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Leases (Tables)
 6 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Lease costs
    Three Months Ended December 31, 2019    

Six Months Ended December 31,

2019

  
Operating lease cost   $ 172,102     $ 336,973  
Finance lease cost:                
Depreciation of lease assets     86,063       172,126  
Interest on lease liabilities     20,425       42,957  
Total finance lease cost     106,488       215,083  
Total lease cost   $ 278,590     $ 552,056  
Supplemental lease information
 

Classification

  

As of December 31,

2019

  
Assets:        
Operating lease assets Operating lease assets   $ 1,488,126  
Finance lease assets Property and equipment, net(1)     913,234  
Total lease assets     $ 2,401,360  
         
Liabilities:          
Current:          
Operating leases Operating lease liabilities, current   $ 749,399  
Short-term leases Accrued liabilities(2)     282,985  
Finance leases Finance lease liabilities, current     378,095  
         
Noncurrent:          
Operating leases Operating lease liabilities, less current portion     1,265,152  
Finance leases Finance lease liabilities, less current portion     456,388  
Total lease liabilities     $ 3,132,019  

 

(1) Finance lease assets are recorded net of accumulated depreciation of approximately $1.1 million as of December 31, 2019.

 

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

 

Lease Term and Discount Rate  

As of December 31,

2019

  
Weighted Average Remaining Lease Term (in years)      
Operating leases     2.6  
Finance leases     2.4  
         
Weighted Average Discount Rate        
Operating leases     4.9 %
Finance leases     7.9 %

 

   

Six Months Ended December 31,

2019

  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash used for operating leases   $ 386,661  
Operating cash used for finance leases   $ 42,970  
Financing cash used for finance leases   $ 210,225  

 
Future maturities of lease liabilities
Fiscal year ending:   Finance Leases     Operating Leases  
June 30, 2020 (six months remaining)   $ 229,857     $ 409,244  
June 30, 2021     407,954       829,565  
June 30, 2022     231,783       771,283  
June 30, 2023     59,647       157,849  
June 30, 2024     11,811       ─  
Total future minimum payments     941,052       2,167,941  
   Less imputed interest     (106,569 )     (153,390 )
Present value of lease liabilities   $ 834,483     $ 2,014,551