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Adoption of ASC 842, "Leases" (Tables)

9 Months Ended

Mar. 28, 2021

Adoption of ASC 842, "Leases" [Abstract]

Impact of Adoption of New Standards Update Related to Operating Lease

The impact of adoption of this new standards update was as follows (in thousands):

		July 1, 2019
		Adoption				Reclassification (1)				Total Adjustment
Operating lease right of use assets		$	3,428			$	434			$	3,862
Operating lease liabilities – current			528								528
Operating lease liabilities - long-term			3,347								3,347

(1) As of June 30, 2019, the Company had $132 thousand recorded within deferred rent for lease incentives incurred at the inception of the affected leases and $302 thousand in deferred rent tenant improvements. Upon adoption of the new standards update, these lease incentives were included within the lease liability.

Components of Total Lease Expense

The components of total lease expense for the nine months ended March 28, 2021, the majority of which is included in general and administrative expense, are as follows (in thousands):

		Nine Months Ended
		March 28, 2021
Operating lease cost		$	550
Sublease income			(151	)
Total lease expense, net of sublease income		$	399

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases is included in the table below (in thousands):

		Nine Months Ended
		March 28, 2021
Cash paid for amounts included in the measurement of lease liabilities		$	586

Weighted Average Remaining Lease Term and Weighted Average Discount Rate

Weighted average remaining lease term and weighted average discount rate for operating leases are as follows:

		March 28, 2021
Weighted average remaining lease term		5.0 Years
Weighted average discount rate			4.0	%

Maturities of Operating Lease Liabilities

Operating lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands):

		Operating Leases
Remainder of fiscal year 2021		$	174
2022			701
2023			707
2024			661
Thereafter			1,211
Total operating lease payments		$	3,454
Less: imputed interest			(336	)
Total operating lease liability		$	3,118

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Tabular disclosure of information related to lessee's operating leases.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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