Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

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Leases (Tables)
6 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    As of  
    December 31, 2019  
Assets      
Operating lease assets, net   $ 3,050,885  
         
Liabilities        
Current Operating   $ 1,182,850  
Non-current Operating     1,966,770  
Total Lease Liabilities   $ 3,149,620  

Schedule of Components of Lease Cost

The components of lease cost were as follows:

 

    For the Six Months  
    Ended
December 31, 2019
 
       
Amortization of finance lease assets   $ 135,000  
Interest on finance lease obligation     52,331  
Operating lease cost     598,069  
Short term lease cost     152,972  
Sub lease income     (16,713 )
Total lease cost   $ 921,659  

Schedule of Lease Term and Discount Rate

Lease term and discount rate were as follows:

 

    As of  
    December 31, 2019  
       
Weighted average remaining lease term - Operating leases     2.9 Years  
         
Weighted average discount rate - Operating leases     5.6 %

Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases

Supplemental disclosures of cash flow information related to leases were as follows:

 

    For the Six Months  
    Ended
December 31, 2019
 
       
Cash flows related to lease liabilities        
Operating cash flows related to operating leases   $ 566,589  

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows as of December 31, 2019:

 

    Amount  
Within year 1   $ 1,323,467  
Within year 2     1,074,055  
Within year 3     723,321  
Within year 4     228,248  
Within year 5     61,578  
Thereafter     3,836  
Total Lease Payments     3,414,505  
Less: Imputed interest     (264,885 )
Present Value of lease liabilities     3,149,620  
Less: Current portion     (1,182,850 )
Non-Current portion   $ 1,966,770  

Schedule of Future Minimum Lease Payments

As of June 30, 2019, future minimum lease payments, as defined under the previous lease accounting guidance of ASC Topic 840, under non-cancelable operating leases for the following five fiscal years and thereafter were as follows:

 

Within year 1   $ 744,549  
Within year 2     514,243  
Within year 3     269,375  
Within year 4     197,872  
Within year 5     36,044  
Total   $ 1,762,083