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Subsequent Events
9 Months Ended
Mar. 31, 2025
Subsequent Events [Abtsract]  
Subsequent events

19. Subsequent events

 

In addition to subsequent events disclosed elsewhere within these condensed consolidated financial statements, the following events occurred after March 31, 2025, up to the date these financial statements were issued:

 

Exercise of Series A Warrants

 

Subsequent to March 31, 025, investors exercised their Series A Warrants on an alternate cashless basis, resulting in the issuance of an aggregate of 1,946,710,549 common shares as of May 15, 2025. As of May 15, 2025, 2,352 Series A Warrants remain outstanding, which may result in the issuance of up to 45,681 additional common shares, assuming exercise on an alternate cashless basis at the floor price of $0.0251.

 

Technical Design Agreement

 

On April 4, 2025, the Company entered into a Technical Design Agreement (the “Agreement”) with Engines Engineering S.p.a. (“EE”), an Italian corporation specializing in vehicle engineering, design and development, to provide such services for development of the Company’s HyperSport Race electric motorcycle (the “Project”).

 

Under the Agreement, EE will be responsible for delivering services in multiple areas including technical compliance, component selection, development and validation testing, and prototyping. The Project is structured into nine development phases continuing through March 2026, with specific milestones and deliverables required at each phase.

 

The total contract value of the Agreement is $1,711,270 (€1,581,670), with half of the amount invoiced on the date of the Agreement, and the remaining half tied to milestone-based deliverables for each phase of the Project, to be invoiced in installments following the Company’s acceptance of the corresponding phase.

 

Pursuant to the Agreement, all work product developed under the Agreement will be owned by the Company upon full payment for the applicable phase, while EE retains ownership of its pre-existing intellectual property and grants the Company an irrevocable, perpetual, nonexclusive, worldwide and paid-up license to use such intellectual property and create derivative works when used as part of or in support of the work product developed under the Agreement.

 

New lease agreement

 

On May 12, 2025, the Company entered into a lease agreement for an office, which will be used as the Company’s head office. The lease is for the period of three years with a monthly rate of approximately $10,700.