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 |
|
|