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LEASES | 12 Months Ended
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Jun. 30, 2021
Disclosure Text Block Supplement [Abstract] |
Commitments Disclosure [Text Block] | NOTE 8. LEASES The Company has lease agreements on a continuing operations basis for office equipment that expire in fiscal year 2022. Lease expense included in continuing operations totaled $155,000 and $153,000 for the years ended June 30, 2021, and 2020, respectively. The Company’s former subsidiary Galileo, which is classified as discontinued operations as described in Note 3, had lease agreements for office equipment and for office facilities. Lease expense included in discontinued operations totaled $74,000 for the year ended June 30, 2020. For continuing operations, the components of lease expense included in general and administrative expense on the Consolidated Statements of Operations for the years ended June 30, 2021, and June 30, 2020, and qualitative information concerning the Company’s operating leases were as follows:
|  | Year Ended |  |  | Year Ended |
|  | June 30, |  |  | June 30, |
(dollars in thousands) |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 53 |  |  | $ | 53 |
Short-term lease cost |  |  | 102 |  |  |  | 100 |
Total lease cost |  | $ | 155 |  |  | $ | 153 |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 53 |  |  | $ | 53 |
Right-of-use assets obtained in exchanged for: |  |  |  |  |  |  |  |
Net operating lease liabilities |  | $ | - |  |  | $ | 141 |
Weighted-average remaining lease term (in years) |  |  | 0.83 |  |  |  | 1.83 |
Weighted-average discount rate |  |  | 4.11 | % |  |  | 4.11 | %
Maturities of lease liabilities from continuing operations as of June 30, 2021, are as follows:
(dollars in thousands) |  |  |  |
Fiscal Year |  | Operating Leases |
2022 |  | $ | 44 |
Total lease payments |  |  | 44 |
Less imputed interest |  |  | (1 | )
Total |  | $ | 43 |
The Company is the lessor of certain areas of its owned office building under operating leases expiring in various years through fiscal year 2023. At the commencement of an operation lease, no income is recognized; subsequently, lease payments received are recognized on a straight-line basis. Lease income included in other income on the Consolidated Statements of Operations was $91,000 and $92,000, for fiscal years 2021 and 2020, respectively. The cost of obtaining lessor contracts, which is included in other assets on the Consolidated Balance Sheets, was $4,000 and $7,000 at June 30, 2021, and June 30, 2020, respectively. A summary analysis of annual undiscounted cash flows to be received on leases as of June 30, 2021, is as follows:
(dollars in thousands) |  |  |  |
Fiscal Year |  | Operating Leases |
2022 |  | $ | 81 |
2023 |  |  | 34 |
Total lease payments |  | $ | 115 |
The Company may terminate the building leases with one hundred eighty days written notice if it sells the property. If the Company terminates the lease, the Company will pay the tenant a termination fee of the lesser of six months of the base monthly rent or the base monthly rent times the number of months remaining in the initial term.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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