Convertible Debentures (Details) - CAD ($) |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Nov. 23, 2021 |
Feb. 28, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
| Disclosure Of Redesignated Financial Assets And Liabilities Text Block Abstract | ||||
| Convertible debt issued | $ 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 descriptions | 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 cost | $ 56,512 | |||
| Transactions costs | $ 13,284 | |||
| Warrants reserve value | $ 2,025 | |||
| Common per share (in Dollars per share) | $ 1.25 | |||
| Common shares issued (in Shares) | 751,163 | |||