LEASES (Tables)
|
12 Months Ended |
Jun. 30, 2022 |
|---|
| Leases |
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASE |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASE
| |
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
As of |
|
| |
|
June 30, 2022 |
|
|
June 30, 2021 |
|
| Assets |
|
|
|
|
|
|
|
|
| Operating lease assets, net |
|
$ |
969,163 |
|
|
$ |
1,345,869 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
| Operating |
|
$ |
548,678 |
|
|
$ |
857,729 |
|
| Non-current |
|
|
|
|
|
|
|
|
| Operating |
|
|
447,260 |
|
|
|
564,257 |
|
| Total Lease Liabilities |
|
$ |
995,938 |
|
|
$ |
1,421,986 |
|
|
| SCHEDULE OF COMPONENTS OF LEASE COST |
The
components of lease cost were as follows:
SCHEDULE OF COMPONENTS OF LEASE COST
| |
|
|
|
|
|
|
|
|
| |
|
For the Years |
|
| |
|
Ended June 30, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Amortization of finance lease assets |
|
$ |
72,340 |
|
|
$ |
186,721 |
|
| Interest on finance lease obligation |
|
|
22,010 |
|
|
|
32,675 |
|
| Operating lease cost |
|
|
652,911 |
|
|
|
1,271,947 |
|
| Short term lease cost |
|
|
258,227 |
|
|
|
91,705 |
|
| Sub lease income |
|
|
(35,356 |
) |
|
|
(35,740 |
) |
| Total lease cost |
|
$ |
970,132 |
|
|
$ |
1,547,308 |
|
|
| SCHEDULE OF LEASE TERM AND DISCOUNT RATE |
Lease
term and discount rate were as follows:
SCHEDULE OF LEASE TERM AND DISCOUNT RATE
| |
|
As
of |
|
|
As
of |
|
| |
|
June
30, 2022 |
|
|
June
30, 2021 |
|
| |
|
|
|
|
|
|
| Weighted
average remaining lease term - Operating leases |
|
|
3.34
Years |
|
|
|
1.78
Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted
average discount rate - Operating leases |
|
|
4.2 |
% |
|
|
5.7 |
% |
|
| SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION RELATED TO LEASES |
Supplemental
disclosures of cash flow information related to leases were as follows:
SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION RELATED TO LEASES
| |
|
|
|
|
|
|
|
|
| |
|
For the Years |
|
| |
|
Ended June 30 |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
893,196 |
|
|
$ |
1,182,028 |
|
| |
|
|
|
|
|
|
|
|
| Operating cash flows related to finance leases |
|
$ |
3,577 |
|
|
$ |
25,338 |
|
| |
|
|
|
|
|
|
|
|
| Financing cash flows related finance leases |
|
$ |
55,476 |
|
|
$ |
334,939 |
|
|
| SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES |
Maturities
of operating lease liabilities were as follows as of June 30, 2022:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
|
|
|
| |
|
Amount |
|
| Within year 1 |
|
$ |
574,383 |
|
| Within year 2 |
|
|
158,335 |
|
| Within year 3 |
|
|
127,543 |
|
| Within year 4 |
|
|
122,066 |
|
| Within year 5 |
|
|
61,355 |
|
| Thereafter |
|
|
1,286 |
|
| Total Lease Payments |
|
|
1,044,968 |
|
| Less: Imputed interest |
|
|
(49,030 |
) |
| Present Value of lease liabilities |
|
|
995,938 |
|
| Less: Current portion |
|
|
(548,678 |
) |
| Non-Current portion |
|
$ |
447,260 |
|
|