LEASES (Tables)

9 Months Ended

Mar. 31, 2020

Leases [Abstract]

Assets and Liabilities

At March 31, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:

($ in thousands)	Classification	As of March 31, 2020
Assets
Operating leases	Operating lease right-of-use assets	$	5,903
Finance leases	Property and equipment, net	73
Liabilities
Current:
Operating leases	Accrued expenses	1,082
Finance leases	Finance lease obligations and current obligations under long-term debt	55
Non-current:
Operating leases	Operating lease liabilities, non-current	5,025
Finance leases	Finance lease obligations and long-term debt, less current portion	$	24

Lease Costs

Components of lease cost are as follows:

($ in thousands)	Three months ended March 31, 2020		Nine months ended March 31, 2020
Finance lease costs:
Amortization of ROU assets	$	25	$	79
Interest on lease assets	3		8
Operating lease costs*	515		1,970
Total	$	543	$	2,057

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:

($ in thousands)	Nine months ended March 31, 2020
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	73
Operating cash flows from finance leases	9
Operating cash flows from operating leases	1,350
Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:

	Nine months ended March 31, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.4
Weighted-average discount rate
Finance leases	9.9	%
Operating leases	6.8	%

Maturities of Lease Liabilities, Financing Leases

Maturities of lease liabilities by fiscal year for our leases are as follows:

($ in thousands)	Operating Leases			Finance Leases
Remainder of 2020	$	384		$	27
2021	1,440			46
2022	1,461			16
2023	1,493			2
2024	1,030			1
Thereafter	1,520			—
Total lease payments	$	7,328		$	92
Less: Imputed interest	(1,221		)	(13		)
Present value of lease liabilities	$	6,107		$	79

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities by fiscal year for our leases are as follows:

($ in thousands)	Operating Leases			Finance Leases
Remainder of 2020	$	384		$	27
2021	1,440			46
2022	1,461			16
2023	1,493			2
2024	1,030			1
Thereafter	1,520			—
Total lease payments	$	7,328		$	92
Less: Imputed interest	(1,221		)	(13		)
Present value of lease liabilities	$	6,107		$	79

Schedule of Future Minimum Rental Payments for Operating Leases

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840, the predecessor to Topic 842, are as follows:

($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Schedule of Future Minimum Lease Payments for Capital Leases

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840, the predecessor to Topic 842, are as follows:

($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Property and Equipment Used for Operating Lease Rental Program

Property and equipment used for the operating lease rental program consisted of the following:

($ in thousands)	March 31, 2020			June 30, 2019
Cost	$	32,572		36,190
Accumulated depreciation	(27,664		)	(30,473		)
Net	$	4,908		$	5,717