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Leases | 9 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | 18. Leases The Company elected to adopt the new lease guidance utilizing the modified retrospective approach and 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 reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existi ng leases. The Company also elected to not recognize right-of-use assets and lease liabilities for leases with a term 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 arrangements relate primarily to the lease of its corporate head office, administration offices and branch locations through which the Company operat es its financial services business in South Africa. The Company’s operating leases have a remaining lease term of between one to f ive years. The Company also operate s parts of its financial services business from locations which it lease s for a period of less than one year. The Company’s operating lease expense during the three and nine months ended March 31, 2020, was $0.8 million and $2.8 million, respectively. The Co mpany does not have any significant leases that have not commenced as of March 31, 2020. The following table presents supplemental balance sheet disclosure related to the Company’s right-of-use assets and its operating lease liabiliti es as of March 31, 2020, and July 1, 2019, the date of adoption of the new lease guidance (refer to Note 1):
|  |  |  | March 31, |  |  | July 1, |
|  |  |  |  | 2020 |  |  | 2019 |
|  | Operating lease right-of-use |  | $ | 6 060 |  | $ | 6 739 |
|  | Weighted average remaining lease term (years) |  |  | 4,03 |  |  | 2,51 |
|  | Weighted average discount rate |  |  | 9% |  |  | 10% |
|  | Maturities of operating lease liabilities |  |  |  |  |  |  |
|  | 2020 (for March 31, 2020 excluding nine months to March 31, 2020) |  | $ | 1 755 |  | $ | 3 608 |
|  | 2021 |  |  | 2 550 |  |  | 2 395 |
|  | 2022 |  |  | 1 483 |  |  | 1 269 |
|  | 2023 |  |  | 938 |  |  | 454 |
|  | 2024 |  |  | 624 |  |  | - |
|  | Thereafter |  |  | 639 |  |  | - |
|  | Total undiscounted operating lease liabilities |  |  | 7 989 |  |  | 7 726 |
|  | Less imputed interest |  |  | 1 775 |  |  | 842 |
|  | Total operating lease liabilities, included in |  |  | 6 214 |  |  | 6 884 |
|  | Operating lease right-of-use lease liability - current |  |  | 2 520 |  |  | 5 098 |
|  | Right-of-use operating lease liability - long-term |  | $ | 3 694 |  | $ | 1 786 |
At June 30, 2019, the future minimum payments under operating leases consist of:
| Due within 1 year |  | $ | 6 010 |
| Due within 2 years |  | $ | 2 654 |
| Due within 3 years |  | $ | 1 122 |
| Due within 4 years |  | $ | 518 |
| Due within 5 years |  | $ | - |

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- References No definition available. + Details
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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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