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Debt (Tables)
9 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Debentures

At March 31, 2025 and June 30, 2024, the Debenture consisted of the following:

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

June 30, 2024

 

 

 

 

 

 

Debt liability of royalty convertible debenture before issuance costs

 

$

12,239,622

 

 

 

$

12,239,622

 

Less: unamortized issuance costs

 

(652,583

)

 

 

 

(783,099

)

Net debt liability of royalty convertible debenture

 

 

 

11,587,039

 

 

 

 

11,456,523

 

Derivative liability of royalty convertible debenture

 

 

 

3,818,034

 

 

 

 

3,642,105

 

 

 

$

15,405,073

 

 

 

$

15,098,628

 

Components of Recorded Interest Expense

The following table summarizes the components of recorded interest expense:

 

 

Three Months Ended March 31, 2025

 

 

Three Months Ended March 31, 2024

 

 

Nine Months Ended March 31, 2025

 

 

Nine Months Ended March 31, 2024

 

Royalty Convertible Debenture

 

$

375,000

 

 

$

379,167

 

 

$

1,141,668

 

 

$

395,834

 

2019 Secured Convertible Notes (1)

 

 

 

 

 

 

 

 

 

 

 

200,236

 

Bridge Promissory Note (2)

 

 

 

 

 

 

 

 

 

 

 

88,436

 

Amortization of issuance costs on Royalty Convertible Debenture

 

 

43,506

 

 

 

43,506

 

 

 

130,516

 

 

 

43,506

 

Amortization of discount and debt issuance costs on 2019 Secured Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

4,862

 

Total

 

$

418,506

 

 

$

422,673

 

 

$

1,272,184

 

 

$

732,874

 

(1) The 2019 Secured Convertible Notes ("2019 Note") were repaid in December 2023. The 2019 Notes bore and interest rate of 7.5% per annum.

(2) The Bridge Promissory Note ("Bridge Note") was repaid in December 2023. The Bridge Note bore an interest rate of 12% per annum.