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OPERATING & FINANCING LEASES | 6 Months Ended
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Dec. 31, 2021
Operating Financing Leases |
OPERATING & FINANCING LEASES | NOTE 4 – OPERATING & FINANCING LEASES During February 2016, FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based upon the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Lease with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The standard was effective for us beginning July 1, 2019. We have elected the optional transition method to apply the standard as of the effective date and therefore, we will not apply the standard to the comparative periods presented in the consolidated financial statements. We have also elected the transition package of the practical expedients permitted within the standard which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and indirect costs. The adoption of this guidance had a material impact on the Company’s balance sheet by virtue of including the present value of its future operating lease payments as a liability of $33.3 million and related right-to-use lease assets as of July 1, 2019. At the time of adoption of this guidance we had no significant financing leases. The Company accounts for its various operating leases in accordance with Accounting Standards Codification (‘ASC’) 842 – Lease, as updated by ASU 2016-02. At the inception of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured at present value of future lease payments on its balance sheet. Lease expense is recognized on a straight-line basis over the term of the lease. Our most common initial term varies in length from 2 to 10 years. Including renewal options negotiated with the landlord, we have a total span of 2 to 16 years at the facilities we lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted of only office space operating leases. In determining the right-to-use lease assets and liabilities, the Company did recognize lease extension options which the Company feels would be reasonably exercised. Our incremental borrowing rate (“IBR”) used to discount the stream of operating lease payments is closely related to the interest rates available to the Company. A reconciliation of operating and financing lease payments undiscounted cash flows to lease liabilities recognized as of December 31, 2021 is as follows:
| Reconcilliation of operating and financing lease payments |  |  |  |  |  |  |  |  |
Twelve Months Ending December 31, |  | Operating Lease Payments |  | Financing Lease Payments
| 2022 |  |  | $ | 5,282 |  |  | $ | 244 |
| 2023 |  |  |  | 5,439 |  |  |  | 244 |
| 2024 |  |  |  | 5,247 |  |  |  | 244 |
| 2025 |  |  |  | 4,954 |  |  |  | 244 |
| 2026 |  |  |  | 4,410 |  |  |  | 244 |
| Thereafter |  |  |  | 22,755 |  |  |  | 42 |
| Present value discount |  |  |  | (10,814 | ) |  |  | (112 | )
| Total lease liability |  |  | $ | 37,273 |  |  | $ | 1,150 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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