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 | |
|