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Leases
12 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases
7
.
 
LEASES
 
 
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 operates
 
its financial services
 
business in South
 
Africa and, until
 
its closure, its
 
transaction processing
 
activities in Malta.
The Company’s
 
operating leases have
 
a remaining lease
 
term of between
one year
 
to
six years
. The Company’s
 
lease of property
 
in
Malta included
five
 
separate
one year
 
options to extend the lease, which
 
effectively extended the lease
 
term from
three years
 
to
eight
years
. At lease inception,
 
the Company expected
 
to exercise these options
 
and these options
 
were included as
 
part of its right-of-use
assets and liabilities. The
 
Company has exited this
 
lease following the closure
 
of its Malta operations during
 
the year ended June
 
30,
2021. The Company
 
also operates parts
 
of its financial
 
services business from
 
locations which it
 
leases for a
 
period of less
 
than
one
year
.
 
 
The
 
Company’s
 
operating
 
lease expense
 
during
 
the years
 
ended
 
June 30,
 
2021 and
 
2020, was
 
$
4.1
 
million
 
and $
3.6
 
million,
respectively.
 
The Company does not have any significant leases that have not commenced as of
 
June 30, 2021.
 
The Company
 
has entered into
 
short-term leasing
 
arrangements, primarily
 
for the lease
 
of branch
 
locations and other
 
locations
to operate
 
its financial
 
services business
 
in South
 
Africa.
 
The Company’s
 
short-term lease
 
expense during
 
the years
 
ended June
 
30,
2021
 
and
 
20
20
,
 
was
 
$
4.1
 
million
 
and
 
$
4.2
 
million
,
 
respectively
.
 
 
7
.
 
LEASES
 
(continued)
 
 
The following
 
table presents
 
supplemental
 
balance sheet
 
disclosure related
 
to our
 
right-of-use assets
 
and our
 
operating leases
liabilities as of June 30, 2021 and 2020:
June 30,
June 30,
2021
2020
Right-of-use assets obtained in exchange for lease obligations
Weighted average
 
remaining lease term (years)
2.77
3.94
Weighted average
 
discount rate
9.6
%
9.3
%
Maturities of operating lease liabilities
2022
$
3,117
2023
1,278
2024
592
2025
200
2026
-
Thereafter
-
Total undiscounted
 
operating lease liabilities
5,187
Less imputed interest
475
Total operating lease liabilities,
 
included in
4,712
Operating lease right-of-use lease liability - current
2,822
Right-of-use operating lease liability - long-term
$
1,890
Operating lease payments related to premises and equipment were $
10.6
 
million for the year ended June 30, 2019.