XML 33 R15.htm IDEA: XBRL DOCUMENT v3.21.2
LEASES
12 Months Ended
Jun. 30, 2021
LEASES [Abstract]  
LEASES
8.
LEASES

The Company has entered into operating leases for its offices. The Company did not enter into or have finance leases during the years ended June 30, 2021 or 2020. The leases do not include options to renew or extend the lease term after expiration, and this fact has been considered in the measurement of our lease liabilities. The Company also has a sublease arrangement for one of its leased offices.

Lease presentation in the Company’s consolidated balance sheets, components of lease costs and other lease information are presented in the following table:

  
As of and for the Years
Ended June 30,
 
  
2021
  
2020
 
Assets
      
Right-of-use assets-operating lease
 $139,797  $268,610
 
         
Liabilities
        
Current
  
140,435
   
135,947
 
Non-current
  
   
133,663
 
Operating lease liabilities
  
140,435
   
269,610
 
         
Statements of Operations
        
Operating lease cost
 

165,456
  
156,456
 
Short-term lease cost
  
78,583
   
32,673
 
Sublease income(1)
  
120,752
   
29,906
 
         
Other Information
        
Right-of-use assets obtained in exchange for new operating lease liabilities
  14,921
   391,549
 
Cash paid for amounts included in the measurement of lease liabilities:
        
Operating cash flows from operating leases
 

165,817
  

152,251
 
Weighted-average remaining lease term (in months)
 
11.05
  
22.96
 
Weighted-average discount rate
  
10.00
%
  
10.00
%



(1)
In March 2020, the Company entered into an agreement to sublease one of its offices in the United States. The sublease is classified as an operating lease. The Company has assessed that as a result of entering into the sublease, the Company continues to retain significant risks and rewards associated with the use of the office space and as such continues to recognize the right-of-use asset and lease liability recorded in relation to this lease.

Maturities of lease payments under non-cancellable leases are as follows:

  
June 30, 2021
 
2022
 
$
147,506
 
Total future minimum lease payments
  
147,506
 
Interest included within lease payments
  
(7,071
)
Total operating lease liabilities
 
$
140,435