XML 59 R49.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

ORDINARY SHARES PURCHASE WARRANTS ISSUED TO INVESTORS (Tables)

6 Months Ended

Dec. 31, 2023

ORDINARY SHARES PURCHASE WARRANTS ISSUED TO INVESTORS

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

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	June 30,
Input		2023			2023				​
Number of warrants*	​	​	47,963	​	​	47,963	​	441,710	​
Share price*	​	$	0.23	​	$	0.34		0.34	​
Risk-free interest rate	​		4.02	%		4.41	%	4.41	%
Volatility	​		119	%		127	%	127	%
Exercise price*	​	$	112.32	​	$	112.32		14.40	​
Warrant life	​		2.96 years	​		3.47 years	​	3.47 years	​

* Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024.

​

​	​	​	​	​	​	​	​
​		December 31,			June 30,
Input	​	2023		​	2023
Number of warrants*		​	—		​	555,694	​
Share price*	​	$	—	​	$	0.34	​
Risk-free interest rate	​		—	%		3.59	%
Volatility	​		—	%		110	%
Exercise price*	​	$	—	​	$	14.40	​
Warrant life	​		—	​		5.22 years	​

* Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024.

Summary 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

​

2023

​

(Level 1)

​

(Level 2)

​

(Level 3)

Liabilities:

​

​

​

​

Warrant liability - non-current

​

$

4,360,000

​

$

—

​

$

—

​

$

4,360,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quoted Prices In

Significant Other

Significant Other

​

​

December 31,

​

Active Markets

​

Observable Inputs

​

Unobservable Inputs

Description

2023

(Level 1)

​

(Level 2)

​

(Level 3)

Liabilities:

​

​

​

​

Warrant liability - non-current

​

$

140,000

​

$

—

​

$

—

​

$

140,000

​

Summary of company warrants activities and status of warrants

​

​	​	​	​	​	​	​	​
​		​		Weighted			Average
​	​	​	​	Average		​	Remaining
​	​	​	​	Exercise Price		​	Period
Warrants	​	Warrants*	​	Per Share*		​	(Years)
Outstanding as of June 30, 2022		489,673	​	$	112.32		4.46
Issued		555,694	​		14.40		5.50
Forfeited		—	​		—		—
Exercised		—	​		—		—
Expired		—	​		—		—
Outstanding as of June 30, 2023		1,045,367	​	$	18.90		4.40
Issued		—	​		—		—
Redeemed	​	(997,404)	​	​	14.40	​	—
Forfeited		—	​		—		—
Exercised		—	​		—		—
Expired		—	​		—		—
Outstanding as of December 31, 2023		47,963	​	$	112.32		2.96

* Retrospectively restated for the 1-for-18 reverse stock split on May 1, 2024.

Schedule of estimated liability

​

​	​	​	​
​		​	December 31,
Description	​	​	2023
Warrant liability -current *		$	1,200,000

​

* On December 14, 2023, company bought back an aggregate of 17,953,269 (997,404 warrants post 2024 Reverse Split) warrants from the Sellers. Warrant Purchase Agreement stipulated that “The Company has agreed that if the Company repurchases any other warrants prior to June 14, 2024 at a higher purchase price per Warrant than the purchase price per Warrant stated in the Warrant Purchase Agreement, then the Company shall pay Sellers the difference between the purchase prices per Warrant. Similarly, if the Company enters into or announces any Fundamental Transactions as defined in the Warrants, and the Black-Scholes Value is a purchase price per Warrant that is higher than the purchase price per Warrant stated in the Warrant Purchase Agreement, then the Company shall pay Sellers the difference between the Black-Scholes Value purchase price per Warrant and the stated purchase price per Warrant in the Warrant Purchase Agreement”. The Company accrued an estimated liability of $1,200,000 based on the potential for future significant transaction compensation in contracts to repurchase investor warrants during the six months ended December 31, 2023.

X

- Definition

Tabular disclosure of the estimated liability.

+ References

No definition available.

+ Details

Name:	rcon_ScheduleOfEstimatedLiabilityTableTextBlock
Namespace Prefix:	rcon_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the warrants activities

+ References

No definition available.

+ Details

Name:	rcon_ScheduleOfWarrantsActivitiesTableTextBlock
Namespace Prefix:	rcon_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_WarrantsAndRightsNoteDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration