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LEASES | 9 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
LEASES | Company as Lessor Operating leases which we are the lessor arise from the leasing of the Company’s commercial and residential real estate investment property. Initial lease terms generally range from 12 to 60 months. Depreciation expense for assets subject to operating leases is taken into account primarily on the straight-line method over a period of twenty years in amounts necessary to reduce the carrying amount of the asset to its estimated residual value. Depreciation expenses relating to the property held as investments in operating leases was $17 for both the three months ended March 31, 2021 and March 31, 2020. Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancelable operating leases is contractually due as follows as of March 31, 2021:
2021 |  | $ | 33 |
2022 |  |  | 122 |
|  | $ | 155 |
Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancelable operating leases is contractually due as follows as of June 30, 2020:
2021 |  | $ | 120 |
2022 |  |  | 114 |
|  | $ | 234 |
Company as Lessee The Company is the lessee under operating leases for corporate offices and research and development facilities with remaining lease terms of 1 year to 3 years and finance leases for plant and equipment. Supplemental balance sheet information related to leases was as follows (in thousands):
|  | Mar. 31, 2021 (Unaudited) |  |  | June 30, 2020 |
Finance Leases (Plant and Equipment) |  |  |  |  |  |
Plant and equipment, at cost |  |  | 1,838 |  |  |  | 1,372 |
Accumulated depreciation |  |  | (955 | ) |  |  | (526 | )
Plant and Equipment, Net |  |  | 883 |  |  |  | 846 |
Current portion of finance leases |  |  | 216 |  |  |  | 231 |
Net of current portion of finance leases |  |  | 291 |  |  |  | 435 |
Total Finance Lease Liabilities |  |  | 507 |  |  |  | 666 |
Operating Leases (Corporate Offices, Research and Development Facilities) |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 1,994 |  |  |  | 944 |
Current portion of operating leases |  |  | 659 |  |  |  | 477 |
Net of current portion of operating leases |  |  | 1335 |  |  |  | 467 |
Total Operating Lease Liabilities |  |  | 1,994 |  |  |  | 944 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | Mar. 31, |  |  | Mar. 31, |  |  | Mar. 31, |  |  | Mar. 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited) |  |  | (Unaudited |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Interest on finance lease |  | $ | 15 |  |  | $ | 13 |  |  | $ | 35 |  |  | $ | 37 |
Amortization of right-of -use assets |  |  | 135 |  |  |  | 76 |  |  |  | 260 |  |  |  | 212 |
Total finance lease cost |  |  | 150 |  |  |  | 89 |  |  |  | 295 |  |  |  | 249 |
Operating Lease Costs |  | $ | 191 |  |  | $ | 167 |  |  | $ | 566 |  |  | $ | 526 |
Other information related to leases was as follows (in thousands except lease term and discount rate):
|  | Nine months ended |
|  | Mar. 31, |  |  | Mar. 31, |
|  | 2021 |  |  | 2020 |
|  | (Unaudited) |  |  | (Unaudited) |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |  |  |  |  |
Operating cash flows from finance leases |  |  | (32 | ) |  | $ | (43 | )
Operating cash flows from operating leases |  |  | (565 | ) |  |  | (398 | )
Finance cash flows from finance leases |  |  | (192 | ) |  |  | (251 | )
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  |  | 2,070 |  |  |  | 780 |
Weighted-Average Remaining Lease Term: |  |  |  |  |  |  |  |
Finance leases |  |  | 2.85 |  |  |  | 3.55 |
Operating leases |  |  | 3.36 |  |  |  | 1.89 |
Weighted-Average Discount Rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 3.35 | % |  |  | 3.40 | %
Operating leases |  |  | 4.83 | % |  |  | 4.59 | %
As of March 31, 2021, future minimum lease payments under finance leases and non-cancelable operating leases were as follows :
|  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |
Fiscal Year |  |  |  |  |  |
Remainder of 2021 |  | $ | 216 |  |  |  | 64 |
2022 |  | $ | 712 |  |  |  | 218 |
2023 |  |  | 516 |  |  |  | 137 |
2024 |  |  | 308 |  |  |  | 111 |
2025 and thereafter |  |  | 425 |  |  |  | 22 |
Total future minimum lease payments |  | $ | 2,177 |  |  |  | 552 |
Less: amount representing interest |  |  | (183 | ) |  |  | (45 | )
Present value of net minimum lease payments |  |  | 1,994 |  |  |  | 507 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  | $ | 659 |  |  |  | 216 |
Non-current |  | $ | 1335 |  |  |  | 291 |
As of June 30, 2020, future minimum lease payments under finance leases and non-cancelable operating leases were as follows:
|  | Operating Lease Liabilities |  |  | Finance Lease Liabilities |
Fiscal Year |  |  |  |  |  |
2021 |  | $ | 509 |  |  |  | 265 |
2022 |  | $ | 317 |  |  |  | 211 |
2023 |  |  | 168 |  |  |  | 133 |
2024 |  |  | - |  |  |  | 107 |
2025 |  |  | - |  |  |  | 20 |
Total future minimum lease payments |  | $ | 994 |  |  |  | 736 |
Less: amount representing interest |  |  | (50 | ) |  |  | (70 | )
Present value of net minimum lease payments |  |  | 944 |  |  |  | 666 |
Presentation on statement of financial position |  |  |  |  |  |  |  |
Current |  | $ | 477 |  |  |  | 231 |
Non-current |  | $ | 467 |  |  |  | 435 |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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