Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 12 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    As of     As of  
    June 30, 2021     June 30, 2020  
Assets                
Operating lease assets, net   $ 1,345,869     $ 2,360,129  
                 
Liabilities                
Current                
Operating   $ 857,729     $ 1,111,912  
Non-current                
Operating     564,257       1,339,965  
Total Lease Liabilities   $ 1,421,986     $ 2,451,877  
Schedule of Components of Lease Cost

The components of lease cost were as follows:

 

    For the Years  
    Ended June 30,  
    2021     2020  
             
Amortization of finance lease assets   $ 186,721     $ 253,071  
Interest on finance lease obligation     32,675       81,907  
Operating lease cost     1,271,947       1,258,102  
Short term lease cost     91,705       282,806  
Sub lease income     (35,740 )     (33,426 )
Total lease cost   $ 1,547,308     $ 1,842,460  
Schedule of Lease Term and Discount Rate

Lease term and discount rate were as follows:

 

    As of     As of  
    June 30, 2021     June 30, 2020  
             
Weighted average remaining lease term - Operating leases      1.78 Years        2.45 Years  
                 
Weighted average discount rate - Operating leases     5.7 %     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 Years  
    Ended June 30  
    2021     2020  
             
Cash flows related to lease liabilities                
Operating cash flows related to operating leases   $ 1,182,028     $ 1,263,089  
                 
Operating cash flows from finance leases   $ 25,338     $ 72,999  
                 
Financing cash flows from finance leases   $ 334,939     $ 324,723  
Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows as of June 30, 2021:

 

    Amount  
Within year 1   $ 911,760  
Within year 2     496,700  
Within year 3     82,282  
Within year 4     835  
Within year 5     835  
Thereafter     2,505  
Total Lease Payments     1,494,917  
Less: Imputed interest     (72,931 )
Present Value of lease liabilities     1,421,986  
Less: Current portion     (857,729 )
Non-Current portion   $ 564,257