v3.22.2.2
Fair Value Measurements (Tables)
 12 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assumptions Used to Calculate Fair Value of Warrant Liability

To calculate the fair value of the warrant liability, the following assumptions were used for the periods presented:

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Risk-free interest rate

 

 

2.8

%

 

 

0.2

%

Expected life (years)

 

 

0.9

 

 

 

1.9

 

Expected volatility

 

 

139.4

%

 

 

88.5

%

Dividend yield

 

 

0.0

%

 

 

0.0

%

Black-Scholes fair value

 

$

0.10

 

 

$

1.39

 
Schedule of Changes in Estimated Fair Value of Warrant Liability

The following table sets forth a summary of changes in the estimated fair value of our Level 3 warrant liability for the years ended June 30, 2022 and 2021 (in thousands):

 

 

 

Fair Value of Warrants Using Significant
Unobservable Inputs (Level 3)

 

 

 

2022

 

 

2021

 

Balance at July 1,

 

$

22,355

 

 

$

40,483

 

Reclassification of warrant liability to equity upon exercise of warrants

 

 

—

 

 

 

(6

)

Change in estimated fair value of liability classified warrants

 

 

(20,752

)

 

 

(18,122

)

Balance at June 30,

 

$

1,603

 

 

$

22,355