EQUITY INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)

6 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes the carrying amount, including changes therein, of our equity method investments for the periods presented below:



	Sayona		Sayona Quebec		Atlantic Lithium		Total

Initial investment(1)	$	11,290,819	$	5,067,593	$	—	$	16,358,412
Loss from equity method investments	(64,626)		—		—		(64,626)
Share of income from equity method investments included in other comprehensive income (loss)	(31,288)		—		—		(31,288)
Balance at June 30, 2021	11,194,905		5,067,593		—		16,262,498
Initial investment(2)	—		—		15,969,503		15,969,503
Additional investment(3)	7,423,086		20,211,235		—		27,634,321
Return of capital(4)	—		—		(513,511)		(513,511)
Loss from equity method investments	(525,679)		(62,977)		(53,479)		(642,135)
Share of income from equity method investments included in other comprehensive income (loss)	164,176		—		(2,142)		162,034
Balance at December 31, 2021	$	18,256,488	$	25,215,851	$	15,400,371	$	58,872,710
Fair value of equity investments where market values from publicly traded entities are readily available	$	104,699,010	Not publicly traded		$	21,682,656

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(1)Initial investment includes transaction costs of $212,713 for the year ended June 30, 2021.

(2)Initial investment includes transaction costs of $111,071 for the six months ended December 31, 2021.

(3)Additional investment includes transaction costs of $171,379 for the six months ended December 31, 2021.

(4)In December 2021, Atlantic Lithium demerged its gold business assets by exchanging them for shares in a newly formed company, Ricca Resources Limited. The shares in Ricca Resources Limited received were distributed to the shareholders of Atlantic Lithium and treated as a return of capital. (See Note 6—Other Assets).

The following tables present summarized financial information for our significant equity investments compiled from information provided to us by the investee. The amounts shown represent 100% of investee financial information for the respective periods.

Summarized financial information for the six months ended and as of December 31, 2021:


	Sayona		Sayona Quebec		Atlantic Lithium
Summarized statement of operations information:
Revenue	$	—	$	—	$	—
Net loss from operations	(2,692,205)		(251,909)		(539,649)
Other comprehensive income (loss), net of tax	844,581		—		(21,619)
Comprehensive loss	(1,847,624)		(251,909)		(561,268)

Summarized balance sheet information:
Current assets	18,302,011		712,057		24,332,412
Non-current assets	99,752,858		97,957,054		43,422,205
Current liabilities	2,071,478		917,461		3,354,029
Non-current liabilities	23,048		—		—

Summarized financial information for the year ended and as of June 30, 2021:


	Sayona
Summarized statements of operations information:
Revenue	$	—
Net loss from operations	(324,754)
Other comprehensive income (loss), net of tax	(157,224)
Comprehensive loss	(481,979)

Summarized balance sheet information:
Current assets	9,710,517
Non-current assets	17,718,789
Current liabilities	4,746,137
Non-current liabilities	24,285