Leases

9 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Leases

Leases

Operating lease cost amounted to $0.6 million and $1.8 million for three and nine months period ended March 31, 2021. As of March 31, 2021, the Company’s right-of-use assets, lease obligations and remaining cash commitment on these leases (in thousands):

	Right-of-Use Assets		Operating Lease Obligations		Remaining Cash Commitment
Operating leases	$	4,186	$	4,274	$	5,081

The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such, these lease payments are expensed as incurred. The Company’s weighted average discount rate and remaining term on lease liabilities is approximately 9.0% and 4.1 years. As of March 31, 2021, the Company’s financing leases are de minimis. The foreign exchange impact affecting the operating leases are de minimis.

The Company entered into $0.9 million in operating lease commitments and incurred de minimis exchange impact during the nine months ended March 31, 2021. In December 2020, the Company completed a sale and leaseback of its Mount Airy NC Facility (see note 13) and recognized a Right-Of-Use ("ROU") asset based on leasing 66,000 square feet in the amount of $0.8 million for a three year lease with an option for 2 more years.

At March 31, 2021, the Company had the following fiscal year minimum operating lease commitments (in thousands):

Nine months ended March 31, 2021	Operating Lease Commitments
2021 (Remainder of year)	$	574
2022	1,318
2023	1,122
2024	917
2025	639
Thereafter	511
Subtotal	$	5,081
Imputed interest	(806)
Total	4,274