Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-55088 | |
Entity Registrant Name | AMERICAN BATTERY TECHNOLOGY COMPANY | |
Entity Central Index Key | 0001576873 | |
Entity Tax Identification Number | 33-1227980 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 100 Washington Ave. Suite 100 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89503 | |
City Area Code | (775) | |
Local Phone Number | 473-4744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 645,695,337 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash | $ 36,323,316 | $ 12,843,502 |
Investments | 44,624 | |
Prepaid expenses and deposits | 400,929 | 1,292,216 |
Total current assets | 36,768,869 | 14,135,718 |
Property and equipment, net (Note 3) | 15,741,458 | 5,484,225 |
Intangible assets (Note 4) | 3,815,910 | 1,643,160 |
Right-of-use asset | 273,449 | |
Total assets | 56,599,686 | 21,263,103 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,528,576 | 1,616,852 |
Due to related parties (Note 5) | 205,646 | 205,646 |
Total current liabilities | 3,734,222 | 1,822,498 |
Long-term liabilities | 204,081 | |
Total liabilities | 3,938,303 | 1,822,498 |
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | ||
Common Stock Authorized: 1,200,000,000 common shares, par value of $0.001 per share issued and outstanding: 645,695,337 and 573,267,632 common shares as of March 31, 2022 and June 30, 2021, respectively | 645,695 | 573,268 |
Additional paid-in capital | 183,792,910 | 121,615,738 |
Common stock issuable | 7,500 | 247,750 |
Accumulated deficit | (131,784,722) | (105,073,651) |
Total stockholders’ equity | 52,661,383 | 19,440,605 |
Total liabilities and stockholders’ equity | 56,599,686 | 21,263,103 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | 500 | |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | ||
Series C Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock | $ 2,077,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Common Stock, Shares Authorized | 1,200,000,000 | 1,200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Outstanding | 645,695,337 | 573,267,632 |
Common Stock, Shares, Issued | 645,695,337 | 573,267,632 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 500,000 | |
Preferred stock, shares outstanding | 500,000 | |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares issued | 207,700 | |
Preferred stock, shares outstanding | 207,700 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses | ||||
Exploration costs | $ 202,555 | $ 211 | $ 473,539 | $ 109,910 |
General and administrative | 2,631,020 | 6,806,803 | 26,454,436 | 31,727,157 |
Total operating expenses | 2,833,575 | 6,807,014 | 26,927,975 | 31,837,067 |
Net loss before other income (expense) | (2,833,575) | (6,807,014) | (26,927,975) | (31,837,067) |
Other income (expense) | ||||
Accretion and interest expense | (5,962) | (713,970) | (10,102) | (2,914,470) |
Financing costs | (41) | (405,137) | ||
Change in fair value of derivative liability (Note 7) | (12,637,125) | (19,655,296) | ||
Gain on settlement of debt | 15,220,668 | 18,683,279 | ||
Gain on sale of mining claims | 153,393 | 153,393 | ||
Unrealized loss on investment | (5,376) | (5,376) | ||
Other income | 60,969 | 1,396 | 100,744 | 1,396 |
Total other income (expense) | 203,024 | 1,870,928 | 238,659 | (4,290,228) |
Net loss attributable to stockholders | $ (2,630,551) | $ (4,936,086) | $ (26,689,316) | $ (36,127,295) |
Net loss per share, basic and diluted | $ 0 | $ (0.01) | $ (0.04) | $ (0.08) |
Weighted average shares outstanding | 634,379,111 | 506,775,985 | 619,973,643 | 476,505,278 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series C Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock Issuable [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2020 | $ 300 | $ 365,191 | $ 55,452,951 | $ 2,450,000 | $ (63,208,946) | $ (4,940,504) | |
Beginning balance, shares at Jun. 30, 2020 | 300,000 | 365,191,213 | |||||
Shares issued for services | $ 200 | $ 33,650 | 27,038,312 | 27,072,162 | |||
Shares issued for services, shares | 200,000 | 33,650,036 | |||||
Shares issued for exercise of warrants | $ 43,096 | 488,154 | $ 531,250 | ||||
Shares issued for exercise of warrants, shares | 43,097,680 | 6,150,000 | |||||
Shares issued pursuant to Series C preferred shares conversion | $ (412,500) | $ 3,300 | 409,200 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (41,250) | 3,300,000 | |||||
Dividends declared | (59,139) | (59,139) | |||||
Net loss for the period | (36,127,295) | (36,127,295) | |||||
Shares issued pursuant to note conversion | $ 400,000 | $ 22,685 | 7,890,707 | 8,313,392 | |||
Shares issued pursuant to note conversion, shares | 40,000 | 22,685,750 | |||||
Shares issued pursuant to share purchase agreement | $ 16,250 | 10,415,388 | 10,431,638 | ||||
Shares issued pursuant to share purchase agreement, shares | 16,250,000 | ||||||
Share subscriptions received | 93,750 | 93,750 | |||||
Beneficial conversion feature on convertible debt | 271,000 | 271,000 | |||||
Beneficial conversion feature on convertible debt, shares | |||||||
Shares issued from private placement, net of issuance costs | $ 2,414,500 | $ 60,625 | 2,389,375 | (2,450,000) | 2,414,500 | ||
Shares issued from private placement, net of issuance costs, shares | 241,450 | 60,625,000 | |||||
Shares issued pursuant to property purchase agreement | $ 69 | 271,710 | 271,779 | ||||
Shares issued pursuant to property purchase agreement, shares | 69,252 | ||||||
Share purchase warrants issued | 83,724 | 83,724 | |||||
Ending balance, value at Mar. 31, 2021 | $ 500 | $ 2,402,000 | $ 544,866 | 104,710,521 | 93,750 | (99,395,380) | 8,356,257 |
Ending balance, shares at Mar. 31, 2021 | 500,000 | 240,200 | 544,868,931 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 500 | $ 2,814,500 | $ 502,622 | 84,517,981 | 28,750 | (94,408,024) | (6,543,671) |
Beginning balance, shares at Dec. 31, 2020 | 500,000 | 281,450 | 502,622,746 | ||||
Shares issued for services | $ 2,510 | 4,457,182 | (35,000) | 4,424,692 | |||
Shares issued for services, shares | 2,510,036 | ||||||
Shares issued for exercise of warrants | $ 30,715 | 500,535 | 531,250 | ||||
Shares issued for exercise of warrants, shares | 30,716,118 | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (412,500) | $ 3,300 | 409,200 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (41,250) | 3,300,000 | |||||
Dividends declared | (51,270) | (51,270) | |||||
Net loss for the period | (4,936,086) | (4,936,086) | |||||
Shares issued pursuant to note conversion | $ 1,400 | 5,326,525 | 5,327,925 | ||||
Shares issued pursuant to note conversion, shares | 1,400,779 | ||||||
Shares issued pursuant to share purchase agreement | $ 4,250 | 9,227,388 | 9,231,638 | ||||
Shares issued pursuant to share purchase agreement, shares | 4,250,000 | ||||||
Share subscriptions received | 100,000 | 100,000 | |||||
Beneficial conversion feature on convertible debt | $ 69 | 271,710 | 271,779 | ||||
Beneficial conversion feature on convertible debt, shares | 69,252 | ||||||
Ending balance, value at Mar. 31, 2021 | $ 500 | $ 2,402,000 | $ 544,866 | 104,710,521 | 93,750 | (99,395,380) | 8,356,257 |
Ending balance, shares at Mar. 31, 2021 | 500,000 | 240,200 | 544,868,931 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 500 | $ 2,077,000 | $ 573,268 | 121,615,738 | 247,750 | (105,073,651) | 19,440,605 |
Beginning balance, shares at Jun. 30, 2021 | 500,000 | 207,700 | 573,267,632 | ||||
Shares issued for services | $ 14,128 | 20,323,815 | (221,500) | 20,116,443 | |||
Shares issued for services, shares | 14,128,728 | ||||||
Cancellation of previously issued shares | $ (1,000) | (2,029,000) | (2,030,000) | ||||
Cancellation of previously issued shares, shares | (1,000,000) | ||||||
Shares issued for exercise of warrants | $ 14,293 | 923,207 | (18,750) | 918,750 | |||
Shares issued for exercise of warrants, shares | 14,293,366 | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (2,077,000) | $ 16,616 | 2,060,384 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (207,700) | 16,616,000 | |||||
Redemption of Series A preferred shares | $ (500) | 500 | |||||
Redemption of Series A preferred shares, shares | (500,000) | ||||||
Dividends declared | (21,755) | (21,755) | |||||
Net loss for the period | (26,689,316) | (26,689,316) | |||||
Shares issued pursuant to share purchase agreement | $ 3,000 | 3,985,005 | 3,988,005 | ||||
Shares issued pursuant to share purchase agreement, shares | 3,000,000 | ||||||
Shares issued from private placement, net of issuance costs | $ 25,390 | 36,913,261 | 36,938,651 | ||||
Shares issued from private placement, net of issuance costs, shares | 25,389,611 | ||||||
Ending balance, value at Mar. 31, 2022 | $ 645,695 | 183,792,910 | 7,500 | (131,784,722) | 52,661,383 | ||
Ending balance, shares at Mar. 31, 2022 | 645,695,337 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 500 | $ 277,000 | $ 631,788 | 180,279,474 | 3,304,500 | (129,154,171) | 55,339,091 |
Beginning balance, shares at Dec. 31, 2021 | 500,000 | 27,700 | 631,787,717 | ||||
Shares issued for services | $ 4,023 | 4,675,820 | (3,297,000) | 1,382,843 | |||
Shares issued for services, shares | 4,023,470 | ||||||
Cancellation of previously issued shares | $ (1,000) | (2,029,000) | (2,030,000) | ||||
Cancellation of previously issued shares, shares | (1,000,000) | ||||||
Shares issued for exercise of warrants | $ 8,668 | 591,332 | 600,000 | ||||
Shares issued for exercise of warrants, shares | 8,668,150 | ||||||
Shares issued pursuant to Series C preferred shares conversion | $ (277,000) | $ 2,216 | 274,784 | ||||
Shares issued pursuant to Series C preferred shares conversion, shares | (27,700) | 2,216,000 | |||||
Redemption of Series A preferred shares | $ (500) | 500 | |||||
Redemption of Series A preferred shares, shares | (500,000) | ||||||
Dividends declared | |||||||
Net loss for the period | (2,630,551) | (2,630,551) | |||||
Ending balance, value at Mar. 31, 2022 | $ 645,695 | $ 183,792,910 | $ 7,500 | $ (131,784,722) | $ 52,661,383 | ||
Ending balance, shares at Mar. 31, 2022 | 645,695,337 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2020 | |
Operating Activities | |||||
Net loss, attributable to stockholders | $ (2,630,551) | $ (4,936,086) | $ (26,689,316) | $ (36,127,295) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Accretion expense | 2,803,429 | ||||
Depreciation expense | 36,818 | 7,741 | |||
Right-of-use asset amortization | 38,121 | ||||
Net change in operating lease liability | (21,384) | ||||
Change in fair value of derivative liability | 12,637,125 | 19,655,296 | |||
Discount on convertible notes payable | 73,500 | ||||
Gain on settlement of debt | (15,220,668) | (18,683,279) | |||
Shares issued for services | 18,086,443 | 27,072,162 | |||
Loss on impairment | 186,779 | ||||
Settlement of mining claims in stock | (50,000) | ||||
Unrealized loss on investment | 5,376 | 5,376 | |||
Changes in operating assets and liabilities: | |||||
Prepaid expenses and deposits | 891,287 | (184,253) | |||
Accounts payable and accrued liabilities | 254,676 | 561,498 | |||
Due to related parties | (419,303) | ||||
Net Cash Used in Operating Activities | (7,261,200) | (5,240,504) | |||
Investing Activities | |||||
Acquisition of property and equipment | (8,805,942) | (907,380) | |||
Purchase of water rights | (2,172,750) | (817,000) | |||
Net Cash Used In Investing Activities | (10,978,692) | (1,724,380) | |||
Financing Activities | |||||
Dividends paid | (125,700) | ||||
Proceeds from issuance of convertible notes payable | 1,350,000 | ||||
Repayment of convertible note payable | (1,761,397) | ||||
Repayment of note payable | (59,236) | ||||
Proceeds from share purchase agreement | 10,431,638 | ||||
Proceeds from exercise of share purchase warrants | 918,750 | 614,974 | |||
Proceeds from issuance of common shares | 43,088,006 | 2,508,250 | $ 2,450,000 | ||
Share issuance costs | (2,161,350) | ||||
Net Cash Provided by Financing Activities | 41,719,706 | 13,084,229 | |||
Change in Cash | 23,479,814 | 6,119,345 | |||
Cash – Beginning | 12,843,502 | 829,924 | |||
Cash – End | $ 36,323,316 | $ 6,949,269 | 36,323,316 | 6,949,269 | $ 829,924 |
Supplemental disclosures | |||||
Interest paid | 10,102 | ||||
Non-cash investing and financing activities | |||||
Fair value of preferred shares redeemed | 100 | ||||
Noncash construction costs in accounts payable | 1,674,888 | ||||
Initial value of lease liabilities | 311,570 | ||||
Discount on convertible debt | 403,378 | ||||
Original issuance discount on convertible debt | 51,000 | ||||
Beneficial conversion feature on convertible debt | 271,000 | ||||
Common shares issued for conversion of debt | 7,913,392 | ||||
Preferred shares issued for conversion of debt | 400,000 | ||||
Common shares issued for conversion of preferred shares | 2,216,000 | 412,500 | |||
Common shares issued for acquisition of property | 271,779 | ||||
Fair value of commission warrants issued | $ 2,699,039 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations American Battery Technology Company (“ABTC”) is a startup company in the lithium-ion battery industry that is working to increase the domestic US production of battery materials, such as lithium, nickel, cobalt and manganese through its engagement in the exploration of new primary resources of battery metals, in the development and commercialization of new technologies for the extraction of these battery metals from primary resources, and in the commercialization of an internally developed integrated process for the recycling of lithium-ion batteries. Through this three-pronged approach ABTC is working to both increase the domestic production of these battery materials, and to ensure that as these materials reach their end of lives that the constituent elemental battery metals are returned to the domestic manufacturing supply chain in a closed-loop fashion. The Company was incorporated under the laws of the State of Nevada on October 6, 2011 for the purpose of acquiring rights to mineral properties with the eventual objective of being a producing mineral company. We have limited operating history and have not yet generated or realized any revenues from our activities. Our principal executive offices are located at 100 Washington Ave., Suite 100, Reno, NV 89503. Liquidity and Capital Resources During the nine months ended March 31, 2022, the Company incurred a net loss of $ 26.7 million and used cash of $ 7.3 million for operating activities. At March 31, 2022, the Company has an accumulated deficit of $ 131.8 million. On September 27, 2021, the Company secured net proceeds of $ 36,938,651 These condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is June 30. These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive) and LithiumOre Corporation (formerly Lithortech Resources Inc) and ABTC AG, LLC. All inter-company accounts and transactions have been eliminated upon consolidation. b) Interim Financial Statements These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The interim financial statements and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. c) Use of Estimates The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, recoverability of long-lived assets and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) d) Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options, warrants and convertible shares. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At March 31, 2022, the Company had 41,210,611 41,210,611 e) Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. The Company is currently evaluating the timing and method of adoption and the related impact of the new guidance on the earnings per share and on its financial statements. In November 2021, FASB issued ASU No. 2021-10 “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” This ASU will improve the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. ASU No. 2021-10 is effective for financial statements issued for annual periods beginning after December 15, 2021, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022. The Company is currently evaluating the timing and method of adoption and the related impact of the new guidance on the earnings per share and on its financial statements. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Schedule of Property and Equipment Building Equipment Vehicles Land Total Cost: Balance, June 30, 2021 $ - $ 99,466 $ 61,916 $ 5,340,621 $ 5,502,003 Additions 38,327 - 1,571,322 1,609,649 Construction in process 7,732,151 1,139,030 - - 8,871,181 Impairment loss - - - (186,779 ) (186,779 ) Balance, March 31, 2022 $ 7,732,151 $ 1,276,823 $ 61,916 $ 6,725,164 $ 15,796,054 Accumulated Depreciation: Balance, June 30, 2021 $ - $ 4,356 $ 13,422 $ - $ 17,778 Additions - 27,808 9,010 - 36,818 Balance, March 31, 2022 $ - $ 32,164 $ 22,432 $ - $ 54,596 Carrying Amounts: Balance, June 30, 2021 $ - $ 95,110 48,494 $ 5,340,621 $ 5,484,225 Balance, March 31, 2022 $ 7,732,151 $ 1,244,659 39,484 $ 6,725,164 $ 15,741,458 The building and equipment expenditures are currently under construction and are not available for use. The Company has impaired the carrying value of land purchased February 2021 in Tonopah, NV. The Company adjusted the carrying value of the land to that of the closing price stated in the agreement ($ 85,000 186,779 AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) |
Intangible Assets
Intangible Assets | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets Schedule of Intangible assets Water Rights Balance, June 30, 2021 $ 1,643,160 Additions 2,172,750 Impairment loss - Balance, March 31, 2022 $ 3,815,910 To date, the Company has purchased water rights in the City of Fernley, Nevada for $ 3,815,910 . The water rights will be used to ensure the Company’s lithium-ion battery recycling plant will have adequate water to operate at full capacity once construction is complete. The water rights are treated in accordance with ASC 350, Intangible Assets, and have an unlimited useful life given that there are no expiration dates on the water rights acquired by the Company. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions As of March 31, 2022, the Company owes $ 205,646 205,646 |
Leases
Leases | 9 Months Ended |
Mar. 31, 2022 | |
Leases | |
Leases | 6. Leases A lease provides the lessee the right to control the use of an identified asset for a period in exchange for consideration. Operating lease right-of-use assets (“ROU assets”) are presented within the asset section of the Company’s Consolidated Balance Sheets, while lease liabilities are included within the liability section of the Company’s Consolidated Balance Sheets as of March 31, 2022. ROU assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most operating leases contain renewal options that provide for rent increases based on prevailing market conditions. The terms used to calculate the ROU assets for certain properties include the renewal options that the Company is reasonably certain to exercise. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company estimates a rate of 8.0 The Company occupies office facilities under lease agreements that expire at various dates. The Company does not have any significant finance leases. Total operating lease costs for the nine months ended March 31, 2022 were $ 38,121 As of March 31, 2022, short term lease liabilities of $ 86,105 Schedule of Total Operating Lease ROU Assets and Lease Liabilities March 31, 2022 June 30, 2021 Operating lease right-of-use asset $ 273,449 $ - Operating lease liabilities $ 290,186 $ - The table below presents the maturities of operating lease liabilities as of March 31, 2022: Schedule of Maturity of Operating Lease Liabilities March 31, 2023 $ 106,591 March 31, 2024 130,148 March 31, 2025 88,631 Total lease payments 325,370 Less: discount (35,184 ) Total operating lease liabilities $ 290,186 The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use asset as of March 31, 2022. Schedule of Weighted Average Remaining Lease Term For Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 2.6 Weighted average discount rate 8.0 % AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) |
Derivative Liabilities
Derivative Liabilities | 9 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | 7. Derivative Liabilities The Company records the fair value of the conversion option of convertible debentures in accordance with ASC 815, Derivatives and Hedging. The fair value of the derivatives was calculated using a multi-nominal lattice model. The fair value of the derivative liabilities is revalued on each balance sheet date with corresponding gains and losses recorded in the condensed consolidated statements of operations. For the nine months ended March 31, 2022, the Company did not record an expense associated with the change in fair market value of derivatives because the Company had no derivative liability at March 31, 2022 and June 30, 2021. For the nine months ended March 31, 2021, the Company recognized an expense related to the change in fair value of derivative liabilities of $ 19,655,296 , offset by gain on settlement of debt of $ 18,683,279 for the same period. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | 8. Stockholders’ Equity The Company’s authorized common stock consists of 1,200,000,000 0.001 Series A Preferred Stock The Company has 500,000 0.001 The shares allow the holder to vote 1,000 shares for each share of Series A stock in any vote of the shareholders of the Company and the Board is authorized to issue such preferred stock as is necessary. nil 500,000 Series B Preferred Stock As of March 31, 2022 and June 30, 2021, 2,000,000 10.00 no Series C Preferred Stock On December 18, 2020, the Company issued 48.29 units of Series C Preferred Stock ( 241,450 shares of Series C preferred stock) at $ 50,000 per unit for proceeds of $ 2,414,500 . Each unit is comprised of 5,000 shares of Series C Preferred Stock ( each share of Series C Preferred Stock is convertible into 80 shares of common stock 400,000 common shares of the Company at $ 0.25 per share until March 31, 2023 8 % rate per share, per annum. The dividend shall be payable at the Company’s option either in cash or in common shares of the Company. If paid in common shares, the Company shall issue the number of common shares equal to the dividend amount divided by the stated value and then multiplied by eighty. In addition, on December 18, 2020, the Company issued 8 units of Series C Preferred Stock ( 40,000 400,000 381,622 18,378 During the nine months ended March 31, 2022, the Series C Preferred Stockholders converted 207,700 2,077,000 16,616,000 On February 2, 2022 the Company issued a Mandatory Conversion Notice to the remaining Series C Preferred stockholders. The notice converts all outstanding shares of Series C Preferred Stock to common stock at a conversion ratio of 80 On February 8, 2022 the Company issued $ 125,700 Common Stock Nine months ended March 31, 2022 During the period, the Company issued 16,616,000 207,700 80 During the period, the Company issued 25,389,611 39,100,001 1.54 1.75 2,161,350 1,955,000 1.54 2,699,039 166 0.56 three years During the period, the Company issued 14,293,366 common shares pursuant the exercise of 14,000,000 share purchase warrants for proceeds of $ 956,250 , of which 250,000 share purchase warrants, pursuant an aggregate cash exercise price of $ 18,750 , exercised during the fiscal year ended June 30, 2021. During the period, the Company issued 3,000,000 3,988,005 During the period, the Company issued 13,128,728 18,086,443 8,566,319 11,993,327 7,500 On January 27, 2022, the Company issued 668,150 shares pursuant a cashless exercise of 750,000 share purchase warrants. On January 27, 2022, the Company and a former executive agreed to cancel, for no consideration, 1,000,000 previously issued shares with an initial value of $ 2,030,000 . The Company has recorded a contra-expense related to the cancelled shares. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) 8. Stockholders’ Equity (continued) Common Stock (continued) Nine months ended March 31, 2021 During the period, the Company issued 22,685,750 7,913,391 2,002,876 77,723 21,429,714 15,596,922 During the period, the Company issued 33,650,036 27,072,162 7,023,585 4,837,500 On October 6, 2020, the Company entered into a Purchase Agreement (the “Agreement”) with Tysadco Partners LLC, a Delaware limited company (“Tysadco”). Pursuant to the Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $ 250,000 During the period, the Company issued 60,625,000 2,450,000 0.8 0.075 October 31, 2024 During the period, the Company issued 36,947,680 common shares pursuant to the cashless exercise of share purchase warrants and 6,150,000 common shares pursuant to the exercise of share purchase warrants for total proceeds of $ 531,250 . As of March 31, 2021, the Company had received additional $ 93,750 for future issuance of common shares. |
Share Purchase Warrants
Share Purchase Warrants | 9 Months Ended |
Mar. 31, 2022 | |
Share Purchase Warrants | |
Share Purchase Warrants | 9. Share Purchase Warrants Schedule of Share Purchase Warrants Activity Number of Warrants Weighted Average Exercise Price Balance, June 30, 2021 27,866,000 $ 0.09 Issued 27,344,611 $ 1.73 Exercised (14,000,000 ) $ 0.08 Expired - $ - Balance, March 31, 2022 41,210,611 $ 1.18 Additional information regarding share purchase warrants as of March 31, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Range of Exercise Prices Number of Warrants Weighted Average Remaining Contractual Life (years) 0.075 12,250,000 2.6 0.25 1,616,000 1.8 1.54 1,955,000 2.5 1.75 25,389,611 4.5 41,210,611 3.7 |
Restricted Share Units
Restricted Share Units | 9 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Share Units | 10. Restricted Share Units The Company has established a restricted share unit (RSU) incentive plan for executives, directors, and certain employees. Awards generally vest over a four 25 No stock-based compensation has been recorded in relation to the 2021 Equity Incentive Stock Plan for the nine months ended March 31, 2022 and nine months ended March 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. Management is currently not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse effect on our business, financial condition, or operating results. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) 11. Commitments and Contingencies (Continued) Operating Leases We lease our principal office location in Reno, Nevada. We also lease two adjacent Lab spaces in the University of Nevada, Reno on short term leases. The principal office location lease expires on November 30, 2024 and the Lab leases expire on March 15, 2023. Consistent with the guidance in ASC 842, we have recorded the principal office lease in our consolidated balance sheet as an operating lease. For further information on operating lease commitments, refer to Note 6 - Leases. Financial Assurance: Nevada and other states, as well as federal regulations governing mine operations on federal land, require financial assurance to be provided for the estimated costs of mine reclamation and closure, including groundwater quality protection programs. ABTC has satisfied financial assurance requirements using a combination of cash bonds and surety bonds. The amount of financial assurance ABTC is required to provide will vary with changes in laws, regulations, reclamation and closure requirements, and cost estimates. At March 31, 2022, ABTC’s financial assurance obligations associated with U.S. mine closure and reclamation/restoration cost estimate totaled $ 47,730 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were available to be issued and has not identified any additional subsequent events requiring adjustments to, or disclosures in the accompanying condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | a) Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is June 30. These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL (inactive) and LithiumOre Corporation (formerly Lithortech Resources Inc) and ABTC AG, LLC. All inter-company accounts and transactions have been eliminated upon consolidation. |
Interim Financial Statements | b) Interim Financial Statements These condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The interim financial statements and notes thereto should be read in conjunction with the Company’s latest Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Use of Estimates | c) Use of Estimates The preparation of these condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the fair value of stock-based compensation, recoverability of long-lived assets and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. AMERICAN BATTERY TECHNOLOGY COMPANY Notes to the Condensed Consolidated Financial Statements For the period ended March 31, 2022 (unaudited) 2. Summary of Significant Accounting Policies (continued) |
Loss per Share | d) Loss per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options, warrants and convertible shares. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. At March 31, 2022, the Company had 41,210,611 41,210,611 |
Recent Accounting Pronouncements | e) Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), which simplifies the accounting for convertible instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative under ASC 815 or for convertible debt issued at a substantial premium. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. The Company is currently evaluating the timing and method of adoption and the related impact of the new guidance on the earnings per share and on its financial statements. In November 2021, FASB issued ASU No. 2021-10 “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” This ASU will improve the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. ASU No. 2021-10 is effective for financial statements issued for annual periods beginning after December 15, 2021, with early application permitted. This ASU is applicable to the Company’s fiscal year beginning July 1, 2022. The Company is currently evaluating the timing and method of adoption and the related impact of the new guidance on the earnings per share and on its financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment Building Equipment Vehicles Land Total Cost: Balance, June 30, 2021 $ - $ 99,466 $ 61,916 $ 5,340,621 $ 5,502,003 Additions 38,327 - 1,571,322 1,609,649 Construction in process 7,732,151 1,139,030 - - 8,871,181 Impairment loss - - - (186,779 ) (186,779 ) Balance, March 31, 2022 $ 7,732,151 $ 1,276,823 $ 61,916 $ 6,725,164 $ 15,796,054 Accumulated Depreciation: Balance, June 30, 2021 $ - $ 4,356 $ 13,422 $ - $ 17,778 Additions - 27,808 9,010 - 36,818 Balance, March 31, 2022 $ - $ 32,164 $ 22,432 $ - $ 54,596 Carrying Amounts: Balance, June 30, 2021 $ - $ 95,110 48,494 $ 5,340,621 $ 5,484,225 Balance, March 31, 2022 $ 7,732,151 $ 1,244,659 39,484 $ 6,725,164 $ 15,741,458 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible assets | Schedule of Intangible assets Water Rights Balance, June 30, 2021 $ 1,643,160 Additions 2,172,750 Impairment loss - Balance, March 31, 2022 $ 3,815,910 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of Total Operating Lease ROU Assets and Lease Liabilities | Schedule of Total Operating Lease ROU Assets and Lease Liabilities March 31, 2022 June 30, 2021 Operating lease right-of-use asset $ 273,449 $ - Operating lease liabilities $ 290,186 $ - |
Schedule of Maturity of Operating Lease Liabilities | The table below presents the maturities of operating lease liabilities as of March 31, 2022: Schedule of Maturity of Operating Lease Liabilities March 31, 2023 $ 106,591 March 31, 2024 130,148 March 31, 2025 88,631 Total lease payments 325,370 Less: discount (35,184 ) Total operating lease liabilities $ 290,186 |
Schedule of Weighted Average Remaining Lease Term For Operating Leases and Weighted Average Discount Rate | The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use asset as of March 31, 2022. Schedule of Weighted Average Remaining Lease Term For Operating Leases and Weighted Average Discount Rate Weighted average lease term (years) 2.6 Weighted average discount rate 8.0 % |
Share Purchase Warrants (Tables
Share Purchase Warrants (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Share Purchase Warrants | |
Schedule of Share Purchase Warrants Activity | Schedule of Share Purchase Warrants Activity Number of Warrants Weighted Average Exercise Price Balance, June 30, 2021 27,866,000 $ 0.09 Issued 27,344,611 $ 1.73 Exercised (14,000,000 ) $ 0.08 Expired - $ - Balance, March 31, 2022 41,210,611 $ 1.18 |
Schedule of Additional Information Regarding Share Purchase Warrants | Additional information regarding share purchase warrants as of March 31, 2022, is as follows: Schedule of Additional Information Regarding Share Purchase Warrants Outstanding and Exercisable Range of Exercise Prices Number of Warrants Weighted Average Remaining Contractual Life (years) 0.075 12,250,000 2.6 0.25 1,616,000 1.8 1.54 1,955,000 2.5 1.75 25,389,611 4.5 41,210,611 3.7 |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 27, 2021 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Net loss | $ 2,630,551 | $ 4,936,086 | $ 26,689,316 | $ 36,127,295 | ||
Net cash used in operating activities | 7,261,200 | $ 5,240,504 | ||||
Accumulated deficit | $ 131,784,722 | $ 131,784,722 | $ 105,073,651 | |||
Secured amount for land improvements | $ 36,938,651 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | 9 Months Ended |
Mar. 31, 2022shares | |
Warrant [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of potentially dilutive shares | 41,210,611 |
Convertible Debt Securities [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Number of potentially dilutive shares | 41,210,611 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | $ 5,502,003 |
Cost Addition | 1,609,649 |
Cost Construction in process | 8,871,181 |
Loss on impairment | (186,779) |
Cost, ending | 15,796,054 |
Accumulated Depreciation, beginning | 17,778 |
Accumulated Depreciation Addition | 36,818 |
Accumulated Depreciation, ending | 54,596 |
Carrying Amounts, beginning | 5,484,225 |
Carrying Amounts, ending | 15,741,458 |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | |
Cost Construction in process | 7,732,151 |
Loss on impairment | |
Cost, ending | 7,732,151 |
Accumulated Depreciation, beginning | |
Accumulated Depreciation Addition | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | |
Carrying Amounts, ending | 7,732,151 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 99,466 |
Cost Addition | 38,327 |
Cost Construction in process | 1,139,030 |
Loss on impairment | |
Cost, ending | 1,276,823 |
Accumulated Depreciation, beginning | 4,356 |
Accumulated Depreciation Addition | 27,808 |
Accumulated Depreciation, ending | 32,164 |
Carrying Amounts, beginning | 95,110 |
Carrying Amounts, ending | 1,244,659 |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 61,916 |
Cost Addition | |
Cost Construction in process | |
Loss on impairment | |
Cost, ending | 61,916 |
Accumulated Depreciation, beginning | 13,422 |
Accumulated Depreciation Addition | 9,010 |
Accumulated Depreciation, ending | 22,432 |
Carrying Amounts, beginning | 48,494 |
Carrying Amounts, ending | 39,484 |
Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Cost, beginning | 5,340,621 |
Cost Addition | 1,571,322 |
Cost Construction in process | |
Loss on impairment | (186,779) |
Cost, ending | 6,725,164 |
Accumulated Depreciation Addition | |
Accumulated Depreciation, ending | |
Carrying Amounts, beginning | 5,340,621 |
Carrying Amounts, ending | $ 6,725,164 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Purchase of of land | $ 85,000 | ||
Loss on impairment | $ 186,779 |
Schedule of Intangible assets (
Schedule of Intangible assets (Details) | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | $ 1,643,160 |
Additions | 3,815,910 |
Balance ending | 3,815,910 |
Water Rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance beginning | 1,643,160 |
Additions | 2,172,750 |
Impairment loss | |
Balance ending | $ 3,815,910 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Payments to Acquire Intangible Assets | $ 3,815,910 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Two Former Executives [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related party | $ 205,646 | $ 205,646 |
Schedule of Total Operating Lea
Schedule of Total Operating Lease ROU Assets and Lease Liabilities (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Leases | ||
Operating lease right-of-use asset | $ 273,449 | |
Operating lease liabilities | $ 290,186 |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Leases | ||
March 31, 2023 | $ 106,591 | |
March 31, 2024 | 130,148 | |
March 31, 2025 | 88,631 | |
Total lease payments | 325,370 | |
Less: discount | (35,184) | |
Total operating lease liabilities | $ 290,186 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term For Operating Leases and Weighted Average Discount Rate (Details) | Mar. 31, 2022 |
Leases | |
Weighted average lease term (years) | 2 years 7 months 6 days |
Weighted average discount rate | 8.00% |
Leases (Details Narrative)
Leases (Details Narrative) | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Leases | |
Percentage of discount rate | 8.00% |
Operating lease costs | $ 38,121 |
Short term lease liabilities | $ 86,105 |
Derivative Liabilities (Details
Derivative Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 12,637,125 | $ 19,655,296 | ||
Gain (Loss) on Extinguishment of Debt | $ 15,220,668 | $ 18,683,279 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Feb. 08, 2022 | Jan. 27, 2022 | Apr. 02, 2021 | Dec. 18, 2020 | Oct. 06, 2020 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2020 | Feb. 02, 2022 |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized | 1,200,000,000 | 1,200,000,000 | 1,200,000,000 | |||||||||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Number of stock issued during the period | 60,625,000 | |||||||||||
Warrant issuance | 1,955,000 | 1,955,000 | ||||||||||
Notes payable | $ 2,002,876 | $ 2,002,876 | ||||||||||
Accrued interest | 77,723 | 77,723 | ||||||||||
Proceeds from common units | $ 43,088,006 | 2,508,250 | $ 2,450,000 | |||||||||
Shares issued price per share | $ 1.54 | $ 1.54 | ||||||||||
Share issuance costs | $ 2,161,350 | |||||||||||
Volatility | 166.00% | |||||||||||
Risk Free Interest Rate | 0.56% | |||||||||||
Expected life | 3 years | |||||||||||
[custom:StockIssuedDuringPeriodSharesExerciseOfWarrants] | 6,150,000 | |||||||||||
Proceeds from Issuance of Warrants | $ 918,750 | $ 614,974 | ||||||||||
Fair value of common stock for services, amount | $ 1,382,843 | 4,424,692 | $ 20,116,443 | $ 27,072,162 | ||||||||
Stock issued during the period cashless exercise of warrants | 668,150 | 36,947,680 | ||||||||||
Stock issued during the period cashless exercise of warrants, value | $ 750,000 | |||||||||||
Stock Redeemed or Called During Period, Shares | 1,000,000 | |||||||||||
Stock Redeemed or Called During Period, Value | $ 2,030,000 | |||||||||||
Derivative liability | $ 21,429,714 | $ 21,429,714 | ||||||||||
Gain on derivative liabilities | $ 15,596,922 | |||||||||||
Warrants purchase share | 0.8 | 0.8 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 93,750 | 93,750 | ||||||||||
Purchase Agreement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of stock issued during the period | 3,000,000 | |||||||||||
Proceeds from common units | $ 3,988,005 | |||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Share purchase description | Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco. The Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $250,000 in common stock per sale or 200% of the average shares traded for the 10 days prior to the closing request date, at a purchase price of 85% of the of the two lowest individual daily VWAPs during the five (5) trading days commencing on the first trading day following delivery and clearing of the delivered shares, with a minimum request of $25,000. | |||||||||||
Purchase Agreement [Member] | Tysadco Partners LLC [Member] | Minimum [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares committed to purchase | 250,000 | |||||||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from Issuance of Warrants | $ 956,250 | |||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of stock issued during the period | 22,685,750 | |||||||||||
Shares issued during the period, value | $ 7,913,391 | |||||||||||
Warrant exercise price | $ 0.075 | $ 0.075 | ||||||||||
Warrant date | Oct. 31, 2024 | Oct. 31, 2024 | ||||||||||
Conversion of stock, common shares issued | 16,616,000 | |||||||||||
[custom:StockIssuedDuringPeriodSharesExerciseOfWarrants] | 8,668,150 | 30,716,118 | 14,293,366 | 43,097,680 | ||||||||
Issuance of common stock for services, shares | 4,023,470 | 2,510,036 | 14,128,728 | 33,650,036 | ||||||||
Fair value of common stock for services, amount | $ 4,023 | $ 2,510 | $ 14,128 | $ 33,650 | ||||||||
Common Stock [Member] | Consulting Service [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock for services, shares | 13,128,728 | |||||||||||
Fair value of common stock for services, amount | $ 18,086,443 | |||||||||||
Common Stock [Member] | Professional Service [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock for services, shares | 33,650,036 | |||||||||||
Fair value of common stock for services, amount | $ 27,072,162 | |||||||||||
Common Stock [Member] | Director [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock for services, shares | 7,023,585 | |||||||||||
Fair value of common stock for services, amount | $ 4,837,500 | |||||||||||
Common Stock [Member] | Officers and Directors [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Issuance of common stock for services, shares | 8,566,319 | |||||||||||
Fair value of common stock for services, amount | $ 11,993,327 | |||||||||||
Common Stock [Member] | Board Members [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock issued during period value issuable for services | $ 7,500 | |||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of stock issued during the period | 25,389,611 | |||||||||||
Warrant exercise price | $ 1.75 | $ 1.75 | ||||||||||
Proceeds from common units | $ 39,100,001 | |||||||||||
Shares issued price per share | $ 1.54 | $ 1.54 | ||||||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant issuance | 14,000,000 | 250,000 | 14,000,000 | |||||||||
[custom:StockIssuedDuringPeriodSharesExerciseOfWarrants] | 14,293,366 | |||||||||||
Proceeds from Issuance of Warrants | $ 531,250 | |||||||||||
Proceeds from Warrant Exercises | $ 18,750 | |||||||||||
Warrant [Member] | Director [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of warrants | $ 2,699,039 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 500,000 | 500,000 | 500,000 | |||||||||
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, shares issued | 500,000 | |||||||||||
Preferred Stock, Shares Outstanding | 500,000 | |||||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, voting rights | The shares allow the holder to vote 1,000 shares for each share of Series A stock in any vote of the shareholders of the Company and the Board is authorized to issue such preferred stock as is necessary. | |||||||||||
Issuance of common stock for services, shares | 200,000 | |||||||||||
Fair value of common stock for services, amount | $ 200 | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||
Preferred stock, par or stated value per share | $ 10 | $ 10 | $ 10 | |||||||||
Preferred stock, shares issued | ||||||||||||
Preferred Stock, Shares Outstanding | ||||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||
Preferred stock, par or stated value per share | $ 10 | $ 10 | $ 10 | |||||||||
Preferred stock, shares issued | 207,700 | |||||||||||
Preferred Stock, Shares Outstanding | 207,700 | |||||||||||
Preferred Units, Issued | 48.29 | |||||||||||
Number of stock issued during the period | 241,450 | |||||||||||
Shares issued during the period, value | $ 50,000 | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,414,500 | |||||||||||
Preferred stock conversion ratio shares | 5,000 | 80 | 80 | 80 | ||||||||
Conversion of Stock description | each share of Series C Preferred Stock is convertible into 80 shares of common stock | |||||||||||
Warrant issuance | 400,000 | |||||||||||
Warrant exercise price | $ 0.25 | |||||||||||
Warrant date | Mar. 31, 2023 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||||||
Issuances of stock conversion, shares | 40,000 | |||||||||||
Fair value of conversion | $ 400,000 | |||||||||||
Notes payable | 381,622 | |||||||||||
Accrued interest | $ 18,378 | |||||||||||
Conversion of stock, converted shares | 207,700 | |||||||||||
Preferred stock par value | $ 2,077,000 | $ 2,077,000 | ||||||||||
Series C Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Fair value of common stock for services, amount | ||||||||||||
Series C Common Stock [Member] | Dividend Paid [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends, common stock, cash | $ 125,700 |
Schedule of Share Purchase Warr
Schedule of Share Purchase Warrants Activity (Details) | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Purchase Warrants | |
Number of warrants, Beginning Balance | shares | 27,866,000 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 0.09 |
Number of warrants, Issued | shares | 27,344,611 |
Weighted average exercise price, Issued | $ / shares | $ 1.73 |
Number of warrants, Exercised | shares | (14,000,000) |
Weighted average exercise price, Exercised | $ / shares | $ 0.08 |
Number of warrants, Expired | shares | |
Weighted average exercise price, Expired | $ / shares | |
Number of warrants, Ending Balance | shares | 41,210,611 |
Weighted average exercise price, Ending Balance | $ / shares | $ 1.18 |
Schedule of Additional Informat
Schedule of Additional Information Regarding Share Purchase Warrants (Details) | Mar. 31, 2022$ / sharesshares |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of warrants outstanding and exercisable | 41,210,611 |
Weighted average remaining contractual life (years) outstanding and exercisable | 3 years 8 months 12 days |
Exercise Price Range One [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices | $ / shares | $ 0.075 |
Number of warrants outstanding and exercisable | 12,250,000 |
Weighted average remaining contractual life (years) outstanding and exercisable | 2 years 7 months 6 days |
Exercise Price Range Two [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices | $ / shares | $ 0.25 |
Number of warrants outstanding and exercisable | 1,616,000 |
Weighted average remaining contractual life (years) outstanding and exercisable | 1 year 9 months 18 days |
Exercise Price Range Three [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices | $ / shares | $ 1.54 |
Number of warrants outstanding and exercisable | 1,955,000 |
Weighted average remaining contractual life (years) outstanding and exercisable | 2 years 6 months |
Exercise Price Range Four [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Range of Exercise Prices | $ / shares | $ 1.75 |
Number of warrants outstanding and exercisable | 25,389,611 |
Weighted average remaining contractual life (years) outstanding and exercisable | 4 years 6 months |
Restricted Share Units (Details
Restricted Share Units (Details Narrative) - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Award vest period | 4 years | |
Award vest rate | 25.00% | |
Share-Based Payment Arrangement, Noncash Expense | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Financial assurance reclamation or restoration cost | $ 47,730 |