COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Sep. 30, 2019

COMMITMENTS AND CONTINGENCIES [Abstract]

Balance Sheet Classifications of Leases

As of September 30, 2019, the Company’s balance sheet classifications of its leases are as follows:

Operating Leases:
Noncurrent operating lease ROU assets	$	883,832
Current operating lease liabilities	$	609,988
Noncurrent operating lease liabilities		632,038
Total operating lease liabilities	$	1,242,026

Remaining Future Payments Under Operating Leases

As of September 30, 2019, the Company’s remaining future payments under operating leases for each fiscal year ending June 30 are as follows:

2020	$	469,699
2021		642,997
2022		219,723
Total lease payments		1,332,419
Less: imputed interest		90,393
Present value of lease payments		1,242,026
Less: current lease obligations		609,988
Total long-term lease obligations	$	632,038

Future Minimum Payments Under Operating Leases

The Company also had future minimum payments as of June 30, 2019 under its operating leases for each fiscal year ending June 30 that were as follows:

2020	$	625,788
2021		642,997
2022		219,723
Total	$	1,488,508