Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
3 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    As of     As of  
    September 30, 2020     June 30, 2020  
Assets                
Operating lease assets, net   $ 2,133,902     $ 2,360,129  
                 
Liabilities                
Current                
Operating   $ 1,165,957     $ 1,111,912  
Non-current                
Operating     1,110,832       1,339,965  
Total Lease Liabilities   $ 2,276,789     $ 2,451,877  

Schedule of Components of Lease Cost

The components of lease cost were as follows:

 

    For the Three Months  
    Ended September 30,  
    2020     2019  
             
Amortization of finance lease assets   $ 45,253     $ 26,330  
Interest on finance lease obligation     11,692       22,918  
Operating lease cost     320,086       263,577  
Short term lease cost     16,578       74,110  
Sub lease income     (8,624 )     (8,199 )
Total lease cost   $ 384,985     $ 378,736  

Schedule of Lease Term and Discount Rate

Lease term and discount rate were as follows:

 

    As of  
    September 30, 2020  
       
Weighted average remaining lease term - Operating leases     2.26 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 Three Months Ended  
    September 30, 2020     September 30, 2019  
             
Cash flows related to lease liabilities                
Operating cash flows related to operating leases   $ 269,783     $ 232,268  

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows as of September 30, 2020:

 

       
    Amount  
Within year 1   $ 1,256,971  
Within year 2     801,053  
Within year 3     300,565  
Within year 4     58,591  
Within year 5     797  
Thereafter     2,988  
Total Lease Payments     2,420,965  
Less: Imputed interest     (144,176 )
Present Value of lease liabilities     2,276,789  
Less:  Current portion     (1,165,957 )
Non-Current portion   $ 1,110,832