Leases

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

NOTE 11 – LEASES

The Company has non-cancelable operating leases for office facilities located in San Jose, California and Houston, Texas, which expire through 2031. As of September 30, 2020, the weighted average remaining term of these leases was 10.6 years and the weighted average discount rate used to estimate the net present value of the operating lease liabilities was 5.4%.

Future minimum lease payments as of September 30, 2020 are as follows (in thousands):

Fiscal years ending June 30:	Amount
Remainder of 2021	$	809
2022		7,207
2023		7,432
2024		7,653
2025		7,704
2026		7,416
Thereafter		40,525
Gross lease payments		78,746
Less - present value adjustments		(20,407	)
Less - tenant improvement allowance receivable		(2,920	)
Total operating lease liabilities, net	$	55,419

The components of lease expense during the three months ended September 30, 2020 is shown on the table below (in thousands), while the lease expense during the three months ended September 30, 2019 was $0.7 million.

	Amount
Operating lease expense	$	1,547
Short-term lease expense		141
Variable lease expense		668
Total	$	2,356

The total amount paid for amounts included in the measurement of operating lease liabilities was $0.3 million during the three months ended September 30, 2020.