Subsequent Events

12 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On July 9, 2021, the Company purchased 173AF of water rights in basin 76, Fernley, NV for $2,172,750, to be used at the Company’s discretion.

On July 21, 2021, the Company issued 10,000,000 restricted shares of common stock as a result of Series C preferred share conversion. The shareholder in receipt of these shares is JB People and Planet Fund, of which, David Batstone is indirectly a 5.161% owner.

On July 23, 2021, the Company purchased 11.55 acres of industrial-zoned land in Fernley, Nevada for $1,300,000. The Company intends to construct a supplemental storage facility for pilot plant feedstock on this site.

On August 25, 2021, the Board agreed to redeem all of the 500,000 shares of super voting Series A Preferred Shares held by its directors at par value ($0.001 per share) according to the redemption provisions set forth in the Designation of Series A Preferred Shares. The redemption was taken in connection with certain corporate governance changes of the Company being taken to facilitate its listing on the NASDAQ stock exchange.

On September 27, 2021, the Company entered into a definitive securities purchase agreement with a U.S.-based institutional asset manager for the purchase and sale of approximately $39,100,000 in securities, before deducting transaction fees and expenses. In this transaction, the Company sold an aggregate of 25,389,611 shares of its common stock and warrants to purchase an aggregate of up to 25,389,611 shares of common stock in a registered direct offering at a combined purchase price of $1.54 per share and warrant. The net proceeds received by the Company from this transaction is to be used for construction and commissioning of its Nevada-based 20,000 metric tonne per year battery recycling plant as well as for working capital purposes.