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Leases

6 Months Ended

Dec. 31, 2020

Disclosure Text Block [Abstract]

Leases

Note 7. Leases

In December 2019, we entered into a lease agreement for approximately 32,800 square feet of office space in San Diego, California. We have accounted for the lease as an operating lease. The contractual lease term began in July 2020 and is scheduled to expire in March 2028. The lease contains an option to renew and extend the lease terms. We have not included the lease extension within the ROU asset and lease liability on the balance sheet as it is not reasonably certain to be exercised. The lease includes variable non-lease components (e.g. common area maintenance, maintenance, etc.) that are not included in the ROU asset and lease liability and are reflected as an expense in the period incurred. We do not have any other operating or finance leases. Upon commencement of the lease, we recognized an operating lease ROU asset of $8.7 million and a corresponding operating lease liability of $8.7 million.

The total operating lease costs were as follows (in thousands):

		Three Months Ended December 31,								Six Months Ended December 31,
		2020				2019				2020				2019
Operating lease cost		$	377			$	214			$	753			$	402

Supplemental cash flow information related to our operating leases were as follows (in thousands):

		Three Months Ended December 31,								Six Months Ended December 31,
		2020				2019				2020				2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	123			$	201			$	246			$	402
Right-of-use assets obtained in exchange for operating lease obligations:			—				—				8,689				—

The following is a schedule of the future minimum rental payments for our operating lease, reconciled to the lease liability as of December 31, 2020 (in thousands):

		December 31, 2020
Remainder of fiscal year ending June 30, 2021		$	737
Years ending June 30, 2022			1,519
2023			1,565
2024			1,612
2025			1,168
2026			1,710
Thereafter			3,122
Total lease payments			11,433
Less: Present value discount			(2,718	)
Total operating lease liability		$	8,715
Balance Sheet Classification - Operating Lease
Operating lease liability		$	873
Operating lease liability, long-term			7,842
Total operating lease liability		$	8,715
Other Balance Sheet Information- Operating Lease
Weighted average remaining lease term (in years)			7.3
Weighted average discount rate			7.50	%

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- References

No definition available.

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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

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