Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
 9 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases
9. Leases
The Company has entered into an operating lease for office space under an agreement that expires in 2022. The lease requires the Company to pay utilities, insurance, taxes and other operating expenses. The Company’s lease does not contain any residual value guarantees or material restrictive covenants.
As of March 31, 2021, the Company’s operating lease has a remaining lease term of 1.21 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows:
 
(US$’000)
    March
31,
2021		  
2021
    $ 52  
2022
      218  
    
 
 
  
Total operating lease payments
      270  
Less imputed interest
      (8 ) 
    
 
 
  
Present value of operating lease liabilities
    $ 262  
    
 
 
  
The Company recorded lease liabilities and
right-of-use
lease assets for the lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate. Rent expense was $52,000 and $156,000 for the three months and nine months ended March 31, 2021, respectively, and $52,000 and $156,000, respectively, for the same periods in 2020.