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INCOME TAXES (Tables)
6 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss before Income Taxes and Equity in Net Loss of Unconsolidated Investments Loss before income taxes and equity in net loss of unconsolidated investments and current and deferred income tax expense (benefit) are composed of the following:
Six Months Ended
December 31, 2021
Years Ended June 30,
202120202019
Loss before income taxes and equity in net loss of unconsolidated investments:
Domestic$(20,504,248)$(17,601,419)$(5,424,724)$(7,709,126)
Foreign(201,972)(2,392,429)(454,428)(1,972,675)
Total$(20,706,220)$(19,993,848)$(5,879,152)$(9,681,801)
Schedule of Effective Income Tax Rate Reconciliation The reconciliation of the U.S. federal statutory tax rate to our effective income tax rate is as follows:
Six Months Ended
December 31, 2021
Years Ended June 30,
202120202019
Benefit at statutory rate (21%)$(4,297,300)$(4,198,708)$(1,234,622)$(2,033,178)
Foreign rate differential(7,543)(22,160)(13,801)(77,526)
Non-deductible transaction costs— 299,965 — 54,541 
Permanent items(85,373)141,223 63,229 178,827 
State taxes508,600 (985,983)(338,078)(232,844)
Other adjustments49,754 — — — 
Change in valuation allowance3,831,862 4,765,663 1,523,272 2,110,180 
Income tax expense/(benefit)$— $— $— $— 
Schedule of Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities recorded in the consolidated balance sheets consisted of the following:
December 31,
2021
June 30,
2021
June 30,
2020
Deferred tax assets
Accrued expenditures$691,908 $285,808 $72,006 
Exploration and mine development expenditures7,686,371 6,305,141 3,811,288 
Stock-based compensation656,617 730,339 441,169 
Tax carryforwards7,993,664 6,039,013 4,266,906 
Other deferred tax assets177,512 39,476 76,581 
Gross deferred tax assets17,206,072 13,399,777 8,667,950 
Valuation allowance(17,186,537)(13,354,675)(8,589,012)
Deferred tax assets19,535 45,102 78,938 
Deferred tax liabilities
Other deferred tax liabilities(19,535)(45,102)(78,938)
Deferred tax liabilities(19,535)(45,102)(78,938)
Net deferred tax asset (liability)$— $— $— 
Schedule of Changes in Deferred Tax Asset Valuation Allowance Changes in the balances of our deferred tax asset valuation allowance were as follows:
December 31,
2021
June 30,
2021
June 30,
2020
Beginning balance$13,354,675 $8,589,012 $7,065,740 
Additions3,831,862 4,765,663 1,523,272 
Deductions— — — 
Ending balance$17,186,537 $13,354,675 $8,589,012 
Schedule of Net Operating Loss Carryforwards Total net operating losses available were as follows:
December 31,
2021
June 30,
2021
June 30,
2020
Begin to expire
U.S. - Federal$4,660,187 $2,933,123 $1,504,314 2037 — Indefinite
U.S. - State712,124 468,309 196,094 2032
Australia - Federal2,481,828 2,458,482 2,377,520 Indefinite
Australia - Capital214,872 214,872 214,872 Indefinite
Total$8,069,011 $6,074,775 $4,292,799