Leases

12 Months Ended

Jun. 30, 2020

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one year. The Company has entered into multiple new lease arrangements and renewals that have not yet commenced but will create significant rights and obligations. These leases will commence during fiscal 2021 with lease terms ranging from three to eleven years. As of June 30, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases was 0.62 years and 4.95%, respectively.

For the fiscal year ended June 30, 2020, operating lease expense was $2.7 million.

For the fiscal year ended June 30, 2020, supplemental cash flow information related to operating leases was as follows (in thousands):


	June 30, 2020
Operating cash outflows from operating leases	$	2,886
Right-of-use assets obtained in exchange for lease obligations	$	—

Maturity of lease liabilities at June 30, 2020 are as follows (in thousands):


Year ended June 30,	Amount
2021	$	1,201





Less: imputed interest	(17)
Present value of lease liabilities	$	1,184

Under ASC 840, minimum future operating lease obligations at June 30, 2019 were as follows (in thousands):


Year ending June 30,	Amount
2020	$	2,872
2021	1,140




Total	$	4,012

Rent expense totaled $2.7 million and $2.7 million for the fiscal years ended June 30, 2019 and 2018, respectively.