XML 40 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
 3 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Lease costs
    Three Months Ended September 30,  
    2020     2019  
Operating lease cost   $ 166,974     $ 164,871  
Finance lease cost:                
Depreciation of lease assets     65,869       86,063  
Interest on lease liabilities     12,824       22,532  
Total finance lease cost     78,693       108,595  
Total lease cost   $ 245,667     $ 273,466  
Supplemental lease information

Supplemental balance sheet information related to leases was as follows:

 

 

Classification

   September 30, 2020     June 30, 2020  
Assets:              
Operating lease assets Operating lease assets   $ 1,502,488     $ 1,220,430  
Finance lease assets Property and equipment, net(1)     619,165       666,519  
Total lease assets     $ 2,121,653     $ 1,886,949  
                 
Liabilities:                  
Current:                  
Operating leases Operating lease liabilities, current   $ 814,307     $ 765,422  
Short-term leases Accrued liabilities(2)     -       97,665  
Finance leases Finance lease liabilities, current     284,005       278,040  
                 
Noncurrent:                  
Operating leases Operating lease liabilities, less current portion     1,075,781       887,766  
Finance leases Finance lease liabilities, less current portion     205,966       279,435  
Total lease liabilities     $ 2,380,059     $ 2,308,328  

 

(1) Finance lease assets were recorded net of accumulated depreciation of approximately $1.1 million as of September 30, 2020, and $1.0 million as of June 30, 2020.

 

(2) Represents accrual related to the lease of a manufacturing and office facility in Irvington, New York, which we ceased use of as of June 30, 2019 as the relocation of the operations formerly housed in this facility was complete. All remaining lease payments were accrued as of that date, through the lease expiration in August 2020.

 

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

 

Lease Term and Discount Rate

   September 30, 2020  
Weighted Average Remaining Lease Term (in years)      
Operating leases     2.9  
Finance leases     1.9  
         
Weighted Average Discount Rate        
Operating leases     4.6 %
Finance leases     7.9 %

 

Supplemental cash flow information:

 

     Three Months Ended September 30,  
    2020     2019  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash used for operating leases   $ 212,132     $ 189,715  
Operating cash used for finance leases   $ 12,824     $ 22,545  
Financing cash used for finance leases   $ 67,501     $ 103,618  

 
Future maturities of lease liabilities
Fiscal year ending:   Finance Leases     Operating Leases  
June 30, 2021 (remaining nine months)   $ 240,972     $ 653,026  
June 30, 2022     231,783       822,780  
June 30, 2023     59,647       237,341  
June 30, 2024     11,811       117,852  
June 30, 2025     —       117,852  
Total future minimum payments     544,213       1,948,851  
   Less imputed interest     (54,242 )     (58,763 )
Present value of lease liabilities   $ 489,971     $ 1,890,088