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OTHER ASSETS
 6 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS OTHER ASSETS
Other current assets consisted of the following:
December 31,
2021		June 30,
2021		June 30,
2020
Lease deposit$29,906 $29,906 $— 
Investments in equity securities513,511 — — 
Prepaid assets1,971,185 1,221,416 58,980 
Total other current assets$2,514,602 $1,251,322 $58,980 
As of December 31, 2021, we owned common shares in Ricca Resources Limited. As the stock was received in conjunction with the demerger of Ricca Resources Limited from our investment in Atlantic Lithium on December 24, 2021, we determined our cost basis to be the fair value of the stock at the time of the demerger, based on the offering price of shares at that time. The change in fair value of our investment subsequent to receipt of the shares was immaterial.
Other non-current assets consisted of the following:
December 31,
2021		June 30,
2021		June 30,
2020
Advances on the Ewoyaa Project$4,310,173 $— $— 
Non-current prepaid assets190,030 222,698 — 
Lease deposit— — 29,906 
Total other assets$4,500,203 $222,698 $29,906 
The Ghana Project is a strategic partnership between Piedmont Lithium and Atlantic Lithium through our purchase of an equity interest in Atlantic Lithium. As a part of this agreement, we entered into a separate project agreement which outlines the provisions for two phases of future staged investments by Piedmont Lithium in the Ewoyaa Project over a period of three to four years to acquire a 50% equity interest in Atlantic Lithium’s Ghanaian-based Cape Coast Lithium Portfolio Companies (“Atlantic Lithium Ghana”).
The first phase allows us to acquire a future 22.5% equity interest in Atlantic Lithium Ghana by funding $17.0 million for exploration and definitive feasibility study expenses over the next 24 months. Our future equity interest ownership related to phase one is contingent upon completing a definitive feasibility study as well as committing to fund an additional $70.0 million in capital costs as part of phase two of the Ewoyaa Project. Any cost underruns or overruns above the initial commitment will be split with Atlantic Lithium. If we elect to commit to funding phase two, we will acquire 22.5% equity interest and will then have the ability to acquire an additional 27.5% equity interest in the Atlantic Lithium Ghana once
phase two funding is complete. These initial funding costs are included in other non-current assets as an advance on our future contributions to the Ewoyaa Project.
The maximum exposure to a loss as a result of our involvement in the Ewoyaa Project is limited to the initial investment and the future capital contributions. As of December 31, 2021, we did not own an equity interest in Atlantic Lithium Ghana. We have made advanced payments of $4.3 million as of December 31, 2021 and additional advance payments of $3.6 million beginning January 1, 2022 through the date of this filing.