Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES

v3.20.2
OPERATING LEASES
3 Months Ended
Sep. 30, 2020
OPERATING LEASES  
OPERATING LEASES

NOTE 3 — OPERATING LEASES

The carrying value of ROU assets and operating lease liabilities are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

September 30, 

 

June 30,

 

    

2020

    

2020

Right-of-Use Assets, net

 

$

325

 

$

383

 

 

 

  

 

 

  

Operating Lease Liabilities:

 

 

  

 

 

  

Current

 

$

245

 

$

245

Long-term

 

 

104

 

 

165

 

 

 

  

 

 

 

Total

 

$

349

 

$

410

 

As of September 30, 2020, the weighted average remaining lease term under operating leases was 1.4 years, and the weighted average discount rate for operating lease liabilities was 10.0%. For the three months ended September 30, 2020 and 2019, cash paid for amounts included in the measurement of operating lease liabilities amounted to $69,000 and $68,000, respectively. These cash payments were included in the determination of net cash used in operating activities in the condensed consolidated statements of cash flows.

Future payments under operating lease agreements as of September 30, 2020 are as follows (in thousands):

 

 

 

 

 

Fiscal year ending June 30,

    

  

 

Remainder of fiscal year 2021

 

$

202

2022

 

 

170

Total lease payments

 

 

372

Less imputed interest

 

 

(23)

Present value of operating lease liabilities

 

$

349