XML 35 R17.htm IDEA: XBRL DOCUMENT v3.21.2
EQUITY
12 Months Ended
Jun. 30, 2021
EQUITY [Abstract]  
EQUITY
10.
EQUITY
 
Pursuant to the Redomiciliation and in connection with the Redomiciliation, holders of Piedmont Australia ordinary shares received one (1) CDI in the Company for each ordinary share held in Piedmont Australia with each CDI representing 1/100th of a share of common stock in the Company (subject to adjustment as applicable due to the rounding up of fractional shares); and holders of ADS in Piedmont Australia received one (1) share of common stock in the Company for each ADS held in Piedmont Australia with each ADS representing 100 Piedmont Australia ordinary shares.
 
On the effective date of the Redomiciliation, the number of ordinary outstanding shares was reduced from 1,574,597,320 to 15,764,533 shares of common stock. All share and per share amounts in these consolidated financial statements and related notes for periods prior to the Redomiciliation have been retroactively adjusted to reflect the effect of the exchange ratio.
 
The Company is authorized to issue up to 100,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share. The Company has no outstanding shares of preferred stock.

The following is a summary of our capital stock activity:
 
  
Number of
Shares
  
Weighted-Average Issue Price
 
Balance at June 30, 2019
  
6,707,363
    
Australia share placement (July 2019)(4)
  
1,450,000
  
AUD 14.50(1)
 
U.S. public offering (June 2020)(4)
  
2,065,000
  
$
6.30
 
Exercise of incentive options
  
109,399
   
 
Conversion of performance rights
  
25,000
   
 
Balance at June 30, 2020
  
10,356,762
     
Australia share placement (August 2020)(4)
  
1,200,000
  
AUD 9.00(1)
 
U.S. public offering (October 2020)(4)
  
2,300,000
  
$
25.00
 
U.S. public offering (March 2021)(4)
  
1,750,000
  
$
70.00
 
Exercise of incentive options (cashless)(2)
  
130,271
   
 
Exercise of incentive options(3)
  
22,500
   
 
Conversion of performance rights
  
5,000
   
 
Balance at June 30, 2021
  
15,764,533
     



(1)
The weighted average issue price in Australian dollars (AUD) were on share issuances that were initiated in Australia and translated
into U.S. dollars at historical rates.

(2)130,271 stock options were exercised through cashless exercises during the year ended June 30, 2021.

(3)
22,500 stock options consisting of 5,000, 2,500, 15,000 incentive options with weighted average issue prices of AUD 35.00, AUD 16.00 and $12.38, respectively, were exercised during the year ended June 30, 2021.

(4)
Share issuance costs associated with Australia share placements and US public offerings totaled $12,819,429 and $2,326,270, during the years ended June 30, 2021 and 2020, respectively, and were accounted for as a reduction in the proceeds from share issuances in the consolidated balance sheets.