Description

2021

(Level 1)

(Level 2)

(Level 3)

Liabilities:

 

  

 

  

 

  

 

  

Warrant liability

$

6,640,000

$

$

$

6,640,000