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Leases (Tables)
 12 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Lease costs
   

Year Ended

June 30,

2020

  
Operating lease cost   $ 646,845  
Finance lease cost:        
Depreciation of lease assets     324,058  
Interest on lease liabilities     77,540  
Total finance lease cost     401,598  
Total lease cost   $ 1,048,443  
Supplemental lease information

Supplemental balance sheet information related to leases was as follows:

 

 

Classification

  

As of

June 30,

2020

  
Assets:        
Operating lease assets Operating lease assets   $ 1,220,430  
Finance lease assets Property and equipment, net(1)     666,519  
Total lease assets     $ 1,886,949  
         
Liabilities:          
Current:          
Operating leases Operating lease liabilities, current   $ 765,422  
Short-term leases Accrued liabilities(2)     97,665  
Finance leases Finance lease liabilities, current     278,040  
         
Noncurrent:          
Operating leases Operating lease liabilities, less current portion     887,766  
Finance leases Finance lease liabilities, less current portion     279,435  
Total lease liabilities     $ 2,308,328  

 

(1) Finance lease assets are recorded net of accumulated depreciation of approximately $1.0 million as of June 30, 2020.

 

(2) Represents accrual related to the ISP Lease, which we ceased use of as of June 30, 2019. All remaining lease payments were accrued as of that date, through the ISP Lease expiration in August 2020. See Note 14, Restructuring, to these Consolidated Financial Statements for additional information.

 

Lease term and discount rate information related to leases was as follows:

 

Lease Term and Discount Rate

  

As of

June 30,

2020

  
Weighted Average Remaining Lease Term (in years)      
Operating leases     2.1  
Finance leases     2.2  
         
Weighted Average Discount Rate        
Operating leases     4.9 %
Finance leases     7.9 %

 

Supplemental cash flow information:

 

   

Year Ended

June 30,

2020

  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash used for operating leases   $ 790,199  
Operating cash used for finance leases   $ 77,553  
Financing cash used for finance leases   $ 487,233  

 
Future maturities of lease liabilities
Fiscal year ending:   Finance Leases     Operating Leases  
June 30, 2021   $ 321,297     $ 844,636  
June 30, 2022     231,783       787,062  
June 30, 2023     59,647       162,829  
June 30, 2024     11,811       ─  
Total future minimum payments     624,538       1,794,527  
   Less imputed interest     (67,063 )     (141,339 )
Present value of lease liabilities   $ 557,475     $ 1,653,188