|9 Months Ended|
Mar. 31, 2022
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. During August 2021, the Company extended the lease through June 2025.
The tables below show the changes during the nine months ended March 31,
As of March 31, 2022, the Company’s operating lease has a remaining lease term of 3.21 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows:
The Company recorded lease liabilities and
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 $0.1 million and $0.2 million for the three and nine months ended March 31, 2022, respectively, and $0.1 million and $0.2 million, respectively, for the same periods in 2021.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef