XML 143 R78.htm IDEA: XBRL DOCUMENT v3.24.1
11. Convertible Debentures (Details)
1 Months Ended 12 Months Ended
Nov. 23, 2021
$ / shares
shares
Feb. 28, 2021
CAD ($)
Jun. 30, 2023
Jun. 30, 2022
CAD ($)
Jun. 30, 2021
CAD ($)
Details          
Convertible Debt Issue   $ 865,263      
Debentures discount percentage   5.00%      
Proceeds Value   $ 805,000      
Cash Commission Amount   $ 15,000      
Interest Accrued Description     (i) 12% per annum or (ii) Wall Street Prime Rate + 7%, is convertible, at the option of the Debenture holder, into common shares of the Company at a price that is the lesser of (i) $1.25 per share or (ii) a 20% discount to the price of a Liquidity Transaction (defined below). The conversion feature expires (the “Expiry Date”) on the earlier of 24 months from execution, or the closing of a registered public offering (the “Liquidity Transaction”)    
Interest Accrues Lesser Description     In the event of a default, interest accrues at the lesser of (i) 24% per annum or (ii) the maximum legally authorized rate. The Company has the right to repay the note prior to maturity at 110% of the then outstanding principal and interest. The Company must provide 30 days’ notice and the Lender shall have the right to convert prior to the 30-day notice expiration    
Fair Value Conversion Feature Description     The Company determined the fair value of the conversion feature component upon initial recognition was $442,589. The residual $362,411 value of the $805,000 net proceeds received was allocated on a pro-rata basis between the debt component ($271,642) and the warrants component ($90,769) based on their relative fair values. The debt component was discounted at a rate of 20% and 346,104 subscriber warrants were valued using Black-Scholes, based on the following assumptions: expected life of 2.5 years, expected volatility of 70%, expected dividend yield of nil, risk-free interest of 0.18% – 0.22%, market price of $1.50, and an exercise price of $1.50. During the year ended June 30, 2022, the Company recognized accretion expense of $91,895 (2021 – $101,565) relating to accreting the debt component of the Debentures up to their principal value, and interest of $34,990 (2021 – $38,699)    
Transaction cost descriptions     The Company incurred $24,507 in transaction costs pursuant to the issuance of the Debentures, including paying a $15,000 cash commission, issuing 15,000 finders’ warrants (each a “Finder’s Warrants”) exercisable at $1.50 for the earlier of (i) 60 months from the grant date or (ii) 24 months from the Company completing a listing on a Canadian stock exchange and $27 in bank charges. These costs, along with the $45,263 discount, are being amortized over the term of the Debentures. The 15,000 Finders’ Warrants were valued using Black-Scholes, based on the following assumption: expected life of 2.5 years, expected volatility of 70%, expected dividend yield of nil, risk-free interest rate of 0.18% – 0.22%, market price of $1.50, and an exercise price of $1.50    
Amortized Transaction Cost       $ 56,512 $ 13,284
Warrants Reserve Value       $ 2,025  
Common per share (in CAD per share) | $ / shares $ 1.25        
Issuance of Conversion of Debentures (in Shares) | shares 751,163