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Leases | 3 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | (3) Leases As of July 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02 Leases: Topic 842 (“Topic 842”), using the modified retrospective method of adoption. Astrotech elected to use the transition option that allowed the Company to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. The adoption of Topic 842 resulted in an adjustment to accumulated deficit of $230 thousand at the beginning of fiscal year 2020. The Company had two existing facility leases and several small equipment leases. Astrotech leased office space consisting of 5,219 square feet in Austin, Texas that housed executive management, finance and accounting, sales, and marketing and communications. The lease began in November 2016 and originally expired in December 2023. On August 3, 2020, the Company decided to terminate the lease. Upon lease termination, the Company recognized a decrease in the related operating right-of-use (“ROU”) asset and operating lease liability of approximately $506 thousand and $540 thousand, respectively. In May 2013, 1st Detect completed build-out of a 16,540 square foot leased research and development and production facility in Webster, Texas. This facility is equipped with state-of-the-art laboratories, a clean room, a production shop, and offices for staff. The term of the lease is 62 months and includes options to extend for two additional five-year periods. In February 2015, 1st Detect exercised its right of first refusal on the adjoining space of 9,138 square feet. The original lease began in May 2013 and was to expire in June 2018; these dates were amended in October 2014 with the amended lease beginning February 1, 2015, and expiring April 30, 2020, with provisions to renew and extend the lease for the entire premises, but not less than the entire premises, for two renewal terms of five years each. On June 1, 2018, the Company entered into its third amendment of the original lease removing 8,118 square feet from its leased space, leaving leased premises with a total square footage of 17,560. On January 21, 2020, the Company entered into its fourth amendment of the original lease, with the amended lease beginning May 1, 2020 and expiring April 30, 2021, with the option to renew and extend the lease for one renewal term of one year. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. Significant judgement is required when determining the Company’s incremental borrowing rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Upon the adoption of Topic 842, the Company’s accounting for financing leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. The balance sheet presentation of the Company’s operating and finance leases is as follows:
(In thousands) |  | Classification on the Condensed Consolidated Balance Sheet |  | September 30, 2020 |
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating leases, right-of-use assets, net |  | $ | 287 |
Financing lease assets |  | Property and equipment, net |  |  | 52 |
Total lease assets |  |  |  | $ | 339 |
Liabilities: |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating lease obligations |  | Lease liabilities, current |  | $ | 188 |
Financing lease obligations |  | Lease liabilities, current |  |  | 10 |
Non-current: |  |  |  |  |  |
Operating lease obligations |  | Lease liabilities, non-current |  |  | 129 |
Financing lease obligations |  | Lease liabilities, non-current |  |  | 37 |
Total lease liabilities |  |  |  | $ | 364 |
Future minimum lease payments under non-cancellable leases are as follows:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
For the Year Ended June 30, |  | Operating Leases |  |  | Financing Leases |  |  | Total |
2021 |  | $ | 160 |  |  | $ | 9 |  |  | $ | 169 |
2022 |  |  | 182 |  |  |  | 12 |  |  |  | 194 |
2023 |  |  | 6 |  |  |  | 12 |  |  |  | 18 |
2024 |  |  | — |  |  |  | 12 |  |  |  | 12 |
2025 |  |  | — |  |  |  | 8 |  |  |  | 8 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total lease obligations |  |  | 348 |  |  |  | 53 |  |  |  | 401 |
Less: imputed interest |  |  | 31 |  |  |  | 6 |  |  |  | 37 |
Present value of net minimum lease obligations |  |  | 317 |  |  |  | 47 |  |  |  | 364 |
Less: lease liabilities - current |  |  | 188 |  |  |  | 10 |  |  |  | 198 |
Lease liabilities - non-current |  | $ | 129 |  |  | $ | 37 |  |  | $ | 166 |
Other information as of September 30, 2020 is as follows:
Weighted-average remaining lease term (years): |  |  |  |
Operating leases |  |  |  |  | 1.2 |
Financing leases |  |  |  |  | 4.4 |
Weighted-average discount rate: |  |  |  |
Operating leases |  |  |  |  | 11.0 | %
Financing leases |  |  |  |  | 6.2 | %
Cash payments for operating leases for the three months ended September 30, 2020 and September 30, 2019 totaled $70 thousand and $96 thousand, respectively. Cash payments for financing leases for the three months ended September 30, 2020 and September 30, 2019 totaled $3 thousand and $0, respectively.

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