Property and Equipment

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

3. Property and Equipment

	Building $		Equipment $		Vehicle $		Land $			Total $
Cost:
Balance, June 30, 2021		–		99,466		61,916		5,340,621			5,502,003
Additions		1,089,265		749,972		–		1,571,321			3,410,558
Loss on impairment		–		–		–		(186,779	)		(186,779	)
Balance, September 30, 2021		1,089,265		849,438		61,916		6,725,163			8,725,782
Accumulated Depreciation
Balance, June 30, 2021		–		4,356		13,422		–			17,778
Additions		–		8,350		2,599		–			10,949
Balance, September 30, 2021		–		12,706		16,021		–			28,727
Carrying Amounts:
Balance, June 30, 2021		–		95,110		48,494		5,340,621			5,484,225
Balance, September 30, 2021		1,089,265		836,732		45,895		6,725,163			8,697,055

The building is currently in construction and is not available for use. As of September 30, 2021, equipment related to operations of the Company of $744,491 (June 30, 2021 - $nil) is not yet placed in service and no related depreciation has been recorded. The Company anticipates placing the equipment in service prior to production.

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). The impairment is due to the change in value of the stock from the time the agreement was originally executed to the time the stock was transferred into the mutual escrow account. The execution of the contract in full, including title transfer, did not occur until September 2021. The Company has adjusted the carrying value of the land using the agreed-upon contract price of the parcel at inception of the contract. Loss on impairment of $186,779 is recognized in general and administrative expenses for the period ended September 30, 2021.