Leases

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

9. Leases

Effective July 1, 2019, the Company adopted ASC Topic 842 - Leases using the modified retrospective transition approach and electing the package of practical expedients. Operating lease cost is classified within the consolidated statement of operations based on the nature of the leased asset. The Company's operating lease cost was $487 for the year ended June 30, 2020. Cash paid for operating lease liabilities approximated operating lease cost for the year ended June 30, 2020. There was $437 of operating lease right-of-use assets obtained in exchange for new lease liabilities during the year ended June 30, 2020.

	June 30,
	2020
Right-of-use assets
Other assets	$	427
Operating lease liabilities
Accrued expenses	$	412
Other liabilities	15
Total operating lease liabilities	$	427

Future minimum lease payments under the agreements as of June 30, 2020 are as follows:

Fiscal 2021	$	423
Fiscal 2022	11
Fiscal 2023	3
Fiscal 2024	2
Fiscal 2025	—
Thereafter	—
Total lease payments	439
Less imputed interest	(12)
Total operating lease liabilities	$	427

As of June 30, 2020, the weighted average remaining lease term for operating leases was 0.9 years and the weighted average discount rate used to determine operating lease liabilities was 5.25%.

Rental expenses were $540 and $652 for the years ended June 30, 2019 and 2018, respectively.