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LEASES (Tables) | 12 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Schedule of Maturities of Lease Liabilities | As of June 30, 2020, the maturity of our lease liability is as follows:
|  | Operating Lease |
Fiscal Year: |  |  |  |
2021 |  | $ | 475 |
2022 |  |  | 489 |
2023 |  |  | 504 |
2024 |  |  | 519 |
2025 |  |  | 535 |
Thereafter |  |  | 1,261 |
Total lease payments |  |  | 3,783 |
Less imputed interest: |  |  | (694 | )
Total |  | $ | 3,089 |
As of June 30, 2020, our operating lease has a remaining lease term of seven years and three months and an imputed interest rate of 5.3%. Cash paid for amounts included in the lease liability for the year ended June 30, 2020, was $461,000. As previously disclosed in our 2019 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for our only operating lease having an initial or remaining noncancellable lease term in excess of one year would have been as follows:
|  | Operating Leases at June 30, 2020 |
Fiscal Year: |  |  |  |
2021 |  | $ | 475 |
2022 |  |  | 489 |
2023 |  |  | 504 |
2024 |  |  | 519 |
2025 |  |  | 535 |
Thereafter |  |  | 1,261 |
Total minimum lease payments |  | $ | 3,783 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
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