9. LEASES

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and June 30, 2021, respectively. The Company also has operating leases for copier equipment that expire October 15, 2021 and phone equipment that expires on June 30, 2023.

The components of lease expense are as follows:

Lease cost	Year ended June 30, 2020
Operating lease cost	$	209,226
Variable lease cost		71,297
Short-term lease cost		18,120
Total lease cost	$	298,643

Supplemental balance sheet information related to leases was as follows:

	June 30, 2020
Operating lease ROU asset	$	1,266,132
Short-term operating lease liabilities	$	312,784
Long-term operating lease liabilities		953,348
	$	1,266,132

Supplemental lease term and discount rate information related to leases was as follows:

Weighted-average remaining lease term (years)	4.6
Weighted-average discount rate	5.51	%

Supplemental cash flow information related to leases was as follows:

	Year ended June 30, 2020
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	318,244
Supplemental non-cash information on lease liabilities arisng from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new lease obligation	$	1,339,556

The following table summarizes the maturity of the Company’s operating lease liability as of June 30, 2020:

Year Ending June 30
2021	$	355,164
2022		277,062
2023		279,756
2024		257,316
2025		265,032
Less imputed interest		(168,198	)
Total	$	1,266,132

As of June 30, 2019, the Company had $225,120 in future lease payments for the year ending June 30, 2020 under ASC Topic 840. For the years ended June 30, 2019 and 2018, rent expense was $285,453 and $292,411, respectively.