Leases (Tables)
|
3 Months Ended |
Sep. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Schedule of Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases was as
follows:
| |
|
As of |
|
| |
|
September 30, 2019 |
|
| Assets |
|
|
|
|
| Operating lease assets, net |
|
$ |
2,734,762 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Current |
|
|
|
|
| Operating |
|
$ |
920,115 |
|
| Non-current |
|
|
|
|
| Operating |
|
|
1,912,804 |
|
| Total Lease Liabilities |
|
$ |
2,832,919 |
|
|
| Schedule of Components of Lease Cost |
The components of lease cost were as follows:
| |
|
For the Three Months |
|
| |
|
Ended September 30, 2019 |
|
| |
|
|
|
| Amortization of finance lease assets |
|
$ |
26,330 |
|
| Interest on finance lease obligation |
|
|
22,918 |
|
| Operating lease cost |
|
|
263,577 |
|
| Short term lease cost |
|
|
74,110 |
|
| Sub lease income |
|
|
(8,199 |
) |
| Total lease cost |
|
$ |
378,736 |
|
|
| Schedule of Lease Term and Discount Rate |
Lease term and discount rate were as follows:
| |
|
As of |
|
| |
|
September 30, 2019 |
|
| |
|
|
|
| Weighted average remaining lease term - Operating leases |
|
|
3.3 Years |
|
| |
|
|
|
|
| Weighted average discount rate - Operating leases |
|
|
5.61 |
% |
|
| 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 Three
Months Ended |
|
| |
|
September 30, 2019 |
|
| |
|
|
|
| Cash flows related to lease liabilities |
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
232,268 |
|
|
| Schedule of Maturities of Operating Lease Liabilities |
Maturities of operating lease liabilities were as follows as of
September 30, 2019:
| |
|
Amount |
|
| Within year 1 |
|
$ |
1,045,298 |
|
| Within year 2 |
|
|
874,317 |
|
| Within year 3 |
|
|
797,007 |
|
| Within year 4 |
|
|
305,926 |
|
| Within year 5 |
|
|
82,404 |
|
| Thereafter |
|
|
6,235 |
|
| Total Lease Payments |
|
|
3,111,187 |
|
| Less: Imputed interest |
|
|
(278,268 |
) |
| Present Value of lease liabilities |
|
|
2,832,919 |
|
| Less: Current portion |
|
|
(920,115 |
) |
| Non-Current portion |
|
$ |
1,912,804 |
|
|
| 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 |
|
|