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Leases | 6 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | 18. Leases The Company elected to adopt the new lease guidance utilizing the modified retrospective approach therefore prior periods were not adjusted. The Company was not required to record a cumulative-effect adjustment to opening retained earnings as of July 1, 2019. The Company applied the package of three practical expedients available, which included the following (i) an entity need not reassess expired or existing contracts which are or contain leases (ii) an entity need not re assess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also elected to not recognize right-of-use assets and lease liabilities for leases with a te rm of less than twelve months and to account for all components in a lease arrangement as a single combined lease component. The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangem ents relate primarily to the lease of our corporate head office, administration offices and branch locations through which the Company operates its financial services business in South Africa. The Company’s operating leases have a remaining lease term of b etween one to f ive years. We also operate parts of our financial services business from locations which we lease for a period of less than one year. The Company’s operating lease expense during the three and six months ended December 31, 2019, was $1.1 million and $2.0 million, respectively. The Company does not have any significant leases that have not commenced as of December 31, 2019. The following table presents supplemental balance sheet disclosure related to our right-of-use assets and our operat ing lease liabilities as of December 31, 2019 and July 1, 2019, the date of adoption of the new lease guidance (refer to Note 1):
|  |  |  | December 31, |  |  | July 1, |
|  |  |  |  | 2019 |  |  | 2019 |
|  | Operating lease right-of-use |  | $ | 7 838 |  | $ | 6 739 |
|  | Weighted average remaining lease term (years) |  |  | 3,60 |  |  | 2,51 |
|  | Weighted average discount rate |  |  | 10% |  |  | 10% |
|  | Maturities of operating lease liabilities |  |  |  |  |  |  |
|  | 2020 (for December 31, 2019 excluding six months to December 31, 2019) |  | $ | 2 334 |  | $ | 3 608 |
|  | 2021 |  |  | 3 281 |  |  | 2 395 |
|  | 2022 |  |  | 1 850 |  |  | 1 269 |
|  | 2023 |  |  | 1 011 |  |  | 454 |
|  | 2024 |  |  | 598 |  |  | - |
|  | Thereafter |  |  | 204 |  |  | - |
|  | Total undiscounted operating lease liabilities |  |  | 9 278 |  |  | 7 726 |
|  | Less imputed interest |  |  | 1 245 |  |  | 842 |
|  | Total operating lease liabilities, included in |  |  | 8 033 |  |  | 6 884 |
|  | Operating lease right-of-use lease liability - current |  |  | 3 534 |  |  | 5 098 |
|  | Right-of-use operating lease liability - long-term |  | $ | 4 499 |  | $ | 1 786 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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