Short-Term Debt

9 Months Ended

Mar. 31, 2025

Short-Term Debt [Abstract]

Short-term debt

6. Short-term debt

Short-term debt as of March 31, 2025 consisted of the following:

Short-term debt:	March 31, 2025		June 30, 2024
Promissory note	$	576,024	$	548,886
Senior secured promissory note		-		550,603
Total short-term debt	$	576,024	$	1,099,489

Promissory note

(a) WSGR promissory note

On April 16, 2024, the Company signed an agreement to issue as payment and settlement of professional fees owing, a promissory note in the aggregate amount of $542,753 with an interest rate at 5.5% per annum in favour of Wilson Sonsini Goodrich & Rosati Professional Corporation (“WSGR”). On September 16, 2024, the Company signed an amendment to the promissory note agreement with WSGR to modify the due date from September 1, 2024 to October 31, 2024. On November 11, 2024, the Company signed another amendment to the promissory note agreement with WSGR to modify the due date of October 31, 2024 to December 15, 2024. As of March 31, 2025, WSGR promissory note amounted to $576,024, including interest payable of $23,903, which is still outstanding. As of March 31, 2025, the loan was in default. The Company plans to repay the outstanding balance in monthly installments by the end of May 31, 2026.

(b) SOL promissory note

On October 9, 2024, the Company entered into a promissory note agreement with SOL Global Investments Corp. in the principal amount of $200,000. The note bears interest rate at 12% per annum and matures on December 8, 2024. During the three months ended March 31, 2025, the Company repaid principal and interest in full with an amount of $239,679. As of March 31, 2025, SOL promissory note has no outstanding balance.

Senior secured promissory note

In connection with the promissory note agreement dated June 26, 2024, Damon Motors had a senior secured promissory note with Grafiti with interest rate at 10.0% per annum and maximum aggregate principal amount of $1,150,000. Upon completion of the Business Combination, the balance of the promissory note was eliminated in consolidation.