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Leases

6 Months Ended

Dec. 31, 2020

17.Leases

The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of its corporate head office, administration offices and branch locations through which the Company operates its financial services business in South Africa. The Company’s operating leases have remaining lease terms of between one and five years. The Company also operates parts of its financial services business from locations which it leases for a period of less than one year. The Company’s operating lease expense during each of the three months ended December 31, 2020 and 2019 was $0.9 million, respectively. The Company does not have any significant leases that have not commenced as of December 31, 2020.

The Company has also entered into short-term leasing arrangements, primarily for the lease of branch locations and other locations to operate its financial services business in South Africa. The Company’s short-term lease expense during the three months ended December 31, 2020 and 2019, was $ 0.9 million and $ 1.3 million, respectively. The Company’s short-term lease expense during the six months ended December 31, 2020 and 2019, was $ 2.0 million and $ 2.7 million, respectively.

17.Leases (continued)

The following table presents supplemental balance sheet disclosure related to the Company’s right-of-use assets and its operating lease liabilities as of December 31, 2020 and June 30, 2020:

	December 31,		June 30,
	2020		2020
Operating leases:
Operating lease right-of-use asset	$	5,112	$	5,395

Weighted average remaining lease term (years)		2.83		3.94
Weighted average discount rate (percent)		10		9

The maturities of the Company’s operating lease liabilities as of December 31, 2020, are presented below:

	December 31,
		2020
Maturities of operating lease liabilities
2021 (for December 31, 2020 excluding six months to December 31, 2020)	$	1,719
2022		2,401
2023		1,071
2024		573
2025		195
Thereafter		-
Total undiscounted operating lease liabilities		5,959
Less imputed interest		659
Total operating lease liabilities, included in		5,300
Operating lease liability - current		2,585
Operating lease liability - long-term	$	2,715