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Leases (Tables)
12 Months Ended
Jun. 30, 2022
Leases  
Lease costs

 

 

Year Ended June 30,

 

 

 

2022

 

 

2021

 

Operating lease cost

 

$668,054

 

 

$682,980

 

Finance lease cost:

 

 

 

 

 

 

 

 

Depreciation of lease assets

 

 

162,057

 

 

 

207,931

 

Interest on lease liabilities

 

 

19,571

 

 

 

44,248

 

Total finance lease cost

 

 

181,628

 

 

 

252,179

 

Total lease cost

 

$849,682

 

 

$935,159

 

Supplemental lease information

 

 

Classification

 

June 30,

2022

 

 

June 30,

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease assets

 

$10,420,604

 

 

$9,015,498

 

Finance lease assets

 

Property and equipment, net(1)

 

 

61,566

 

 

 

477,102

 

Total lease assets

 

 

 

$10,482,170

 

 

$9,492,600

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities, current

 

$965,622

 

 

$799,507

 

Finance leases

 

Finance lease liabilities, current

 

 

55,348

 

 

 

212,212

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities, less current portion

 

 

9,478,077

 

 

 

8,461,133

 

Finance leases

 

Finance lease liabilities, less current portion

 

 

11,454

 

 

 

66,801

 

Total lease liabilities

 

 

 

$10,510,501

 

 

$9,539,653

 

Lease Term and Discount Rate

 

June 30,

2022

 

Weighted Average Remaining Lease Term (in years)

 

 

 

Operating leases

 

 

10.1

 

Finance leases

 

 

0.9

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

Operating leases

 

 

3.0%

Finance leases

 

 

7.6%

 

 

Year Ended June 30,

 

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash used for operating leases

 

$870,911

 

 

$869,668

 

Operating cash used for finance leases

 

$19,571

 

 

$44,247

 

Financing cash used for finance leases

 

$212,211

 

 

$278,462

 

Future maturities of lease liabilities

Fiscal year ending:

 

Finance

Leases

 

 

Operating

Leases

 

June 30, 2023

 

 

59,647

 

 

$721,901

 

June 30, 2024

 

 

11,811

 

 

 

1,204,323

 

June 30, 2025

 

 

 

 

 

1,225,047

 

June 30, 2026

 

 

 

 

 

1,193,987

 

June 30, 2027

 

 

 

 

 

1,163,610

 

Thereafter

 

 

 

 

 

6,928,833

 

Total future minimum payments

 

 

71,458

 

 

 

12,437,701

 

Less imputed interest

 

 

(4,656)

 

 

(1,994,002)

Present value of lease liabilities

 

$66,802

 

 

$10,443,699