Common Shares (Tables)
|
12 Months Ended |
Jun. 30, 2026 |
|---|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
| Schedule of Change in Fair Value of November 2024 Private Warrants |
The following table sets forth a summary of the changes in the fair value of the November 2024 Private Warrants liabilities.
|
|
|
|
|
|
|
November 2024 Private Warrants |
|
Fair value at issuance (November 13, 2024) |
|
$ |
1,929 |
|
Fair value of Warrants exercised |
|
|
(338 |
) |
Change in fair value |
|
|
2,240 |
|
Fair value as of June 30, 2025 |
|
|
3,831 |
|
Fair value of Warrants exercised |
|
|
(4,833 |
) |
Change in fair value |
|
|
8,353 |
|
Fair value as of June 30, 2026 |
|
$ |
7,351 |
|
|
| Schedule of issued Common Shares under the Yorkville Equity Facility Financing Agreement |
The Company issued the following Common Shares under the Yorkville Equity Facility Financing Agreement during the periods presented below:
|
|
|
|
|
|
|
|
|
|
|
For The Year
Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Common Shares issued |
|
|
5,727,662 |
|
|
|
5,671,742 |
|
Gross funds received |
|
$ |
38,710 |
|
|
$ |
12,352 |
|
Market value of Common Shares issued |
|
|
39,434 |
|
|
|
12,941 |
|
Loss on issuance(1) |
|
$ |
724 |
|
|
$ |
589 |
|
(1)Loss on issuance represents a non-cash amount equal to the difference between the proceeds received and the fair value of the Common Shares issued based on the Nasdaq closing price per Common Share on the issuance date and is recorded in general and administrative expenditures in the consolidated statement of operations and comprehensive loss.
|
| Schedule Of Stock Option |
Option transactions are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of Options |
|
Weighted Average Exercise Price |
|
Aggregate Intrinsic Value |
|
Weighted Average Remaining Contractual Life |
Balance, June 30, 2024 |
|
2,495,500 |
|
4.78 |
|
|
|
|
Granted |
|
945,000 |
|
1.41 |
|
|
|
|
Exercised |
|
(512) |
|
1.40 |
|
|
|
|
Cancelled/expired |
|
(419,988) |
|
9.44 |
|
|
|
|
Balance, June 30, 2025 |
|
3,020,000 |
|
3.09 |
|
|
|
|
Granted |
|
2,282,500 |
|
4.68 |
|
|
|
|
Exercised |
|
(567,000) |
|
3.28 |
|
|
|
|
Cancelled/expired |
|
(588,000) |
|
6.77 |
|
|
|
|
Balance, June 30, 2026 |
|
4,147,500 |
|
3.42 |
|
$6,210 |
|
3.5 Years |
|
| Schedule of Weighted Average and Assumptions Used to Option Costs |
The following table summarizes the weighted average information and assumptions used to determine Option costs:
|
|
|
|
|
|
|
For the year ended June 30, |
|
|
2026 |
|
2025 |
Fair value per option granted during the period |
|
$2.84 |
|
$0.84 |
Risk-free interest rate |
|
3.84% |
|
4.44% |
Expected dividend yield |
|
0% |
|
0% |
Expected stock price volatility (historical basis) |
|
76.8% |
|
67.3% |
Expected option life in years |
|
4.6 |
|
5.0 |
|
| Schedule of Warrant Transactions |
|
|
|
|
|
|
|
Warrants |
|
Weighted Average Exercise Price |
Balance, June 30, 2024 |
|
18,563,561 |
|
$10.53 |
Granted |
|
13,553,714 |
|
2.05 |
Exercised |
|
(828,235) |
|
1.78 |
Expired |
|
(1,303,118) |
|
7.72 |
Balance, June 30, 2025 |
|
29,985,922 |
|
$7.06 |
Granted |
|
11,280,260 |
|
0.0001 |
Exercised |
|
(22,308,402) |
|
0.98 |
Expired |
|
(250,000) |
|
4.60 |
Balance, June 30, 2026 |
|
18,707,780 |
|
$9.94 |
|
| Schedule of Outstanding Exercisable Warrants |
At June 30, 2026, the Company has outstanding exercisable Warrants, as follows:
|
|
|
|
|
|
Number |
|
|
Exercise Price |
|
Expiry Date |
279,000 |
|
|
1.75 |
|
November 5, 2026 |
1,487,111 |
|
|
1.75 |
|
November 13, 2026 |
15,666,526 |
(1) |
|
11.50 |
|
March 17, 2028 |
296,742 |
|
|
2.31 |
|
September 17, 2028 |
217,295 |
|
|
2.07 |
|
November 5, 2029 |
761,106 |
|
|
2.07 |
|
November 13, 2029 |
18,707,780 |
|
|
|
|
|
(1)Includes 13,447,105 and 2,219,421 2023 Public Warrants and 2023 Private Warrants, respectively, as defined below. Each 2023 Public Warrant and 2023 Private Warrant is exercisable into 1.11829212 Common Shares.
|
| Schedule of 2023 Private Warrants using a Black-Scholes pricing model |
The Company classifies the 2023 Private Warrants as Level 2 instruments under the fair value hierarchy and estimated the fair value using a Black Scholes model with the following assumptions:
|
|
|
|
|
|
|
|
|
Key Valuation Input |
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Stock price on valuation date |
|
$ |
4.82 |
|
|
$ |
2.33 |
|
Strike price |
|
$ |
11.50 |
|
|
$ |
11.50 |
|
Implied volatility of the 2023 Public Warrants |
|
|
99.0 |
% |
|
|
90.0 |
% |
Risk free rate |
|
|
4.14 |
% |
|
|
3.70 |
% |
Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Expected Warrant life in years |
|
|
1.7 |
|
|
|
2.7 |
|
|
| Schedule of Change in the 2023 Private Warrants Liability |
The change in the 2023 Private Warrants liability is presented below:
|
|
|
|
|
|
|
Amount |
|
Valuation at June 30, 2024 |
|
$ |
1,353 |
|
Exchange of 2023 Private Warrants for 2023 Public Warrants |
|
|
(482 |
) |
Change in valuation |
|
|
1,661 |
|
Valuation at June 30, 2025 |
|
$ |
2,532 |
|
Exchange of 2023 Private Warrants for 2023 Public Warrants |
|
|
(2,501 |
) |
Change in valuation |
|
|
3,364 |
|
Valuation at June 30, 2026 |
|
$ |
3,395 |
|
|
| Schedule of Black-Scholes Valuation |
The Company valued the Contingent Consent Warrants at $2,262 based on a Black-Scholes valuation with the following inputs:
|
|
|
Key Valuation Input |
|
September 17,
2024 |
Closing Common Share price |
|
$1.74 |
Term (years) |
|
4.0 |
Historic equity volatility |
|
67.14% |
Risk-free rate |
|
3.44% |
|
| Schedule of Change in Fair Value of Warrants Liability |
The change in the fair value of the Contingent Consent Warrants liability is presented below:
|
|
|
|
|
|
|
Amount |
|
Valuation at June 30, 2024 |
|
$ |
2,365 |
|
Fair value of Warrants issued |
|
|
(2,262 |
) |
Gain on issuance of Warrants |
|
|
(103 |
) |
Ending balance |
|
$ |
— |
|
|
| Schedule of change in the April 2024 Warrant liability |
The change in the April 2024 Warrant liability is presented below:
|
|
|
|
|
|
|
Amount |
|
Fair value as of June 30, 2024 |
|
$ |
298 |
|
Change in fair value |
|
|
191 |
|
Fair value as of June 30, 2025 |
|
|
489 |
|
Fair value of Warrants exercised |
|
|
(1,807 |
) |
Change in fair value |
|
|
1,318 |
|
Fair value as of June 30, 2026 |
|
$ |
— |
|
|
| Private Warrants [Member] |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
| Schedule of Black-Scholes model used in Private warrants |
The following tables disclose the primary inputs for the Black-Scholes model used in valuing the November 2024 Private Warrants:
|
|
|
|
|
|
|
|
|
|
|
November 13, 2024 |
|
November 2024 Private Warrants: |
|
Series A Private Warrants |
|
|
Series B Private Warrants |
|
Closing Common Share price |
|
$ |
1.49 |
|
|
$ |
1.49 |
|
Term (years) |
|
|
2.0 |
|
|
|
4.5 |
|
Historic equity volatility |
|
|
67.26 |
% |
|
|
67.52 |
% |
Risk-free rate |
|
|
4.20 |
% |
|
|
4.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
November 2024 Private Warrants: |
|
Series A Private Warrants |
|
|
Series B Private Warrants |
|
Closing Common Share price |
|
$ |
4.82 |
|
|
$ |
4.82 |
|
Term (years) |
|
|
0.37 |
|
|
|
3.38 |
|
Historic equity volatility |
|
|
65.66 |
% |
|
|
81.83 |
% |
Risk-free rate |
|
|
3.89 |
% |
|
|
4.20 |
% |
|
| Public Warrants [Member] |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
| Schedule of Black-Scholes model used in Private warrants |
The following table discloses the primary inputs for the Black-Scholes model used in valuing the November 2024 Public Warrants:
|
|
|
|
|
|
|
|
|
|
|
November 5, 2024 |
|
November 2024 Public Warrants: |
|
Series A Public Warrants |
|
|
Series B Public Warrants |
|
Closing Common Share price |
|
$ |
1.455 |
|
|
$ |
1.455 |
|
Term (years) |
|
|
4.5 |
|
|
|
2.0 |
|
Historic equity volatility |
|
|
67.43 |
% |
|
|
67.13 |
% |
Risk-free rate |
|
|
4.14 |
% |
|
|
4.20 |
% |
|
| January 2025 Warrants [Member] |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
| Schedule of Black-Scholes model used in Private warrants |
The following primary inputs were used in the Black-Scholes model for valuing the January 2025 Warrants:
|
|
|
|
|
|
|
|
|
|
|
January 2025
Series A Warrants |
|
|
January 2025
Series B Warrants |
|
Closing Common Share price |
|
$ |
2.25 |
|
|
$ |
2.25 |
|
Term (years) |
|
|
2.5 |
|
|
|
4.0 |
|
Historic equity volatility |
|
|
73.18 |
% |
|
|
73.36 |
% |
Risk-free rate |
|
|
4.23 |
% |
|
|
4.31 |
% |
|