Property and Equipment

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

The table below presents the property, plant and equipment as of June 30, 2023 and 2022:

	Building		Equipment		Land		Total
Cost:
Balance, June 30, 2022	$	10,798,780	$	1,414,317	$	6,728,838	$	18,941,935
Additions		6,709,706		4,456,179		-		11,165,885
Balance, June 30, 2023	$	17,508,486	$	5,870,496		6,728,838	$	30,107,820
Accumulated Depreciation:
Balance, June 30, 2022	$	-	$	65,040	$	-	$	65,040
Additions		-		96,681		-		96,681
Balance, June 30, 2023	$	-	$	161,721		-	$	161,721
Carrying Amounts:
Balance, June 30, 2022	$	10,798,780	$	1,349,277	$	6,728,838	$	18,876,895
Balance, June 30, 2023	$	17,508,486	$	5,708,775		6,728,838	$	29,946,099

The building and equipment expenditures are primarily associated with assets under construction and are not commissioned for use as of June 30, 2023.

In February 2021, the Company entered into an agreement to purchase land with a fair value of $85,000 located in Tonopah, NV in exchange for an agreed-upon number of common shares though the transaction had not cleared escrow. In September 2021, the Company later issued the shares whereby the stock price had increased. To correct the carrying value, the Company recognized impairment expense of $186,779 for the fiscal year ended June 30, 2022 once title transfer occurred.