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SHORT TERM AND LONG-TERM DEBT BORROWINGS | 12 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
SHORT TERM AND LONG-TERM DEBT BORROWINGS | 10. SHORT-TERM AND LONG-TERM DEBT BORROWINGS ASSIGNMENT OF QUICKSTART LEASES In February and May 2015, the Company assigned its interest in certain finance receivables (various 60 month QuickStart leases) to third-party finance companies in exchange for cash and the assumption of financing obligations in the aggregate of $1.8 million and $304 thousand, respectively. These assignment transactions contain recourse provisions for the Company which requires the proceeds from the assignment to be treated as long-term debt. The financing obligations range in interest rate from 9.4% to 9.5%. CAPITAL LEASE OBLIGATIONS During the fiscal year ended June 30, 2017, the Company extended the termination date for each of its six Sales Leaseback Agreements (the “Sale Leaseback Agreements”) with a third party financing company for an additional year, and the extension will also result in the transfer of ownership of the leased assets to the Company at the end of the new term. As a result of the new provision for ownership transfer back to the Company, the Sale Leaseback Agreements previously considered to be operating leases are classified as capital leases at June 30, 2017. The capital lease obligation related to the Sale Leaseback Agreements was $2.4 million at June 30, 2017. See Note 17 to the Consolidated Financial Statements for additional information relating to the Sale Leaseback Agreements. The Company periodically enters into capital lease obligations to finance certain office and network equipment for use in its daily operations. At June 30, 2017 and 2016, such capital lease obligations were $0.3 million and $0.4 million, respectively. The interest rates on these obligations range from approximately 5.6% to 9.0% and the lease terms range from 2 to 5 years. The value of the equipment related to capital leases is included in property and equipment and depreciated over the applicable estimated useful lives accordingly. The balance of long-term debt and capital lease obligations as of June 30, 2017 and June 30, 2016 are shown in the table below.
|  | June 30, |  | June 30,
($ in thousands) |  | 2017 |  | 2016
Assignment of QuickStart Leases |  | $ | 1,226 |  | $ | 1,600
Capital lease obligations |  |  | 3,065 |  |  | 605
|  | $ | 4,291 |  | $ | 2,205
Less current portion |  |  | 3,230 |  |  | 629
|  | $ | 1,061 |  | $ | 1,576
The maturities of long-term debt and capital lease obligations for each of the fiscal years following June 30, 2017 are as follows:
0g |  |  |
2018 |  | $ | 3,230
2019 |  |  | 654
2020 |  |  | 375
2021 |  |  | 22
2022 |  |  | 10
|  | $ | 4,291

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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