LEASES

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

LEASES

7. LEASES

Effective July 1, 2019, we adopted the new lease accounting standard using the modified retrospective method of applying the new standard at the adoption date. In addition, we elected the practical expedient which allowed us to carry forward the historical lease classification of our sole operating lease for our corporate office, which includes our manufacturing and research and development facilities. Adoption of this standard resulted in the recording of net operating lease right-of-use (“ROU”) asset and corresponding operating lease liability each in the amount of $3.3 million.

Our operating lease ROU asset and long-term liability are presented separately on our balance sheet. The current portion of our operating lease liability, exclusive of imputed interest, as of June 30, 2021, in the amount of $344,000, is presented within accrued expenses on the balance sheet. As of June 30, 2021, the maturity of our lease liability is as follows:

	Operating Lease
Fiscal Year:
2022	$	489
2023		504
2024		519
2025		535
2026		551
Thereafter		710
Total lease payments		3,308
Less imputed interest:		(531	)
Total	$	2,777

As of June 30, 2021, our operating lease has a remaining lease term of six years and three months and an imputed interest rate of 5.3%. Cash paid for amounts included in the lease liability for the fiscal years ended June 30, 2021 and 2020 was $475,000 and $461,000, respectively.