Leases (Tables)
|
9 Months Ended |
Mar. 31, 2020 |
|---|
| Leases [Abstract] |
|
| Schedule of Balance Sheet Information Related to Leases |
Supplemental balance sheet information related
to leases was as follows:
| |
|
As of |
|
| |
|
March 31, 2020 |
|
| Assets |
|
|
|
|
| Operating lease assets, net |
|
$ |
2,690,777 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Current |
|
|
|
|
| Operating |
|
$ |
1,146,696 |
|
| Non-current |
|
|
|
|
| Operating |
|
|
1,635,866 |
|
| Total Lease Liabilities |
|
$ |
2,782,562 |
|
|
| Schedule of Components of Lease Cost |
The components of lease cost were as follows:
| |
|
For the Nine Months |
|
| |
|
Ended March 31, 2020 |
|
| |
|
|
|
| Amortization of finance lease assets |
|
$ |
194,632 |
|
| Interest on finance lease obligation |
|
|
71,416 |
|
| Operating lease cost |
|
|
931,955 |
|
| Short term lease cost |
|
|
228,869 |
|
| Sub lease income |
|
|
(25,227 |
) |
| Total lease cost |
|
$ |
1,401,645 |
|
|
| Schedule of Lease Term and Discount Rate |
Lease term and discount rate were as follows:
| |
|
As of |
|
| |
|
March 31, 2020 |
|
| |
|
|
|
| Weighted average remaining lease term - Operating leases |
|
|
2.66 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 Nine Months |
|
| |
|
Ended March 31, 2020 |
|
| |
|
|
|
| Cash flows related to lease liabilities |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
905,076 |
|
|
| Schedule of Maturities of Operating Lease Liabilities |
Maturities of operating lease liabilities were
as follows as of March 31, 2020:
| |
|
Amount |
|
| Within year 1 |
|
$ |
1,267,595 |
|
| Within year 2 |
|
|
958,385 |
|
| Within year 3 |
|
|
604,275 |
|
| Within year 4 |
|
|
132,663 |
|
| Within year 5 |
|
|
32,001 |
|
| Thereafter |
|
|
3,372 |
|
| Total Lease Payments |
|
|
2,998,291 |
|
| Less: Imputed interest |
|
|
(215,729 |
) |
| Present Value of lease liabilities |
|
|
2,782,562 |
|
| Less: Current portion |
|
|
(1,146,696 |
) |
| Non-Current portion |
|
$ |
1,635,866 |
|
|
| 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 |
|
|