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Leases

3 Months Ended

Sep. 30, 2021

16.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. The Company’s operating leases have remaining lease terms of between one and five years. 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 each of the three months ended September 30, 2021 and 2020 was $0.9 million, respectively. The Company does not have any significant leases that have not commenced as of September 30, 2021.

The Company has also 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 three months ended September 30, 2021 and 2020, was $ 1.3 million and $ 1.1 million, respectively.

The following table presents supplemental balance sheet disclosure related to the Company’s right-of-use assets and its operating lease liabilities as of September 30, 2021 and June 30, 2021:

	September 30,		June 30,
	2021		2021
Right of use assets obtained in exchange for lease obligations:
Weighted average remaining lease term (years)		3.11		3.94
Weighted average discount rate (percent)		6.3		9.3

The maturities of the Company’s operating lease liabilities as of September 30, 2021, are presented below:

	September 30,
		2021
Maturities of operating lease liabilities
2022 (for September 30, 2021 excluding three months to September 30, 2021)	$	2,915.00
2023		907.00
2024		603.00
2025		47.00
2026		-
Thereafter		-
Total undiscounted operating lease liabilities		4,472
Less imputed interest		385
Total operating lease liabilities, included in		4,087
Operating lease liability - current		2,674
Operating lease liability - long-term	$	1,413