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LEASES | 12 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
LEASES | LEASES Lessee accounting At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Classification |  | As of June 30, 2020
Assets |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 5,603 |
Finance leases |  | Property and equipment, net |  | 48 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating leases |  | Accrued expenses |  | 1,075 |
Finance leases |  | Finance lease obligations and current obligations under long-term debt |  | 42 |
Non-current: |  |  |  |
Operating leases |  | Operating lease liabilities, non-current |  | 4,749 |
Finance leases |  | Finance lease obligations and long-term debt, less current portion |  | $ | 18 |
Components of lease cost are as follows:
($ in thousands) |  |  | Year ended June 30, 2020
Finance lease costs: |  |  |
Amortization of ROU assets |  |  | $ | 103 |
Interest on lease assets |  |  | 10 |
Operating lease costs* |  |  | 2,525 |
Total |  |  | $ | 2,638 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2020
Supplemental cash flow information: |
Cash paid for amounts included in the measurement of lease liabilities |
Financing cash flows from finance leases | $ | 91 |
Operating cash flows from finance leases | 10 |
Operating cash flows from operating leases | 1,784 |
Non-cash activity |
Right-of-use assets obtained in exchange for lease obligations: |
Finance lease liabilities | 12 |
Operating lease liabilities | $ | 3,384 |
Weighted-average remaining lease term and discount rate for our leases are as follows:
|  |  | Year ended June 30, 2020
Weighted-average remaining lease term (years) |  |  |
Finance leases |  |  | 1.4 |
Operating leases |  |  | 5.2 |
Weighted-average discount rate |  |  |
Finance leases |  |  | 10.0 | %
Operating leases |  |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases |  | Finance Leases
2021 | $ | 1,440 |  |  | $ | 46 |
2022 | 1,461 |  |  | 16 |
2023 | 1,493 |  |  | 2 |
2024 | 1,030 |  |  | 1 |
2025 | 627 |  |  | — |
Thereafter | 893 |  |  | — |
Total lease payments | $ | 6,944 |  |  | $ | 65 |
Less: Imputed interest | (1,120 | ) |  | (5 | )
Present value of lease liabilities | $ | 5,824 |  |  | $ | 60 |
Prior Year Disclosures As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance. Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively. At June 30, 2019, capital lease obligations were $0.1 million. The total for gross assets under capital leases was approximately $2.4 million and accumulated amortization totaled $2.4 million as of June 30, 2019. Capital lease amortization of $0.1 million and $0.4 million is included in depreciation expense for the years ended June 30, 2019 and 2018, respectively. The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:
($ in thousands) | Operating Leases |  | Capital Leases
2020 | $ | 1,326 |  |  | $ | 106 |
2021 | 1,151 |  |  | 34 |
2022 | 1,180 |  |  | 12 |
2023 | 1,208 |  |  | 1 |
2024 | 859 |  |  | 1 |
Thereafter | 1,550 |  |  | — |
Total minimum lease payments | $ | 7,274 |  |  | $ | 154 |
Less: interest |  |  | (14 | )
Present value of minimum lease payments, net |  |  | 140 |
Less: current obligations under capital leases |  |  | (106 | )
Obligations under capital leases, noncurrent |  |  | $ | 34 |
Lessor accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | June 30, 2020 |  | June 30, 2019
Cost |  | $ | 32,445 |  |  | 36,190 |
Accumulated depreciation |  | (27,745 | ) |  | (30,473 | )
Net |  | $ | 4,700 |  |  | $ | 5,717 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2020 are disclosed within Note 8 - Finance Receivables.
LEASES | LEASES Lessee accounting At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Classification |  | As of June 30, 2020
Assets |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 5,603 |
Finance leases |  | Property and equipment, net |  | 48 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating leases |  | Accrued expenses |  | 1,075 |
Finance leases |  | Finance lease obligations and current obligations under long-term debt |  | 42 |
Non-current: |  |  |  |
Operating leases |  | Operating lease liabilities, non-current |  | 4,749 |
Finance leases |  | Finance lease obligations and long-term debt, less current portion |  | $ | 18 |
Components of lease cost are as follows:
($ in thousands) |  |  | Year ended June 30, 2020
Finance lease costs: |  |  |
Amortization of ROU assets |  |  | $ | 103 |
Interest on lease assets |  |  | 10 |
Operating lease costs* |  |  | 2,525 |
Total |  |  | $ | 2,638 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2020
Supplemental cash flow information: |
Cash paid for amounts included in the measurement of lease liabilities |
Financing cash flows from finance leases | $ | 91 |
Operating cash flows from finance leases | 10 |
Operating cash flows from operating leases | 1,784 |
Non-cash activity |
Right-of-use assets obtained in exchange for lease obligations: |
Finance lease liabilities | 12 |
Operating lease liabilities | $ | 3,384 |
Weighted-average remaining lease term and discount rate for our leases are as follows:
|  |  | Year ended June 30, 2020
Weighted-average remaining lease term (years) |  |  |
Finance leases |  |  | 1.4 |
Operating leases |  |  | 5.2 |
Weighted-average discount rate |  |  |
Finance leases |  |  | 10.0 | %
Operating leases |  |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases |  | Finance Leases
2021 | $ | 1,440 |  |  | $ | 46 |
2022 | 1,461 |  |  | 16 |
2023 | 1,493 |  |  | 2 |
2024 | 1,030 |  |  | 1 |
2025 | 627 |  |  | — |
Thereafter | 893 |  |  | — |
Total lease payments | $ | 6,944 |  |  | $ | 65 |
Less: Imputed interest | (1,120 | ) |  | (5 | )
Present value of lease liabilities | $ | 5,824 |  |  | $ | 60 |
Prior Year Disclosures As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance. Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively. At June 30, 2019, capital lease obligations were $0.1 million. The total for gross assets under capital leases was approximately $2.4 million and accumulated amortization totaled $2.4 million as of June 30, 2019. Capital lease amortization of $0.1 million and $0.4 million is included in depreciation expense for the years ended June 30, 2019 and 2018, respectively. The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:
($ in thousands) | Operating Leases |  | Capital Leases
2020 | $ | 1,326 |  |  | $ | 106 |
2021 | 1,151 |  |  | 34 |
2022 | 1,180 |  |  | 12 |
2023 | 1,208 |  |  | 1 |
2024 | 859 |  |  | 1 |
Thereafter | 1,550 |  |  | — |
Total minimum lease payments | $ | 7,274 |  |  | $ | 154 |
Less: interest |  |  | (14 | )
Present value of minimum lease payments, net |  |  | 140 |
Less: current obligations under capital leases |  |  | (106 | )
Obligations under capital leases, noncurrent |  |  | $ | 34 |
Lessor accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | June 30, 2020 |  | June 30, 2019
Cost |  | $ | 32,445 |  |  | 36,190 |
Accumulated depreciation |  | (27,745 | ) |  | (30,473 | )
Net |  | $ | 4,700 |  |  | $ | 5,717 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2020 are disclosed within Note 8 - Finance Receivables.
LEASES | LEASES Lessee accounting At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Classification |  | As of June 30, 2020
Assets |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 5,603 |
Finance leases |  | Property and equipment, net |  | 48 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating leases |  | Accrued expenses |  | 1,075 |
Finance leases |  | Finance lease obligations and current obligations under long-term debt |  | 42 |
Non-current: |  |  |  |
Operating leases |  | Operating lease liabilities, non-current |  | 4,749 |
Finance leases |  | Finance lease obligations and long-term debt, less current portion |  | $ | 18 |
Components of lease cost are as follows:
($ in thousands) |  |  | Year ended June 30, 2020
Finance lease costs: |  |  |
Amortization of ROU assets |  |  | $ | 103 |
Interest on lease assets |  |  | 10 |
Operating lease costs* |  |  | 2,525 |
Total |  |  | $ | 2,638 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2020
Supplemental cash flow information: |
Cash paid for amounts included in the measurement of lease liabilities |
Financing cash flows from finance leases | $ | 91 |
Operating cash flows from finance leases | 10 |
Operating cash flows from operating leases | 1,784 |
Non-cash activity |
Right-of-use assets obtained in exchange for lease obligations: |
Finance lease liabilities | 12 |
Operating lease liabilities | $ | 3,384 |
Weighted-average remaining lease term and discount rate for our leases are as follows:
|  |  | Year ended June 30, 2020
Weighted-average remaining lease term (years) |  |  |
Finance leases |  |  | 1.4 |
Operating leases |  |  | 5.2 |
Weighted-average discount rate |  |  |
Finance leases |  |  | 10.0 | %
Operating leases |  |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases |  | Finance Leases
2021 | $ | 1,440 |  |  | $ | 46 |
2022 | 1,461 |  |  | 16 |
2023 | 1,493 |  |  | 2 |
2024 | 1,030 |  |  | 1 |
2025 | 627 |  |  | — |
Thereafter | 893 |  |  | — |
Total lease payments | $ | 6,944 |  |  | $ | 65 |
Less: Imputed interest | (1,120 | ) |  | (5 | )
Present value of lease liabilities | $ | 5,824 |  |  | $ | 60 |
Prior Year Disclosures As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance. Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively. At June 30, 2019, capital lease obligations were $0.1 million. The total for gross assets under capital leases was approximately $2.4 million and accumulated amortization totaled $2.4 million as of June 30, 2019. Capital lease amortization of $0.1 million and $0.4 million is included in depreciation expense for the years ended June 30, 2019 and 2018, respectively. The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:
($ in thousands) | Operating Leases |  | Capital Leases
2020 | $ | 1,326 |  |  | $ | 106 |
2021 | 1,151 |  |  | 34 |
2022 | 1,180 |  |  | 12 |
2023 | 1,208 |  |  | 1 |
2024 | 859 |  |  | 1 |
Thereafter | 1,550 |  |  | — |
Total minimum lease payments | $ | 7,274 |  |  | $ | 154 |
Less: interest |  |  | (14 | )
Present value of minimum lease payments, net |  |  | 140 |
Less: current obligations under capital leases |  |  | (106 | )
Obligations under capital leases, noncurrent |  |  | $ | 34 |
Lessor accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | June 30, 2020 |  | June 30, 2019
Cost |  | $ | 32,445 |  |  | 36,190 |
Accumulated depreciation |  | (27,745 | ) |  | (30,473 | )
Net |  | $ | 4,700 |  |  | $ | 5,717 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2020 are disclosed within Note 8 - Finance Receivables.
LEASES | LEASES Lessee accounting At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:
($ in thousands) |  | Classification |  | As of June 30, 2020
Assets |  |  |  |
Operating leases |  | Operating lease right-of-use assets |  | $ | 5,603 |
Finance leases |  | Property and equipment, net |  | 48 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating leases |  | Accrued expenses |  | 1,075 |
Finance leases |  | Finance lease obligations and current obligations under long-term debt |  | 42 |
Non-current: |  |  |  |
Operating leases |  | Operating lease liabilities, non-current |  | 4,749 |
Finance leases |  | Finance lease obligations and long-term debt, less current portion |  | $ | 18 |
Components of lease cost are as follows:
($ in thousands) |  |  | Year ended June 30, 2020
Finance lease costs: |  |  |
Amortization of ROU assets |  |  | $ | 103 |
Interest on lease assets |  |  | 10 |
Operating lease costs* |  |  | 2,525 |
Total |  |  | $ | 2,638 |
* Includes short-term lease and variable lease costs, which are not material. Supplemental cash flow information and non-cash activity related to our leases are as follows:
($ in thousands) | Year ended June 30, 2020
Supplemental cash flow information: |
Cash paid for amounts included in the measurement of lease liabilities |
Financing cash flows from finance leases | $ | 91 |
Operating cash flows from finance leases | 10 |
Operating cash flows from operating leases | 1,784 |
Non-cash activity |
Right-of-use assets obtained in exchange for lease obligations: |
Finance lease liabilities | 12 |
Operating lease liabilities | $ | 3,384 |
Weighted-average remaining lease term and discount rate for our leases are as follows:
|  |  | Year ended June 30, 2020
Weighted-average remaining lease term (years) |  |  |
Finance leases |  |  | 1.4 |
Operating leases |  |  | 5.2 |
Weighted-average discount rate |  |  |
Finance leases |  |  | 10.0 | %
Operating leases |  |  | 6.8 | %
Maturities of lease liabilities by fiscal year for our leases are as follows:
($ in thousands) | Operating Leases |  | Finance Leases
2021 | $ | 1,440 |  |  | $ | 46 |
2022 | 1,461 |  |  | 16 |
2023 | 1,493 |  |  | 2 |
2024 | 1,030 |  |  | 1 |
2025 | 627 |  |  | — |
Thereafter | 893 |  |  | — |
Total lease payments | $ | 6,944 |  |  | $ | 65 |
Less: Imputed interest | (1,120 | ) |  | (5 | )
Present value of lease liabilities | $ | 5,824 |  |  | $ | 60 |
Prior Year Disclosures As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance. Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively. At June 30, 2019, capital lease obligations were $0.1 million. The total for gross assets under capital leases was approximately $2.4 million and accumulated amortization totaled $2.4 million as of June 30, 2019. Capital lease amortization of $0.1 million and $0.4 million is included in depreciation expense for the years ended June 30, 2019 and 2018, respectively. The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:
($ in thousands) | Operating Leases |  | Capital Leases
2020 | $ | 1,326 |  |  | $ | 106 |
2021 | 1,151 |  |  | 34 |
2022 | 1,180 |  |  | 12 |
2023 | 1,208 |  |  | 1 |
2024 | 859 |  |  | 1 |
Thereafter | 1,550 |  |  | — |
Total minimum lease payments | $ | 7,274 |  |  | $ | 154 |
Less: interest |  |  | (14 | )
Present value of minimum lease payments, net |  |  | 140 |
Less: current obligations under capital leases |  |  | (106 | )
Obligations under capital leases, noncurrent |  |  | $ | 34 |
Lessor accounting Property and equipment used for the operating lease rental program consisted of the following:
($ in thousands) |  | June 30, 2020 |  | June 30, 2019
Cost |  | $ | 32,445 |  |  | 36,190 |
Accumulated depreciation |  | (27,745 | ) |  | (30,473 | )
Net |  | $ | 4,700 |  |  | $ | 5,717 |
The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2020 are disclosed within Note 8 - Finance Receivables.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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